Miami Realtor Presents: 3 Steps To Purchasing A Foreclosure

3 Steps To Purchasing A Foreclosure In Miami

With hundreds of properties to choose from, searching for the best home can be a tall order, so here are three basic steps that will help you pinpoint the best home for you.

The Best Home Isn’t Always The Prettiest Home

A nicely remodelled home that is now a Miami Foreclosed Home may seem to be a great choice. Some of the homes that are currently on the market were remodelled during the boom years without building permits. Many homes that have efficiency or a converted garage may be facing possible code violations in the future.

You need a knowledgeable Realtor to help you sift through the abundance of inventory to help you find a home that will be worry free or at least, have the knowledge to inform you of what you are getting into. Remember, Miami Dade County’s new Certificate of Use ordinance was designed to provide you with a full disclosure of possible violations and structural inefficiencies.

Weigh the Home Potential for Future Growth

Some neighbourhoods in the Miami Real Estate market area more stable than others. Some areas are also poised to recover quicker than other areas. Make sure you are working with a Knowledgeable Realtor who can help you identify that under priced Foreclosure in those areas that are poised to recover quicker.

A buyer usually looks for those characteristics that they personally need in a home. You also need to remember that buying a home is also an investment. Most families will upgrade or move again after 5 to 7 years. You want your purchase today to be the best possible investment when you go to sell a few years.

Preparing the Offer Requires Some Strategy

Buying a Miami Foreclosure requires some strategy when it comes time to formulate your offer. The common phrase is “Highest and Best.” With so many Investors and First Time Home Buyers in the market, it is very common for a good property to have a multiple offer situation. You need a strong offer to contend. A knowledgeable Realtor can help position you with a strong offer.

Highest and best is not always the highest “all cash” offer. When banks review an offer, there are several areas they look at to determine what they feel is the “highest and best."Some of the most common characteristics are: price, terms, closing date, inspection contingencies and seller contribution towards Buyer’s closing costs. Some Sellers like Fannie Mae and Freddie Mac provide an edge to Buyers who expect to live in the house versus an investor. A Miami Realtor who has experience working with Foreclosures will give you the edge that you need.

Sergio Rebollo Jr.
Licensed Miami Realtor
Exit Prime Realty
www.SergioRebollo.com
305-582-4062