that a very open ended question. you should fine line it by proving construction type and finishes if it's to be built ( home ) or add much more detail
Hello Joi,
Some banks don't do small loans, and some do.
There is at least 20% down requirement in Miami, unless FHA.
Best, to speak to different lenders - banks, mortgage companies, credit unions and local banks like Regions Bank - all have different guidelines (rules of lending) - to see if you can get the loan.
Maybe you can buy it as a 2nd home?
Hope it helps,
Irina Karan
Beachfront Realty, Inc.
305-904-2355
IrinaKaran@gmail.com... more
Hello Jacob,
Congratulations on getting your pre-approval!
Now you know how much of a house you can buy.
As the 1st step, I suggest to meet with your agent in their place of business to talk about your specific buying criteria, and then to browse through properties that match your criteria and price point.
You can actually see the locations there on TV screen - while you are looking at different properties...
The 2nd step would be to drive through the neigborhoods that you liked some houses in, to see if you like the vibe there. It is good to check the crime rate for the area (MOVOTO.COM).
The 3rd step would be going to see the properties. Find out more about foreclosures, short sales and normal sales differences. When finding a great house, you'll feel it! Yet, make sure to do the inspections, check if all was done properly (permits, up to code) with the building department, and have your title company check if there are liens on the property. Ask your agent how to negotiate your offer better.
Before you buy, you'll have to pay for home and flood insurance (so do shop around to save money).
Your agent will be your guide through the whole process. A good agent will make it smooth (smoother) for you.
Will be glad to help,
Irina Karan
Beachfront Realty, Inc.
305-904-2355
IrinaKaran@gmail.com... more
Hello Sam,
Most Canadian and foreign buyers form an LLC when they buy.
This is important because of FIRPTA Act of 1980.
When selling, there are certain rules that apply to foreign sellers, with US government wanting a piece of the pie (profit), so to speak...
Here is a helpful link for you: http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html
I suggest to buy with the sale in mind (for the future).
Also, make sure to wire your money to the closing attorney/title company a little earlier - international wires sometimes take longer than the bank promise...
Other than that, the process is the same as for US buyers.
Please let me know if you need more info on the FIRPTA and it's specifics.
Irina Karan
Beachfront Realty, Inc.
305-904-2355
IrinaKaran@gmail.com... more
It's tough to get an actual approval before you find a house, maybe it's a pre-approval? No matter what, your next step should be to talk to your friends/relatives to get some names of realtors and then sit down with a few and interview them.... more
Your best bet to find a rental for a month or so would be to look for a vacation rental as these type of properties are usually available on a monthly basis .You should be able to contact your local real estate office to find a temporary rental or you can search on vrbo.com( vacation rentals by owner .com)
Good Luck John... more
Keep in mind that average price does vary based on exact location, price, size, condition, etc., if looking to purchase a specific unit, ask your agent for comps--recently sold similar properties in the immediate area, then make a determination.... more
Home buying 101: Talk to a lender and find out what you qualify for. If you go with an FHA loan, the minimum down payment is 3.5% of purchsase price. But some states have down payment assistance programs available.
Once you get prequalified, find a good Realtor to work with you as a Buyer's Agent. He/she will be able to walk you through the entire buying process, including finding properties that fit your needs and your budget, research "fair market value" for that property, write the purchase contract, and work through any issues like inspection, appraisal, etc. Good luck!... more
I have lenders that can go down to 580. Other requirements need to be met. Call me for a free consultation.
Jose Morales
Florida Mortgage Coach
561-432-9237
info@floridamortgagecoach.com... more
Thank you for your question Dan. There is a similar site with a commercial real estate question and answer that may be better able to give you the exact information you need to get a fair appraisal of a commercial building. www.loopnet.com... more
Sandra,
Generally you should owe no income tax on the receipt of a gift of any amount. The person making the gift to you may have a gift tax consequence, but if they do it is their reponsibility to pay and not yours. Please contact your tax advisor if you have more questions.
Sincerely,
Carrie Roberts
Michael Saunders & Company
5100 Ocean Blvd
Sarasota, Fl 34242
CarrieRoberts@michaelsaunders.com... more
Hi Gladis,
You can get free legal advice. Contact one of our attorneys:
Legal Hotline
At no charge, Florida Realtorsยฎ members may speak with an attorney on a range of topics including licensing, contracts and landlord/tenant matters. Call 407.438.1409.
Hope this helps.
Alma... more
Since no one has stepped up yet, I would be happy to give it a shot. I'm in the process of doing an approval in Pembroke Pines, but I don't think anyone is an expert yet since this is something new. I know North Miami very well because I grew up there. Click my link below and send me your info and the community your interested in if you would like me to help. Take care.... more
FHA just extended the big changes they are making in the condo approval process until Nov 1st. You might want to call the HOA mgmt company and ask them a few questions first to see if it's worth your time to pursue. FHA spot will require (among other things):
-51% owner occupancy
-no one owner can own more than 10% of the units
-adequate reserves
-90% of the units sold
-no legal action pending
-no pending special assessments
Even though they extended the deadline, not all lenders are still doing spots.... more
buying w cash is the best in these short sale/REO days, if that's what you're doing...buying a distressed property. However, if you earn income, and this is your primary home, there are more tax advantages to having a mortgage (all your interest and closing costs can be deducted from you income, saving taxes paid).
In these days when FHA has great terms, and when rates are low, if you have good credit and can document income, it's good to put 20-30% down and have a mortgage... However, if you're income is not documented, I can understand buying w cash, or if buying w cash is "such a deal"...
Escrow means that when you get a mortgage, the lender will require you to put money aside, in an escrow account, to save for the real estate taxes and insurance...they add this amount to your principal & interest payments, so that your monthly is higher, but you're not stressed, at the end of the year, trying to come up with the whole amount. Of course, if you are fiscally disciplined, you can put that money aside, on your own, and earn interest in a short term cd:) or a money market acct.
Have you contracted already? Have you gotten a comparative analysis of closed sales near your property? have you had someone research the history, liens, title on the property? These are all recommended.
p.s. you might want to check out our website to see other properties that are bank-owned, if you're dealing with cash...www.hammerandhammerrealtygroup.com... more