Home Buying in 33141>Question Details

Gaspar, Home Buyer in Miami Beach, FL

Im trying by myself to find a foreclosure/REO property that might not be in the MLS. 2bd in the 33141 North Miami Beach area, MIMO/deco small bldg

Asked by Gaspar, Miami Beach, FL Sat Aug 21, 2010

Maximum budget 70K. Is it possible in a safe neighborhood?

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10
Hey, Gaspar. That is a great question. Investors grapple with this all the time. They often buy lists of people who are 60+ days late on their mortgage and do mailings and/or visit the properties and try to meet the owners. Though a bit expensive and time consuming, this is a great way to find leads when used in combination with other methods like Craigslist as suggested below, bandit signs, classified ads, etc.

Another way is by subscribing to a service used by professional investors. The best I know of in our area (though they serve most, if not all of Florida), is Xima USA (http://www.ximausa.com/properties_search.php), and you can visit the Blog of their top trainer and promoter, Mr. Ramon Rivas at http://www.map2equity.com/blog/ who has a lot of great material on how to properly use Xima's software.

Their system is accessible online, no software to download and they charge month to month with no contracts - cancel anytime.

Though I don't use it today, I've used it in the past and strongly recommend this service.

Luck, Is When Preparation Meets Opportunity
Web Reference: http://BuyMiamiBeach.Info
0 votes Thank Flag Link Thu Sep 2, 2010
Try http://www.Graigslist.com or go local Court House
0 votes Thank Flag Link Wed Aug 25, 2010
The problem with you working on your own is that there are lots of investors out there currently, who have very deep pockets, with a lot of staff, who do nothing but search for foreclosures all day, and it's hard to compete with them because of their resources.

If you have a particular area in mind, a good realtor can help you search the lis pendans in that particular area to see what might be coming up. Or, there is an electonic bidding system in both Dade and Broward's foreclosures. And, both Fannie Mae and Freddy Mac have foreclosures on their websites. But, the competition is very stiff.

If you want to search on your own, we have an REO tab on our website. However, you have to preview & bid quickly, and you need to bid higher than the listed price...sometimes much higher. There are usually 6-15 multi-offers upon which you can bid "highest & best" offer. Sometimes, I find that you can find comparable deals on a regular listing, when you have a really motivated seller, without all the headaches, stress, and countless hours of researching and looking at properties.

Let me know if I can be of further service. I'm very familiar with that area because I sold preconstruction for a developer in that area for 2-3 years. As a matter of fact, there are some great deals w ocean view in that building.
0 votes Thank Flag Link Mon Aug 23, 2010
Hi Gaspar,

If you have ALL CASH and are willing to do a lot of homework and take a lot of risk, you could try going to the courthouse auctions. The lender's attorneys are sometimes authorized to sell for a much lower price than you might get once it gets listed. You need to have the title searched for liens so that will cost you a certain amount for each property you are considering. Then you will have to buy them sight unseen and pay ALL CASH the same day.

There are also investors who will buy at the courthouse foreclosure auctions who will flip it to you, too. You have less risk but will also pay close to market value.

Good luck and take your Realtor with you to the auction and if you get a good enough deal, you may want to compensate him for the time he has already spent with you. You see he gets no pay until you actually close on a deal.

Hope this helps.
Alma
0 votes Thank Flag Link Sun Aug 22, 2010
Hi Gaspar,

There are other avenues i could help you explore to find foreclosures other than the MLS,
I am a realtor and am familiar with Normandy Isle, 33141 and Mimo as well as my teammate that lives right in the area. Im sure we can help you.
If you would like for us to discuss and see if we can be the right agents for you please contac me directly.

Jose Castillo or Mirlan Saad
Coral Shores Realty
954--240-3940 or josesellsfl@yahoo.com
305-812-0532 or mirlansaad@gmail.com
Web Reference: http://www.josesellsfl.com
0 votes Thank Flag Link Sun Aug 22, 2010
I am working with an agent, but he seems to only work within the MLS system, and I don't know if Im getting access to all the foreclosures (I think I only want to deal w/bank owned properties) that I could be seeing. Does RealtyTrac have more foreclosure listings than MLS? Also, if there is an agent out there who specializes in Normandy Isles/nearby/33141 zipcode (or nearby) I would like to talk to them as I can move fast, but so far not seeing exactly what I want for the price I want. Thanks, Gaspar
0 votes Thank Flag Link Sun Aug 22, 2010
I am working with an agent, but he seems to only work within the MLS system, and I don't know if Im getting access to all the foreclosures (I think I only want to deal w/bank owned properties) that I could be seeing. Does RealtyTrac have more foreclosure listings than MLS? Also, if there is an agent out there who specializes in Normandy Isles/nearby/33141 zipcode (or nearby) I would like to talk to them as I can move fast, but so far not seeing exactly what I want for the price I want. Thanks, Gaspar
0 votes Thank Flag Link Sun Aug 22, 2010
Gaspar,

You should find a Realtor to help you. You see if you try to contact the listing agent, by the time they call you back the best listings are already Sold to buyer that has a Realtor that submitted the offer and the asset manager for the bank accepted!

You may think you may be able to get a better bargain by going to the listing agent directly but they get bombarded by similarly thinking buyers and oftentimes they are overburdened and really don't want to waste time with a buyer that will not be loyal.

Also once a house gets foreclosed at the courthouse the property is assigned to an asset manager who will then list it with a Realtor and you will be competing with other buyers. ALL CASH is attractive, especially on properties that need work because they may not qualify for FHA financing.

Good luck!
Alma
0 votes Thank Flag Link Sat Aug 21, 2010
Hi Gaspar,

In Mimo right now no 2 bedrooms are listed. Only 4 properties are REOS in Mimo and they are a 1/1 priced from $49,900-$58,000

I have a great link on my site that will enable you to search a map and find forecosures and short sales.

Take a minute and check out my link, it will help you with your search.

If you need any additional help feel free to send me an email to stephanieleon@avantiway.com

Stephanie Leon
0 votes Thank Flag Link Sat Aug 21, 2010
I also wanted to mention that I am a cash buyer if that makes a difference. Thanks, Gaspar
0 votes Thank Flag Link Sat Aug 21, 2010
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