Wether you are a first time homebuyer, are looking to move or are an experienced investor, the steps to purchase property in Florida will follow the same basic standard process. What determines how smooth your transaction will be is really the quality of the representation you hire. Florida forbids "dual representation", so the same agent cannot represent the interests of both buyer and seller in the same transaction.
In most cases, buyers do not pay anything to have representation, as commissions are typically paid by the seller and having an experienced Broker or Agent on your side to negotiate terms and navigate the process is always the smartest way to go. It would be silly not to-especially if the seller has an experienced agent on THEIR side.
Determine how you are paying for the property. Are you paying cash or financing? This will determine your budget and the price point for the property you are looking for. If financing, you must be qualified for a loan before any offers are submitted to purchase. Shoot us a message if you need help finding a loan. We can help you find great loan products specialized in Residential, Second Homes, Investment properties and Foreign national buyers. It is also important to know the purpose of your acquisition, as zoning restrictions may forbid usage for rentals in some areas, so let your agent know what you intend to do with the new house and focus the home search on the right properties. This is especially important if you want a property for Short Term Rental income.
Great! Let's find you that dream opportunity now. We will show you properties in your budgeted range and in the areas you want and will negotiate the best possible price. We will draw up a legal contract and review with you in detail before sending it over to the seller. Once our offer is accepted, we put a deposit in a secure escrow account (it does not go to the seller yet). This deposit can be as low as only 1% of the property price at this point. There will be a Title company to escrow all funds and do a research on the title. Buyers typically pay the remainder of their down payment only at closing, which occurs in as little as 15 or as long as 60 days, depending on how you are paying for it.
We use our many years of expertise to look for many details on the property buyers are typically not familiar with. If you chose to have the property professionally inspected, we will oversee the inspections and get a detailed report from the inspector. If there is anything in the inspection results you do not like and the contract is contingent on inspections, this is when we negotiate for additional discounts or credits. You can even pull out and get your money back at this point, if we find anything really wrong with it-we don't mind looking for another one. If the home is being financed, there will be an appraisal inspection process to navigate as well, where the bank ensures the price of the property is fair.
Once the financing is approved, buyer receives the final financial statements, detailing how much money will be needed to close. These amounts include property taxes, insurance and the transfer of title to the new owner's name. The final transfer is always done via a bank wire, directly to the Title company and must be initiated in time for the closing per contract specifications. Then...we go to closing!!! Sellers will receive their payment once it is determined that title is clear and moneys are available. Papers are then signed and you get the keys on that same day!
We have done MANY transactions where the buyer is out of the country because they live in a different country, they are simply on vacation or still preparing to move to Florida. A lot of those are for investors who did the entire process from abroad with our help, so no need to hop on a plane, unless you want to. Most documents-including the closing-can be done via Remote Online Notary (RON) or mail-out to buyer.
This is what we do!!! If you purchased a property for Short Term Rentals or long term rental income, we have a partnership strategy to get you the most for your property, while offering a personal and memorable experience fro your guests. Having your property on our platform will ensure you hit the ground running, as we already have hundreds of positive reviews and established histories with AirBnb, VRBO and other platforms. We can also find and vet that perfect tenant, for investors who prefer the stability of long-term tenancy. We help you own and invest with complete peace of mind.