Miami Gardens, Florida has 38,044 foreclosure homes with an average sales price of $131,027. The average price per square foot for a Miami Gardens home is $70.00. The median sales price during the period November 10, 2010 through January 10, 2011 was $81,200. The average listing price for the week ending February 16, 2011 was $123,536.With such a large selection of foreclosed homes and affordable resale homes, investors and buyers have been inspecting and buying homes in the Miami Gardens area the past couple years. There are many opportunities to purchase foreclosure auction homes, REO properties and short sales.
Foreclosure Auctions vs. REO’s
There are some things to keep in mind when you buy a foreclosure home at auction either online or by attending an auction. You must do your homework first. Not every home on the auction block is a good deal. Some need major repairs and have structural damage so be sure to have an inspection first before you make a bid. Also, you may want to hire a real estate attorney and a title company to make sure there are no liens on the property you are interested in bidding on. You can also research the property sales history and check the county records for liens and other recordings. Make sure you have cash to pay for the foreclosed home if your bid is selected. There are no warranties or guarantees when you buy foreclosed homes at auctions, and you cannot obtain title insurance. While prices are discounted between 10 and 40% of the market value, you want to make sure there are no surprises that are going to cost you an arm and a leg after you take possession of the foreclosed home.
Buying Miami Gardens REO’s are less risky especially for new investors or first time home buyers. You might want to consider buying an REO instead. The REO is already owned by the bank and has good clean marketable title. You can obtain a title policy and inspect the property. There are no surprises or liens. Homes are sold in an “as is” condition for under market value. So you are still getting a property with built in equity. Also, you can obtain financing or pay cash for the property.
While interest rates have been rising, they are still low. Inventory is high and prices are affordable. Conditions are perfect to buy an inspected Miami Gardens foreclosed home to live in or as an investment to rent or fix and then resell. Prices are expected to remain affordable throughout 2011 with foreclosures keeping prices down. You shouldn’t wait too long though because these cheap bargains won’t last forever. When you see a good foreclosure deal, you should make an offer before someone else recognizes the opportunity and beats you to it. Also, there are great deals on resale properties. Sellers are willing to make concessions and offer incentive to buyers.
There is just no reason not to buy a Miami Gardens foreclosed or resale home right now. Buyer and investors should take advantage of these bargain prices while they are available.