Flamingo Unit #310S
Asking price
$332,800
Miami foreclosure condos
E11EVEN Hotel & Residences Unit #3403B
Asking price
$499,000
$100,000 (16.7% price drop)
Island Place At North Bay Unit #7B
Asking price
$199,900
$30,000 (13% price drop)
1800 Biscayne Plaza Unit #504
Asking price
$249,900
Ocean View Unit #414
Asking price
$315,000
Opera Tower Unit #4811
Asking price
$325,000
Ocean 91 Unit #202
Asking price
$330,999
$9,001 (2.6% price drop)
Decoplage Unit #437
Asking price
$399,000
Island Pointe Unit #8F
Asking price
$405,000
Ocean Reserve Unit #225
Asking price
$415,000
$15,000 (3.5% price drop)
Axis on Brickell North Tower Unit #2215
Asking price
$449,000
The Club At Brickell Bay Unit #3318
Asking price
$450,000
Brickell on the River South Unit #704
Asking price
$465,000
Carriage House Miami Beach Unit #611
Asking price
$470,000
Quadro Miami Design District Unit #N-905
Asking price
$485,000
$5,000 (1% price drop)
Midtown Midblock Unit #1110
Asking price
$489,000
Blue Condominium Unit #811
Asking price
$499,000
Ocean Reserve Unit #1121
Asking price
$499,000
$20,000 (3.9% price drop)
Hyde Midtown Unit #806
Asking price
$530,000
$35,000 (6.2% price drop)
The Crimson Miami Unit #1205
Asking price
$549,000
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.
