3 Key Things You Must Know Before Buying a Miami Foreclosed Home or Condo

by Isaac Benmergui, Esq on April 9, 2012

Buying a Miami foreclosed home can be a good investment, but you’ll need to remember a few key points to protect your interests on your way to homeownership in Miami:

  1. Buying a foreclosed property in Miami, means, you buy it “as-is” and that could mean the property has been through a tropical storm or hurricane. Look for water damage or a black mold problem that’s been covered up or not repaired. Do not expect the bank to make repairs, as negotiations with a bank are different than negotiating with the previous owner of the property.
  2. Foreclosure properties in the Miami area receive several offers and the inventory of available real estate is dwindling, if you want to walk away with a property in South Beach, Brickell or Miami Beach, you’ll want to offer more than the asking price.
  3. Be prepared to show “proof of funds” when you present the offer to the bank. The bank wants to know you’re ready to close if it accepts you offer.

Before you sign on the dotted line, consult an experience real estate attorney.

The law offices of Isaac Benmergui will review your closing documents and make sure you are getting a clear title; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.


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