Knowing Your Way on the Miami Foreclosure Real Estate Market

Popular thing investing Miami foreclosure real estate is negotiating directly with sellers of Miami foreclosure property. It is known that investors who specialized in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. It is really a smart thing to do because you’ll have the first dibs on it and you can also have a higher chance on having the property goes to you. But of course, there are ways to do that, it is not just an easy thing to do but not as hard you would think as well. Before approaching a seller in distress, consider these factors:

The Length of the Wait

First off, foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas in states where trust deeds are used, trustee sales give a seller about four months before she needs to vacate. In Miami, it is pretty much the same as other states, so I think keeping this one in mind can be very helpful to you.

Ask the Expert

Almost every state provides for some period of redemption. Well, in Miami this means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. Of course, for more information, consult a real estate lawyer. It is important that you talk to an expert, preferably a lawyer on these cases because they would give you important facts about your purchase.

Taking Advantage of the Situation

Well lastly, determine whether you’re the type of person who can easily take advantage of a seller’s misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it’s just business and sellers deserve what they get, even if it’s five cents on the dollar. Others will feign compassion and trick themselves into believing they are “helping” the home owners avoid further embarrassment, but deep inside yourself, you know that’s not true. It is important to be confident on this because it would be a good take for you to get what you need on Miami foreclosure real estate.

Jron Magcale


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