Good Price for 1204 EL RADO Coral Gables Foreclosure Resale from "Courthouse Steps".

My buyers just closed on this "corporate owned" property in north Coral Gables at El Rado ST.   I thought I'd share what kind of good deal this was as it was not your typical transaction.

This was a 3 bedroom / 2 bathroom plus 1 car garage "fixer-upper" foreclosed property purchased at the "courthouse steps" by the seller.  My buyers bought it resold on the regular market, but got a really good price... $350,000.

I am seeing quite a few "corporate owned" properties for sale in the MLS.  Groups of people are forming "corporations" and buying the properties at the foreclosure courthouse sale downtown.  This is not easy to do, as one must have all cash to participate plus be able to assume any risk or liability of potential liens or illegal construction on the property.  Experts do their homework in advance and have the resources to run a last minute title search on the property.  Homes sold at the courthouse are sold completely "AS-IS" without an inspection period.


Once a corporation acquires a property, many do a little clean-up work or minimal work needed to put the house back on the market for sale.  Depending on the seller, I am seeing (good) and (not so good) corporate owned properties.  My buyers got a good one... great to find a "real" 3/2 + garage in Coral Gables in good condition.


Many foreclosed properties end up back in the hands of the bank (if nobody bids on them), and then the bank sells them as foreclosures while generally putting "NO" work into them.  These corporate sellers on the other hand, do a good community service if they put a little fix up work in them, and then enable a regular buyer "who does not have cash" to buy a nice property for a good price.