Home Buying in Miami>Question Details

Christopher…, Home Buyer in M And J, Austin, TX

Hi, I am seeing alot of forclosure properties listed at well under there market value(like 20k,30k) are these accurate prices on these homes?

Asked by Christopher Amo, M And J, Austin, TX Wed Mar 12, 2014

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A foreclosure should be a lot cheaper in my opinion. I've been looking at homes and have seen a few foreclosures. Many of the foreclosures I've seen are way overpriced in the areas I'm looking. Some are being sold higher than what homeowners are asking or at the same price. Many are not in great shape and I can't see them selling even close to asking price. I've even seen a couple short sales in horrible shape. They advertise the home saying "wonderful swimming pool, beautiful cabinets" meanwhile the pool liner is cracked, no water just green crap on the bottom of pool, cabinets broken. Some of these homes they could cut the price by 50% and it still wouldn't be worth it. I"m starting to wonder if these people lost their minds. Some homes were purchased in 05 and they are selling it in foreclosure now 10k less than what they paid back then.
1 vote Thank Flag Link Thu Mar 13, 2014
Hi Christopher,

I work with a lot of Miami Realtors and as Samantha mentioned, they are listed low to create a bidding war, which, she can correct me if I am wrong, may even put the highest bid over value. Foreclosures can be a great opportunity, however, just to give you fair warning, Miami seems to be a little different market right now because of the amount of inventory.

If you are looking at foreclosures and find one that needs a little work, please keep me in mind for renovation financing. That is 90% of my business and we do a lot of business in the Miami area. We have had some conversions there that have turned out well (turning a 2 unit property into a single family, or 3 unit to 2). Maybe another avenue for you to consider because not everyone knows about renovation financing! I have a wealth of information on my website if you would like to learn more.

Best of luck to you,

Andy Wood
0 votes Thank Flag Link Wed Apr 2, 2014

In Miami . We still have a huge amount of Bank Owned Properties for Sale . Many of the Bank like to price the property a little below market to create demand on the property .

Samantha Tenzer Friedman
Tenzer Realty
Cell : 786 314 6100
Email: SamanthaTenzer@yahoo.com
0 votes Thank Flag Link Tue Apr 1, 2014
While there is still a good number of bank owned properties listed under market value, the $20K price may be the starting bid of a property soon to be auctioned, the final price will more likely be close to market value or above in some instances.

In Miami, it will be quite difficult (not to say impossible) to find a nice piece of real estate for $20K, even $100K is a HUGE challenge.
0 votes Thank Flag Link Sun Mar 30, 2014

It is very possible - but more likely than not- there is a catch; Possibilities are that they need significant renovation, are functionally obsolete, or have defects that out-way the cost to improve them.

On the other hand- depending on the particular situation. They could be that rare find!
0 votes Thank Flag Link Sat Mar 29, 2014

When you are purchasing Foreclosure Properties . You need to make sure you do your research on the property. Many of the properties that come on the market . Are not in the best condition . You always have to do a home inspection before purchasing foreclosure properties or any property you decide in purchasing . If you have any additional information on Foreclosure properties . I am happy to answer any questions you may have .

Samantha Tenzer Friedman
Tenzer Realty
Cell 786 314 6100
Email: SamanthaTenzer@yahoo.com
Website: http://www.tenzersellshomes.com
0 votes Thank Flag Link Thu Mar 13, 2014

Ever heard if it looks to good to be true its because its probably not. There is a lot of misinformation and old data that continues to show up, Then you have Realty Trac as Dan mentioned these are properties that will most likely never make it to the market for a variety of reasons.

If you wish to now what is available right now feel free to use my MLS website to search for properties by imputing your criteria its easy and its free.

If you see something you like or would consider purchasing just simply shoot me an email or call and it will be my pleasure to assist you.

click here: http://FreeSouthFloridaProperties.info (Search like a Realtor)
0 votes Thank Flag Link Thu Mar 13, 2014
If you are seeing posts from RealtyTrac, they are not listings and the prices have no reference to reality. These are homes in the early stages sometimes of foreclosure. Many if not most will never make it to the market as the seller's work things out, choose to do a loan modification or possibly come on as a short sale.
If you want information about foreclosures, a great local agent can provide that for you for free. Just remember that if you buy at an auction, you don't get to preview the homes, you pay cash and it's as is where is; no disclosures, no repairs, no returns. Auctions are filled with professional investors who will let you overpay to get you out of the competition.
0 votes Thank Flag Link Wed Mar 12, 2014
Generally, yes foreclosures can be listed that much lower than the market value. For one, as a buyer, you have to take the property 'as-is" and not all are left in the best condition. In our state, you can still do a home inspection, however, the seller/bank who owns the property are normally not wanting to make any repairs. I also found that when foreclosures sit for 30 days or more, they tend to make a price reduction. They want to move these properties fast and want to be the first to sell when there is competition listed down the street so they are very competitive on price.
0 votes Thank Flag Link Wed Mar 12, 2014
But even then, the price would be 20k total? seems a bit low for the homes I am seeing. especially when the prices of houses in the area are near 300k
Flag Wed Mar 12, 2014
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