Carlos Ruiz De Quevedo

Julio,
To get the best deals you need to hook up with agents who are themselves working forecloure listings. We are involved in foreclosures and have foreclosure listings, so we have first hand knowledge.

A foreclosure goes through several steps and the best deals are early on. A Realtor receives a notice about a property and they have to determine occupancy, assist with the evict ion of dwellers, secure property, clean out, etc. These procedures may take upwards of 6 weeks. If you are hooked up with an agent working foreclosure listings, they can tell you about these properties before they hit the market and that way pick up the best ones.

Once they hit the market, the good ones get a lot of activity and go fast. The worst case scenario is buying at auction, because those are the left over properties that were not sold the conventional way.

Rather than searching on websites, I suggest you find a realtor in your area who have foreclosure listings. Work closely withhim/her and you will get access to the best deals. My associate and I are working foreclosure listings and would be happy to assist you or anyone else looking for these types of deals. - Wed Jun 18 2008, 05:00

Halley,
I don't know about the rest of the country, but in Miami Dade County the market appears to be rebounding. Statistics show that the market hit bottom in December 07 as it pertains to pended sales. However in January as expected closed sales dropped, but pended sales started climbing and both pended sales and closed transactions have been climbing ever since.

We just received the statistics for the end of May and once again the numbers are showing a trend for climbing sales. To show you how things have changed, closed sales in January '08 hit their lowest point at 718 living units of houses and condos combined. Since then in February 748; March 943; April 957 and by the end of May sales had gone over 1000 units.

Our Beach office has been having great sales over the past couple of months. Since inventory is still high, properties in general are still sitting around for 3 to 6 months. But the good properties, in good neighborhoods at great prices are once again selling. I have one client I am working with who has alredy lost 3 propeties they liked because of procrastination. Now that they know that properties are selling they are getting more serious about buying.

We don't know if this upturn is going to continue, but if we have a quiet hurricane season it is very likely that prices could stabilizing by the fall. So if you want to get the best deals, this is your best time to buy. I don't know about the rest of the country, but in Miami "soft market" is old news - the market is alreay turning. - Fri Jun 13 2008, 19:51

Roger,
Having done what you're plannning to do, I can tell you that a long drive gets old real fast. That's probably why you will want a local agent to help you find a place that will work better for you.

There are condos behind Baptist may that be able to meet your needs. With gasoline prices projected to go up to $5 or more by next summer, you may want to live that is closer to work. You can always drive to the beach as needed. - Mon May 26 2008, 12:13

Ian,

I can't say that it is easy to for average people in Miami - you need at least two incomes and sometimes more. Miami is a city in transition and income has not keep up with the cost of living. But things are not as bad as some perceive. Having lived in Miami for almost 50 years and having lived through other boom-bust cycles, I see our city in great position for the next wave. It takes on an average 5 to 7 years to plan, design and build a major building in South Florida. You could look at our current oversupply as either behind the last demand wave or ahead of the next one -- I believe the later.

Our population is still growing - granted not as fast as before. Our State peaked at approximately 1100 new residents per day and now we are closer to 750 per day. Dade and Broward represent about 25% of the State's population growth. The people who are moving into the area are parking themselves in rental properties and that is building pent up demand for future purchases. Personally, I believe Miami's housing oversupply is ahead of the next wave and will eventually be absorbed once the market rebounds.

The statistical reports through the end of April are showing that the housing market in Miami-Dade may have bottomed out in December '07. If you want to look at a statistical report you can see my newsletter at http://www.carlosruizproperties.com/Nav.aspx/Page=%2fPageMan… or at http://www.ewm.com/trendx/ . The best indicator of future sales is pended sales. Regarding single family homes pended sales bottomed out in December '07 at 365. Since then in January 467; February 515; March 582 and by the end of April we had 736 pended sales. Closed transactions also reflected this increase with 328 houses closed in January; 352 in February; 405 in March and when all the numbers are in for April we will probably have 465 sold houses -- at this time May is projecting to be about 555 closed sales.

This demand is being fed by Foreigners who are coming with strong currency to buy devalued properties that are a bargain in comparison to their own. Some of them are in a hurry to buy, because the Euro is beginning to show some weakness. Another factor that is feeding the increasing demand is bargain hunters purchasing foreclosed properties. With demand on a rebound, it won't be long before prices level off and return to the traditional 4-6% appreciation.

In my opinion, this is not the time to rent - this is the time to buy. - Wed May 21 2008, 06:46

Ingrith,
I am so sorry that you are in such a dilema - many other tenants are experiencing the same all over the country. As Realtors we can't advice you on legal matters, so a real estate attorney will be the right person to contact regarding your legal rights.

However we have been working with some banks and have had to deliver such bad news to other tenants. The reality is that you will most likely lose your deposits. If it was me, I probably would stop paying the landlord and try to live out my deposit while I am looking for another place to rent.

If you have not received a formal notice to vacate, you have some time. I can't speak for every bank or every company, but I can tell you the procedures followed by the institutions we work with.

You will receive a first notice that the property has been foreclosed. First you should ask for identification from the person delivering the notice. Ask for written notice that he/she is authorized to act on behalf of the foreclosing lender. Then ask for written proof that the property was foreclosed. Ask for all these actions individually - this will buy you time. If you are dealing with an experienced agent, he/she will bring everything at one time, but sometimes you get a green agent and you may have him/her going back and forth for a couple of weeks.

Once it is official that the property is foreclosed, you will likely receive a cash for keys offer. The bank wants you to vacate volutarily, so they may offer you $500 to give up the keys and leave the apartment clean. You can negotiate that amount - the most I've heard anyone get is $1500 for a larger family. The banks will ask you to move in two weeks, but you can negotiate up to a month. Do not get angry or become agressive with the person delivering the bad news. Most agents doing this type of work want to help you and will bend over backward to assist you as long as communications remain open and amicable.

You are going to receive three offers from the bank... if you have not negotiated an exit by the third offer, the bank will start eviction proceedings. That may take 3 to 6 weeks. At this point they will not pay you anything and the next notice will be from a sheriff knocking at your door with a moving crew. They will move all your possessions to the dumpster area or public sidewalk and leave it there for others to steal or to be rained on.

What is most important in this process is the following. DO NOT IGNORE THE WARNINGS. NEGOTIATE A SETTLEMENT BY THE THIRD OFFER. TRY TO BUY TIME, but be in control by being proactive. If you ignore the situation, you will get no notice and it will cost you more and you have no recourse. The Realtor who brings you the notice is not your enemy - he/she can help you find another home very quickly. Good luck... - Fri May 16 2008, 03:24