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,
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
Cell : 786 314 6100
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.
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!
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
Cell 786 314 6100
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)
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.