This home in Miami is currently owned by a bank and is not yet on the market. When this Miami home hits the market, be assured that it will sell for far more than the transfer value. Also, be aware that the property is very likely to sell for cash to the highest bidder.
Because this will be an REO property, it will be subject to multiple offers. The bank will wait for what is termed the "highest and best offer." Highest, of course, refers to highest price. Best refers to cash. While some may make their bids using mortgages, they are highly unlikely to win the bid. Banks prefer cash purchases when it comes to selling single family REOs.
If you are looking for a home your can purchase using a mortgage, then you will be frustrated if you continue to look at REO properties. If you are a cash buyer, be prepared to raise your bid a couple of times, or to make an initial bid anywhere from 10-20% over the asking price.
Home buyers who will purchase using a mortgage will find the process much easier if they work with sellers who are are still in control of their homes. Ask your Miami real estate agent to find homes like that for you. That way, when you make an offer, you will have a response within 48 hours, instead of within weeks or months. Also, you will not be involved in a multiple bid situation. So while the seller may or may not accept your offer, at least you won't have wasted months wondering whether or not you are going to be able to purchase the property.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions