While some may still want to opt for the traditional residential properties, others are now dipping their feet on the large pool of Miami foreclosures for the best deals in the housing market. They are affordable, yes. But no one can deny the fact that almost all are coupled with a swag bag of risks and problems. Dont be too hasty to scuttle away from them either. There are still ways to make sure the hunt for your dream home in the foreclosure market is fruitful; and here are some ways.
Know where to search
If you plan to look for
Miami foreclosures, the best way is to go directly to the bank. Major banks in the country hold an inventory of foreclosures. Make sure you look for those located in the city, too. Simple web searches can help you locate the currently available homes.
Dont skip on the indies as well. There are plenty of Miami foreclosures homeowners, specifically those in pre-foreclosure stage, who list their properties online in location-specific websites. These are excellent channels when looking for foreclosures.
Zero-in
Buying foreclosures dont differ much from traditional home-buying. You are still prompted to inspect and appraise the property. These tasks, however, are obligatory instead of choice-only, when foreclosures are involved. What you must know is that foreclosed homes are almost always laden with problems, not just cosmetically but structurally as well; and the latter is the most important part of any home that must be safe.
Remember that after choosing the property you want to bid on or buy directly from either the owner or bank, hire a state-licensed home inspector. Even if the foreclosure looks outwardly sound, you just dont know what secrets it hides from within its walls. Furthermore, you might also want to hire a pest-infestation inspection. Termite colonies can deleteriously harm the structure, so make sure the home is free from such pests as well as others.
Finance
Lenders typically list foreclosed homes at a discounted price, around 20 to 30 percent. This is a bargain in itself, so dont expect to pull it down any further. Although you can still bargain for a much lower price, dont build your dreams on it.
Also, expect the bank that holds one of the Miami foreclosures youre interested in buying tells you to get a mortgage approval from them. This is as to be expected since lenders generally want to take a closer look at your financing capabilities. These homes are non-performing properties and need a lot of money to maintain; they have to make sure that you're a solid buyer and able to take the property off of their shoulders.
Mark Michael Ferrer
Miami Foreclosures
