Opera Tower Unit #3411
Asking price
$320,000
Miami foreclosure condos
Opera Tower Unit #3611
Asking price
$320,000
Cite On The Bay Unit #2604
Asking price
$363,000
$12,000 (3.2% price drop)
Blue Condominium Unit #811
Asking price
$499,000
Icon Bay Unit #802
Asking price
$579,000
Icon Bay Unit #3002
Asking price
$640,000
ELLE Residences Miami Unit #2204
Asking price
$736,000
Midtown Miami 4 Unit #M0306
Asking price
$739,000
$20,000 (2.6% price drop)
1800 Biscayne Plaza Unit #1803
Asking price
$379,900
1800 Biscayne Plaza Unit #1110
Asking price
$520,000
The Grand Unit #B-4141
Asking price
$850,000
Paraiso Bay Miami Unit #4306
Asking price
$895,000
$55,000 (5.8% price drop)
Paraiso Bay Miami Unit #4406
Asking price
$945,000
NoMad Residences Wynwood Unit #337
Asking price
$1,095,000
$155,000 (12.4% price drop)
Missoni Baia Unit #4706
Asking price
$1,200,000
23 Biscayne Bay Unit #1505
Asking price
$590,000
Paraiso Bayviews Unit #601
Asking price
$680,000
$18,750 (2.7% price drop)
Gran Paraiso Unit #3201
Asking price
$1,895,000
Gran Paraiso Unit #3101
Asking price
$2,225,000
Midtown Midblock Unit #1110
Asking price
$489,000
Frequently asked questions about Miami foreclosure condos
Clear answers about bank-owned properties, the Florida purchase process, and what to watch for before making an offer.
What is a Miami foreclosure condo?
Foreclosure is the process in which a lender repossesses a property after mortgage default. When the condo returns to market as REO (Real Estate Owned), the bank or loan servicer sells the unit as a standard MLS listing, often at a price below comparable units in the same building.
Is foreclosure the same as a short sale?
No. In a short sale, the owner is still the seller and the bank must approve a price below the mortgage balance. In foreclosure, the property has already been repossessed and the sale is handled by the bank or its agent. Rules, timelines, and paperwork differ. See our Miami short sale listings to compare.
Can foreign buyers purchase a foreclosure condo in Miami?
Yes. U.S. residency is not required to buy foreclosure property in Florida. Buyers need valid identification, proof of funds or a mortgage pre-approval letter, and a licensed agent who understands the bank’s REO process.
Do I need to pay cash to buy a foreclosure condo?
Not always. Some banks require cash or a short closing window; others accept conventional financing when the unit is habitable and the buyer qualifies. Each listing includes its own sale addendum, so review the terms before submitting an offer.
What are the main risks when buying foreclosure property?
Key points to watch include:
- Property sold as-is
- Possible occupancy or delayed move-out
- Slower responses from the bank seller
- Competition from multiple buyers
- Outstanding HOA dues or special assessments
- Building rental restrictions
A professional inspection and a review of condo rules remain essential.
Can I tour the condo before making an offer?
On most REO listings in Miami, yes — by appointment with the listing agent. In some cases access is limited or the unit is occupied; buyers should weigh that risk carefully before offering.
How long does it take to close on a foreclosure purchase?
It varies widely. Straightforward deals may close in 30 to 45 days after acceptance; cases with multiple counteroffers, internal bank review, or document delays can take weeks or months longer.
How does an offer work on an REO property?
Buyers typically submit an MLS offer with the bank’s required addendum, proof of funds or pre-approval, a closing date, and an escrow deposit when required. The bank may accept, reject, or counter. An experienced agent helps format the offer correctly and track each step.
Is every foreclosure listing a good investment?
Not necessarily. A below-market price can make sense only after you factor in physical condition, HOA fees, rental rules, closing time, and renovation costs. The headline discount does not always translate into real savings.
Does MiamiCondoSolution.com help buyers with foreclosure purchases?
Yes. Our licensed agents in Miami guide buyers through search, showings, offers, inspections, escrow, and closing. Contact us to review active listings and build the right strategy for your purchase.
