A common and increasingly popular method of purchasing Miami Beach real estate is foreclosure auctions. Major “deals” can be had in such a scenario but most people will tell you that auctions are extremely cutthroat and risky for everyone except those people who are well experienced. If you insist on checking out foreclosure auctions, you must know what you’re doing or you risk losing thousands of dollars otherwise.
The first bit of advice is the easiest: do your homework. Some of the most important things to look out for when browsing Miami Beach real estate auctions include the mortgage position, zoning regulations, the condition of the property (if possible), any lawsuits or liens, possible issues with the title and the local area conditions, to name a few. In other words, you have to do even more thorough research than you would than if you were buying a new home.
It’s quite common for a property to go into postponement, meaning a rescheduled date for when a property goes on sale. One of the most frequent causes of a postponement is a short sale but it could also be the debtor has filed for bankruptcy or has chosen to have their mortgage loan modified. Always make sure you have the right tools and the knowledge so you can explore Miami Beach real estate auctions confidently.
