Miami Condo Short Sale Contract

Miami Condo Short Sale Contract Tip #6

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 sixth 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 #6:

Contract deposit amounts and placement.  Like any real estate contract, a short sale contract will at some point require deposits.  Buyers should always place their deposit funds with their real estate attorney or title company, not with the Realty agents or with the seller.  It is standard to place a $1,000.00 deposit down at the time of submitting the contract offer, with the balance of typcially 5% coinciding with the last day of the inspection period, usually 10 days after receipt of the seller’s lender’s approval of the short sale.  It is suggested that a contract with higher deposits placed in the beginning may be more likely to be accepted by the seller, but unless the seller has stated such, it is likely not necessary, and may possibly place the deposit funds in jeopardy if a problem of some sort arrises with the transaction.

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