Luxury Miami Real Estate

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550 South Dixie Highway

Coral Gables, FL 33146

Cell: 305-798-8685

Office: 305-960-5330

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Defining Today’s Real Estate

Puzzled by the lingo that everyone is using these days to describe distressed real estate? Here’s a quick breakdown of the most commonly used words:

FORECLOSURE – this is a property that the bank has taken over from the owners. It’s now owned by the bank that previously had the mortgage on a particular house.

SHORT SALE – this means homeowners owe more on their mortgage than what the house is worth. They are trying to sell them for less than what they owe the bank.

PRE-FORECLOSURE – this is when a homeowner is behind on their mortgage payment and is at risk of foreclosure. These are generally tomorrow’s short sales.

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