subject: A Buyers Guide At Bidding At Miami Beach Foreclosures Auctions [print this page] After looking at Miami Beach foreclosures and deciding on the best properties, youve decided to go for auction properties. These types of properties are already at the hands of their respective lenders and sold through bidding. Getting the auction schedules is one thing; confirming the condition is another. But the most important part of the process is bidding. Before you end up going blindly at the auction, here are some things you should learn.
What you need
Miami Beach foreclosures being sold at auctions dont have to be paid in full at once. But even though you are capable of paying in full, you should still think about the move first. Nevertheless, the money you need to bring with you when attending auctions generally depend on the state. Some states require bidders to bring with them a cashiers check with their bid amount; while others require a deposit, which is usually around 10 percent of either the total bid amount or the home value.
Your bid amount
Once you know when the Miami Beach foreclosures are going to be auctioned, you must immediately determine your bid amount. Basically, this will depend on your financial capability. Since you are buying a foreclosure property, you have to have a certain amount of cash you can use as the bidding amount. The safest bid amount is generally around 20 percent of the propertys full market value.
Of course, there are other factors involved in this process. These will likely include the appreciation rate as well as potential responsibilities for the property once owned.
Financing
Before going at auctions, its critically important to have the financing secured beforehand. Since Florida typically requires bidders to tender 10 percent of your anticipated purchase, you have to get than type of cash on hand. After youve secured that amount, its time to shop around for the loan that can help you secure the purchase. You are typically given a 30-day grace period to complete the purchase. But you cant afford to use that short time to look for financing because if you do and end up not meeting the deadline, you might face the possibility of forfeiting your deposit.
Auction
It will be helpful to check if the property is still available at auction a day before the auction. There is a chance that the owner reclaim the property at the last minute, so it will be better if you confirm its availability.
Once you're bidding at the Miami Beach foreclosures, dont get affected by the frenzy. Stay relaxed and observe other participants. Take cues from their bid but dont let them dictate yours.
