Sunny Isles Beach boasts gorgeous beaches, stunning ocean views and close proximity to great shopping whether super luxurious at the Shops of Bal Harbour or the "mall" experience at Aventura Mall which boasts everything from Nordstroms, to Macys Bloomingdales, JC Penneys, Sears and hundreds of stores more. It is also 20 mins from the nightlife in South Beach or Fort Lauderdale and two major airports.

For all of these reasons and more, it became a haven for Developers who flocked here and have built a mulititude of 40 story plus oceanfront buildings. That in turn has led to many investors purchasing multiple units that now they cannot afford to keep or pay for and we have a glut of short sales and foreclosures.

Ultimately if I can give you advice in just a few words it would be to skip the short sale and foreclosure and go straight for the Bank owned Real Estate - since then you are directly dealing with a bank who really does not want to own the property but wants to get its money out and are more than willing to take a hit and generate liquid funds which they in turn can use to generate more money by lending it out again.

When dealing with a short sale, you always need to check if you are really buying the best deal, If the short sale property you are interested in is one that sold in the last 2-3 years to the current owner then you are not necessarily getting the best deal. If you buying a foreclosure you need to make triple sure there are no other liens on the property that need to be satisfied whether it is lien from the condo association, a mortgage company or a third party. Make sure you choose a reputable title company.

If you want us to send you a list of all short sales in Sunny Isles you can email us at info@golanteam.com and we will be happy to do that. Make sure you include what exactly you are looking for (i.e. no. of bedrooms/bathrooms, approximate size of property, location (oceanfront or not), view preference, price point (crucial) etc.

Another idea before you start this process is to get prequalified by a mortgage broker/lender so when you are presenting the offer you can show the prospective bank the strength of your ability to close.

Good luck and contact us if we can be of any more help.

Kind Regards

Debra Golan
THE GOLAN TEAM
EWM Realtors
info@golanteam.com

For the most part, it is not foreclosed property that draws the longest yawns waiting for an approval. It is the short sales. Either way, improperly handled, and you will get a flat "no" from the bank instead of a resounding "yes".

These are handled differently and are typically different types of properties. Foreclosed properties are typically in worse shape than those still occupied by their distressed homeowners looking for a way out.

However, they both offer great opportunities if you approach them right. What type of property are you looking to buy? What price range? What level of repair? How are you going to finance the deal? How will you take title?

These and more are basic important questions to ask. The fact that you are patient in this market is good. But, are you decisive? Can you spot a deal and make a decision when you see it? Do you know what a deal is when you see one? In other words, do you know your numbers?

If yes, seeking the professional Realtor who is a Certified Distressed Property Expert and investor friendly will go a long way in getting you to your destination.

If not, seeking the anwers to these questions to better prepare you in evaluating opportunities is what you should do first.

Either way, I can make myself available to answer any specific questions or help guide you to your destination.

Remember, "Luck is when preparation meets opportunity" so, prepare yourself and meet your success.

He who waits will reap the rewards. The market here in South Beach shows some signs of foreclosures and bank owned properties. Check the web sites mentioned above regularly, and e-mail with any questions.
All the best,
Joe

Here's a link to foreclosed property that's updated on a daily basis:

http://www.floridamoves.com/Property/reoSearch.aspx?propsear…

Buyer be aware, not all foreclosures are good deals. Anybody that bought a property in this area in the last 2-3 years, paid inflated rices that have come done and in many cases when the homeowner needs to sell, the property might end up in foreclosure. In some cases you might be better of buying a property from an wner that bought years ago, before prices increased substantially. They might be able to sell their property, not in foreclosure, for less than a similar foreclose property.
Work with an experienced and honest realtor that will help you find a real value, not necessary a foreclosure.
Contact us at team@jklahr.com, we know the market, we will help you find a great value.

Hi, we are a real estate company that specializes in managing and finding reposes bank properties we have over 37 units at this time and we will like to help you in this process if you are interested pleas email me at universaloh@bellsouth.net

There are so many bargains right now, be sure to check homes from agents and home owners as well as foreclosures etc.

D,

Before you decide to purchase a short-sale or foreclosed property make sure you do your homework and understand what each one is. At the same time, as Kevin mentioned, make sure your agent is well-versed in both.

Having said that, I keep hearing alot of people saying the same thing as you... " I want to buy a foreclosed or short-sale property". Most perceive these to be the 'only good deals'. My suggestion is that you focus on an area, whether Sunny Isles or South Beach.. but choose an area that you truly want to be in, not just because it's a 'good deal'. Once you focus on an area have your agent search for 'the deals', which happen to not only be foreclosures and short-sales. There are plenty of 'deals' out there you just have to be ready to act quickly when you find one.

Good luck!

We represent several lenders and have a few great buys in those areas. We repesent buyers only with an exclusive agreement. There are many misconceptions about short-sales and foreclosures!

If it is in Sunny Isles, that is about 20 minutes north of Miami Beach. If the property is already owned by the bank, it will actually be a very quick, smooth process. If it is a short-sale, then the process is long and frustrating, sometimes up to 6 weeks--and then you still may not get the property.

My advice: Be vary cautious of "short-sale" properties. Bank-owned real estate (REO) is the way to go!

Not all brokers are well-versed in short-sales. Make sure your broker is.