Why Engage a Florida Realtor?
Work with Global Advantage Realty to smooth the process. It costs NOTHING as a buyer to work with a realtor. Working with an experienced, trusted realtor can provide you with complete information, steer you in the right direction and safeguard against fraud.
Finding a Property
Florida market is a haven for people coming and going. It is what many call a transient state. There are a continuous stream of options of properties to choose from. Global Advantage Realty has access to the MLS (Multiple Listings Service) and we use our expertise to find listings that suit your criteria and lifestyle goals.
We encourage our clients to look online as well. The more you look at, the more informed you are about price points and what’s really in your budget. When searching online be prepared to listen to our feedback and advice on neighborhood and streets. We are on the ground experts. We can spot a good deal, or something that may be too good to be true, overpriced, or not the right location for your needs. Our local knowledge will be priceless in assisting you.
Mortgage Pre-approval
Pre-approved means a lender has actually checked your credit, debt to income ratio, and properly analyzed your financial situation. Once they’ve done this you’re given a pre-approval letter. This can help in negotiations with a seller, as it indicates there’s a really good chance you will get a mortgage and the sale will go through.
Making an Offer
You found the perfect home. Now it’s time to make an offer! First, you read through the Seller’s Disclosure. This is a document where the seller informs you of any known issues with the home. In Florida, an offer is done with a formal contract. The contract details the specific requirements and terms on the part of the buyer and seller.
The seller doesn’t have to accept the offer, even if you offer the full price of the listing. And sellers are under no obligation to explain why they reject a particular offer. Most buyers hear back with in a day or so, and in most cases the seller will let you know if the offer was too low, which is where the negotiation begins! .
Offer Accepted
What a wonderful feeling when your offer is accepted! There’s so much to do now and this is where Global Advantage Realty is diligent with every step along the way. To protect our clients we are are alert to find any issues or problems on either side. The details of all paperwork is scrutinized.
Usually within the first few days after execution of the contract you’ll put down the remaining deposit for the property. Then it’s time to begin checking off the contingencies set out in your contract, which is where the skill of your Global Advantage Realty , and the quality of our team becomes paramount.
Contracts
Global Advantage Realty draws up all the details of the contract.
There are two main contracts in Florida property purchase:
- The standard contract provides that should problems be found with certain parts of the home during inspection, the seller is obligated to fix them, and there is an allowance for these repairs accounting for up to 1.5% of the house price.
- The “As-is” contract. If the inspection report reveals issues with the house the seller is not obligated to make those repairs. This means the buyer has more flexibility to pull out, should they decide the house is not for them, and this is the only contract which allows the buyer to receive a full refund of the deposit should they be unhappy with anything in the due diligence phase.
The contract includes:
- Offer Price
- Deposit Amoun
- Response time to the offer by the seller
- Proposed closing date. In Florida the majority of closings occur within 30 to 45 days of going to
contract. - Number of days allotted for due diligence. The default amount in the standard contracts is 15 days
- Repair limits. This is applicable if you’re not using an “as-is” contract
- Financing contingency and time frame.
- Inventory of items included in the purchase.
Closing
Global Advantage Realty will attend a closing meeting with or on behalf of their client. All paperwork is signed, funds will be transferred from escrow and you will get your keys.
Congratulations, you are officially a homeowner in Florida, The Sunshine State!