Foreclosure Listings In Miami Expected To Soar
The amount of Miami foreclosures is expected to soar in 2021. According to several economists and a study of CoreLogic, a surge in the share of mortgages that were 90 days or more overdue in June is a signal the U.S. could be heading toward a foreclosure crisis. Mortgage delinquencies have soared in recent months as Americans in financial distress sought forbearance agreements that allow them to suspend their home-loan payments without penalties for 12 months. The mortgage industry still counts the loans as delinquent and the missed payments will need to be paid back after the 12 months of forbearance. Not everyone will be able to pay the missed mortgage payments and therefore we expect a rising amount of Miami foreclosure listings.
Buying a Short Sale or a Property under Foreclosure in Miami
Buying a property in foreclosure has several advantages among which a more attractive sales price (often below market value) as well as motivated sellers that are often willing to make concessions. Cash buyers have the biggest chance of getting a good deal, because most foreclosure properties are sold at auction. The auction part can be intimidating for many buyers so make sure you work with a professional who can guide you in this process. Short sales just like foreclosures can present really great deals, but buyers need to be patient as their offers need to get approval from the mortgage provider, which may take several months.