In the last couple of years, foreclosures have been the hit, everyone wants to "get a good deal" and buy a foreclosure to save money and make money.
But many buyers are not prepared for the aggressive process that it represents. A foreclosure is a good opportunity, everyone out there wants a piece of it. You cannot sit around and wait until you have seen the entire community and then go back to the 1st foreclosure that you saw to make an offer, because guess what your surprise is going to be: Multiple offer scenario or they accepted a contract within 4 days of being in the market.
Unfortunately, if you like a foreclosure, you are competing with: 1- cash buyers and 2-investors. To be able to compete with them , you need to be at least fast in your decision making, at least have your pre aproval ready (cash purchases are preferred), and be ready to offer more than the asking price.
Yes you read well: Offer must be over the asking price. Unless it doesn't make financial sense, not all agents are always experts in pricing the properties right, but in 90% of the foreclosures in Miami, if you at least want to have a chance, your offer has to be equal or over the asking price.
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