Tag Archives: Miami REO

Another Miami Short Sale SOLD this week by the ShowcaseMiami Team…

 

 

Last week, our ShowcaseMiami Team closed another short sale for a Miami Seller who owed more than the property was worth. ShowcaseMiami’s Omar Roa and Alina Choy were tenacious and persistent in getting this complicated short sale closed.  The fact is that only 7% of the closed sales in Dade County are short sales.  However, up to 30% of the available Miami listings in recent years have been short sales.  This illustrates how difficult it can be to actually get short sales deals to the closing table.

This week’s happy Miami Seller was referred by a wonderful lady who has referred us 5 other  Miami short sale clients as a result of the assistance we gave her in her Palmetto Bay short sale a year and a half ago.  As a matter of fact, in the Palmetto Bay short sale, our Seller’s lender paid our Seller $30,000 at closing in addition to waiving any deficiency judgement.

I would like to share the email she just sent us below…

” Jason,

I wanted to thank you and your team for making this happen for my very dear friend.  I can’t tell you how important it is to have a team like yours that treats my referrals with the same care and importance I would show them.  Thank you again for your team’s excellent work and I will keep the referrals coming!”

Paulina

 

An email like the one above is incredibly rewarding and motivates our Team to press on with the challenges that Miami short sales present.

If you or anyone you know in Miami is underwater on their mortgage and needs to move forward to get their Miami house, condo or townhouse sold, call Jason Smith of the ShowcaseMiami Team to discuss the best solution for your specific situation.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

What % of Miami inventory is REO, Short Sale, Regular?

Dade County MLS Statistics for January 2012 (Single Family only)…

Available Miami Single Family Listings…

Total Available Single Family Listings…4978 Listings

Non-Distressed…3,115 Listings…63%

Foreclosure (aka “REO”)…314 Listings…6%

Short Sale (aka “pre-foreclosure”)…1549 Listings…31%

Sold Miami Single Family (Last Three Months)

Total Closed Sales Single Family (last three months)…322 Closed Sales

Non-Distressed…194 closed sales…60%

Foreclosure (aka “REO”)…104 closed sales…32%

Short Sale (aka “pre-foreclosure”)…24 closed sales…8%

What do these #’s tell us about the Miami market?

 

Miami Foreclosure Narrative

Miami Foreclosure inventory of Single Family Homes on the MLS (Multiple Listing Service which is the database of all properties for sale with Realtors) is a tiny fraction of the available inventory for sale in Miami and the rest of Dade County.

-Only 6% of all available Single Family Listings in Miami are actually foreclosures

-Interestingly enough, Miami foreclosures represent 32% of all Miami closed sales over the last three months.

This shows that as soon as foreclosures hit the market,  buyers are scooping them up in big #’s. (FYI…a year ago in January 2011, 10% of all available Miami Listings were Foreclosure/REO and 50% of all Miami closed sales at that time were Foreclosure/REO).

Miami Short Sale Narrative

Miami Short Sales are a much bigger slice of the available Miami Single Family homes that are for sales.  As of today in the MLS, 31% of all available Single Family Homes in Miami are short sale listings (aka “pre-foreclosure”).

Despite the much larger supply of Miami Short Sale inventory compared to Miami foreclosures, only 8% of all Miami Sales in the past three months have been short sales. (These #’s remain consistent with the Miami short sale statistics from one year ago).

*In other words, short sales are difficult to close and require expertise on the part of the listing agent when negotiating with the seller’s bank.

Miami Non-Distressed (Regular Sale) Narrative

63% of all available Miami Single Family Homes are non-distressed sales (neither foreclosure nor short sale).

60% of all Miami Single Family Home sales in the past three months have been non-distressed sales. (this is up significantly from January 2011 when 43% of all sales were non-distressed).

Further signs of the recovering Miami real estate market?

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115