Miami Realtor Presents: Buying a Foreclosure Requires Due Diligence

Have You Considered Purchasing Foreclosure Properties in Miami?

There are plenty of choices when it comes to single family homes, condos or townhouses. What is the best type of property to invest in? Do you want to move into a new home or an existing home? How challenging is it to buy a fixer-upper? Any code violations that currently exist and how does one deal with such violations?

Pair Up With a Knowledgeable Realtor is Key!!!

Purchasing a Miami Foreclosure can be a remarkable experience for buyers. It does take require though, a lot of research, work, negotiation and determination. You need to know everything about the property that you are buying. You must know what kind of maintenance and renovation fees you are getting into. You need to be aware of any liens or local code enforcement fines that a Title Search may not produce.

In order to avoid or minimize any risk, be sure to do a basic market analysis, comparables, pending sales and recent sales. Foreclosed properties in Miami are being sold for 40%, 50% or 60% of their value two years ago.

Now Is The Best Time To Buy.

You cannot continue to wait until the prices continue to drop. Quite frankly, no one can really determine a precise moment when we've reached bottom. The one thing that we do know is that the real estate market has picked up some momentum during the last several months. FHA is lending, even on fixer-uppers with their 203(k) rehab program. The news media started reporting some positive hoe sales and new home starts figures. You may as well jump in now before it is too late!!

Sergio Rebollo Jr.
Licensed Miami Realtor
Exit Prime Realty
www.SergioRebollo.com