Flippin’ Short Sales

Filed Under Blog ·

I will never forget reading a sign that was posted on the Venetian Causeway a couple of years ago. The pitch was something along these lines – “Do You Have Excellent Credit? Need Fast Cash? Help Us Buy Real Estate. No Risk!”

Unfortunately, Miami continues to suffer from real estate fraud, and flipping a short sale has been the latest craze for several months now. Whether Medicare fraud, mortgage fraud, insurance fraud, it’s all here. Then months ago, one of my agents was personally involved in flipping a short sale deal, and after catching wind of the scheme, I had to spend days to skillfully work my way out of it. As a result, I terminated our relationship with the client and agent in the same week.

So finally some good news came across the wire this week to help us put a stop to this “flip your short sale” bonanza. According to a recent article published by Florida Association of Realtors, titled “Home short sale flips nixed,” Attorney’s Title Insurance Fund will no longer provide title insurance on deals made with closing flips of short sales.

The formula is simple – the buyer and seller work together to convince the existing mortgage holder to sell the property at a low market value. The buyer, or investor, then resells or flips the property at an inflated price to a new buyer and closes on the same day. The sale occurs simultaneously and the investor then pockets the difference.

So what is the issue? There are several, including defrauding the original mortgage holder, defrauding the new mortgage lender (if there is purchase money financing involved), the end buyer paying an inflated price over market value (memories, anyone?), collusion, professional liability, and the list goes on.

Flipping short sales is not good for anyone, it’s just more of the same. Kudos to Attorney’s Title Insurance Fund for taking a stand.

If you would like further information in regard to buying, selling or renting Miami real estate, please do not hesitate to contact us at info@miamiangelproperties.com.

June 12, 2009 by Ross · Leave a Comment

Live Cheap On Millionaire’s Row

Filed Under Hot Picks, Hot Picks - Condos, Listings ·

PRICE : $184,900 BANK OWNED

Description | An old school LARGE one bedroom, two bathroom unit located on Millionaire’s Row, this unit in the Carriage House has fantastic views of the ocean and city of Miami Beach. Enjoy yoga on the beach in the morning and end your day with a caipirinhia on your balcony watching the sunset over the city. This oceanfront deal is priced at just over $200 per SF, now is the time to take full advantage, call or email us today to view this property and your opportunity -305.673.5300 or info@miamiangelproperties.com.

Address | 5401 Collins Ave #613 map it

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December 15, 2008 by Ross · Leave a Comment

Murano Grande Foreclosure

Filed Under Listings ·

SOLD PRICE: $475,000 CLOSED SALE

Description | Are you looking for that prestigious south of Fifth lifestyle at a fantastic price of $376 per square foot? The average price per square foot for the 20 units sold in the Murano Grande this year, is $639 per square foot. This is an absolute steal…..walk to the beach, marina or many local restaurants. Enroll your kids in the highly rated South Pointe Elementary School across the street. Jump on I-395 and within minutes your are in downtown Miami for a business meeting or on your next flight out of Miami International Airport. For additional information on this property or other luxury condo foreclosures in Miami Beach, please email us at info@miamiangelproperties.com or call 305.673.5300.

Address | 400 Alton Rd #609, Miami Beach - map it

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December 15, 2008 by Ross · 1 Comment

South Beach Foreclosure

Filed Under Condos, Listings ·

PRICE : $99,500 BANK OWNED

Description | This 2 bedroom, 1 bathroom unit is located in a historic South Beach gem, known as the Sevilla condo. This unit has been renovated, has loads of natural light, a washer/dryer and dishwasher. If you want to live in South Beach in the heart of our world famous community, this is the time to take full advantage, call or email us today to view this property -305.673.5300 or info@miamiangelproperties.com.

Address | 642 Michigan Ave #21 map it

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December 15, 2008 by Ross · Leave a Comment

Venetian Isles Foreclosure

Filed Under Condos, Hot Picks, Hot Picks - Homes ·

PRICE: $445,000 BANK OWNED

Description | This huge 2 bedroom 2.5 bathroom unit is located in one of the most impressive condominiums on Belle Isle. The open feeling and huge amount of natural light in this unit will get your chi flowing, not to mention the stunning wide views of the bay. This property is very affordable and a great deal at $235 per SF for waterfront Miami Beach property. This Venetian Isles condo will not be around much longer – call us today at (305) 673-5300…

Address | 16 Island Ave #2C map it

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December 15, 2008 by Ross · Leave a Comment

Floridian Pre-Foreclosure

Filed Under Condos, Hot Picks, Hot Picks - Condos, Listings ·

PRICE : $375,000

Description | This is a turnkey investment, at a great price with a view. A huge apartment located in the Fabulous Floridian, that offer all the amenities of quint-essential Miami living. call 305-673-5300 today to check out the opportunity.

Address | 650 West Avenue Unit 2908 – map it