Michelle Pacheco is a top-producer with Majestic Properties. Certified in Short Sales, REO properties and Commercial Real Estate, she has created a magnificent sales portfolio that clearly demonstrates her professionalism and skill.  She began doing real estate for personal investment, but enjoyed it too much to keep it on the sidelines.

Areas of Expertise:                                        

Short Sales & REO
Condo Waterfront 
Commercial Brokerage
Neighborhoods:

South Beach
Miami Beach (Including Bal Harbor)
Downtown
Edgewater
Wynwood
Design District
Languages Spoken:

English
Spanish
Italian
 

 A Short Sale is when the lender agrees to accept a mortgage payoff that doesn't cover the outstanding loan.

Seller Advantage: The Seller gets to avoid the disruption and credit hit of a foreclosure.
Lender Advantage: The Lender avoids the delay and expense of foreclosing on a property they don't want to own and that would negatively impact their ability to make more loans.
Buyer Advantage: The buyer will be investing on a property under market value, therefore probably having made equity at closing.
 

Serving customers throughout South Florida, Michelle Pacheco is a bi-lingual short sale specialists with a knack for providing turn-key solutions.  Michelle partners up with various community and business organizations to ensure each customer’s transaction process is handled correctly and promptly from contract to closing.   Versed in the latest legislation and news pertaining to the  foreclosure and short sale markets, Michelle is a knowledgeable and experienced realtor.  Affiliated with Majestic Properties, she has a suite of marketing and technological tools readily available to help you move forward today!

Click here for Short Sale and Preforeclosure Listings in the areas of:

South Beach
Miami Beach
North Bay Village
Bal Harbour
Dowtown/Brickell
Biscayne Corridor

About REO

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

Making an Offer

Before making an offer, have your agent contact the  listing agent and ask the following:

Are there any inspection reports?
What work has the bank agreed to?
Is there a special "as is" form?

Banks always want to sell a property in "as is" condition. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs. Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.

Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter.  Make your offer easy to accept.

For REO properties CLICK HERE