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Know the Different Benefits and Pitfalls of Miami Beach Foreclosures
Miami Beach foreclosures, and foreclosures in general, have three faces: pre-foreclosures, foreclosure and post-foreclosures. Learning the three stages of foreclosure is important for any buyer. Each stage has its own risks and benefits, and you can easily fit your preference if you’re aware of these essential factors.
As a general rule in buying Miami Beach foreclosures, you must pick the stage you’re most comfortable with. For instance, if you’re not familiar the auction process, you might want to choose either the pre-foreclosure or post-foreclosure (REO homes) stage. Yet regardless of the stage you pick, you must be ready for possible drawbacks.
Pre-foreclosures
During pre-foreclosures, the sellers still have a little equity left on their homes to warrant a short sale. The process can take longer than traditional home-buying since the lender’s approval is necessary for the sale to even begin. In addition, dealing with distressed homeowners can be quite difficult. Some investors find it hard to deal with the emotional aspect of the process since almost all pre-foreclosure owners are facing financial turmoil.
On the upside, buying Miami Beach foreclosures in this stage can prove to be a financial boon. One of the main reasons why investors choose the pre-foreclosure stage is because of its lucrative feature. You can buy the property in an immensely affordable price and turn it into a quick investment while giving the owner some extra cash to walk away with.
Foreclosure
In this stage, the property will likely have been repossessed by the bank and put up on the auction block. That is the main disadvantage of this stage: if you don’t know how to handle the bidding frenzy and maintain focus, you can easily spend more than you ought to. Plus, it is possible to miss out on inspection since you don’t have the chance to visit the property beforehand.
But like pre-foreclosure, this stage can be quite lucrative without the emotionally draining aspect of its antecedent.
Post-foreclosure
When the house failed to sell during auctions, they revert to the bank and sold in MLS listings as REO homes. If you’re serious about buying foreclosures, you can definitely snag a quick bargain during this stage, especially if you choose a lender who has a surfeit of foreclosures in their inventory. Since these homes are nonperforming, lenders are typically eager to get them off their books.
The only disadvantage here is financing. Most Miami Beach foreclosures in this stage are hard to purchase since many financial institutions are not keen at backing up REO-homes investors and buyers. And since the lenders are oftentimes whelmed by losses at this stage, they are also not too eager to give you more than 20 percent discount. But with patience, you can surely land an advantageous deal during post-foreclosure.
Mark Michael Ferrer
Miami Beach Foreclosures
About the Author
PART 2: MIAMI BABYLON at books and books miami beach October 13 2009
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