This is probably the most important information that you need to be aware of before you buy that great deal.
When you make an offer to purchase a short sale in Miami you will definitely need the help of a qualified real estate professional. The seller will have an agent that will do the negotiating with their bank in order to obtain approval for the amount of the offer. You will need someone that knows what documents are required and more importantly, how to complete them properly. Banks are very precise in these matters and missing, incomplete or incorrect paperwork will definitely be a problem.
Waiting for an approval from the seller’s bank in Miami (and elsewhere) can be a lengthy process. Receiving a response to your offer may take as long as six weeks. Sometimes the waiting period may be much less but 6 weeks or longer is not unheard of. Be patient, all good things come in time.
Any Miami short sale specialist can tell you that getting to closing can be a waiting game as well but when you are buying a property at 10 to 50 percent below market value patience is a virtue!