The 3 things to know before Buying Florida Property
Purchasing a property in Florida is significantly different to the way property is purchased in the UK. We believe that you should understand those differences and should be guided by an agent working on your behalf and that understands the UK buyer and the local Florida market.
As you are considering investing a significant amount of money it is important you get the best advice and expertise available, without the bias of a pushy sales agent.
Here are just some of the things you should know.
1. Watch Where You Click
Before I dive into this, allow me to first explain to you how home listings get on the internet.
When a seller enlists the services of an agent to sell their property, that agent becomes the “Listing Agent.” A listing agent for a property is responsible for entering the property information into the online system known as the MLS (Multiple Listing Service) which is made available to all agents (Realtors), buyers etc. to view.
You probably already know that many of these listings can also be viewed by the public on sites such as Zillow, Trulia, and Realtor.com. These sites pull some listings direct from the MLS or may at times rely on some agents to input to their site manually.
When you click a button on these sites to request more information, you will be connected to an agent that may or may not be the listing agent. In fact, most times it will be an agent that is paying that particular website to forward ‘leads’ (you) to them. This is normal practice in the US and unless you do some background checking on the agent, it is probably not the best way to engage an agent to work on your behalf. You are basically rolling the dice on your investment. We have all heard the horror stories associated with using the wrong real estate agent.
2. Know Who Is On Your Side
It is also important to note that when you contact a listing agent for a property, they are predominantly working on behalf of the seller and may only provide information that is positive about the property. They may not be so inclined to provide any negative aspects.
We strongly advise that you work with an agent that is working on your behalf. Your own agent can provide you with a wider view of the property, the neighborhood, including pros and cons, property history, information about similar homes that are for sale, sold and under contract in the same and neighboring communities. From this information and data, you can make an informed decision as to whether this is the right property for you.
We charge zero commission fees to our buyers. The commission fees in Florida are paid by the seller and determined at the listing stage. The commission is divided between the listing agent and the buyer’s agent. So, you ultimately get our experience, impartial advice and expertise for free.
3. Time is On Your Side
From the time you find a property, the purchase can take anywhere from 14 – 45 days. Most closings occur around 30 days after there is a signed agreement by both parties. Some types of financing can take longer, and a cash sale can be quicker.
Should you choose to work with us, you will find that we stay on top of your process. We provide frequent updates and are very responsive to your questions and concerns. You will know exactly when the closing date is scheduled and timelines for any contingencies that may be included in the contract. You will always have a specialist alongside you to explain the intricacies and guide you through the entire process. If you have done this before and are well versed in the process, that’s great too. We offer as much or as little help you require. Ultimately, we will make the whole process as smooth and stress-free as possible and cater totally to your needs.
Don’t worry. We have been in your shoes before and we know how scary it can be when buying in a foreign market you are not familiar with. For over 14 years we have been helping UK residents navigate this process.
We will walk you through the complete buying process from finding a home, formulating and negotiating your offer, arranging inspections and closing. We are with you every step of the way. In fact, we like to keep in touch with you even after closing and are always available for any help, advice or recommendations. We are confident that following your buying experience we will be the first you call if and when you decide it’s time to sell.
We honestly believe that to get the best advice, find the perfect property and have the smoothest transaction, you need someone that understands how things are done both sides of the Atlantic. We speak the same language if you like! That’s exactly what we offer.