If you have gotten into a situation where you owe more money on your home than it is worth, there is no need to panic. Even if the bank is calling you every day to threaten foreclosure, there are other options available to you. Believe it or not, the bank doesn’t really want your house. Chances are, the house would just sit on a list of their assets for years, though the bank would consider it anything but an asset. The marketing and maintenance required for a foreclosed home is often more expensive than it’s worth, and banks really don’t want to be bothered with that extra work.

This leaves you with plenty of leverage when dealing with your mortgage lender. Your best bet is to suggest a short sale, which would allow you to sell your home for less than the property is worth. This is often an acceptable solution to the lending institution, even if they expect to lose money on the deal. When faced with the money that would be required to prepare your home for sale again, the short sale looks like a much more attractive offer.

The best way to facilitate a short sale condo in Miami or short sale house in Miami is to contact a real estate agent that has had plenty of experience with the process. There is a lot of paperwork and negotiation involved, and experts in the short sale process will make sure that the whole transaction is as painless as possible for you and your lender. Agents that have prepared several short sale agreements often have buyers in mind, which can speed up the process even more. Once you have successfully negotiated the real estate transaction, you might actually consider buying your next Miami property through a short sale. The amount of money that you can save on your new home could be staggering.