Miami-Dade And Broward County Bank-Owned Featured Listings
Bank-owned properties, HUD homes, foreclosures and short sales are some of the hottest words being used in today’s real estate market. Many bank-owned opportunities offer a prospective home buyer a great opportunity to purchase a home at a very good price. Liza Mendez currently works with several different lenders and institutions in marketing their portfolio of properties. Liza can help you navigate these waters and find you the right property.
Properties that are owned by a bank—also described as corporate owned, are usually sold as-is with an inspection period after the effective date. The purchaser is expected to already be pre-approved for their mortgage…sometimes even by the same bank that owns the property.
Foreclosures can already either be properties owned by the bank or be home owners who are in the process of being foreclosed on. There are situations where an owner is in the foreclosure process and is still trying to sell their home. On occasion, a short sale situation will also be occurring.
Short sales are described as situations where the property value has declined more than the current value of the property and the existing mortgage holder has to agree to take less than the mortgage balance of the property. Due to the current market conditions, some home sellers are in the situation of owning more than what they can sell their home for and they do not have the extra cash available to take to closing. In these situations, either the seller, REALTOR®, attorney or other professional tries to negotiate the mortgage holder to take less than what is owned on the mortgage. This is a timely process and can take up to six months to complete. There are no guarantees that a mortgage holder will take less than what is owed. For additional information on the short sale process, visit www.miamirealestateshortsales.com.
Search our database for those properties that are either bank-owned, foreclosures, or corporate-owned or short-sale opportunities.
If you have questions, or would like more information about foreclosures or bank owned properties, please leave your name and contact information.