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Buying a Foreclosed Home
For many homebuyers, foreclosed or (real-estate-owned homes can offer an excellent opportunity to make homeownership a dream come true. Many federal, local and private sector programs are available to help prospective buyers navigate the path to their new home.
Buying a foreclosed property can be a complicated, but ultimately rewarding process in terms of getting more home for your purchasing power, stabilizing neighborhoods, and revitalizing communities. Learn the ins and outs of being an informed buyer as well as protecting your rights before you buy.
After you have found a property you are interested in, there are many other things to check up on:
- Check to see if a Certificate of Use has been issued for the property.
- Determine if there are outstanding permits or code violations on the property.
- Search for outstanding liens recorded against the property.
- Check to see if the property taxes are in paid status.
- Estimate the property taxes you would pay if you should purchase the property.
- Check with the Value Adjustment Board (VAB) to see if there are any pending VAB petitions filed for the property.
- If the purchase history for the property indicates possible mortgage fraud, report the matter to the Mortgage Fraud Task Force.
- Will the property you are purchasing be your principal residence or an investment property? The type of loan you can qualify for will be determined by its intended use.
- Research the federal tax implications of foreclosure and how affects you and the purchase of your property.
- If the home you are interested requires repairs and / or renovations, research the process for obtaining the necessary permits.
To promote neighborhood stabilization through higher owner occupancy rates, Fannie Mae created First Look. This program encourages the purchase of foreclosed homes by owner occupants, rather than investors, by allowing owner occupants (or any organization using public funds) to submit an offer on a Fannie Mae property without competition from investors for the first 15 days.
Neighborhood Stabilization Program
Homeownership assistance is available for the purchase of County-owned Neighborhood Stabilization Program (NSP) homes. If you are eligible to purchase a foreclosed home, the County may have the assistance you need. Purchases must be made in any of the priority areas throughout the County.
The Miami-Dade Economic Advocacy Trust Homeownership Assistance Program is designed to address the need of low/moderate income families in Miami-Dade County by providing down payment and closing costs assistance to purchase their first home.
U.S. Housing and Urban Development (HUD) - homes for sale
HUD sells both single family homes and multifamily properties. Check them out - one might be just what you're looking for!
Foreclosure DataBack to Top Page Last Edited: Thu Oct 30, 2014 4:30:34 PM
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