I'm fascinated when I hear of the Boom happening in Miami and the elusive cash buyers. My curious nature drove me to troll the Miami Dade County Mortgage database and what I find defies the popular storyline of wealthy International buyers (I'm sure there are some of these).
I found 46 NE 171st Street, North Miami Beach, Florida which sold on Aug 1, 2013. Selling price was $128,000 Ė the new mortgage on this property is $125,681 (the buyer didnít even put down 20 percent). This Mortgage was granted by Prospect Mortgage LLC and the best part is the Chairman of Prospect Mortgage is the Former CEO of Fannie Mae, Michael J. Williams (as they say you canít make this stuff up). Here is the Press Release: http://myprospectmortgage.com/blog/2...EO-as-Chairman
My uneducated guess is you bring the former CEO of Fannie Mae on to sell more of the Mortgages you sell to Fannie Mae.
Prospect Mortgage was the 4th highest in volume of all Mortgage Brokers last year.
Perhaps I am leaping to a conclusion based on anecdotal evidence, but it took me a few minutes to find this one exception to the miami cash buyer.
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