Bank Foreclosures in Hialeah Offer Value In Florida

If you are looking for a Florida city that offers value, check out Hialeah, FL. You will find a rich culturally diverse town with a Spanish and Cuban heritage. Hialeah is known for its famous race track which opened in 1925. Sports enthusiasts enjoy the Florida Marlins and the Miami Heat and Miami Dolphins just a short drive away. For those cuisine connoisseurs, you will find a mix of Cuban and international foods. There is also great shopping close by. Hialeah offers something for everyone.

The average price per square foot in Hialeah is $78.00. You will find the median sales price at $70,600. Home sales have increased about 85.5% since last year. There are approximately 1,423 resale and new homes in Hialeah according to Trulia, which include 3,764 homes in some phase of foreclosure. The average list price for the week ending January 12, 2011 was $143,444. There are many numerous opportunities to purchase pre-foreclosure short sales and bank foreclosures in Hialeah, which offer investors built in equity.

Finding Your Gem

The best places to look for Hialeah foreclosures are on the Internet and by contacting a local Hialeah Realtor. Banks list their REO’s with local Hialeah Realtors to market in the MLS. Foreclosure auctions are another resource to find a home that offers you good value at a very discounted price. You have to be cautious when purchasing an auction property because you are responsible for paying off all liens and evicting any owners or tenants that still be living at the property. Title insurance is not available. Inspections can be done on the scheduled inspection dates only. If you do your due diligence, you should have a rewarding experience if you decide to purchase a Hialeah auction foreclosure property. On the other hand, REO’s offer less risk because the bank owns them, you can obtain title insurance and conduct your inspections anytime during your contract inspection period. The local Realtor can give you a comparative market analysis of similar homes that have recently sold so you can decide what to offer on your auction property or your REO. Most properties need work so budget repair costs into your purchase price.

Short sales can be found by working with a Hialeah Realtor, checking the local newspaper, driving the neighborhoods looking for signs that say For Sale by Owner or Short Sale and on the Internet. Hialeah short sales are also good value right now because they are sold at discounted prices as well as auction properties and REO’s. The only thing is you have to wait for the seller’s bank to review the offer. Sometimes you get lucky and they accept your offer, other times they counter. The waiting period has been running on average 3-4 months or longer. If you find a short sale that has already been pre-approved, go for it. It means the bank has approved the price they are willing to allow the seller to sell the home for, and you can close within a couple weeks to a month.

Whatever type of foreclosure property you choose to buy in Hialeah, you will be able to buy a property at a discounted price in just about all price ranges and neighborhoods. Low interest rates are making conditions even more attractive than ever to buy Hialeah real estate. Cash is always king. In fact, you will need for a short sale or foreclosure auction property. Since no one knows for sure how much longer these terrific opportunities will be around, you should take advantage today.

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