Miami Real Estate Deals

Are you looking into buying a new home? If you are, you may be turned off by the
real estate prices you see on the market. This doesn’t mean that now isn’t the
time to buy a home, but it does mean that you may be looking in the wrong place.
Instead of visiting the online websites of realtors or flipping through their
brochures, place your focus on foreclosure properties. Foreclosure properties are
often considered a great buy, as they are easy to find and affordable.

One of the most popular ways that foreclosures are bought and sold is at an
auction. This auction typically takes place at a county, town, or village
government offices, such as the clerk’s department. As for how you can find these
foreclosure auctions, they are often advertised in local newspapers. You can also
search local court records, as foreclosures are public notice.

One of the few downsides to buying a home at a foreclosure auction is the
inspection, as you aren’t typically granted one. Most bidders are bidding on the
home as-is, as-is isn’t so bad, but it may be if you haven’t seen the property.
With that said, since foreclosures are public notice, you should be able to get
the address of the property in question. You will want to do a drive by, although
you should not judge a book by its cover, a drive by can give you an idea of what
to expect. When you have doubts, it may be best to move on and target other
auctions.

If you decide to attend a foreclosure auction, the last thing you want to do is
just show up unless you are scouting to see how an auction works. When you are
serious about purchasing a foreclosed property at an auction, you need to be
prepared. This preparation involves having financing lined up. Many will require
that you either have the money on hand or show proof that you do have the financial
resources needed to follow through with the sale. Contingency loans are generally
prohibited. Check deposits are sometimes required before you can even place a bid.

As for the auction itself it depends, it's not uncommon for bids to be sealed.
Once everyone has placed a bid, the highest bidder will be announced. For bids
that are not sealed, the auctioneer will start with a figure, often around $1,000
or less and the bidding will continue on. If you are the winner bidder, it is
important to know that you may not be able to move into your new home right away.
In fact, it is likely that you will be unable to do so. Many states give current
occupants a redemption period or a grace period, this is where they can still fight
to keep their home. After this point has passed, you can start the eviction process
if the current occupants don't leave voluntarily.

As was previously stated, you may want to attend a foreclosure auction and just sit
on the sidelines. You should be allowed to do so and if you are unfamiliar with the
buying and selling of real estate, foreclosures, or auctions, you can learn a lot.
This knowledge is important, as many bidders will be investors looking to turn a
profit, not buy their first home.

Have you a been ignoring the warning letters and telephone calls from your
bank? If you are, you may find yourself in the middle of a foreclosure
crisis. What will you do? Where you will live? Can you afford to move?
Before you let fear take over, it is important to know that foreclosures
can be stopped. Although this process is not easy, it can be done.

It is advised that you speak with your financial lender as soon as you find
yourself experiencing financial difficulties. For example, when you get
laid off or fired from your job, schedule an appointment to meet with your
lender and develop a plan, before any problems arise. At the very least,
communication should be made when you start receive intent to foreclosure
notices. Even if you have a sign on your home stating that the foreclosure
process has officially begun, you can still talk to your financial lender.
In this instance, the sooner you do so the better.

As for why you should talk to your financial lender, even at the last minute,
they want to avoid foreclosure as much as you do. Often times, lenders lose
a considerable amount of money on the sale of foreclosure homes. If you can
prove that your financial troubles are only temporary, your lender may give
you a reprieve. They may stop the foreclosure proceedings for you. As for
what can lead to this, you or your spouse getting a second job can help.

If you are dealing with a locally owned and operated bank, which you have been
a loyal customer of, it is important to outright ask what can be done. Offer
suggestions yourself, if you do not receive them. Could you continue making
all future mortgage payments on time, but develop a payment plan for your past
due amount? Can you only pay interest for the time being? Can you be given
time to sell your home, as opposed to simply just losing it? These are all
important questions that you should ask.

Another way that foreclosures can be stopped, in most states, is with a
declaration of bankruptcy. However, this step is one that should not be made
on a whim. It is first important to meet with an attorney specializing in
bankruptcy. If you file for bankruptcy will the foreclosure proceedings stop?
Can you make it so that your home is not considered an asset in bankruptcy
proceedings? If so, this is the avenue that you may want to take. However,
since bankruptcy can negatively influence your credit, it should only be used
as a last resort.

Before you take any action with the hopes of stopping foreclosure, you need to
closely examine the situation at hand. For starters, would you like to get out
from under your property? If it is a money-pit that needs constant repairs, it
might just be easier to go the route of foreclosure or even outright allow
your bank to sell the property. If you want to keep your home, make sure that
you can honestly do so. It is recommended that you take forty percent of your
income and apply that towards your living expenses, this includes mortgages and
taxes. If this isn’t possible for you to do, the avoidance of foreclosure now
may result in the process starting again in a few months.

You have been renting a home for awhile now, and suddenly you are told you must
leave because the home is being foreclosed on. Where do you go for help and
what are your rights?
The most common fear of renters is coming home to a sign on the door stating
that they must be out within twenty-four hours. Typically, this won't happen.
Many states have laws that are designed to prevent this from happening.
Although it does vary, depending on the state, banks are usually required to
post foreclosure notices on the building within twenty days. These are notices
that you should be able to spot.

Another way that you can know if your rental unit is headed for foreclosure is
by regularly examining listings. These foreclosure listings are easy to find
online. Properties in foreclosure should also be listed and be available for
viewing in your local city, town, or village offices. Although you may want to
refrain from outright asking your landlord if he or she is facing foreclosure,
especially if no signs are showing, it may help to calm your fears.

Even if your building is being foreclosed on, you may not necessarily have to
start packing your bags. Some states make it so that your lease trumps the
foreclosure. This protection often occurs when a new owner is unable to afford
their mortgage. For example, is your one or two year lease with the previous
owners? If you entered into the rental agreement before the mortgage in
question was obtained, the buyer of the foreclosed property may have to honor
your lease.

Renters are also provided with a small amount of foreclosure protection when
they rent from a rent stabilized unit or when they are a part of a federal
housing program. In many states, those on Section 8 can't be evicted from the
rental unit without reasonable cause, even when ownership is transferred. Some
states and local governments also state that foreclosure is not a good enough
reason to evict those in rent stabilized housing units. Since these exemptions
vary depending on local and state governments, be sure to verify this
information ahead of time.

Although you may be offered some protection as a renter, the new owner of your
property may have other plans. Know that you can't be threatened or forcefully
removed from the premises until a proper eviction notice has been served. In
most areas, this is not something that just happens overnight, so you should
have some notice. Until that time arrives, you should not have your lock
changed, have your belongings moved from the premises or have your utilities
shut off. In the event this does happen, contact the authorities and a lawyer.
In the event your utilities are shut off, the health department can and should
be notified.

Another concern that renters have, concerning foreclosure evictions, is their
security deposit. Since most rental properties require the payment of a
security deposit, those forced to move unexpectedly are often left in a pinch.
In all honesty, it doesn’t matter how well clean or cared for you kept the
rental unit, you may have difficulty recouping your security deposit. New
owners are often exempt by law from having to pay it. You can sue the previous
owner, your last landlord, but this process can be time consuming and costly.

As you can see, you do have multiple options when facing foreclosure as a
renter. For more assistance, you will want to consult with a housing counselor
that is approved by HUD (The United States Department of Housing and Urban
Development) or a lawyer. If and when you consult with a lawyer, select one that
has experience handling legal matters that concern housing and tenant rights.

One of the most common decisions made by renters who have either been served
with a foreclosure notice or see it coming is to throw in the towel and move.
Many decide this is the safest and easiest approach to take. With that said,
know that you may face a number of obstacles. Unless your landlord has
received a foreclosure notice, they don't need to let you out of your lease.
If this happens, you legally need to continue paying rent.

Next, you may find it difficult or impossible to retrieve your security deposit.
This may be a problem if you weren’t anticipating to move, as you may not have
the funds needed to pay a new security deposit on a new property. This doesn’t
mean that you'll be left homeless or put out on the street. Remember that you
don’t have to move until you receive a legal eviction notice. Next, talk to
prospective landlords about your situation. if your current landlord can vouch
that you make on time payments, you may be able to make your security deposit in
affordable installments.

As previously stated, you do not legally have to move from your rental unit until
you have received an eviction notice. For that reason, many renters, especially
those who were unprepared, make the decision to stay and stand their ground. If
you want to do this, know that you may face some resistance from the bank or new
property owner. With that said, until you receive an eviction notice, you can't
be forcefully removed from the property, your utilities can't be shut off, and the
locks can't be changed on you.

Another option that you have is to approach the financial lender in question.
Your best luck is when dealing with either a locally owned or operated bank. When
you do, you'll have two different options. Ask to stay in the home or rental unit.
Unfortunately, some banks will automatically start the eviction process as soon as
a property enters into foreclosure. This is partly due to the fear that the
property won't promptly sell. Many banks don’t want the hassle or liability of
having to deal with a renter. If you are a long-term renter, plead your case,
which should include prompt and on time rent payments.

Next, you can offer to buy the property. Even if you aren’t in the best financial
standing or if you are unprepared to make the often required down payment, the
lender may be willing to work with you. Once again, your chances improve when
dealing with a locally owned or operated bank. If you are a long-term renter and
can prove that you have made consistent on time rent payments, have the money
needed to pay for a mortgage or home loan, the lender in question may be able to
work with you. After all, they want to sell the property and recoup their lost
money as quickly as possible.

Although some banks will start the eviction process right away, others will not.
This is normally when they believe they can sell the home quickly, like in an
auction. If this occurs, you may want to wait and workout an agreement with the
new owner. If you are in an apartment complex or a multi-family home, your chances
of being able to stay are pretty good. However, if you rent a single family home,
the new buyer may intend to move him or herself in.

As an important reminder, you can always throw in the towel and start preparing to
move when your rental unit is facing foreclosure, but you don’t have to. As a
renter, you have a number of legal rights, as well as options.

Much attention is placed on homeowners facing foreclosure. Yes, this
attention is well deserved, but it appears as if many media and news
organizations have forgotten about the impact foreclosure has on renters.
If you are a renter living in a property that is facing or is in the
middle of foreclosure proceedings, you may not know what to do or where
to turn. For you, it may seem like you are at the end of your rope.

When facing foreclosure, many renters will simply just cut their losses
and relocate. This may mean having to move without recouping a security
deposit. Unfortunately, there are some renters, possibly you, who can't
up and afford to relocate, especially without getting your security
deposit back. When renting a new apartment, most landlords require a
security deposit and if you weren’t prepared to move, you may not have
the money.

There is another serious issue that renters forced to relocated are facing.
Foreclosures are on the rise. What does this mean? It means that an
unprecedented number of homeowners have no place to live. This often turns
them into renters. Unfortunately, this lessens the availability and rental
choices for renters, like yourself. It may mean that you have to pay more
in rent or move to another city or town.

As previously stated, many renters decide to throw in the towel and relocate.
If you are unable to do so, you may want to wait and see what happens. Of
course, during this time you should take steps to protect yourself. Save
enough money to cover your moving expenses, including a new security deposit.
You will be prepared in the event that you are legally evicted from the
property. You should, however, know that eviction from a property in
foreclosure is not something happens overnight. You usually have a few days
or even a few weeks to make alternative living arrangements.

Before making a decision, all renters are urged to look at the property in
question. Are you renting a unit from an apartment complex or a multi-family
home? If you are, you may be able to stay. Investors at foreclosure auctions
often purchase rental units. These investors want to see a return on their
profit. The way to do this is to make sure their rental units are filled with
quality, on time paying tenants. With that said, if you are renting a single-
family home, you may want to prepare to relocate. Unlike with rental
properties, single-family homes are often purchased in foreclosure auctions by
those looking to live inside.

Despite the fact that some new rental property owners may be willing to work
with you and let you continue to rent, there is no guarantee that the property
will sell. When low bids are received at a foreclosure auction, the original
lender often steps up to the plate and buys the home. In this case, the home
is no longer considered a foreclosure, but a REO (real estate owned) property.
Unfortunately, this doesn’t always workout well for renters. With REO
properties, lenders, who are also known as investors, may start the eviction
process right away. Many cannot or do not want to become property managers,
even just for a month or two.

As previously stated, foreclosures can occasionally come as a surprise to
renters. Your landlord will receive multiple warnings and notices, but they
are not required by law to share them with you. Renters usually become aware
of foreclosure proceedings when notices are placed on the building. At this
point in time, you should contact the lender in question. See what your
options are. Can you buy the property yourself? If you can prove that you
have a stable income, the lender in question may be willing to work with you.

As a recap, foreclosures are having a significant and usually negative impact
on renters. If you are a renter who lives in a property that is facing
foreclosure or if you fear foreclosure is looming, you may want to start
making preparations to ensure that you are well prepared for what is to come.

Miami has seen home prices fall precipitously since the housing bubble burst in 2007. Miami homes are available at record discounts. There has rarely been such an opportunity to take your pick from among hundreds of foreclosed properties in the miami area. Would you like to see foreclosed homes for sale for as much as 80% off their 2007 highs? If so check out www.miamiwholesaledeals.com or www.miamiwholesaledeals.com/investordeals