Best practices on buying a foreclosure in Miami

[Monica Silvestre]

Hi all,

I'm looking to buy my first foreclosure in Miami and I'd love to hear from anyone that has experience with the county's auction site. 

1) I know many listings get cancelled, how do you avoid paying for full title/lien searches when there's uncertainty in what will actually go up for sale?

2) Is the idea not to get too excited on one property, but focus on bidding on quantity? Do you have to bid on a ton of properties in order to win one?

3) Final judgement amount. Sometimes the number is big... like over 1M. Does the best offer still take the property regardless of what the final judgement amount is? And then is it correct that the remaining amount from the final judgement amount does not carry over to the new owner (ie. me)?

If there are any agents that specialize in Miami-Dade foreclosures, and have experience with the online site, I'd love to talk.

[Ray Slack]

@Brian Garrett Yes. Not lately but about 3 years ago when the Miami Market got a bit over saturated, I started buying and Flipping in Palm Beach.  Then the hedge fund started buying up there and they were bidding too high prices at the auctions to make anything work. I don't look at anything up there anymore on a regular basis so not sure if the hedge funds are still buying everything up or not.