Miami Foreclosure Sales
"Where You Can Purchase a Property at the Lowest Possible Price"
Why Buy a Foreclosure?
Buying a condo or home in foreclosure is one of the smartest investments you can make. It will take some work on your part, but the savings are worth it. At Miami Condo Shop, we are committed to helping our clients find the best properties at the best prices. We will be with you every step of the way as you purchase your foreclosure property.
Purchasing a bank-owned foreclosure property on the open market has recently become more difficult as there now are many buyers scouring the market for the most attractively priced properties. Fortunately, there is another way to purchase a foreclosure property at even better prices; through the County foreclosure auction.
You Can Buy a Foreclosure at an Online Auction
Starting on January 11, 2010, Miami-Dade County will start conducting its foreclosure sales via an online auction system so that any individual with Internet access and the required funds will be able to purchase a property. The auction system will be very similar to eBay in that the lender will set a reserve price and the bidder will be able to set a maximum bid for the property. The property is then auctioned off to the highest bidder assuming the lender's reserve price is met. Unlike eBay however, 5% of the purchase price is due immediately once the auction has been concluded and the remaining balance is due by 12PM the following day. The properties must be paid for with cash and are sold "as-is".
The purchase of a property at auction has several challenges which include:
- Unknown condition of property. The County does not provide property photos and will not provide you with access to the property interior prior to the auction date.
- The property may be subject to additional liens that will not be wiped out by the foreclosure auction. The most common example is when a second mortgage holder is foreclosing, the buyer is left saddled with the first mortgage lien.
- If the property is a condo, there may be unpaid monthly assessments that the buyer will be responsible for.
- If the property is occupied, eviction may be necessary.
How Miami Condo Shop Can Help
At Miami Condo Shop, we act as your eyes and ears on the ground, making sure you get answers to those critical questions about a property before you put your dollars at stake during the auction. There are several websites that offer foreclosure listings, but none of them provide the local market expertise that is necessary so that you can make a wise purchase.
We will provide you with:
- Consulting services designed to educate you on how the auction process works, what to watch out for, and potential properties to target. We make sure all your questions are answered.
- A detailed list of all properties to be auctioned each month by the County. The list will contain basic information on each property such as the address, condominium name (if applicable), size of the unit, number of beds & baths, assessed value, neighborhood information, and arial photos.
- Upon request, more detailed information on any property up for auction. This will include our estimate of the property's value, photos of the property exterior, and when possible, the interior. Also, we will provide you with details about any existing liens on the property such as a first mortgage lien or a homeowners association lien filed for unpaid assessments.
Contact Us Today For More Information And Pricing
Investors are already acquiring properties and flipping them to buyers. We mentioned this in our blog post entitled Miami Foreclosure Sales: What You Should Know. Why not buy direct from the auction???
