If you know the basic rules about short sales then you know there’s always an uncomfortable worry.  A worry of whether or not a lender will choose to go after that unpaid balance a borrower is trying to rid him or herself of by selling their Miami Beach homes via a short sale.  While each lender has its owns reasons for choosing to or not choosing to pursue these unpaid balances, Bank of America is looking to ease these worries and reach a compromise.

In a proposed set of new rules, the bank would actually waive their right to seek deficiency judgments (those unpaid balances) during a closing if borrowers can legitimately prove that they cannot afford to pay the mortgages for their Miami Beach homes and no assets are available.  If it’s determined that borrowers can actually make those payments, a certain fee will be negotiated that homeowners would need to pay back.  If a borrower chooses not to share their financial information, they still face the risk of the bank pursuing those unpaid balances.

Overall these new rules seem like a step in the right direction and do give borrowers some peace of mind as well as a better idea as to whether selling their Miami Beach homes through a short sale is the right way to go.  What do you think?

Even as the market has continued to show slow but steady improvements, the major “elephant in the room” continues to be foreclosure and its effect on properties like Miami Beach homes.  Thankfully, last month was something of a change of pace, a change of pace that may or may not continue throughout the rest of 2010 but is certainly a bit of refreshing news.

During the month of May, foreclosure actions throughout the South Florida region nosedived by 49 percent when compared to May of 2009.  In Miami-Dade County alone, foreclosure filings plummeted by fifty percent, a reliable sign that more people are hanging onto their Miami Beach homes and lenders are doing at least something worthwhile with mortgage modifications and short sales.

It’s still important to keep in mind that while foreclosures may have dropped on a year to year basis, they’re still a problem.  Miami Beach homes, Coral Gables homes, some of these properties accounted for the 23 percent of default notices in Miami-Dade County during the month of May.  However the fact that numbers are going down may be a sign of good things to come.

We’re seven days into the month of June, which means it’s time to report the activity of pending home sales during May.  Did markets like Miami Beach homes see a huge surge as the tax credit deadline came and went or did the largely encouraging signs seen throughout the year finally come to an end?  Let’s find out.

The month of May was in fact another month of solid gains for pending home sales, skyrocketing by a whopping 54 percent in Miami-Dade County alone.  To put that number in more detailed terms, pending sales for condos and properties such as single family Miami Beach homes increased to 10,456 last month.  Sure enough, this consecutive month of gains was a result of the federal tax credit which is now officially over.

The future may not be as rosy as one would like, at least not if analysts are to be believed.  Because the tax credits are no more, sales for Miami Beach homes and such are actually expected to plunge.  However, there may end up being a “gentle recovery” once that happens so there’s still some degree of good news to look forward to.

There’s no question that Miami Beach homes maintain a strong appeal for their affluence but if you explore to the north beyond Bal Harbour, you’ll find that they’re rivaled by the residences of Golden Beach.  This small oceanfront enclave has been one of South Florida’s best kept secrets but a lack of sidewalks and storm sewers that constantly backed up (among other things) were dampening its high end appeal.  That is no longer the case.

Golden Beach recently underwent a massive $25 million facelift, a meticulous makeover that saw everything from new pipes to new sidewalks, trees, fountains, parks, power lines and more either replaced or newly installed in and around the residences that rival Miami Beach homes.  The makeover was extensive enough that it took three years to complete and now the neighborhood has obtained its own PR agency to get the word out.

Some of the new highlights at Golden Beach include much better privacy and perhaps most importantly, pathways that allow walking along Golden Beach Boulevard where you can admire some of the residences that are a perfect complement to Miami Beach homes found a short distance down south.

It’s that time of the month again ladies and gentlemen, when we discuss the latest reports regarding South Florida and the sales of property like Miami Beach homes.  Once again, April proved to be yet another encouraging month not only for home sales but also for home prices for the first time in three years.

Median prices for Miami Beach homes and homes throughout Miami-Dade County saw a significant jump of more than seven percent to $192,000.  As for actual sales, they also increased by seven percent to 594 when compared to April of 2009.  Condominiums also saw encouraging sales but unlike traditional homes the prices once again dropped, this time by three percent to a median price of $130,000.

You’re probably already tired of hearing the factors that contributed to these increases but in this case the job outlook also managed to contribute.  After nearly 50 straight months of increases, the unemployment rate in Florida actually dropped to twelve percent in April.  It’s still presumptuous to say that Miami Beach homes are on the comeback trail but this news further solidifies the possibility of a steadily improving market.

As short sales continue to provide a means of allowing homeowners to escape the heavy costs associated with their Miami Beach homes, lenders that agree to accept a fraction of the original costs have the option of getting what’s owed to them.  While some homeowners have reached written agreements with lenders regarding unpaid balances, those days may soon become a thing of the past.

With the ever increasing popularity of short sales and foreclosure auctions, lenders are getting ready to file lawsuits against homeowners as a way to recover losses when these types of sales fail to earn enough money to pay the mortgages in full.  Property like Miami Beach homes that are sold under such circumstances here in Florida are subject to Florida law which allows lenders to file something called “deficiency judgments” and spend the next twenty years getting their money.

Such news causes significant concern but for the most part, good faith negotiating and a genuine hardship such as job loss will keep lenders from taking such extra measures.  Just remember that if you own Miami Beach homes and are planning to take the short sale route, make sure that whatever agreement you reach with the lender is in writing.