I am thinking about buying a small condo in miami. The price is 87.000 Dollar. Foreclosure price was 59.000 one month ago. Is 87.000 ok?

Asked by Hans Bangen, Miami Beach, FL Mon Feb 13, 2012

I am from Germany and the price in the foreclosure (Zwangsversteigerung) is more like the "real" value. One of the reasons to do an auction is to find out the market value.

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Ann Ryan, Agent, Doral, FL
Mon Feb 13, 2012
Be careful of the unexpected in an auction. Sometimes costs are not apparent (code violations are one example). While you can get a good deal, you should expect that the unit will need more repair, and will take more effort to renovate than one sold through regular means. Of course, you may get lucky and buy the perfect unit, but I think most auction buyers find at least one less than pleasant surprise.
1 vote
Irina Karan, Agent, Aventura, FL
Fri Apr 13, 2012
To know if the price is right, check out Zillow.com for an automatic valuation - this is not a perfect tool but will give you some idea. Next, pick a good realtor specializing in distressed properties and working the area you are buying in. Please use http://www.CDPE.com (for distressed property experts) or Trulia.com for Find a Pro option. Your realtor will provide you with the comparable sales (past 6 months, in the same building) - so that you will be able to figure out the correct value.

The prices are based on size, location (proximity to the beach), condition of the property, type of sale (distressed or not), views, how high the floor is, demand vs. supply and if improvements were made to the property in question.

Auctions, with their bidding wars, often lead to overpaying for the property, and there are many potential problems with them - like title issues and work done without permits (illegally). Same could be said about foreclosures (no title issues, but lien issues there).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes
Jorge Nunez, Agent, Miami, FL
Tue Feb 14, 2012
0 votes
Miami Beach…, , Miami Beach, FL
Tue Feb 14, 2012
In addition to the answers below, we would like to reiterate the importance of having an experienced distressed property expert. Interview several realtors before you make your selection, best of luck!
0 votes
Rosie Morot-…, Agent, Miami, FL
Tue Feb 14, 2012
Hallo Hans,
Ich kann Ihnen bei der suche nach einem foreclosure in Miami helfen,
Sie koennen mich ueber mein wesite erreichen.
Web Reference:  http://www.rosiemorot.com
0 votes
Mariana Gabay, Agent, Plantation, FL
Mon Feb 13, 2012
Hi Hans,

It is very important that you are working with the right Realtor, he or she will be able to tell you what other properties in the area have been selling for, once you are more informed, you can make a better decision. Feel free to send me the address so i can better answer this question for you.
Have a great day!

Mariana Andrade
0 votes
Carlos Escam…, Agent, Miami, FL
Mon Feb 13, 2012
Sounds a good deal.
* 1st make sure you see some comparable or pay someone to have some for you (CMA if it is Realtor ) or (appraisal)
* 2nd just to make sure you are buying at the market value make the sale subject to appraisal.
* 3rd for a low cost you can hire an attorney to represent you as a closing agent and as an attorney, it may cost $1000 dollars more but will keep you out of troubles. Remember as a buyer you have to make sure you can choose closing agent. ( your attorney or title company)
Web Reference:  http://www.soldbuyrent.com
0 votes
Nereida Figu…, Agent, Miami, FL
Mon Feb 13, 2012
Hans, all depends how is moving sales in the area or subdivision. If you need help, more than glad to provide the best relationship with my customers, SERVICE.
0 votes
Juan Murillo, , Miami Beach, FL
Mon Feb 13, 2012
Please call me at 1305-336-5740 or give me a number to contact you. Thanks
Juan Murillo
My Skype I'd is juanmurillo2005 you can also reach me there.
Web Reference:  http://Foreclosure-homes.com
0 votes
Jorge Nunez, Agent, Miami, FL
Mon Feb 13, 2012
Send me the address and I will tell you if ok to buy at $87k. Us realtor have a system to instanly check what a fair market value of a property should. There will be no cost to you about this analysis.
Jorge Nunez 305 586 6796 Halstead Homes Realty, LLC
0 votes
Madelyn Andr…, Home Buyer, Miami, FL
Mon Feb 13, 2012
It depends on the market price on the property. Now a days you can buy a foreclosed home or a short sold home 20% below market value. I would suggest you to have a local realtor to advise you on the home prices, to fo a CMA(a comparable market analysis) on the property you want to get.
0 votes
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