With Miami repo homes, the biggest problem is property damage. The deal might look great on paper but many disgruntled ex-owners tend to leave on bad circumstances and make their displeasure known by destroying the home. Some even take or sale parts of the home, including the deck, the air conditioners, and even appliances which should be sold with the property. Know what you're getting before you buy.
That same guideline goes for another common with Miami repo homes: mold. Miami is notorious for its mold problem anyway. Because of the climate, even the smallest amount of wetness under a carpet or in the walls can become mold and spread fast. People who can't afford their mortgage also can't afford to correct such a problem. Plus, signs of mold may not be visible without a thorough inspection.
Finally, if you buy the property at auction you need to be sure it has been vacated by the owner. Although the bank can sell the home, it can't evict the people unless ownership reverts back to it. Once you take ownership of the problem, you'll have to contend with them if they insist on making trouble. Of course, most of the Miami repo homes won't cause these types of problems. But being prepared for the worst is always good advice. That also means you'll be happier when the best happens.
