Home Buying in Doral>Question Details

Elizabeth, Home Buyer in Doral, FL

Do I need to hire an agent that is an expert in foreclosures if I want to buy one?

Asked by Elizabeth, Doral, FL Mon Apr 2, 2012

We have seen online that there are some foreclosures in Doral Isles, which is where we would like to buy, but we don't know anything about purchasing a foreclosure. Do we need an agent that is an expert in foreclosures? Also, do we need to have all cash, or can we purchase with a mortgage? How long does the process take?

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Answers

11
First you need an agent who knows the market you want to buy in to understand the market and it's pricing.
While experience is preferred in most things, buying from a bank is not much different then buying from a private party. Just the emotion has been removed from the seller side. If you have a good agent, they can get it done for you.
0 votes Thank Flag Link Sun Jun 30, 2013
You would be doing yourself a huge favor to hire an agent with experience in navigating the foreclosure process. it is rather simple if you know it inside and out. If your agent does not, it could cost you big bucks in the long run.
0 votes Thank Flag Link Sun Jun 30, 2013
It is better to hire an Agent with Foreclosure experience.
0 votes Thank Flag Link Sun Jun 30, 2013
Hire the best agent you can find. Once the property has been foreclosed your agent will ing dealing with a willing seller (the bank).
0 votes Thank Flag Link Thu Feb 7, 2013
I highly recommend you have a buyers agent. Foreclosures are complicated and trying to navigate the process on your own could really cost you in the long run. Find an agent that fully understands the foreclosure process and put them to work for you. They can also put you in contact with a lender to secure financing if you are unable to pay all cash. Good Luck with your search.
0 votes Thank Flag Link Tue Apr 3, 2012
Hello Elizabeth,
Answer your question:
1. Foreclosure isn't a complicate procedures, but there different then regular sale, there are use different contract form and some condition are different.
2. You do need an agent to representing you, not necessary the "foreclosure expert" but it is important to have a GOOD AGENT.
3. purchase foreclosure not necessary all cash, unless the sale is "CASH ONLY", it is very fast process no waiting time.

Doral Isles is a very beautiful place, I am living in Doral Isles and I love it. but Doral Isles rarely has foreclosure, and there is one it will not last long.

Good luck!
Hong Cecol
Real estate agent
Interinvestments Realty
0 votes Thank Flag Link Tue Apr 3, 2012
Hi Elizabeth:

Sure you can buy with a Mortgage, provided there are not Multiple Offers, that are not all cash.

If the market in Dorval is seeing Multiple Offers and all cash, then that is the way to go.
Not a must, you can always go in slightly higher with a loan and close fast.

You need a Realtor who has Bought and Sold homes, and does the right inspections for you
and works the contract, and the Bank's agent, while protecting your rights.

Good luck.

Ruth

http://www.ruthandperry.com/

http://www.trulia.com/blog/perry_mistry
0 votes Thank Flag Link Mon Apr 2, 2012
Elizabeth,

There are foreclosures becoming available soon in Doral Isles. What you need is an area specialists first and foremost, it comes hand in hand with experienced Realtor's.

The foreclosure process can vary from bank to bank. They all have their own systems and criteria in place. Oh! Cash is always king, but yes, financing will work. Normally, foreclosures close in less than 45 days.

I hope this helps.

All the best,
0 votes Thank Flag Link Mon Apr 2, 2012
It would definitely be in your best interest to have an agent that knows how to work with foreclosures. you can purchase with financing or cash but you will need to show proof of funds for cash and have a pre-approval letter for financing that you will have to present at the time you make your offer.
With a foreclosure specially, you need to make sure all your i's are dotted and your t's crossed.
Your agent has to stay on top of it and make sure everything is done in a timely manner.
A Good Realtor. That is your primary need!
Good Luck!
Genevieve Ramachandran
0 votes Thank Flag Link Mon Apr 2, 2012
Elizabeth, I just checked the MLS (realtor's database) and there are no foreclosures currently listed for sale in Doral Isles. What you're probably seeing are the RealtyTrac "distressed" properties, where payments haven't been made, but they haven't yet become foreclosures.

Right now there are 58 properties actively for sale in Doral Isles, of which 55 are regular sales, and only 3 are short sales (owner owes more than the property is currently worth.)

This market has a lot of competition from all cash buyers, but it is still possible to buy using a mortgage. Right now, there is a lack of inventory, and it seems there are 10 buyers for every property on the market. Therefore, my suggestion would be that you avoid seeking the best "bargain" as you will likely lose out to those cash buyers. Concentrate on a regular sale, and you should be able to 1) actually get the house, and 2) close in a reasonable amount of time (less than 90 days).

Right now, prices are creeping up, and I believe interest rates will start to do the same. If you can afford to do so, buying now makes sense!

Ann Ryan
Keyes Real Estate
0 votes Thank Flag Link Mon Apr 2, 2012
It will be more beneficial for you if an agent representing you in the transaction has experience with foreclosures. You can buy either with cash or a mortgage-than pre-approval letter will be required.
The best advice on a bank-owned property is to come in at your highest and best, unless the property has been sitting on the market forever with no activity. The process may take from few days (once the asset manager accepts the offer to 60 days-usually 30 days closing for cash offers, 60 for financing.
But it may vary depending on a foreclosing lender.
Good luck!
0 votes Thank Flag Link Mon Apr 2, 2012
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