Buying real estate in Miami is a process that requires preparation, in order to make the best of your time and money. We want to make sure buyers consider these important things before buying in Miami. This includes several steps:
- Know why you are buying. Is it for a primary residence, second home or as an investment to rent out, hold and sell in the future? We would be happy to discuss these options with you.
- Get familiar with properties that would work for you. Neighborhoods, values, rental rates (if for investment) are all important. We can help you with this.
- Decide how you will take title. Either in your name, you and your spouse or significant other, or a Corporation / LLC. Consult you CPA or financial advisor. We can recommend attorneys or accountants to help you decide.
- If paying cash, be sure to have access to a recent bank/investment account statement or a letter from your bank or financial advisor showing more funds than necessary to purchase the property.
- If you want to do financing, get pre-approved. We can recommend someone for this too.
- Have email access as we will use, in most cases, electronic signing of offers to purchase, counter offers and closing statements.
- Be prepared to wire funds for the deposit. In many cases for cash sales 10% of the purchase price is required.
Upon being fully prepared be ready to act. You can set up customized listing search on this site that will immediately notify you of any new properties coming on the market that match your parameters or if one that matches your parameters has a price reduction. If you prefer, we can set this up for at no charge.
When a property looks like a winner to you it’s time to go see it and if it looks good, make an offer. If you are not in the area and you are serious we can go to the property and take several additional photos showing everything including any faults and email them to you so you can decide to make the offer. We sell many properties sight unseen with the use of these photos.
In addition, in the state of Florida, a purchaser of a resale condominium has the right to rescind the contract for any reason within 3 business days of getting the Condominium Documents and Financials and to get their deposit refunded. Many of our clients make the offer, get an acceptance and come here within the three day period or inspection period to double check on the property. Up to now, no one has cancelled in this circumstance.
These are all essential steps we consider important for buyers looking at the Miami market. Follow them and you’ll be prepared to act when your dream property pops up. The Miami Coastal Living lifestyle is great and there are so many good reasons to live here! Come and enjoy it!
