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Buying Foreclosed Properties in Miami
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Search Foreclosures in Miami
Many home buyers would like to buy foreclosed properties thinking, of course, they could find a bargain and save a lot of money. However most buyers and new real estate investors have really no idea of what a foreclosed property is.
The truth is that Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan.
The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice.
The foreclosure process can end one of four ways:
-The borrower/owner pays off the default amount to reinstate the loan during a grace period determined by state laws. This grace period is also known as pre-foreclosure.
-The borrower/owner sells the property to a third party during pre-foreclosure. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
-A third party buys the property at a public auction at the end of pre-foreclosure. In Miami the public auction is run at 140 W. Flagler Street, Room 908, Miami, Florida 33130
-The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. These are also known as bank-owned properties.
When the public gain access to a foreclosed property, 90% of the time that property have already passed through the foreclosure process and ended up in the hands of the bank or real estate investors that usually resale the properties themselves or using real estate agents.
Usually those properties are listed and sold under market price, but most of them need some kind of reparation work or upgrades that could well suck the savings, so it is important to evaluate the property condition and the price to determine if it makes good sense to buy it.
That's why buyers interested in buying foreclosures in Miami should hire a real estate professional experienced in the local market.
A professional could help you not only find and buy foreclosed properties in Miami, but also to determine if the deal is really a good investment opportunity for you. The best part is that this service is absolutely FREE for you.
Real estate agents are paid by the property seller,so you only have to make sure you hire the services of a true professional Realtor that know the local market and put your interests first.
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