The Cricket Club Unit #511
Asking price
$185,000
$10,000 (5.1% price drop)
Miami short sale condos
The Cricket Club Unit #1911
Asking price
$203,000
$17,000 (7.7% price drop)
Frequently asked questions about Miami short sale condos
Clear answers about lender-approved sales in Florida, bank response times, and what to watch for before making an offer.
What is a Miami short sale condo?
A short sale occurs when the owner sells the property for less than the mortgage balance, with approval from the lender. Unlike foreclosure, the owner is still the legal seller; the bank only authorizes (or rejects) the proposed price to avoid a longer, costlier repossession process.
Is a short sale the same as foreclosure?
No. In a short sale the owner leads the sale and the bank must approve the discount. In foreclosure the property has already been repossessed and is sold as REO by the bank. Timelines, documents, and negotiation differ. See our Miami foreclosure listings to compare.
Can foreign buyers purchase a short sale condo in Miami?
Yes. International buyers can acquire short sale property in Florida without U.S. residency. You need valid identification, proof of funds or mortgage pre-approval, and a licensed agent who knows how to format the offer the way the bank expects.
Why do short sales often take longer to close?
Because the offer must be reviewed and approved by the lender, not just the seller. The bank may request additional documents, issue a counteroffer, or take weeks to respond. Some transactions close in 60–90 days; others take months, depending on the servicer and complexity of the case.
Do I need to pay cash for a short sale?
In most cases, no. Short sales often accept conventional financing when the buyer qualifies and the unit is habitable. Each listing has its own instructions — some banks prefer buyers with strong pre-approval or a short closing window.
What are the main risks when buying short sale property?
Key points to watch include:
- Slow responses from the bank
- Counteroffer or rejection after weeks of waiting
- Property sold as-is
- Outstanding HOA dues or liens that must be verified
- Competition from other buyers
- Uncertainty until final lender approval
A professional inspection and a review of condo rules remain essential.
Can I tour the condo before making an offer?
Usually, yes. Active short sale listings on the MLS typically allow showings with the listing agent. If the unit is occupied or access is restricted, evaluate the condition carefully before committing time and costs to an offer.
How does an offer work on a short sale?
The buyer submits an MLS offer with a short sale addendum, proof of funds or pre-approval, a closing date, and an escrow deposit when required. The seller may accept, but the deal only moves forward when the bank approves the price. An experienced agent helps format the offer and track each step with the servicer.
Does a short sale always mean below-market pricing?
Not always. The list price may look attractive, but compare similar units in the same building, factor in physical condition, HOA fees, closing time, and possible renovations. The apparent discount does not always translate into real savings after all costs.
Does MiamiCondoSolution.com help buyers with short sale purchases?
Yes. Our licensed agents in Miami guide buyers through search, showings, offers, inspections, escrow, and closing. Contact us to review active listings and build the right strategy for your purchase.
