Hector Lesende

HUD homes are FHA insured mortgage loans that go into foreclosure. HUD sells these foreclosures in a weekly auction using HUD registered real estate agents. HUD offers huge incentives to sell all HUD homes in their inventory. There is now a program for owner occupants that the down payment is only $100 dollars with some restrictions as per HUD guidelines. There are many other programs available for homeowners and investors. Police officers, teachers, and firefighters get the property at 50% discount in specific Miami real estate areas.

Steps for buying a HUD homes in Miami, Florida

Step 1. Finding a real estate agent - You must use a HUD registered Miami real estate agent in order to buy a HUD home. HUD uses its own contracts and many different forms, addendums and disclosures that the Miami real estate agent must be familiar with.

Step 2. Finding a house - HUD offers a weekly list of available homes for sale. All HUD homes are sold in as-is condition with no warranties. The Miami real estate agent will show the property, provide tax roll info and comparables of recent sales. No open houses are permitted.

Step 3. Placing a bid - You must be pre-qualified and place an earnest money deposit before you can bid on a HUD home. The Miami real estate agent will work with you in preparing all pertinent paperwork in order to help you make your offer. All offers are presented online and are awarded to the highest bidder. HUD will pay up to 3% for closing costs if it is stated in the sales contract. Owner occupants only can bid in the original offer period and then it is opened for investors.

Step 4. Winning the bid - The Miami real estate agent will inform you whether or not you are the winning bidder next the day. If you are the only bidder you win automatically, assuming your net to HUD is within the acceptable percentage. HUD will not publish their guidelines for the minimum price offers they will accept. All completed contracts and forms must be sent within 42 hours of acceptance. Time is of the essence.

Step 5. Obtaining financing - The buyer has 45 days to close. Buyer can pay cash for the property or obtain financing thru an FHA or conventional loan. FHA has many incentives to qualified buyers. HUD will cancel the contract after the 45 days are up and you have not closed for whatever reason. An extension to the contract may be granted but it costs $375.00 per 15 days for sale price over $50,000. Usually only one extension is allowed.

Step 6. Closing - The buyer may choose the bank or mortgage company and title company of their choice. You cannot make any repairs to the property before closing. The title company will notify HUD and buyer of the closing date with at least three days notice. Buyer must bring a cashier's check to the closing as no personal checks are allowed.

Buying a HUD home in the Miami real estate market is a complicated and detailed process. Be sure the agent knows all the procedures and rules of the HUD homes process as any mistakes made in the contract, forms and or deadline missed will cause your bid to be cancelled and given to the next bidder. The inventory of HUD homes has decreased dramatically in recent years since buyers were not getting FHA loans and were opting for conventional products instead. Recently the FHA loans inventory has picked up and the amount of HUD homes available for sale has been increasing. HUD homes are an excellent opportunity for buyers interested in Miami real estate to buy a home at a discounted price.

Please visit http://www.lesende.com

Hector Lesende is HUD registered <a href="http://www.lesende.com/">Miami Real Estate</a> agent and has sold and closed many HUD Owned foreclosures. We provide a HUD Foreclosure List.

An eviction for nonpayment of rent is the legal process of expelling a tenant from occupying a property. The eviction process in Miami, Florida is very complicated has very strict rules and deadlines that the landlord must know and obey in order to avoid delays and legal liability. An eviction for non-payment of rent has become very common in today's economy and current Miami real estate market.

It is against the law for a landlord to forcibly evict a tenant in Miami-Dade County for nonpayment of rent without a judge's court order. The landlord can't place chains at the gate, turn off the utilities, or enter the property to change the locks and take possession. You must go thru the court system and follow very specific eviction steps. The landlord must act quickly when the tenant refuses to pay the rent. The landlord should start the eviction process immediately.

These are the steps to do an eviction in Miami.

Step 1. Three Day Notice - This is the first step in the eviction process. You either post it yourself at the door or hand deliver the form in Miami. The three day notice notifies the tenant to pay the rent in full or vacate the property within three business days. It states the tenants name, address, amount of rent due, and date of notice. It is signed by landlord or property manager.

Step 2. Five Day Notice or Residential Evictions Summons - This form must be served by the sheriff or a private server to the tenant in Miami-Dade County. It states the case number, the plaintiff (landlord) and the defendant (plaintiff). It lets the tenant know that they have 5 days to answer to the court the reasons why they should not be forced to move.

Step 3. Complaint for Removal of Tenant - This form is part of the Five Day Notice and must be served to the tenant at the same time. A copy of the Three Day Notice and a copy of the lease must be included as part of the package. A $270.00 filing fee must be paid at the court plus $10.00 fee for each summons served and $20.00 sheriff's fee for each service of the Five Day Notice.

Step 4. Default Package - This package is file approximately 10 days after the service only if the tenant has not answered the court. This package includes Affidavit of Non-Payment of Rent which must be notarized, Non-Military Affidavit, Motion for Default, Final Judgment for Removal of Tenant, Writ of Possession. There is a fee of $95.00 payable to the sheriff in advance.

Step 5. Writ of Possession - The judge will sign a Writ of Possession after receiving the Default Package and then it will be delivered to the Sheriff.

Step 6. Eviction - The sheriff will post a note at the door informing the tenant the date they must move out and when the eviction will take place, usually within 42 to 72 hours. The Sheriff will come back and evict tenant, everything will be removed from the premises and give possession of the property to the landlord.

Most evictions do not go thru all the steps. Many evictions for nonpayment are solved at step number one, the Three Day Notice. The tenant will call you alarmed and either pay the rent or ask for the deposit back so he/she can move out. Usually I try to work with the tenant at every step of the eviction process. Since all I want as a landlord is possession of the property I offer the tenant to give their deposit back, to place their things in storage and hire movers at my expense and help in finding them another place. The Miami real estate market and economy is slow and filled with trouble tenants. It is always better to try to negotiate with the tenant if possible. A full eviction is a drawn out and tedious process that should be negotiated and avoided at all cost in the Miami real estate current market situation.

Disclaimer. This author is not an attorney and recommends that if you have any doubts or questions about doing an eviction you should contact a Miami real estate attorney immediately.

Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit <a href="http://www.lesende.com/">Miami Real Estate</a> at http://www.lesende.com We will sell your home from only 1% commission. We provide a free Foreclosure and MLS list.

A pre-foreclosure is when the owners are not making their mortgage payments and get a notice of default from the bank. They have a very limited amount of time to try selling the house or get caught up in their payments before the bank forecloses on the property. Every investor dream is buying a pre-foreclosed home in Miami and then selling it for a huge profit. The dream also includes that the property requires little or no work and that you use little or none of your own money.

The dream has become a nightmare for thousands of investors who were not able to sell the property fast enough and were caught in the middle of the biggest drop of homes values in recent history. Usually pre-foreclosures are reserved for the very savvy and astute of Miami real estate investors. Pre-foreclosures require a lot of work, research, determination, and negotiation.

These are several reasons why you should buy a pre-foreclosed home in the Miami real estate market.

1. Motivated seller. The seller is desperate and has to sell right now. When a seller is faced with a foreclosure he/she does not want to lose everything and is willing to negotiate price, terms and everything else.

2. Sellers under huge pressure. Since time is of the essence, the seller does not have the luxury or the time to be playing games. The negotiating process is fast and the decision making is immediate. The seller can not afford to have the house in the market for six months as he/she has to sell now.

3. Huge price discounts. Pre-foreclosure buyers are usually getting excellent discounts. Make sure you find out everything about the property including mortgage owed, liens, tile problems, taxes owed before starting the negotiation process.

4. Little risk. Make sure you do your homework including comparables, market analysis, recent sales, pending sales. Find out exactly how much the asset is worth and then there is risk of making a big mistake is minimized.

5. No credit. In many of theses cases no credit and no money is required since the buyer will try to find a buyer right away and unload the property at a profit in the Miami real estate market.

6. Little competition. Not too many investors are involved in pre-foreclosures as they simply wait for the bank to foreclosure on the property. For many investors the amount of time and effort of putting one of these deals together is just overwhelming.

7. Fast growth. Just by taking over delinquent payments investors can establish a substantial portfolio in a relatively short time. In this market investors are advised that they will have to rent the house for at least a year before selling it.

8. Instant equity. Since the price is heavily discounted an investor will realize instant equity at closing making these deals very rewarding right away for the experienced investor.

In today's market the number of pre-foreclosures is staggering as more and more homeowners struggle to make their monthly payments. It is now a tremendous opportunity for Miami real estate investors to buy pre-foreclosed properties and take advantage of this short term financial market disaster. Soon the Miami real estate market will rebound and the sheer numbers of these deals are not going to be available.

Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit http://www.lesende.com Search Miami Real Estate. We will sell your home from only 1% commission. We provide a free http://www.lesende.com/foreclosure-and-mls-list.php Foreclosure and MLS list.

Situated in the southeastern part of the United States, South Florida has the popular name of Miami- Fort Lauderdale-Pompano Beach metropolitan area and is also referred to as the Miami Metro area and even the Tri-County area. The last of the names is most justified as South Florida includes the three counties of Miami-Dade, Palm Beach and Broward. When considering the different counties of Florida, these three can be held as the most populous. Among the three counties, Palm Beach was the smallest to be added. Miami happens to be the largest city in this region. A recent census estimates the population of South Florida to be nearly 5,500,000 and the density is about 1,570 people per square mile.

The area has a tropical wet and dry kind of climate with certain areas also being affected by humid subtropical climate. The wet season and the season for hurricanes arrive in the area during the same time. As South Florida is situated between two water bodies, chances of hurricanes affecting the otherwise stable climate get increased. The two most famous hurricanes to have blown over the area are Hurricane Andrew and Katrina.

Education offered in South Florida is one of the most well known in the state. It is served by the Miami- Dade County Public Schools district which has its own elected school board. The day- to-day functions of the school network are taken care of by the Superintendent of Schools. The other two school networks operating in the area comprise the School District of Palm Beach County and Broward County Public Schools District. Tertiary education is provided by several good colleges and universities including University of Miami, Florida National University and Broward Community College.

South Florida is served by three major airports namely, Palm Beach International Airport, Miami International Airport and Fort Lauderdale-Hollywood International Airport. Local transport includes Metrorail that stretches across 22 stations. Apart from this there are five interstate highways that help the area to maintain good connectivity with other places. This region has a flourishing economy with several public companies operating successfully. These companies are the major employers in the region. Approximately there are 100 profit making public companies running in the region with 200 private companies also making their mark. South Florida has one of the greatest numbers of Fortune 500 companies in the whole of United States.

South Florida real estate is among the most thriving in the state of Florida. It is not only because of the high growth of employment opportunities but also because the place is famous for welcoming external businesses to flourish. A great variety of real estate is available here including residential homes, condominiums and even land. There are over 115,000 properties currently available in South Florida. The number of foreclosures is staggering and presents an opportunity for both owner-occupants and investors. In a recent study Broward county was ranked second in the United States in the foreclosure rate. Miami-Dade County was ranked fourth in foreclosure rate and Palm Beach County was ranked thirteenth. Now is the time to invest in South Florida real estate.

Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit http://www.lesende.com Search South Florida Real Estate. We will sell your home from only 1% commission. We provide a free http://www.lesende.com/foreclosure-and-mls-list.php Foreclosure and MLS list.

Located towards south in the state of Florida, this is one of the most popular and affluent county in this southern state of America. In fact Palm Beach County happens to be one of three separate counties which constitute South Florida. Created back in 1909, this county is third most populated county in whole of Florida, besides being ranked second in Florida in terms of how old this county is. Palm Beach County has West Palm Beach as its county seat as well as its most populated city. If unincorporated population is to be calculated then this county has a population in excess of two hundred and fifty thousand.

As far as natural beauty is concerned this area must inevitably rank high in Florida as well as in the USA. This area derives its name from picturesque rows of palm trees which dot numerous beaches which are to be found over here. This place was carved out of then existing Dade County. In terms of area Palm Beach County covers almost two thousand five hundred square miles. Education is given top priority in this county. And this statement is easily verified and corroborated by the fact that not only is this place fourth largest school district in state of Florida; it is also eleventh largest on this matter in whole of America. A list featuring top fifty schools in America featured three schools, which were Suncoast High School, Atlantic Community High School and Alexander Dreyfoos School of Arts, from this county itself.

In matters of infrastructure this county ranks towards the top. By estimates of last census, which took place in 2000, this county was already playing host to almost 1.15 million people. This population was further segregated into almost half a million households. This population gave Palm Beach County a population density of almost six hundred people per square mile. Out of this huge population more than forty percent happens to be unincorporated. And each of above mentioned half a million households has an average income of almost forty thousand dollars.

All available infrastructural facilities have made this county very much desirable to a very large cross section of people all over America. As a result of that many citizens of this country harbor dreams of making Palm Beach County their permanent place of residence. This demand of people wanting to come and live here, coupled with fact that real estate market in general has been witnessing an upswing has sent real estate of this county soaring. At last count Palm Beach County had almost two hundred and fifty thousand homes located in it. Only about fifteen percent of present homes are available in the market.

Palm Beach County real estate has maintained its value in this troubled market. Palm Beach County includes West Palm Beach, Lake Worth, Delray Beach, Wellington, Boynton Beach, Jupiter, Atlantis, Bel Air, Boca Raton, Lantana, Palm Beach, and South Bay. With over 16,000 homes available for sale in this county it is a great time to buy a home here. Foreclosure inventory is very high which should be a signal to buyers. Palm Beach County real estate has the best of everything.

Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit http://www.lesende.com Search Miami Real Estate. We will sell your home from only 1% commission. We provide a free http://www.lesende.com/foreclosure-and-mls-list.php Foreclosure and MLS list.