Of course you can! If you haven't found one by now to live in here, please let me know and I'll be happy to help :)
Miami Executive Realty | 1024 Lenox Avenue | Miami Beach, FL 33139
Office: 305.501.4600 | Cell: 305.815.0880 | Fax: 305.501.4600
firstname.lastname@example.org | http://www.miamiexec.com
You can purchase real estate in Florida and live in Chicago, as so many snow birds do every year! As a matter of fact Fla. was the second highest state last year for foreclosures second to California as it was in 2010 as well, but with a significent drop from 122,912 foreclosures in 2010 to 45,358 foreclosures in 2011. The market is recovering but suggest buying now while it is still priced below market value. Have a Great Day!
Keller Williams Realty
Commerce Market Center
Visit us on trulia.com
In both cases, the answer is yes, it is possible to buy in Miami while living and working in Chicago.
Most of people buying in FL are out of state/out of country buyers.
However, on a principal residence you'll need to put down 20% when buying a condo.
On investment property, the LTV (loan to value) will highly probable to be even lower,
meaning more money down + closing costs + insurance + home inspection costs etc.
With 170K loan qualification, I honestly feel that you'll need to save up more than 15K, before you can buy in FL. I suggest you speak to a reliable mortgage professional, specializing in FL properties,
which I could recommend if you'd like, to see exactly how much money you'll need to have in order
to get a mortgage for a condo in FL. It is a great time to buy here - the rates are super low, and the prices are still pretty good, although on the rise in many popular locations.
Irina Karan/Beachfront Realty, Inc. 305-904-2355 IrinaKaran@gmail.com
Realtor - Keller Williams
State Certified Appraiser
My best friend is a Mortgage Underwriter too... Call me at 754-234-2352 or email me at SouthFloridaAppraiser@yahoo.com
You can certainly buy a condo in Miami coming down from Chicago. Besides the $15,000 you have saved for a down payment, you need to make sure you have additional money set aside for things like Closing Costs, condo maintenance fees and property taxes.
Please let me know if you have any further questions. I will be very happy to help.
Phil Rotondo, Realtor
ERA Showcase Properties and Investments