Buying a Home in Florida

GETTING YOU PRE QUALIFIED
If you require financing for your purchase, the first step is to get you pre-qualified before you can start viewing properties. This way Florida Brokers will know how much you can afford to spend and will find you properties according to your budget. You will need to meet with a loan officer at a bank or a mortgage broker who will get you the best financing options. You can ask Florida Brokers for their preferred lender or mortgage broker and he will refer them to you. If you don’t require financing you can start viewing properties with Florida Brokers immediately.

PROPERTY SEARCH
Florida Brokers will then find the best condo, house or investment property in the MLS data base, where all the listings for South Florida are placed. There are more than 40,000 listings to find your South Florida dream property that suits your specific needs according to your price range and area of choice. Florida Brokers will meet with you to review your choices and set up an appointment to view them.

MAKING AN OFFER / WRITING THE CONTRACT
Once you’ve found the property that you want to purchase, you will need to make a deposit with a Title Company to hold in escrow. Florida Brokers will put a Purchase and Sale contract together on your behalf and present it to the Seller. If you and the Seller agree on the terms and a contract is executed by both parties and the Due Diligence period begins, At this point, you must place at least 5% of the purchase price in escrow.

TITLE COMPANY / ESCROW
Florida Brokers will set you up with a Title Company who will hold your 5% deposit in escrow until the day of closing. They will perform title services for you such as making sure the title is valid and free of liens. They will also perform the closing and any related items.

HOME INSPECTION
If you choose to do a Home Inspection, which Florida Brokers always suggests for single family homes or older condos, we will set it up and have the inspector visit the property for the inspection. Florida Brokers can suggest our preferred inspection service company which does a thorough inspection and then sends you the report with photos via email.

CONDO APPLICATION
If you’re purchasing a condo, a condo application will be required by the condo association to be filled out by all buyers. Florida Brokers will provide you with this application and will help you fill it out or assist you with any questions you might have. The process usually takes 1-2 weeks for approval.

WORKING WITH LENDER / TITLE COMPANY
The financing process takes about 30-45 until the bank is ready to close. During this period of time there is a lot of documents and paperwork required by the bank and title company which Florida Brokers will assist in getting such as condo questionnaires and estoppel letters. Good communication and efficiency is essential during this process in order to achieve a smooth closing. If you’re paying cash for a property the process is much quicker and a closing can sometimes be done in a few days to a couple weeks depending on the title company.

CLOSING
Once the lender is ready with all required paperwork and the loan is ready for disbursement, you can close. You will need to bring a certified funds check to the closing or if wiring funds, those must be sent the day prior. Florida Brokers will advise you of the total amount of your balance to close prior to the closing date. If it’s a cash transaction all you will need to do is bring the funds and sign the HUD or closing statement which will take less than ten minutes. As a cash buyer, your presence is not required at the closing which is convenient should you be an out of the area buyer. If it is a financed transaction there is additional paperwork involved from the bank and a typical closing will take at least an hour or more. The closing manager or escrow officer will do the closing and guide you through the signing of documents. Florida Brokers will be present at the closing with you to answer any questions you might have about the documents you’re signing. Once the closing is done you are the new proud owner of your new home or property!!

TITLE / WARRANTY DEED
Your title to the property or Warranty Deed which is used in Florida and includes insurance on the title, will be sent to you via mail to the address you give the title company. Florida Brokers will be in constant communication with the title company until you receive your title.

CONCIERGE SERVICES
Moving can be stressful. Our Concierge Service is designed to assist you with the myriad details involved in moving to your new home. We can help you find a moving company, obtain homeowners insurance, find a house painter, a nursery school or a dog walker.

 

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