Looking for a home in SW Miami, 3/2 townhouse w/yard or house, maximum of 240k. It looks like it is nearly impossible to purchase.

Asked by Rick, Miami, FL Mon Mar 25, 2013

We have a realtor that is helping us, the problem is, everything listed in MLS either already has offers or it is cash only(we have even seen a house that just listed and already has an offer). Sadly a lot of realtors are not listing their inventory (for double commission maybe), and investors are throwing around Cash, making it impossible for regular consumer like us with FHA/Conventional loans to buy. Can someone please provide us any tips, ideas, or at least a contact for possible inventory to look at?

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Yanoska Diaz’s answer
Yanoska Diaz, Agent, Miami, FL
Tue Mar 26, 2013
http://www.homesteps.com/

http://www.homepath.com/

http://www.hudhomestore.com/Home/Index.aspx

Be sure to check these sites daily and submit any offer before the "owner occupant only" window closes.

There are numerous Financial Institutions that often offer first look for owner occupants and charitable organizations. Check MLS daily and carefully read listing remarks on all REO properties.
1 vote
Thanks Yanoska, I will keep my eyes on those.
Flag Tue Mar 26, 2013
Yanoska Diaz, Agent, Miami, FL
Mon Mar 25, 2013
Where is all the money coming from? Interesting question, as most locals I talk to, keep focusing only on the Venezuelans, LOL. There is a lot of local money, A LOT, as REO agent I often have the opportunity to review numerous offers which of course include proof of funds, I can safely say I have received an average of 10 - 12 offers from local Buyers in one particular property. Then we have other investors from around the Country, South America (other than Venezuela), Europe (both Eastern and Western), India (many residing in South Florida) and just recently ran into 2 Asian investors, one from Japan and the other one from China. The interesting part is that they all have different property criteria, meaning I (just me, one Realtor) have a CASH Buyer for any property that is available out there that is priced competitively, TLC needed or not, code violations or not, single family, multi-family, condo, you name it. Believe it or not, even the Cash investors are having a hard time finding good inventory.

I guess my only advice and this is one I share with all owner occupants that contact me on a daily basis, is to keep an eye on Fannie Mae, Freddie Mac and HUD properties that have a window opportunity for owner occupants only.
1 vote
Thank youfor your response, other than homepath.com how else can we find homes that are Owner Occupants only?
Flag Mon Mar 25, 2013
Maria Diaz, Agent, MIAMI LAKES, FL
Wed Mar 27, 2013
Hello, this is Maria D Diaz from Coldwell Banker, it is not impossible to find what you are looking for. If you want to reach me , you can do it fhrough marilindiaz@gmail.com or by text message to my phone 3056390445. Good luck Maria Diaz
0 votes
Maria Diaz, Agent, MIAMI LAKES, FL
Wed Mar 27, 2013
Hello, this is Maria D Diaz from Coldwell Banker, if you want to reach me , you can do it through marilindiaz@gmail.com or by text message to my phone 3056390445. Good luck, Maria Diaz
0 votes
Alberto Rome…, Agent, Miami, FL
Tue Mar 26, 2013
You might be looking the wrong inventory, I have FHA buyers and we have secure contract on this market, if you are looking for foreclosure, i advise you to use only Fannie Mae and/or Freddi mac they have a few days when they accept only owner occupied offers for that period of time, avoid a short sale, even if you can secure one, you won't have a clear idea if you can close it or not until the bank approves it, try new construction, Lennar have great new projects and they give you incentives for closing cost.
0 votes
Thanks for the tips, I am looking at those now and keeping an eye out.
Flag Wed Mar 27, 2013
Meg Sahdala, Agent, Coral Gables, FL
Mon Mar 25, 2013
Dear Rick,

It might seem frustrating at times however the budget you are working with is not such a small one.
Please contact me directly at meg@viviendarealtors.com or call me at 305.877.2880 I will be happy to help you.
0 votes
Yanoska Diaz, Agent, Miami, FL
Mon Mar 25, 2013
Your Realtor is not the blame, the inventory is indeed very short. Competing against cash investors is no easy task either, Sellers want cash, "NO FHA" has become a regular phrase in our MLS. About the "hidden inventory" sometimes is at the request of the Sellers as well and not necessarily to double on commission because there is only room for one commission. Another thing to consider is that any Realtors that work with Sellers (Listing Agents) usually have in hand an array of Buyers (even other Realtors) that are waiting for one particular asset and willing to pay top dollar for it. South Florida's market in on FIRE!
0 votes
Its nearly impossible for an average consumer to buy in Miami then, where is all the money coming from with these cash offers, its unreal.
Flag Mon Mar 25, 2013
Manolo Abreu, , Miami, FL
Mon Mar 25, 2013
Rick,give me a call I'm sure I can find you what you need I do have properties especially town homes at affordable prices....Manny Abreu, Prime Realty...786/285/1662.
0 votes
Joao Mercado, , Miami, FL
Mon Mar 25, 2013
Please feel free to contact me, I can help.

Regards
Joao Mercado
joao.mercado@realliving.com
http://www.realliving.com/Joao.Mercado
0 votes
Carlos Mart…, Agent, Miami, FL
Mon Mar 25, 2013
Hi Rick,
You are RIGHT. Finding a property that you like and getting your offer accepted is hard to do with the lack of inventory and high competition that Miami has going on right now.

I work directly with Fannie Mae and have a list of properties that we are preparing to put on the market for Fannie Mae. These properties are not on the market YET.

What this means to you is that I can help you find a great property and help you put in an offer before all the INVESTORS jump on it. So you will not have to worry about having your bid blown out of the water by INVESTORS with cash.

Give me a call at 786-486-2007.

Carlos Martinez
Florida Capital Realty
0 votes
Thank you carlos, can i have my realtor give you a call?
Flag Mon Mar 25, 2013
Beth Jenkins, Agent, Miami Lakes, FL
Mon Mar 25, 2013
You are correct, it is EXTREMELY difficult for a buyer who is looking in a lower price range with conventional or FHA financing. There are many reasons, but a lack of inventory to meet the demand is one reason, investors with cash are another.
I don't really think a lot of realtors are withholding inventory, and even if they are it is completely reasonable because if an agent or a brokers office has a group of clients that they service who are looking for particular properties, they are well within their rights to sell their own listings. We cannot force them put the property on the MLS.
I do not think that is the big problem, as I said, it is simpy supply and demand.
There is honestly no "inside" secret, tip or contact that you can find, I am sure your realtor has you on the hotsheet so that property that is listed comes to you immediatly.
My only advice is to have your realtor make an offer for a property you are interested in immediatly, witout seeing it, with a contingency to view the unit, or even without that, as you will have your inspection perioid to cancel as well. That way you are making an offer immediatly and usually offers are worked in the order they are received. And no lowballing! That will not work in this tight market either.

Good Luck!
Beth Jenkins
South Florida Brokers
786-374-4778
bethjenk1@gmail.com
0 votes
Iris I. Rome…, Agent, Miami, FL
Mon Mar 25, 2013
Hello Rick:

Your search is NOT impossible. It's very fair and the inventory is there...however, you need to work with a professional realtor who dedicates its time to find and show you the inventory. Doing this on your own may be difficult, but trust that there are many realtors who would be happy to help you.

Thank you,
Iris Romero
Sky~Land International Realtor
(305) 608-5209
iromero@skylandrealtor.us
0 votes
Thank you for the response, sadly this is not my my case. The realtor is my father and we are looking very closely, daily. Everyone we call already has an offer, most cash.
Flag Mon Mar 25, 2013
Ann Ryan, Agent, Doral, FL
Mon Mar 25, 2013
1) Move fast. - You want to see a house within the 1st 7 days it is on the market.
2) Bid aggressively - If you can, agree to provide an appraisal buffer - for a $230K house, agree to front up to 10K if the appraisal comes in at $220K or above.
3) Look at properties that have been on the market more than 60 days - if the "problem" is that they're simply overpriced, the owner MAY be willing to talk turkey and accept a lower bid after it's been on the market a while.

Sadly, this is an all too common experience in Miami, and I wish you the best of luck.
0 votes
Louis Urbina, , Miami, FL
Mon Mar 25, 2013
Your best bet for a first time buyer like yourself is to go through a program by Fannie Mae called Homepath. You can buy with only 3% but not all lenders participate with this program. If you go to homepath.com you'll have much more information. Any other option for a first time buyer unless buying a new home from Lennar or a similar developer would be consider a waste of time.

Thanks,

Louis Urbina
Real Estate Consultant at EWM
786-355-7423
0 votes
Thanks for the reply, I have been looking for homes on homepath/firstlook for about a week or so, and I have not found anything worth looking at. We also looked at Lennar in Kendal/165th and it is just too far West for us, traffic is pretty bad from/to turnpike.
Flag Mon Mar 25, 2013
Charlie Plan…, Agent, Miami, FL
Mon Mar 25, 2013
What you are looking for seems very reasonable, you should have no issues. How long have you been working with your agent? What down payment are you giving? Sometimes there are multiple bids and they go with the strongest offer and it may sometimes be a large deposit or all cash offer.
0 votes
I am only giving the minimum for FHA (its what we could afford), so 3.5down or 5down for a much cheaper home. Everyone wants cash offers or large deposits
Flag Mon Mar 25, 2013
Nereida Figu…, Agent, Miami, FL
Mon Mar 25, 2013
Rick there are many other listing for first time buyer. These properties are available for first time buyer and them for investor.
0 votes
Anthony Khou…, Agent, Hallendale, FL
Mon Mar 25, 2013
Hi Rick
Call me I can help you find what u want
305 300 8540,akhourirealtor@att.net
Thanks
Tony
0 votes
Anthony Khou…, Agent, Hallendale, FL
Mon Mar 25, 2013
Hi Rick
Call me I can help you find what u want
305 300 8540,akhourirealtor@att.net
Thanks
Tony
0 votes
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