Miami Condo Short Sale Contract

Miami Condo Short Sale Contract Tip #4

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 fourth 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 #4:

Closing Agent and Fees.  Miami condo real estate transaction local practices demonstrate that the buyer chooses the closing and title agent and also pays for the title insurance policy, while the seller pays for the title search and the tax stamps on the sale, and each pays a reasonable closing fee.  In a short sale, sellers and listing agents often work with a title company of their choosing early on in the process to get the initial closing paperwork ready to submit to the lender, or maybe a previous buyer backed out and some of this work was done.  In these cases where the seller is demanding to choose the title agent because some of this title work has already been done, the buyer should be open to accept this, but at the same time should require that the seller pay for the buyer’s owner title policy and basic closing costs, while the other standard closing fees remain the same–Sellers’ lenders do not have any problem with this, but they will not pay for unreasonable “negotiation” or other third party fees.  Often times there may be a third party short sale negotiator company wanting to get paid, and as a result the seller, to avoid paying the fees, will attempt to dictate that not only does the buyer have to pay for the title insurance, but also exorbitant closing fees and costs, while not being able to choose their own closing and title agent.  This can get quite expensive for the buyer, especially when they also hire a real estate attorney to advise them on the transaction.  Like any contract, the terms should be a trade off between the parties, not one party dictating the terms.  There is always another deal for the buyer if the seller is unreasonable.

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

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