Ways to Find the Best Deal in Miami Foreclosure Market
But while these foreclosed properties are very affordable, for sure they are not without their shortcomings. But nothing to worry about because you will still have the chance to find your dream home among the selections that are available in the foreclosure market buy following these simple guidelines.
Know where to look
The best way for you to look the best deal in Miami foreclosure is to go directly to the bank. REO homes are much easier to purchase than any other types of foreclosures. The only problem with this is the time. It still depend on the bank that you are dealing with, transaction may either go smoothly or rough. However, if you really want to get an easy access on the selections of those affordable homes in the market, looking into several bank inventories is an excellent way to do.
Thorough inspection
Actually you can also purchase Miami foreclosure properties through auctions and even homeowners themselves. one thing you should not forget and that is inspection. Most of the time these foreclose homes are among the neglected properties in the market, but not all of them. You are lucky enough if you will find one that is well-maintained by the owners. There are also many bank foreclosure homes that are also neglected. With this, it is always important to allot time and money in contracting a home inspector.
Prepare your offer
When you are about to make an offer, you have to make sure that all your financial documents are ready ahead of time. Most of the time lenders are very strict when it comes with this record but there are also some lenders that are disorganized. Once you encounter such lenders, then you can show them how willing you are to purchase the property and this could be additional points for you. And this can also push the transaction forward.
Be ready for some surprises
Yes it is true that some of the Miami foreclosure properties are 20% to 30% less than their market value. This is especially true with those pre-foreclosure properties. You can easily get a bargain deal. When you are negotiating your offer to the lender, be ready for some surprises especially if you are still hoping to pull the price a little bit lower. Many lenders are aiming for a break-even price, so pushing it to reach a price lower than the 20% to 30% might be a long shot for you. But you can always try; setting your goals realistically can really save you some sanity during the transaction.
Ella Ayson
Miami Foreclosure
