Foreclosures and Short Sales Properties in Miami and Miami Beach
"CONDOS"Short Sales & Foreclosures Properties in Miami and Miami Beach
What is Short Sale ?
If a lender (bank) accepts a discount on a mortgage it is called a short sale.
A lender would accept a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy.
In this case, instead of buying from the seller, you are buying directly from a lender at a discount.
For example, a homeowner who is facing foreclosure, has an existing first mortgage of $400,000.
A homeowner writes an offer to the lender for $300,000 and the lender accepts this offer as a full payment for the loan.
What is Foreclosure ?
Foreclosure is a process in which the owner looses it's owership rights to the property
and the lender (bank) becomes absolute owner of the property.
It is a termination of all rights of the homeowner covered by a mortgage.
Jean Louis Delbeke - Tel: (1) 305-305-0660 - jld@jldmiami-realestate.com
