Nearly three months into 2010, foreclosures are still a lucrative market, especially foreclosure auctions. As you’ve probably heard time and time again now, purchasing property like Miami Beach condos that are under foreclosure is a process that novices need to fully understand and know what the [several] risks are. These aforementioned auctions may not even be worth the risk unless you know precisely what you’re getting yourself into, you risk significant losses otherwise.
Many first time buyers make costly mistakes when buying property such as Miami Beach real estate via foreclosure websites. Take for example one individual who thought he was getting a bargain on a Miami Beach condo valued at $140,000. After placing a bid of more than $9,000 he successfully became the highest bidder of a condo lien…not the condominium itself.
Don’t be fooled by the low price tags on foreclosure properties and auctions. That low asking price tag does not reveal these liens or hefty mortgages that often come attached to them. If Miami Beach condos under foreclosure interest you, strongly consider using the services of a Miami Beach realtor who thoroughly understands how these types of properties work.