Foreclosure in Miami>Question Details

Yamy, Home Buyer in Miami, FL

Whats the first step when buying a foreclosured property?

Asked by Yamy, Miami, FL Fri Jul 20, 2012

Help the community by answering this question:


Irina Karan’s answer
Hello Yamy,

First step should be finding a good reator with sufficient experience/knowledge of foreclosures.
Second step, you prepare for the purchase - pre-approval letter or proof of funds (financing vs. cash purchase), bank statements/asset statements that could also be requested.
Third step, no matter which foreclosure you want to buy - make sure not to overpay.
It's easy nowadays, as foreclosures are sold much higher than asking price.
In other words, if there is a multiple offer situation and you have to give your best and highest,
don't go above the market price.

We often advise our clients to have an attorney guide them through the foreclosure purchase.
If that's not an option, make sure (before signing) that there are no liens with the city or open permits.
Don't rely on title company to do your attorney's job.

Don't believe anything you hear - verify it. In most cases, the seller/bank won't even know if anything is wrong with the property - it's a buyer's and his "team" job to figure things out.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Tue Aug 7, 2012
You can check on
They have short sales, foreclosures and preforeclosures.
0 votes Thank Flag Link Tue Jul 24, 2012
Hello how are you Yamy. The process of purchasing a foreclosed property can be time consuming process. If you are purchasing property cash, please make sure you have a updated verifiable proof of funds letter from , or if you are financing have a loan apporval letter.

Cash buyers are dominating the foreclosure market right now, and when cash buyers see something they like they often work with a knowledgeable realtor who can put together a offer package and submit it to the bank. If you are going to bid on foreclosures miami dade county and broward county and palm beach county now conducts their sales online. If you have any questions or concerns please feel free to contact me as I can locate some great buys for you and let me know exactly what you are looking for.

Thank you,
Tamika Moses
Keller Williams Realty Partners SW
0 votes Thank Flag Link Sat Jul 21, 2012
If you are borrowing the money to buy, you would need to get a pre approval letter from a lender. If you're paying cash, you would need proof of funds. An offer won't be accepted without either a pre approval letter or proof of funds.

If you're buying homes at foreclosure auctions, you often need to have cash and have the ability to pay the sheriff within 24 hours of the auction.

You will also want to find a real estate agent that is familiar with negotiating on and writing contracts on bank owned properties. Most agents have had at least minimal experience doing so, but it's helpful to have an agent that has done at least a couple of foreclosure transactions.
0 votes Thank Flag Link Fri Jul 20, 2012
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