I am looking to buy a short sale condo in Miami Beach.As I am overseas buyer I have too many questions.Please help!

Asked by Nevena, 33139 Wed Jan 27, 2010

Do I need a buyer's agent or can I use the listing agent,also how do I find out if the association of the building is in a stable financial situation? What else do you think I should know before commiting myself ?What exactly is closing in 10/20/30 days?(sorry this probably is very stupit question but the laws in Europe and the buying process is totally different).Many thanks in advance!

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8
Mott Marvin…, Agent, Sunny Isles Beach, FL
Wed Jan 27, 2010
Nevena:

There are other options to buying a short-sale. You may want to consider a REO (Real Estate Owned) property- Bank owned or even a condo that is a "normal" sale... there are lots of "challenges" when buying a short-sale...
Usually, because the price is very attractively low- there are many offers presented. Another issue with short-sales is that most of them are NOT yet approved by the lender. Many short-sales are listed for one price, but in the end- sell for several thousand more!

When you make an offer to purchase a condominium- you must be provided with the condominium documents... This is the rules, regulations and by-laws of the building. The condominium association can provide you with it current budget and tell you all about the financial condition of the building. Many condominiums are facing economic shortages, lots of owners do not pay condo association fees, etc.

Getting the facts about a condominium usually takes place AFTER you make a bonafide and acceptaed offer. You could walk in to the management office- they usually will not give you information without a signed contract.

Finally, since there are usually lots of offers that the bank is considering on a short-sale or REO- most winning offers are ALL CASH with absolutely NO contingencies.

♥.•*¨`*•♫.
≈≈≈ Mott Marvin Kornicki, REALTOR® ≈≈≈
Aventura | Bal Harbour | Sunny Isles Beach
≈≈≈≈≈≈ "★”This is the House “★" ≈≈≈≈≈≈

The link below will take you to a good search system for South Beach.
1 vote
Darla Schroe…, Agent, Madeira Beach, FL
Wed Jan 27, 2010
Hi Nevena. There is no such thing as a stupid question. Actually you're very smart to be asking these questions before making an international investment. I agree with others who answered that a Realtor familiar with representing international buyers is your best bet. A Realtor with an international designation will have a team together who can advise you about legal issues, tax consequences and money exchange issues. Also, a Realtor in the U.S. who is a member of the International Consortium of Real Estate Associations (ICREA) can put you in touch with a real estate broker in or near your area of Europe who can communicate and facilitate the purchase with the U.S. Realtor in a way that is most understandable and beneficial to you.
To answer your question about a stable association - the Realtor you choose will obtain the association documents including their past and projected budget as well as rules and regulations. Questions can be asked about their reserves for emergencies, percentage of rentals, number of foreclosed units, etc. Your closing of the transaction will be contingent upon satisfactory answers and review of the documents. The number of days for closing that you mentioned can vary with the situation involved. If financing is involved for international clients, 60 days may be more realistic. If cash, then 30 days or less is possible and likely.
I hope this answers your questions. You picked a great time to invest in property. Good luck on your ventures!

Darla Schroeder, Realtor, GRI, e-PRO
Certified International Property Specialist Candidate
Transnational Referral Certification (TRC)
Century 21 Real Estate Champions
4350 Duhme Road
Madeira Beach, FL 33708
Cell (727) 541-3743
1 vote
Angel Calzad…, Agent, Fort Lauderdale, FL
Wed Jul 11, 2012
Hi Nevena:
With all my respects , I encourage you to read a short article I wrote in my blog to advise foreing buyers to USA. Please clik on the link below :

http://www.trulia.com/blog/angel_calzadilla/2012/05/should_w…

Those days of Wine & Roses when we closed residential real estate transactions in less than 30 days ARE GONE !!!

As a buyer from Europe you need a C.I.P.S. agent in Florida and I am one of them. Actually I wrote an article regarding to the C.I.P.S. and its achievements and results as well I am sure it will be of your interest:

http://www.trulia.com/blog/angel_calzadilla/2011/11/cips_ben…

If you decide to use my Real Estate services as a buyer, please do not hesitate to send me a message to my e-mail address and I will be glad to inform you with all aspects of your real estate needs. Thanks so much,

Angel Calzadilla, Real Estate consultant
Charles Rutenberg Realty LLC.

angelrealtor104@hotmail.com

(954) 632-3593

http://angelrealtor.southfloridamls.com
0 votes
Santiago Vit…, , 33134
Sun Jun 10, 2012
You can contact the association and have them send you the past two years and year to date financial statements. In addition you would want to know how many foreclosures are still active in the building and how many units are bank owned.
There is nothing written in stone as to closing timeframes, I have done 10 day closing as well as 90 days. Everything is negotiable. If you need advice please contact me directly and I will help you address all your questions.

Kind regards

SAVI
0 votes
Nevena, Home Buyer, 33139
Thu Jan 28, 2010
Thank you all for your answers!!! It really helps to get some professional advice
0 votes
Chris Anders…, , Miami, FL
Wed Jan 27, 2010
Nevena,

In addition to hiring a good real estate agent, you should also consider an attorney who has experience working with international clients. US tax regulations treat foreign owners of US property different than US owners. Also, an attorney provides you with independent advice as they represent you (and only you).

Please let me know if I could be of assistance.

Chris Anderson
canderson@robertallenlaw.com
0 votes
gabriel palo…, Agent, Pompano Beach, FL
Wed Jan 27, 2010
Nevena,

The right answer is hire a realtor. Since you are a buyer and looking for representation a buyer's agent is a natural choice.
They are fee based so they will do the work you deem necessary.
They will answer your questions on topics and criteria and will do the research to find the property you are interested in and can afford.
They will compete on your behalf for the best price to acquisition on the property.
They will help you in the negotiation.
They will help you in the closing and save you costs doing so.
They will introduce you to an attorney to handle the legal aspects of the transactions.
Representing your needs and special attention to tax laws effecting you as a foreign national.
The selected attorney that meets your approval will act as your escrow agent to protect your deposits at all times. The buying process is complex and selecting the right team of experts is vital.
Remember that in real estate "you don't get what you deserve you get what you negotiate"
For success in all your real estate transactions and for further information to accomplish it please contact me.

Regards,

Gabriel Palotas
Exclusive International Buyer's Broker
Happy Herald Realty
954-562-0010
gabepal@gmail.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Jan 27, 2010
You really should have a guyers agent who represents you and is looking out for your best interests. The listings agent is looking out for teh seller. In most cases you can hire a buyers agent at no cost to you, they get paid their commission at closing by the listing broker. In a short sale you first need to find out how far along they are in the short sale process. The selle forst needs to be approved financially to complete a short sale, The bank needs complete an appraisal on the property so you know what they will or will not accept. Some banks will not order the appraisal until an offer is submitted. The process can take 3 to 6 months so only a buyer broker who is experienced with short sales will be able to make the process simpler and less stressfull. The buyer broker will reserach you questions hoa's etc. If you do not know any agents and would like me to look one up through the refferral network, just send me an email. good luck with your search.
Web Reference:  http://www.ScottSellsNH.com
0 votes
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