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The Basics of Buying Miami Foreclosures

Miami foreclosures are some of the most popular real estate properties in the city, and the most numerous, too. Over the past couple of years, many homes entered the foreclosure market, mainly due to the increasing numbers of homeowners unable to pay for their properties. This is indeed unfortunate for the owners but quite a boon for real estate investors and even regular homebuyers.

If you are new in buying Miami foreclosures, the first most important aspect of the process you should know about are the three different types of foreclosures. Basically, there are pre-foreclosure, foreclosure and post-foreclosure. Pre-foreclosure homes are sold by the homeowners themselves. These homes are some of the most affordable foreclosure properties in the city. Also, buying pre-foreclosures is the safest way for first-time homebuyers to get a hold of affordable properties without too much hassle.

Miami foreclosures on the stage after pre-foreclosure are often, if not always, sold at auctions. This method of buying foreclosure is particularly more cumbersome for first-time homebuyers but quite advantageous of those who are skilled at bidding. Experience is a must when buying auctioned properties, and you must also have a good financial know-how in order to survive the event.

Lastly, post-foreclosure homes are properties that fail to sell at auctions. These homes are repossessed by their respective holders or banks and sold through an agent. As such, one way to looking for these properties is through an agent. Also, you might want to check out several banks in order to spot a potential bargain. Banks that have a glut of foreclosures are among the most preferred targets of investors and homebuyers. But be careful, though, because they may not want to do business with you if you appear as a less serious buyer.

Appearing as a serious buyer is crucial during foreclosure, regardless of the stage. The sellers, be they the homeowners or the banks, are only interested in dealing with buyers who have the money to back up their interests. If you plan to make an offer, you must be sure to back it up with a substantial earnest money.

And like traditional home-buying, purchasing Miami foreclosures also calls for a pre-approval letter, especially when buying at an auction. Having a mortgage amount before attending an auction or looking at properties can help you finance your purchase a whole lot better. It will also help you find the right property better by keeping you focused on homes that are within your budget.

Mark Michael Ferrer
Miami Foreclosures

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