The real estate market is at all time low as far as property value. Across the country, more and more people are forced to foreclose on their homes because of the mortgage crisis, while still others cannot sell their homes due to the rough shape of the economy.
Luckily, there is an upside: people looking to buy property as a home, investment for the future, or both are in the best position they could possibly be in, in the history of the real estate market. They can now buy homes way below the original property value and then sit on it until the market rebounds. Once it does, they can make a sizeable profit.
Tips to find a list of REO homes in Miami
One of the best markets to be looking at if you are a real estate investor is the market of Miami REOs. REOs, if you are unfamiliar with the term, means Real Estate Owned, and refers to properties that have become bank-owned due to the homeowner’s inability to pay their mortgage loan.
Once the homeowner defaults on their home mortgage, their home will go up for auction. If the home is not purchased at auction, the home becomes part of a list of bank owned REOs that must be sold to investors such as yourself. So, how do you find these lists?
Here are the best ways to go about finding REO listings in Miami:
1. Major Bank Websites
One of the best places to start your search for Miami REOs to check out the major bank websites. Many of the bigger banks will have an inventory online of foreclosed properties for sale.
Remember, that because banks have so many properties defaulted upon now, they are much more willing to help make a sale on these properties to lessen their loss. One of the ways they make this easier for potential investors is to list these bank-owned properties online on their sites.
2. Local Banks
If you can’t find enough of an inventory on Miami foreclosures on bank websites, it may help to go directly to the source-the banks themselves.
Choose a few local banks of varying sizes and inquire about their REO listings in Miami. More often than not, if they do not have this list readily available, they can certainly put you in touch with someone who does.
3. Real Estate Agents
Of course, another way to find REOS is to solicit the help of a real estate agent or broker. The plus side to real estate agents is that they have a wide network of resources to find these REO listings in Miami as well as know the preferred ways to communicate with bank parties.
They can act as a valuable intermediary in the process of finding and choosing a foreclosed property for your investment.
4. Government Real Estate Agencies
Government agencies that deal predominantly with bank-owned properties will also have extensive lists on Miami REOs, so it would behoove you to contact them as well. Agencies such as Sallie Mae and HUD deal almost exclusively with foreclosed homes or REOS, and can give you a great REO inventory to begin with.