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Sergio Rebollo Jr.

Foreclosed Homes That Are Not Habitable

Miami Foreclosures

Can't find a forelosure in Miami that is in move in condition?

A lot of the foreclosures that you find in Miami need some fixing up. These homes that need repairs do not meet the requirements of a conventional loan, hence the “cash offer only” designation.

The FHA comes to the Rescue!!

Well the Federal Housing Administration (FHA) section 203(k) program is here to help. The 203(k) program provides the funds necessary to fix the house prior to your moving in. The beauty about this program is that you roll both the mortgage and the rehab construction loan into just one mortgage loan at a long term fixed rate that lets you finance both the acquisition and the rehabilitation of the property.

Everyone qualifies for this program.

You don’t need to be a contractor or an investor. This program is available to first-time home buyers also as long as a qualified contractor is named for the necessary repairs.

FREE MIAMI FORECLOSURE LISTING SEARCH
Sergio Rebollo Jr.
Licensed Realtor Miami
Exit Prime Realty
www.SergioRebollo.com
305-582-4062

Buying Foreclosures In Miami - Who Is Going To Help You Write The Offer?

Miami Realtor Sergio Rebollo Jr. ~ Buying A Foreclosure In Miami ~ You Need A Good Realtor To Guide You

Recently a buyer told me "I know anyone can write up an offer but I like you. I would like you to help me make the offer when I find the house that I want."

Although I may have been flattered, her reasoning for allowing me to represent her in her possible purchase was for the wrong reason. Your Realtor should help you buy Miami Foreclosures not because he's likable. Your Miami Realtor should:

~Be knowledgeable in how to write up a purchase offer.
~Make sure that you are protected with appropriate timelines for the deadlines.
~Secure an apporpriate inspection period for you.
~Assure that your deposit is protected if you need to back out of the purchase.
~Inform you of the VALUE of the property that you want to purchase.
~Understand thoroughly the new CU Ordinance.
~Advise you of any possible code violations that do not appear as liens yet.

These are a few of the reasons that a good Realtor earns his pay. And remember...you as the Buyer DO NOT pay a commission to your Realtor. The Seller does!!!

When you choose a Realtor do so because of his expertise and not just because he's a nice guy. If he's very knowledgable and ALSO a nice guy, then the nice guy part is a BONUS!!

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

Miami Realtor: Will Downtown Miami Ever Recover?

Miami Realtor Presents: Downtown Miami Condo Glut Creates Buying Opportunities

In Downtown Miami, more and more condominiums are facing trouble as the number of units constructed ballooned during the last couple of years. It used to be that demand kept up with supply, with Miami Realtors selling everything that came on to the market. At the current moment there are over 1,200 units in the Downtown Miami are on the market and only 220 units sold during the first 6 months of 2009.

Why so many unsold properties?

Several factors contributed to this unfortunate situation. The Real Estate boom encouraged developers to construct more buildings. Buyers for the most part were not end users that would eventually move in but speculators that were hoping to flip their purchase. Of the 1,200 units on the market, only 18 are Bank Owned condos but a whopping 335 are listed as Short Sales or Pre-Foreclosure. At the current pace, there are 3 to 4 years worth of supply available with possible a growing number of Foreclosures or REO properties available in the future.

Surplus of units means attractive prices for buyers.

But the market will recover sooner or later, and for this to happen, the surplus of Pre-Foreclosures and Foreclosures must be sold for less than their market value. Condominium prices have dipped enough that eager buyers can get or rent properties at a discount. With Miami’s dynamic economy, it is only a matter of time until the market eventually recovers and Realtors will see fewer units on Miami Foreclosure Listings.

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

Miami Realtor Presents: How To Buy A Foreclosure in Miami

If You Need Surgery Do You Undergo The Operation With Just Any Doctor?

If you are trying to buy a foreclosure in the Miami area it is important that you are working with an experienced Realtor. One that is familiar with how bank's operate and one that can help you determine fair market value before you decide what to offer.

How Are You Formulating Your Offers?

Your Realtor should be able to analyze the property sales history and comparables so you may incorporate into your decision making process. When a bank has a cut-off date and requests your Highest and Best, you have one shot to get it right!!

Bank Owned Doesn't Mean That You Can Buy It At A Steal.

Banks want to move their inventory and many of them do in fact place their properties on the market at an aggressive selling price. A qualified Realtor will not only help you identify what is priced right, he should be able to ask the right questions which may place you as the highest and best offer.

Lots of the bank owned property on the market is in a multiple offer situation. It is not uncommon for a well priced home to get 5, 6 or 10 offers within the first few days on the market.

Timing Is Everything.

A good Realtor will listen to your investment objectives and translate it into automated MLS searches which notify you both of newly listed foreclosures in the Miami area as well as price reductions on existing inventory. Some banks will not wait around accepting multiple offers. If a Buyer offers something that is acceptable the bank may jump on it quickly. Make sure that your Realtor also maximizes the technological tools that are provided to him by his local Board. These tools will give you the edge necessary to succeed in these highly competitive times.

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

Miami Realtor Provides Assistance in Buying a Miami Foreclosure

Are You Looking Into Purchasing Foreclosure Property in Miami?

The choices are dwindling when it comes to single family homes, condos or townhouses. What is the best type of property to buy? Do you want to move into a newer home or an older home? Should you buy a fixer-upper? Do you know if there are any code violations? How will you be affected if there are violations?

Consulting A Knowledgeable Realtor is Critical!!!

Buying a Miami Foreclosure can be a remarkable experience for buyers. It does require though, research, legwork, negotiation and determination. You need to be aware of everything about the property that you are considering. 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.

You need to minimize any risk. Be sure to do a basic market study, research comparables, pending sales and especially recent sales. Foreclosed properties in Miami are being sold for 40%, 50% or 60% of their value of two years ago.

The Best Time To Buy Is Now!!!

Waiting on the sidelines till prices drop further is not a wise thing to do. Quite frankly, no one can really determine when we will reach bottom. Some pockets are already showing a stablization of selling prices.

If you're considering a fixer-upper, FHA is lending with their 203(k) rehab program. The news media has been reporting positive sales figures for four consecutive months now. You may as well jump in now before it is too late!!

Sergio Rebollo Jr.
Short Sale Specialist
Exit Prime Realty
www.SergioRebollo.com
305-582-4062