How to buy a Miami Foreclosure Home for $40,000 under value.
Mold is a type of fungus of small particles that spread thru the air it is associated with damp and is common in areas with high moisture such as Bathrooms, and A/C vents. Mold is considered to be a health hazard material that can affect many young children and older adults. Keep in mind not all bacteria are the same. Some Mold can be easily removed able and some require a Mold specialist. To many Mold can be a disgusting problem and expensive repair but to others it can be the gateway to big profits.
Uninformed Banks
With the amount of Miami foreclosures and inventory increases many lenders such as Bank of america, Chase, CountryWide,are not as informed as you think. The banks are not prepared to thoroughly inspect every home that has potential Mold. And if they did, it would cost them Millions of dollars every year. Their main priority is to sale the Miami homes they have because the Foreclosed homes are considered a non performing asset on their books. Keep in mind the more foreclosures the banks have the less money they can lend. Most banks when faced with a Mold issue they automatically assume the worst even if the mold problem is not as bad as it really is. This can lead to thousands of dollars discounted of the price or credit incentive to fix the repairs.
My buyer greatest purchase.
From the curvy drive way one can see a two story elegant mistreated home. As you open the front door you can notice how well distributed the home really is. The home had 2,500 square feet of living area with a double car garage and Good size bedrooms. But the home as I like to say was a diamond on the dirt. The home had Mold spread thru the garage and the bathrooms the master bedroom windows well covered by insulate. Due to the Widows being shut and covered and the amount of mold in the garage and a little information from neighbors we assume the previous owners or tenants used it to grow illegal substances. This was the reason the home was reduced to an insane price. We had a Mold specialist inspect it the Mold wasn't on the structure and it didn't penetrate deeper than the dry wall. Even with the amount of work and damage and mold infection the home was the best priced home in the market. The home was twice as big as any home in the area it had all the appliances and it had a roman tub with a standing shower just want my client wanted. We decided to put a lower than the asking price and exaggerate the Mold repairs. The bank accepted and my client bought the home with the limited amount of repairs needed. This Miami Foreclosure was a great purchase my client was able to buy with the FHA rehab program.
This might not be the case with every home that has a Mold problem. But don't shy away from homes that have mold they can mean big profit and a great amount of equity.
Ready to buy a Miami Home? Contact Global Market Realty today. We have several Miami Foreclosures for sale in , Search the MLS for foreclosures in Miami . Do you want more information on a second home or a vacation home please contact us at 305 364-0037
Looking for a home in Miami ? You will find everything you want in the Miami area. The city of Miami is a great place to live and is served by the Dade county School District.
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