Eric J Dalius says Florida, with its booming economy and its lure as a tourist destination, is very attractive for real estate buyers. However, domestic and international buyers both have a lot of apprehensions. Buying a property in Florida as they do not know anything about the process. A guide to buying real estate in Florida:
Attend the Maximum Number of Open Houses
Open houses are a good opportunity for you to become familiar with the kind of properties. On the market and their asking prices. They also provide an excellent opportunity for you to meet and interview realtors. Before making up your mind on which one to represent you.
Engage an Experienced Real Estate Agent
Hiring a competent realtor is the most fundamental step in buying real estate in Florida as he will have all the relevant market information. And the network that can identify for you the ideal property according to your preference and budget. Additionally, you don’t have to worry about the cost of engagement because it is an industry. Practice for the seller to pay the commission. The realtor will also arrange for the house showings, perform due diligence of the title and other documents, and arrange the closing, says Eric Dalius.
Get Your Mortgage Pre-Approved
Having a pre-approved mortgage also elevates you to the top of the list in case the seller has multiple offers. On the other hand, many sellers will not take you seriously if you don’t have your financing in order. Insist on getting a pre-approval letter from the lender. As it can help you to conclude the deal because the seller is reassured. That you have ready access to the required funds.
Make a Formal Offer, Recommends Eric J Dalius
Once you have identified a property you like, you should read the Seller’s Disclosure. Which reveals all issues with the house that might not be readily apparent to buyers.
Decide on the Type of Purchase Contract
The standard contract in use in Florida provides that in case issues affecting the integrity of the house. The seller must carry out the necessary repairs. By default, it is usually up to an amount that is 1.5% of the purchase price or any other amount mutually negotiated. The other type of contract is the “As-is” contract, which allows buyers to terminate or renegotiate contracts.
Conclusion
After the contract has been signed by the seller and your earnest money accepted the process of due diligence of both parties starts. You can choose from any of the professional inspectors recommended by your realtor. Depending on what is discovered by the home inspection, the seller can undertake the rectifications or the price may be renegotiated. After reaching a stage where the contract is mutually acceptable, the parties need to close the deal in the presence of a closing agent or a real estate attorney.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Alongside this, Eric hosts the weekly podcast “FULLSPEED,” discussing entrepreneurship with industry leaders. Eric also founded the “Eric Dalius Foundation” to award four scholarships to deserving US students. Follow Eric’s activities on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.