International Buyers

How to buy a property in Miami?

Our goal is to be your real estate consultant in every single aspect of the process. In order to do this, we will describe the entire purchase process from top to bottom:

 

  1. WHAT PROPERTY DO YOU WANT TO BUY? Our agents will visit your selected units in person in order to make sure not only that the property fits your needs, but also that it is in the desired conditions and location.
  2. WHAT TYPE OF TRANSACTION CAN I DO? After the recent real estate bubble, mortgage transactions have taken some complexity and it is important to know what type of transactions are viable and how long each one of these could take. You can purchase a property using one of these methods:
    1. REGULAR PURCHASE: This is the tipic transaction between a buyer and a seller who decide to buy or sell a property. Usually, it is a simple transaction without any severe conflict since the purchase terms are agreed between the two parts. A closing date is established and usually respected without any further issue.
    2. FORECLOSURES: (REO/BANK OWNED PROPERTIES).In this case, the property already belongs to the bank. The original owner lost it because he stopped paying its mortgate. Now that the bank owns the house, it puts the property on sale and it usually wants to sell it quickly. This is the reason why the foreclosure prices are very tempting. The banks list the properties at the most low prices on the market with the purpose of creating the purchase desire within the buyers and consequently initiate a bidding war. This properties are usually sell for the general price and, many times, for more considerably more than the asking price.
    3. SHORT SALES: These are properties that are within the process of becoming a foreclosure.        This transactions go through two acceptances. First, the seller have to accept the offer and then the bank have to approve the terms. This second part of the process is the longest one. This aprovement from the bank could take more than 3 months.
  3. I WOULD LIKE TO MAKE AN OFFER: Once you are satisfied with the selected option, an offer is sent to the seller. This offer contains all the terms and conditions for the purchase transactions such as the price, initial deposit, method of payment, closing date, inspection term, and any other condition specified in the transaction. In the state of Florida, realtors utilize pre-established contracts approved by the Florida Realtor Association, which makes the terms to be standard and known by all the realtors of the state.
  4. DID THEY ACCEPT THE OFFER? The reply time for a regular transaction could take from 1 to 3 days. If the purchase transaction is a foreclosure or a shortsale, it could take from 1 week and 10 days to receive an answer. In this last case, shortsale, the seller accepts the initial offer and it does not need bank’s approval. This case can take from 3 to 4 months. Once all parts agreed and the seller signs the contract, the closing process starts.
  5. PROCESS UNTIL THE CLOSING DATE: This process could take from 30 to 45 days since the day you have the contract if it is being financed. When it is a cash transaction, every process and term is shorter. A Title company takes care of the closing, ensuring that the property is free of charges and debts and that it is in the accorded conditions. We will be the link between you, the sellers, and the title company involved in the purchase and we will provide you with all the information we received from these parts.
  6. WALKTHROUGH OR FINAL INSPECTION OF THE PROPERTY: This is a very important step, which is made on the closing day or, when possible, the day before. The purpose of this inspection is to verify that the property is on the same conditions on the closing date as when the buyer made his or her offer.
  7. WE CLOSE THE DEAL!! This is the moment when the keys are handed. This usually occurs at the title company offices, where all the closing documents are signed, the buyer gives away the pending payment in order to close the transaction either through a loan or cash. Then, you are the owner of your new property!