subject: Buying Miami Foreclosures And Reo (real Estate Owned) Properties [print this page] Looking for REO homes Looking for REO homes
When you are searching for REO Miami foreclosures, you can start at the Multiple Listing Service or MLS. If you already hired an agent, you can ask him or her to check for bank-owned properties and contact the listing agency directly. However, if you do decide to use a listing agent, the potential bargain often decreases.
The option you have to secure the bargain on the Miami foreclosures is to contact the lender directly and ask for a list of REO homes. This requires a bit of research in order to find out the identity of person who handles bank-owned properties. Fortunately, you can also use the internet for this search.
Checking the properties
Once you get a list of desired candidates, you must remember to drive by and check the condition of the property as well as the neighborhood. Dont forget to take lots of pictures and get the contact number of the banks real estate agent, which is usually indicated in the posted signs.
Searching for bargains
There are ways to check for potential bargains but you must be willing to do the hard work. First, determine the banks break-even amount. This will normally include the outstanding balance of the loan, other fees during the foreclosure process and liens needed to take ownership. Second, find out the estimated market value of the property and subtract the break-even amount and other buyer expenses to it. The number you get can be used as the basis of your offer to the property.
Zero in on the property
The next step is to contact the lender. But if you dont know who the owner of the property is, you can contact a county assessor.
Once you call the property owners, ask for the REO department or the asset management department. This will not be easy so be persistent. Since the lenders main objective is to lend money and not sell, this may be difficult to accomplish.
But if you still dont get the information you need, you can try to send or fax a letter to the lender stating your interest in buying the Miami foreclosure. Its important to stand out and make your letter as professional as possible.
