Miami, Fla. The major banks decision to freeze foreclosures is slowing down the Miami real estate market.
JP Morgan Chase, Bank of America and GMAC are taking more time to process applications, in some cases it takes up to 90 days to answer buyers offers and the closing dates become more uncertain due to the long waiting times.
Since banks last shift on the foreclosure conditions most buyers are looking into the traditional ways of buying real estate and normal properties are becoming more attractive to them. Foreclosures and short sales are getting less popular because buyers don’t want to be waiting an indefinite time, they like fast answers to their offers and closing dates. Buyers and investors can search for properties at www.miamirealestatelistings.org where they will find a free access to the Miami MLS listings service.
The positive side of this new market turn, is for the homeowners to sell their properties. They will have a better chance because foreclosure or short sales are becoming too complicated to deal with.
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