There is an extraordinary inventory of homes for sale in Miami that includes foreclosures or REO’s and short sales, as well as plenty of regular homes priced comparably with short sale deals at today’s fair market value. Today fair market value in Miami is on average at 2003 price levels for single family homes!

Finding a good deal takes a lot of work and patience. Foreclosures are priced lower than short sales, but they usually need improvements. Moreover, banks are not very eager to short sale their inventory and they generally take about two months to accept or reject a short sale offer.

The tremendous amount of inventory in the Miami real estate market gives the investor a lot of inventory to choose from in order to purchase the right property at a discounted price. This opportunity will more than likely never be available again and investors should take full advantage. An experienced Miami real estate agent who specializes in foreclosures is essential in order to guide the investor. The agent must have access to current bank owned REOs, foreclosures, short sale properties, pre-foreclosures government foreclosures and other distress listings. Investing in Miami real estate is a very exciting and rewarding business.

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Maricris Longo - Real Estate Advisor