Things You Probably Don't Know About Short Sales

As most people know, short sales and foreclosures (REO's) make up a very big percentage of the homes on the market for sale now days. Many people have a general idea of what a short sale is and the process involved. The problem with most things in life is that a little knowledge is sometimes very dangerous. Although there are some home buyers and sellers that are extremely well versed on the short sale process, the majority of them are not. Going into a short sale with a Realtor with limited knowledge on the the process can potentially cause a great deal of heart ache for all of those involved.

Below is a an email that Bank of America sent me to provide to my clients that will give them a much better insight into to many things that are never mentioned. Although every bank doing a short sale has their own guidelines with the way they do things and you should seek a real estate attorney when involved in a short sale, the information below will give you a much better understanding than the vast majority of people.

Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved. Acceptance of the counter offer means that Bank of America will take the next step of presenting the transaction for approval to the investor. In some short sales, multiple approvals may be necessary from others including the second lien holder, mortgage insurer and Bank of America senior management.

Fact #2: The terms of the accepted counter offer may be approved, declined or changed. Any of the parties reviewing the transaction can change the terms of the transaction, approve or decline it, up until closing.

Fact #3: The counter offer may have an expiration date. Please reply to the counter offer before the expiration date. If you don't reply by the expiration date the transaction will be rejected and you must restart the process by initiating the short sale and resubmitting documents, which can add up to an additional six months to the process.

As always, make sure to use a Realtor that is very familiar with the process and pros and cons of purchasing distressed property. And never be afraid to ask questions upfront.


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
www.google.com/profiles/avbhuta

Latest Real Estate Statistics for Your Local Market

Please click on the link below to view the latest real estate statistics in nearly twenty counties throughout Florida.

Real Estate Statistics


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
www.google.com/profiles/avbhuta

Winston Park Home - 8060 SW 132nd Ct

Here's an outstanding chance to purchase a home in the Winston Park neighborhood for way below market value. Please click on the link below to watch a video of the completely updated home.

Winston Park Home video


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
www.google.com/profiles/avbhuta

A Typical Foreclosure Home

The majority of people I come in contact with on a daily basis ask me about foreclosure homes for sale. Below is a link to what you can expect when go view a foreclosure home for sale.

Foreclosure Home Video

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
www.google.com/profiles/avbhuta

Miami-Dade County Real Estate Stats (Short Sales, REO's, Etc)

Below are many stats on the real estate market in Miami-Dade County. This report includes statistics on current and past inventory, short sales, foreclosures, and many other things. If you would like to receive a free real estate report every month, please contact me. My contact information is below. And if you know anyone interested in selling their home, please let me know.

Miami-Dade Report
April 1, 2010

Total Inventory available for sale: Months of Inventory

January 2009 36,418 30.4 Months
February 2010 24,218 18 Months

Median Price:

January 2009 $164,000
February 2010 $141,000

Last 6 Months in Miami-Dade County:

20.5% of closed sales were short sales
39% of closed sales were REO properties

Active Listings:

36% of Active Listings are short sales
5% of Active Listings are REO’s

Last 6 Months in Miami-Dade County:

69% of closed sales were under $250,000
89% of closed sales were under $500,000

Months of Inventory:

$0-250,000 6.7
250-500,000 14.5
500-1,000,000 23
1,000,000-2.5 32
2.5-5 mm 55
5-10 mm 40
10+ mm 15 years


Million $ Sales Market has increased overall in Miami-Dade and Broward County YTD by 26% over last year.

Days on the Market over last 12 months: 111 Days

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
www.google.com/profiles/avbhuta

Latest Real Estate Statistics for Florida

Please click on the link below to view the latest real estate statistics in nearly twenty counties throughout Florida.

Real Estate Statistics


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
www.google.com/profiles/avbhuta

Happy New Year!!!!!!!!

Happy New Year! I want to wish you and all of your loved ones a very happy and safe new year. Thank you so much for all your support throughout the years. Without you, I am nothing.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031

www.DadeCountyMLS.com

www.google.com/profiles/avbhuta

Latest Real Estate Statistics in Different Parts of South Florida

To view the latest real estate statistics in Dade, Broward, and Palm Beach counties and the changes from last year, please click on the links below.

Dade County Real Estate Statistics

Broward County Real Estate Statistics

Palm Beach County Real Estate Statistics


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Icon Brickell

Many people ask me to share with them when I come across an amazing place to live. Icon Brickell is just that. If you are interested in more information on Icon or would like to take a tour of the building, please let me know @ (305) 439-3031. Please click on the link to view photos of Icon.

Icon Brickell Photos


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

What's Really Important

There is so much information out there today on buying or selling a home. There are many reasons to buy, many reasons to sell, many reasons NOT to buy, and many reasons NOT to sell. As a Realtor, I have heard these reasons over and over from both buyers and sellers on an almost daily basis. So what should you do today if you are a buyer or a seller? It sounds pretty confusing, doesn't it? It really isn't at all. A person that I have very much respect for in the real estate industry recently wrote an article on what's really important. If you are buying or selling now or sometime in the future, it is incredibly important that you spend three to five minutes to read the article. The link is below. Thanks Nancy for the excellent article.

What's Really Important article


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Latest Real Estate Statistics in Different Parts of South Florida

The real estate market has changed tremendously in the last year. Sales have gone way up! To view the latest statistics, Dade, Broward, and Palm Beach counties and the changes, click on the links below.

Dade County Real Estate Statistics

Broward County Real Estate Statistics

Palm Beach County Real Estate Statistics

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Homebuyer Tax Credit Extension and FAQ

The Homebuyer Tax Credit bill was extended today. Besides Congress, Coldwell Banker, was very instrumental in extending this huge benefit. There are many questions that so many people have regarding the bill, as well as the new tax credits available to certain individuals. To get a much better understanding to many frequently asked questions (FAQ), please click on the link below.

Homebuyer Tax Credit Summary (FAQ)

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Palmetto Bay Beauty

Many of you have asked me to post homes on this blog that are great values in my opinion. The link below is to a home that is just that. To truly appreciate the home, one has to view it in person. In case you are interested, there will be an open house this Saturday between one and three in the afternoon. The home is in Palmetto Bay and the address there is 17621 SW 87th Avenue. I hope to see you there.

Palmetto Bay Beauty

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Home Prices Rise for 3rd Straight Month

Home prices rose for the third straight month according to the Standard & Poor's/Case-Shiller home price index. To find out more detailed information on the new statistics, please click on the link below from the Miami Herald story.

Home Prices Rise Story

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Home Prices Up!

Home prices have gone up for the first time in three years according to the S&P Case-Shiller home price index. To read the CNN article, please click on the link below.

Home Prices Up Article

If you want the latest up to date real estate statistics, please visit www.DadeCountyMLS.com.


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com