Miami Condo Short Sale Contract

Miami Condo Short Sale Contract Tip #3

Short sales of Miami condos and homes are often a great way for a buyer to get an excellent deal on a property and a seller to get out from under an upside down mortgage with hopefully less damage to credit and his or her pocketbook.  This is the third of several blog entries, in no particular order, each with a tip for the buyer or seller or both, to help make sure the deal goes smoothly while giving protection to one or both parties.

Miami Condo Short Sale Tip #3:

No extra cash from seller or buyer.  Miami condo short sale contracts should have in the additional terms section a simple clause that states that neither the buyer nor the seller will be obligated to bring any additional cash to closing or otherwise increase the purchase price.  If based on the title search, lien search, or seller’s lender requirements that additional cash or a higher purchase price is needed, this should be a term to negotiate after the lender has given approval.  Also, sellers should include a provision that they are not obligated or responsible to clear liens or other issues, or they may find that not only are they getting zero dollars at closing, but they have to bring money to the deal or otherwise pay to clear title issues.

http://www.southptc.com/short-sale-miami-florida-attorney.html

http://www.southptc.com/florida-title-company.html