Miami, FL (PRWEB) September 15, 2007
"The 'short sale' is a great way for buyers to acquire property at the lowest possible price and at the same time it is often the best alternative for property owners who are saddled with loans that are greater than their equity."
That's how Miami Realtor Izzy Buholzer (http://www.ibmiami.com) describes the wave of bargain-price real estate transactions that are now taking place in Florida and other real estate markets where house prices are falling.
Buholzer, a veteran Miami Realtor, announced that his firm has opened a special department to deal with buyers and sellers seeking to take advantage of the financial benefits that short sales provide.
"Short Sales" are sales of properties for amounts that fall short of what the owner still owes on the mortgage. The difference between the selling price and the actual amount owed is forgiven by the lender.
"The short sale is often attractive to lenders, buyers and sellers alike," explains Buholzer, "but this kind of transaction is different from conventional real estate sales, and that is why we have started on our new short-sale and pre-foreclosure advisory service"
"Banks and other lending institutions see short sales as a better alternative to lengthy and costly foreclosure procedures, and borrowers are often happy to cut their loses and sell their properties," explains Buholzer.
"For someone who is saddled with debt and can't meet the mortgage payments a short sale is definitely preferable to foreclosure because it has a less negative impact on their credit rating," says Buholzer.
Buholzer advises home-owners considering short sales to consult with a Realtor who is experienced in this field, and adds that "our new short sale department was set up precisely to provide the kind of guidance that home-owners and would-be buyers need." (http://www.ibmiami.com/ShortSale.htm).
"There are certain conditions that have to be met in order to qualify for a short sale, you have to be able to convince your lender that you cannot pay your mortgage," explains Buholzer who goes on to say that "the negotiations with the lending institution have to be done properly and in a timely way."
While short sales are a relief for debt-burdened homeowners, "they represent a bonanza for those who have been dreaming of acquiring choice Florida real estate at an affordable price," says Buholzer.
According to Buholzer, "thanks to the short sales, savvy investors from all parts of the U.S. and even from Europe are now snapping up choice Florida properties, including waterfront properties and condos, at prices that are downright affordable."
As with selling a property via a short sale, buying such properties can be tricky and usually requires the help of an experienced Realtor.
"Short sale transactions take more time than normal property sales," says Buholzer who concludes that "though the process requires your patience and careful attention to the legal details, the results are well worth it, especially if you have been dreaming about owning property in Florida."
For more information about Short Sales seek the assistance of an experienced Realtor skilled in the field of pre-foreclosure or contact:
Izzy Buholzer in Miami directly at 786-287-6999