Buy Properties in Miami Tips
This Will Most Likely Happen
- The dates on your contract will most likely change, perhaps multiple times. The dates are a “estimate” and subject to many variables (attorneys timetable), HOA approval and other variances.
- You will become anxious or nervous.
- You will become irritated or annoyed about frequent and last minute paperwork requests with seemingly impossible deadlines.
- You will want to tell your friends and family about your experience on social media sites. Don’t!
- You will have to send paperwork such as but not limited to proof of income, address verification, id, etc. more than once.
- If approval is requested by the bylaws of Home Owner’s Association such approval could to take up to 30 days from the day you deliver all documentation.
- If copies are not legible you may have to resign and resend them again.
- In this market you may have to pay at asking or over asking price in order to get a property.
- You will not be told how much money to bring to closing until the day of your closing and many times only hours or minutes before the day of closing.
- The Mortgage company will most likely pull a credit another report on you days before or even the day of your closing.
Things You Should Absolutely NOT Do!!!
- Don’t quit your job.
- Don’t change your job.
- Don’t buy any large ticket items (like five dollars or more!).
- Don’t make David Copperfield deposits (all funds need to be traceable)
- Don’t speak with sellers directly (loose lips sink ships).
- Not getting a gift letter and a bank statement for funds.
- Not telling the person who is giving you the gift that you will probably need a gift letter and some proof (usually a bank statement) that they had the money to give.
- Not telling me if you are allergic to animals.
- Not being completely honest with your lender about child support, alimony, wage garnishments or any other payroll reduction.
- Don’t make any major purchases (like $5.00 or more).
- Don’t get advice from a buying committee that has not purchased in the last year (the rules change almost daily) or your brother’s, sister, friend husband who was an agent 10 years.
- Don’t wait to see everything else that is on the market.
- Don’t trash the property in front of the owners.
- Don’t call the other agent on For Sale signs, call me and I will more than happy to set up an appointment.
- Don’t attend open houses and new construction without me.
- Don’t not tell me if you have a house to sell.
- Don’t delay paperwork because you are irritated by the frequency and number of requests from your Mortgage Company. This more likely will delay the process and could jeopardize your escrow deposit.
- Don’t find a lender on the internet that offers a 0.001 interest rate and/or is outside of the area.
- Don’t forget … it is possible to find what you are looking for the very first day you go out (this happens more than you think…).
- Don’t go home to sleep on it (in a hot market, if you sleep on it, you might not get to sleep in it).
- Don’t wait to find the absolute PERFECT house. You will always be limited by income, zoning, inventory at the time, and/or legislation and or property taxes.
Don’t forget the 80/10/10 Rule! If you find a house that has 80% of what you are looking for, 10% of things you can change and 10% of things you can live with, its a keeper.
If you want to know more about the real estate market, you can view these articles:
If you have questions about How to Invest in Miami and South Florida, or questions about the real estate market in Miami and South Florida, contact us.
