Miami real estate market won't get affected by Foreclosure moratoriums

Miami real estate market won't get affected by Foreclosure moratoriums

During a convention that took place in Fort Lauderdale recently industry experts pondered over the present market trends. About 200 investors also attended the convention who were told that the ongoing foreclosure moratoriums by big lenders would not affect the Miami real estate market dramatically.

The industry experts who were present at the convention said that although the inventory is likely to remain tight, there would be plenty of distressed homes floating in the market despite of Miami foreclosure halt called by several institutions including JP Morgan due to concerns over paperwork.

Miami foreclosure review shall continue for the remaining year by the banks before they resume foreclosure entries in 2011. However, Peter Zalewski, Principal of Condo Vultures said that the foreclosure activity is going to be quite aggressive in the initial months of 2011.

Also, in case a property has been improperly repossessed by a lender and is later resold, the investor who buys the property later would not lose his money he added.

Speaking about the issue, Jerry Tepps, a defense attorney reiterated the fact that despite of continuous halt, the moratoriums shall not affect the Miami real estate market. He said that even if it is proved that the lenders foreclosed the property illegally; homeowners shall not challenge the case in the court room since they anyways owe the money.

The conference was sponsored by the Boca Real Estate Investment Club among others. The convention took place over three day at the Sheraton Suites Cypress Creek in Fort Lauderdale.

Another industry expert David Dweck gave a word of caution to the investors by saying that although the market is full of opportunities, it is wise to invest in inexpensive homes and thereafter hold the unit for a few years by renting it.

He added that the aspiring investors should not get caught up in the hype. Peter Zalewski of Condo Vultures advised to buy units built in 2003 or later, the one that have coastal views because they incur low maintenance costs. These two factors shall eventually help the unit get sold.

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