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Foreclosure in Miami : Real Estate Advice

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  • Home Buying1K
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Activity 180
Sat Aug 11, 2012
Danielle Sharp answered:
This is most definitely a legal question. She needs to retain alternative legal counsel to discuss any possible recourse.
0 votes 3 answers Share Flag
Tue Sep 11, 2012
Steven Epstein, P.A. answered:
This is a question for your insurance agent not Realtors ... I'd imagine just like any other profession, E & O; General Liability; Professional Liability; Workmans Comp etc
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Tue Aug 7, 2012
Michael Emery answered:
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.
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Tue Sep 11, 2012
Jorge Cruz answered:
Yes it is if property has no mortgage on property. But it is uncoman
Jorge Cruz
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Tue Aug 7, 2012
G answered:
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Fri Jul 13, 2012
Tim Moore answered:
No, it's not too smart. It will either be sold or foreclosed and without a lease you could be told to leave ASAP so then what would you do? If you have a plan on where to go with short notice it might work. ... more
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Fri Oct 19, 2012
Luis Giannattasio answered:

Contact me I can explain the benefits of short selling the property Instead, specialy if it's you're homestead you can possibly be released from a defficency also any tax liabilities if you close before the end of the year.

Luis Giannattasio
Lic. Realtor
Cell: 786-326-6172
Xcellence Realty
Fax: 305-246-2525
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Wed Jul 4, 2012
Giselle Muñoz Perez answered:
I don't think so! The BK only releases you from tthe obligation, but if after the discharge you want to do a short sale to avoid that the property sells through a public auction, of course you need to sign. Your lender wont process the short sale without your signature. You are holding title even after the discharge, but you don't have the obligation debt anymore. ... more
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Wed Jun 27, 2012
Astolfo Bolivar answered:
Tue Aug 7, 2012
Tim Moore answered:
Not sure why a HOA would have a mortgage but I would assume if you asked the HOA they could tell you, not sure they will but they could.
0 votes 9 answers Share Flag
Tue May 22, 2012
Gary Nigro answered:
A short sale is pretty simple if you have an experienced agent that has been through the process. Contact an experienced agent in your area.
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Tue Aug 18, 2015
Terry McCarley answered:
I always recommend renters check with the Clerk of Courts office prior to renting the property. If foreclosure has been filed it will be on record with the Clerk of Courts.
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Tue Apr 3, 2012
Pierre answered:
If you are not involved in the transaction it will. Not affect your credit.
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Thu Apr 5, 2012
Ann Ryan answered:
Shantel, which property? I can e-mail you a list of all foreclosures in Model City if you like.
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Mon Mar 26, 2012
Lynn Pineda answered:
Hi Javier, if you had a lease you would have had some protection and time to move. Unless the new owner is looking for a tenant, you'll have to move out and find a new home. The owner should be able to provide you with at least 30 days to move which is a typical time frame once the Owner/Seller receives written approval. Best to you. Regards, Lynn Pineda ... more
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Mon Feb 13, 2012
Ann Ryan answered:
Act quickly and bring cash? Really, you should be prepared to go look at the properties before you buy them, and you do want to ensure that you can get a good return on your investment.

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Tue Jun 18, 2013
Dan Tabit answered:
Age is not a factor. If you have the credit, income and assets, you can probably qualify. Talk to a local lender and see what happens.
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Tue Jun 4, 2013
Paul Rinde answered:
I would reccomend a short sale before a deed in lieu. You should be able to qualify since you are unable to make both payments. You should talk to a couple of Realtors who are qualified in your area. Be sure to ask for credentials and references. You can go to to start the search for one if you dont have one already.

Good Luck!
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Thu Nov 10, 2011
Danielle Sharp answered:
It has nothing to do with necessary or not. It's really more about costs that the bank doesn't wish to incur. Doc stamps are typical for VA/HUD/Fannie Mae/Freddie Mac - they're tax exempt since they are government owned. Factor the cost of doc stamps into your offer; I've successfully done that for just about every Fannie/Freddie deal (VA & HUD are not as common in my market). Some banks choose not to pay for title insurance. Again, factor the cost into your offer. You definitely want to have title insurance and if you are purchasing with a mortgage will need it.

Having too much insurance is way better than not having enough...particularly with the amount of foreclosed homes out there and potentially questionable title. Protect yourself and buy it.
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Sun Oct 30, 2011
Anna M Brocco answered:
A decision only you can make based on your finances, lifestyle, etc.; unfortunately none of us knows for sure where the market will be tomorrow nor five years down the road....
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