i was looking to buy a property in miami beach and i was wondering if it was more beneficial to buy a foreclosure, your thoughts?

Asked by Steve, New York County, NY Wed Dec 2, 2009

i am not sure if the pricing on the website is the actual price or the starting bid on the property

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This question is about this property: http://www.trulia.com/property/1090438488-3801-Collins-Ave-P…

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6
Beth Jenkins, Agent, Miami Lakes, FL
Wed Dec 2, 2009
Hi Steve,
Actually the listing you are loooking at is a vacation rental price. The high end properties do rent during season for a high pirce.
Foreclosure can mean a short sale (before the bank takes the property back) or a bank owned propery.
The short sale tends to be a long, drawn out process and in some cases may never happen. It is also a very competitive process on the desirable properties.
The most efficient deals are the very well priced prperties without a third party (a bank/lender) calling the shots.
Also in South Florida the financing is a stumbling block because somein buildlings there are a larger amount of foreclosures than a bank wants to see. That is becoming not as much of an issue as units are sold, but it does come into play with financing. But a realtor can guide you with this, and help you avoid buildings that may hinder your finacing.

There is not a short answer to your question, a lot of issues come into play. I would be glad to assist you and learn of your particular criteria. There are some great deals., but it can be tought to navigate.

Feel free to contact me directly,

Beth Jenkins
South Florida Brokers
786-374-4778
Web Reference:  http://www.arealtyteam.com
0 votes
Thomas Druck, Agent, Miami, FL
Wed Dec 2, 2009
Hi,
buying a foreclosure has only one potential advantage, which is a great price. That is if you can manage to get one of the few good foreclosures out there. Currently there are only 25 foreclosed condos listed for sale in all of Miami Beach, out of which the roughly the best 10 sell every month. The ones that are truly good deal generally receive multiple offers, sometimes 10-20 within one day of being listed and sell above list price.

Based on the above, I suggest that you determine what your ideal property would be (with or without the help of a Realtor) and start your search based on the criteria you came up with. IF there happens to be a foreclosure that fits your criteria, go for it (and do so quickly). Otherwise, I suggest not limiting yourself to foreclosures.

Hope this helps.
0 votes
GC Real Esta…, , Miami Beach, FL
Wed Dec 2, 2009
That particular property is available for 20k a month as a rental.
0 votes
, ,
Wed Dec 2, 2009
All sellers are competing with Foreclosures so it really just depends. Sometimes you get a better deal buying from a smart seller who needs to sell fast. Even REOs IE real estate owned by the bank can at times be a better deal. All homes are competing so it really just depends.
0 votes
Melinda Ray, Agent, Columbia, SC
Wed Dec 2, 2009
You need to find a house based on your financial needs. First you determine what you can spend, and hire a realtor to help you find a house. You may have more choices of homes with so many foreclosures but you will have to see the properties to see the condition of the property. Hire a Real Estate Agent!!
0 votes
GC Real Esta…, , Miami Beach, FL
Wed Dec 2, 2009
My advice would be to look for a financial stable building. You may buy into a property at a good price but with a high maint. fee. I would be glad to look into this for you so you may purchase a property of good value all the way around.
0 votes
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