If you are struggling to make your mortgage payment in Miami Dade county, contact a Miami foreclosure lawyer to help you decide what your options are. Selling prices are down in Miami, making it more difficult to simply sell a home you cannot afford and move on. A Miami foreclosure lawyer know the laws in Florida and can help you reach the best solution to your problem.
Home sellers in Miami are being forced to slash their asking prices in order to entice buyers, according to a report released by a respected real estate research firm. In their survey of the largest cities in the nation, the city of Miami ranked second in the size of the average home discount, with sellers dropping their prices by more than ten percent in the last year. A local Miami-based Realtor, said sellers are being forced to face the fact that foreclosures and short sales have dropped housing prices across the region, which has the result wiping any equity that might have survived the housing crash. If homeowners want to sell their homes, they will have no choice but to slash prices. Distressed sales, which refers to homes sold other than through normal practices such as foreclosures and short sales are the particularly popular among Miami buyers, accounting for more than half of all sales this year. The research firm also says there is nearly a 40 percent chance that a person trying to sell a Miami home will be forced to drop their price several times in order to sell.
Sellers who are trying to unload their homes quickly need to cut prices quickly, and often several times, in order to make quick sales. Not cutting prices enough can mean too low offers from buyers. Unfortunately, not slashing prices can result in owners risking losing their homes because they cannot make their mortgage payments. Also, sellers in Miami have remained reluctant to lower their asking prices, usually in an effort to avoid owing the bank money after making the sale because the sold the house for less than they owed. And, banks are still resistant to forgive the remaining mortgage.
The median-price for a single family home was $147,900 in Miami-Dade County this past February,which is down over 20 percent from the previous year, according to the Miami Association of Realtors. As prices continue to drop, local home owners will have no choice but to lower prices or stay off the market for a few more years. Most Miami home sellers are leaving their property on the market for a little more than three months before giving in and cutting the price. This number puts Miami at ninth in the nation’s top metropolitan areas.
If you fear you are at risk of being forced into foreclosure, do not think that you have no other options. Contact a Miami foreclosure lawyer who can help you figure out your options. Foreclosure can be avoided through short sales, deed in lieu and sometimes bankruptcy. Only a Miami foreclosure lawyer is qualified to explain your options.
In era of foreclosure sales, sellers still slashing prices, , by Toluse Olorunnipa