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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