Miami Banks and Short Sales – New Best Friends?

There was a time that short sales in Miami were rare but that time is long gone. Did you know there are actually more short sales today than foreclosed homes that have actually been resold?

Well, banks are definitely aware of this statistic and as a result the number of short sales is expected to increase in the future. One of the reasons is that it is better for banks and lenders to accept less money now than to foreclose on a home and keep it in their portfolio for years. Some Miami banks are now offering cash incentives to distressed homeowners to execute the short sale of their home; better for the bank and often better for the homeowner as well.

In the end I suspect that short sales are actually good for the housing market and the sellers. It seems to me that lower financial losses for the banks and less damaged credit records for the seller equals new home buyers in the near future and a much healthier economy for Miami as well as the entire state of Florida.

 

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