Fortune International Realty

As the real estate market plunged the last three years, we've certainly had plenty of fingers to point at people as to why our Miami Beach condo is valued at thirty percent less than it was three years ago. The credit industry has been blamed for their poor lending practices that have forced thousands to foreclose on their Miami homes; the federal government has been blamed for its inaction and the consumer market for its greed. But what about the problems we've had with the fuel that literally drives our economy?

The rising cost of fuel means more than paying higher prices at the gas pump. The U.S. has an economy that relies on consumerism. All goods that need to be shipped (which is all of them) and services that need to be provided consume fuel. So while the cost of gas to fill up our cars nearly doubled in three years, so did everything else. Those who could afford their mortgages on what they made four years ago, due to the rising cost of living could not afford it on that same salary today.

There are many reasons why fuel costs went up so dramatically. The U.S. had a ten year trend of driving cars that consumed twice as much as the average car around the same time China was dropping its bicycles and getting into cars. As demand for fuel is skyrocketing all around the world the supply will soon meet it and gas prices will stabilize. Even more exciting than that, Washington and corporate America are focusing more and more on alternative fuels like ethanol, solar, wind, nuclear and hydro technology. One thing is certain: if we can get fuel costs to go down the real estate market will likely return to its former glory. Do you think the cost of fuel should be considered a reason for the housing market decline?

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So you’ve religiously studied all those real estate checklists and advice columns telling you to get all the preliminary legwork done such as getting pre-approved for a mortgage and gathering up the amount of money you’re planning to use for a down payment. Now that most of the financial hassles are complete, it’s all a matter of picking out the home or condo you like, right? Not quite.

The Miami real estate market is huge and buying opportunities are aplenty these days so before you bite off more than you can chew, narrow down your home search to specific Miami neighborhoods of interest with homes for sale that are within your financial means, taking into account additional factors that will arise such as home repairs, your own personal long term investments and the requisite property taxes of course.

Also be aware that when buying a new a Miami home, it’s easy to forget your priorities, like emphasizing what you’d like to have as opposed to what’s actually needed. You host frequent dinner parties so you need a large dining room…but hardwood floors would definitely be nice too. You’re single and you’re fine with a bathroom that only has a shower but wouldn’t it be great to include a whirlpool tub? Obviously if your finances allow it, it’s worth treating yourself to these extra perks but always put your needs first.

It usually helps tremendously to sit down prior to your home search and jot down everything you’re keeping an eye out for during home search in order to cut down on properties that don’t meet your personal criteria, saving you and your Miami realtor lots of time. Bringing a camera along will also help you recall properties of interest considerably and make it easier to narrow down your choices.

Finally, take your time during your Miami real estate search. You’ll likely come across several properties that grab your attention and seem great but it’s unwise to act on impulse. Put your emotions aside and make sure the property you do choose makes you feel at home and fulfill your short and long term goals.

Foreclosures come in all types of varieties these days and South Florida homes are among the markets where foreclosures have become the most prevalent. You’ve likely heard about how lucrative and affordable it can be to buy foreclosed homes if the accompanying risks are not a problem, but there is more to the process than simply picking from a list of properties. Let’s examine the three phases.

Pre-foreclosures are homes that have yet to be auctioned off but have forced the homeowner to miss a payment or two. Courthouses are a great source for finding these kinds of properties since they keep copies of delinquency notices. One needs to be very careful in terms of how they go about actually approaching the homeowner and open up negotiations. They could react negatively due to their unfortunate situation so it’s important to be understanding. In these situations, a short sale is often viable although it may require dealing with the bank.

The second phase is referred to as sheriffs’ sales and this involves the common process of putting the property up for auction without actually being able to see neither the property nor its financial situation. Therefore this process requires deep pockets and a willingness to bid on something that could potentially be in deplorable condition.

Once the original mortgage lender assumes control of a foreclosed property it reaches what is called the post foreclosure phase. By this time the home becomes an REO (real estate owned) property and the prices aren’t quite as low as a sheriffs sale although banks have been putting up them for auction at deep discounts due to the number of properties they’re trying to get rid of. An REO can also be a favorable option since the property comes vacant and there are few hassles when it comes to the title.