BEST MIAMI FORECLOSURES 

BEST MIAMI FORECLOSURES
1354 WASHINGTON AVE
MIAMI BEACH, FL 33139
ph: 305-807-7371 COLLEEN
fax: 786-871-2001
alt: 305-753-5561 SHAWN

Foreclosure Steps

YOU'VE IDENTIFIED AN IDEAL FORECLOSURE PROPERTY. NOW WHAT?

PROPERTY LISTED AS FORECLOSURES HAVE PASSED THE POINT OF AUCTION OR PUBLIC SALE. BECAUSE AN INVESTOR DID NOT BUY THE PROPERTIES, THE LENDER IS NOW THE OWNER AND IS ENGAGED IN THE PROCESS OF MARKETING AND SELLING THEM TO POTENTIAL BUYERS.

A REALTOR® CAN ASSIST YOU WITH SUBMITTING AN OFFER. IT IS VERY IMPORTANT THAT YOU OBTAIN A PRE-QUALIFIED LETTER PRIOR TO VIEWING PROPERTIES. CONTACT YOUR BANK OR LENDER AND MAKE SURE YOU QUALIFY FOR A LOAN AND ASK FOR A PRE-QUALIFYING LETTER. THEN, CONTACT US AS SOON AS POSSIBLE TO LEARN HOW TO VISIT THE PROPERTY, MAKE OFFERS, AND CLOSE ON A TRANSACTION. MOST FORECLOSURES REQUIRE A PRE-QUALIFYING LETTER, SO THIS STEP IS ESSENTIAL.

THIS IS A BIG INVESTMENT. THEREFORE, LEARN AS MUCH AS YOU CAN ABOUT THE PROPERTY, LENDER, LOAN AMOUNT AND EXPENSES THE LENDER WANTS TO RECOVER. ONCE YOU'VE GATHERED THIS INFORMATION, IT'S TIME TO MAKE AN OFFER.

ALWAYS KEEP IN MIND THE SELLER'S PRIMARY OBJECTIVE IS TO RECOVER THE AMOUNT OF THE LOAN BALANCE THAT WAS NOT PAID BY THE PREVIOUS HOMEOWNER, AS WELL AS THE COSTS OF THE FORECLOSURE ACTION AND OTHER EXPENSES, SUCH AS UNPAID PROPERTY TAXES.

PUT SIMPLY, THE LONGER THE LENDER OWNS THE PROPERTY, THE MORE EAGER THEY WILL BE TO SELL.

WHAT ARE THE DIFFERENT TYPES OF FORECLOSURE PROPERTIES?

THERE ARE BASICALLY THREE STAGES TO THE FORECLOSURE PROCESS. AT EACH STATE, THE REAL ESTATE IS THOUGHT OF AS A DISTINCT TYPE OF PROPERTY THAT A NEW PURCHASER CAN AQUIRE:

  1. PREFORECLOSURES ARE STILL OWNED BY THE BORROWERS WHO ARE IN DEFAULT ON ONE OR MORE MORTGAGE LOAN PAYMENTS. THE OWNER OFTEN HIRES A REALTOR TO ASSIST IN SELLING THE PROPERTY TO SAVE THEIR CREDIT RATING. IF YOU OWN A PROPERTY AND ARE IN THIS STAGE, WE CAN ASSIST YOU IN SELLING YOUR PROPERTY QUICKLY BY CONTACTING US FOR MORE INFORMATION.

  2. AUCTION PROPERTIES HAVE BEEN POSTED FOR PUBLIC SALE AND MAY BE BOUGHT AT THE TIME OF THE FORECLOSURE AUCTION BY ARRANGING TO PAY THE ARREARS PLUS OTHER COSTS AT THE SAME TIME THE LENDER LEGALLY TAKES OWNERSHIP OF THE PROPERTY.

  3. REO IS THE TERM FOR "REAL ESTATE OWNED" BY THE BANK, SAVINGS AND LOAN, OR OTHER LENDING ENTITY AFTER THE FORECLOSURE SALE IS CONCLUDED WITH NO OTHER PURCHASER BUYING THE REAL ESTATE.

TO SUMMARIZE, A PREFORECLOSURE OCCURS WHEN THE LENDER INITIATES FORECLOSURE PROCEEDINGS AS THE RESULT OF A DEFAULT. IF THE BORROWER CANNOT CURE THE DEFAULT BY PAYING THE ARREARS, AND DOES NOT SELL THE PROPERTY, IT IS SOLD AT A PULLIC FORECLOSURE AUCTION. IF NO ONE BUYS THE PROPERTY AT THE AUCTION, IT BECOMES REO AND THE LENDER IS NOW THE SELLER.

CAN PEOPLE MAKE MONEY INVESTING IN FORECLOSURES?

ABSOLUTELY! MOST OF THE GREAT FAMILY FORTUNES IN OUR COUNTRY HAVE BEEN CREATED THROUGH REAL ESTATE OWNERSHIP AND INVESTMENTS IN REAL PROPERTIES.

PEOPLE JUST LIKE YOU ARE ATTRACTED TO THE OPPORTUNITIES PRESENTED BY DEALING WITH FORECLOSURES BECAUSE FREQUENTLY THEY CAN BUY THE PROPERTIES AT PRICES SUBSTANTIALLY BELOW MARKET VALUE. BUYING PROPERTIES AT DISCOUNT PRICES IS THE SUREST AND QUICKEST WAY TO MAKE MONEY IN REAL ESTATE.

INDIVIDUALS WHO ARE LOOKING FOR A HOME CAN GET A SIGNIFICANT AMOUNT OF EQUITY UP FRONT WITH FORECLOSURES. OF COURSE, THERE ARE NO GUARANTEES WITH ANY INVESTMENT, BUT ALL ACROSS THE COUNTRY, PEOPLE EARN ALMOST IMMEDIATE INCOME BY "FLIPPING" FORECLOSURE PROPERTIES FOR BIG PROFITS. AND MANY LANDLORDS ARE ABLE TO BUY AND RENT FORECLOSURES, PRODUCING POSITIVE CASH FLOW AND LONG TERM WEALTH ACCUMULATION.

 

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BEST MIAMI FORECLOSURES
1354 WASHINGTON AVE
MIAMI BEACH, FL 33139
ph: 305-807-7371 COLLEEN
fax: 786-871-2001
alt: 305-753-5561 SHAWN