There is no denying that Miami Beach foreclosures are some of the most affordable properties in the city. Many people, average homebuyers and investors alike, flock to Miami Beach to take a look at what the city offers in terms of real estate. But while they are certainly cheaper than the average house, foreclosures are not without their shortcomings. You can still find your dream home among them if you follow these simple guidelines.

Know where to start looking 

The best way to spot Miami Beach foreclosures is to go straight to the bank. REO homes are a lot easier to purchase than other types of foreclosures. The only downside is the time. Depending on the bank you are dealing with, the transaction could either go smoothly or rough. Nevertheless, if you want to gain access to a host of affordable properties, looking into several bank inventories is an excellent alternative. 

Don’t forget the inspection 

Although you could still purchase Miami Beach foreclosures from auctions and even the homeowners themselves, one thing you shouldn’t forget about is inspection. These homes are often neglected. You are lucky if you spot a foreclosure that is well-maintained by the owners. Many have also been neglected by the banks. As such, you must spare some of your money in contracting a home inspector. 

Prepare your offer correctly 

When you make an offer, consider having all your financial documents ready beforehand. Many lenders are meticulous with their records but there is always the chance of your ending up with a disorganized lender. If this happens, showing how much you are willing to purchase the property could earn you points from the lender. Plus the fact that this can push the transaction forward is also a major advantage. 

Be ready for some surprises 

You can get Miami Beach foreclosures on 20 to 30 percent less than the market price. Especially if you opt for pre-foreclosure properties, you could easily snag a bargain deal. By the time you are negotiating your offer with the lender, be ready for some surprises, especially if you are still hoping to pull the price a little bit lower. Many lenders are aiming for a break-even price, so pushing it to reach a price significantly lower than 20 to 30 percent may be a long shot. Although you could try, setting your goals realistically can save you some sanity during the transaction. 

Mark Michael Ferrer 
Miami Beach Foreclosures

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