Word is out that Miami is for sale, so every buyer I work with nowadays is looking for a "great deal". However, these deals are becoming harder and harder to find because more buyers are chasing them with every passing month. The best of these deals are Miami foreclosure condos as banks are looking to sell these properties quickly at or slightly below current market prices. Buying a foreclosure condo is not easy. There a few things that you need to know before you begin the process:
Cash is KingThese are all cash transactions -- no financing. Due to the difficulty in closing loans in many condo buildings, banks have a strong preference to choose an all cash offer. I've bid on several properties where the bank chose an all cash offer over a higher offer that involved financing. With the majority of property buyers in Miami being international, there are no shortage of all cash offers.
