Miami Condo Short Sale Contract

Miami Condo Short Sale Contract Tip #7

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 seventh 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 #7:

Short Sale Trust or Trustee Deed Sales.  In any market there are resourceful individuals thinking up ways to profit from the current situation.  One method in todays short sale market is for the owner to transfer the distressed property to a “short sale resale company” via a deed into a trust.  The short sale resale company then will supposedly obtain a buyer for the property and between here and there make a profit from the transfer.  There are various ways this situation plays out, but the bottom line is once an owner transfers the property, it is then owned by the trust or  other entity, not the owner.  The mortgage still exists however, and cannot be removed without satisfaction from the lender.  Before signing on to such an agreement, the owner should be absolutely familiar with all the terms, and likely meet with his or her attorney and CPA before agreeing to such an arrangement.  Additionally, such arrangement can violate the foreclosure rescue laws now in place, if not be outright fraudulent.

If the property is valuable enough for the short sale resale company to purchase it, it should be valuable enough for a quality Realtor to sell it through a normal short sale.

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