833 MADRID ST

CORAL GABLES, Florida 33134

559 Views

Investment Opportunity

Est. Resale Value
$480,000
Closing Date
09/21/2018
Online Auction
This property has sold.

Property Details

Beds
3
Baths
1
Square Footage
1,160
Lot Size (Acres)
0.12
Property Type
Single Family
Year Built
1926
Asset Type
Bank Owned
Property ID
2636422
Event ID
O1200L-9231J
Monthly HOA Dues
$0
Occupancy
Occupied
Interior Access
No
Buyer's Premium
5% or $2,500
Broker Co-op
Available
Cash Only
Yes

Due Diligence - Prepare to bid with this checklist

Before bidding, review these documents as a starting point. Learn how to perform due diligence.
Review Property Information
Third party reports on property condition and local market.
Examine Title and Liens
Preliminary reports are provided for reference. Seek a professional for a full evaluation.
Deed Type
Special Warranty Deed or Special Warranty Deed
Title Insurance Paid by
Seller
Read Purchase Agreement
Details of the Seller’s terms and conditions, and your rights as the buyer.
Prepare Your Finances
Conventional financing will NOT be accepted to buy this property
Acceptable forms of payment are cash, hard money loans, and lines of credit. Why?
You'll need proof of funds within 48 hours of winning this auction

Top FAQs - How it works

Will I be able to inspect the property before I bid?
Typically, no. Many properties will be sold "as is, where is," with all faults and limitations. You'll need to estimate any renovation costs from a distance. Even if you believe the home is vacant, treat it as occupied. These homes have not transferred ownership yet and walking on or entering the property is trespassing.
Does Auction.com have any more information on this property?

Like other real estate transactions, you should conduct careful due diligence before purchasing a property at auction. Common research items include local market value, property condition, and title report.

Please note, Auction.com is not the seller for any property made available online, and all information and photos to Auction.com have been made available on this page.

Will the property be free and clear of all liens?
Not necessarily. You should seek independent advice to perform your own due diligence and fully understand the foreclosure process and foreclosure sales in general. It is your responsibility to do a title search and seek any professional counsel before bidding.
Can I use a mortgage?

Typically, no. Most properties on Auction.com are "Cash only" which means the property has to be paid in full by the closing date.

This is because many lenders are not willing to provide mortgages on occupied properties since the interior cannot be inspected.

The funds you use need to come from your bank accounts, securities or other accounts. Some investors use private money from other sources but wherever it comes from, the funds need to be readily available so you can purchase the property immediately.

What happens if I am the winning bidder?

If you are the highest bidder at the end of an auction, here are your post-auction obligations:

  1. Contract Information: You'll receive an email confirming you have the highest bid. You will then need to provide important contracting information by filling out a form online. You can preview the required information on this form as a printable checklist. Make sure to submit the form within 1 business day.
  2. Purchase Agreement: Once everything is verified, the Purchase Agreement will be generated and you will need to sign and return the document for the seller to review and sign.
  3. Proof of Funds: You need to provide Auction.com a copy of your Proof of Funds by email within 2 business days.
  4. Earnest Money Deposit: Unless otherwise specified on your purchase agreement, you will need to send the Earnest Money Deposit to the closing company within 2 business days of receiving the transfer instructions. Send Auction.com a copy of your confirmation receipt within 1 business day of sending funds.

Transaction Details

• Property may be sold Subject to Seller Confirmation. Seller must approve your auction bid before the sale can be finalized.
• Buyer representing self will not be paid a broker co-op commission
• Buyer's Broker/Agent Commission available. Please contact agent for additional information.
• A Buyer's Premium equal to 5% of the Winning Bid Amount or $2,500 (whichever is greater) will be added to all Winning Bid Amounts to determine the Total Purchase Price.
• If you are the Winning Bidder, an Earnest Money Deposit of 5% of the Total Purchase Price or $2,500 (whichever is greater) is required.
• Buyer will receive a Special Warranty Deed or equivalent.
• Buyer is responsible for all escrow fees typically ranging from $850 to $1,375.
• This property is reported to be Occupied and buyer is responsible for obtaining possession.
• Property is being offered as is, where is.
• Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met. Learn more about reserve pricing.

Auctioneer Licensing Information

Auction.com, Inc. Adrian Strelzow RE Brkr Lic No. CQ1031187