The Miami real estate REO foreclosure market is very aggressive and competitive. Foreclosures are being sold very quickly if they are priced right. Each property has multiple offers as real estate investors and homeowners are competing for the best deals. Most properties are being sold in all cash basis. Investors are back in the market picking up very nice properties at much discounted prices.

Last week I presented an offer on a bank owned reo in Hialeah. The house was listed on a Friday and all offers had to be presented by Monday at 5 pm. The property sold in one weekend. This is reminiscing of the boom years. The same scenario is happening in Miami Dade and Broward counties. The Miami real estate market is picking up fast. Foreclosure REO sales are leading the way.

Miami bank owned reo foreclosures are sold in as is condition. Most properties need a lot of repairs therefore they are not FHA approved. Buyers should offer their best offer the first time. Banks will not counteroffer since they have more than one offer on the table. Banks will accept the best and highest offer.

If you are thinking of offering less than the listing price do not waste your time. Miami foreclosures are selling for over the list price every time. The foreclosure frenzy is in full force. Banks are listing their inventory at excellent prices. Multiple offers in bank owned reo properties are the norm.

We are already at the bottom in the Miami real estate market. Prices this low will not be seen again. Home prices will begin to increase when current foreclosure inventory level decrease. Most economists think the interest rate will rise in the near future. Do not wait for lower prices and lower interest rates. Now is the time to buy Miami real estate.

Hector Lesende is owner-licensed real estate broker in Miami, Fl. Serving Miami real estate, Miami Lakes, Coral Gables,  Hialeah,  Miramar, Miami-Dade and Broward Counties. We provide a South Florida Foreclosure List. We are HUD registered brokers. We offer Miami South Florida Eviction Services.

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  Property Address is 5445 Collins Avenue #L5 in Miami Beach, Fl 33140 in Miami Dade County. The listing price is $175,000. The condo has 1 bedroom and 2 baths with 1,065 square feet of living area. It was built in 1966. The maintenance fee is $735 per month. This property is not FHA insured but conventional financing is available. Cash offers are also accepted.

This property is being offered on a daily basis. HUD homes are sold in as is condition.

Castle Beach is an upscale condo covertion building which also operates as a hotel. Units can be rented on a daily, monthly and yearly basis. The building is in the middle of Millionaire’s Row in the heart of Miami Beach. It is close to the famous Fontainebleau Towers.

This oceanfront condo is stunning with a outstanding view. This unit is not a regular small condo. It is a very spacious and one of the few bay units available in the building. 

Hector Lesende (305) 300-7788 or visit www.lesende.com 

Hector Lesende is owner/licensed real estate broker in Miami real estate  Serving Miami, Miami Lakes real estate, Coral Gables real estate, Hialeah Real Estate Miami-Dade and Broward counties. We offer a South Florida foreclosure list  Property Search. We are HUD homes registered brokers.

Real Estate investors are buying foreclosures at excellent prices. It seems that the only ones buying real estate are the real estate investors. Investors realize that these prices are not going to be at this price for long. Properties are being extremely discounted and there a frenzy of cash buyers scooping them up.

Real estate auctions have become very popular and investors are always trying to make the winning bid. I have seen investors overpay in auctions because they get caught up with winning the bid and get emotional about the property. Always set a limit of how much you are willing to pay and if the bidding goes over your price just walk away. There is always another property to bid on.

The best opportunities are in bank reo’s and foreclosures. Stay away from auctions and short sales that have not been approved by the bank for you could be wasting your time. An investor has just purchased a property in Hialeah for $75,000 which was previous sold for $320,000. A property in Norwest Miami sold for $34,000 from a previous sale price of $155,000. Miami real estate investors won’t see a market like this anytime soon.

Hector Lesende is owner/licensed real estate in Miami real estate. Serving Miami, Miami Lakes real estate, Coral Gables real estate, Hialeah Real Estate Miami-Dade and Broward counties. We offer a South Florida foreclosure list.

 On September 28, 2008 over 200 Miami Real Estate foreclosed homes will be sold in Miami, Florida to the highest bidder.  REDC is selling these lender foreclosed homes at their latest auction at the Miami Beach Convention Center.  These homes are in Homestead, Miami, Hialeah, Hollywood, Miramar, Pembroke Pines, Key West, Key Biscayne, and North Miami. The list of homes include single family homes, townhouses, and condos.

This is a great opportunity to purchase a home at an excellent price. First time homeowners and inventors can bid. Financing is available. Please contact us for more information about this auction and to receive a list of homes that will be sold.  See you at the auction.

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