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Guide to buy

BUYING AND SELLING GUIDE

First time Home-Buyers, Local Buyers, International Buyers, Investment Property, Second Home, Relocation, Retirement Home , Golf Home.

Miami ranked as the 6th most important city in the world for ultra-high-net-worth individuals, per this year’s Knight Frank Wealth Report. It is a perfect destination for business and pleasure. Miami is becoming more exciting to live in every day with amazing destination places and exciting new neighborhoods with unique vibes, Design District’s ultra-luxury retail, Wynwood’s art scene, Brickell City Centre mall, Miami World Center mall, The Beach, Art Décor Architecture, Lincoln Road, Art Basel, Museums and private own collections popping up, Cruise’s port, Boat tours, Shopping!, the largest mall in US is coming to Miami “American Dream” , improvements in public transportation and more exciting projects under way, Miami is an exciting place to live and invest

STEPS TO BUY A HOUSE

STEP # 1. Plan ahead and decide your budget and your priorities , this is crucial, more importantly understand what can you afford and how you need to buy, cash or financing.

STEP # 2. Work with a reliable Real Estate Professional to guide you in the process. The Realtor will work hard to find you the best properties and deals to meet your needs and goals.
It is important to understand that buyers do not need to pay for the Realtor . The seller pays the commissions.

STEP # 3. If you are financing – Talk to a lender to get a Mortgage Pre-approval The key step in buying a home is  having financing in place if you need it. Before you start your property search. (If you are paying cash, move-on to Step 4)

Please note: pre-qualified is not the same thing as pre-approved. Pre-qualified means you’ve given a lender your income details and financial commitments and they’ve estimated what you can afford. Pre-approved means they’ve actually checked your credit report, and your debt to income ratio, and properly analyzed your financial situation.

STEP # 4. Find a Property

STEP # 5. Making an Offer.

STEP # 6. Offer Acceptance

STEP # 7. Under Contract

STEP # 8. Make an inspection

STEP # 9. Closing.

How much house can I afford?

When determining what home price you can afford, a guideline that’s useful to follow is the 36% rule. Your total monthly debt payments (student loans, credit card, car note and more), as well as your projected mortgage, homeowners insurance and property taxes, should never add up to more than 36% of your gross income (i.e. your pre-tax income) – Credit Smartasset

How to purchase a house with financing?

The first step we recommend any home buyer take is getting a preapproval.

We work with FBC Mortgage, LLC (“FBC”) is a Top 20 National Mortgage Lender headquartered in Orlando, Florida. FBC is licensed in 47 states and has over 81 branches and 800 employees nationwide. FBC specializes in residential mortgage lending through our retail and wholesale/correspondent channels, and offers purchase, refinance, construction, and renovation loans. We focus on providing our customers and business partners with industry best practices and service. Many of the nation’s largest real estate firms and builders rely on FBC for their mortgage needs, along with a large referral base of satisfied past customers.  Get a  pre approval and loan fast: https://www.fbchomeloans.com/pfassina/

Type of Home Loans

Home loans aren’t as bad as they seem if you know more about the different loan types available. USDA home loans, fixed rate, interest only and other kinds of mortgages may reduce your financial burden and make it easier for you to own property. Some home loans can even be approved in downswing markets or adjusted to make payments more affordable.
The qualification processes for many loans can be complicated, so it’s best to talk with FBC Loans about how to pick a mortgage that lowers your interest rate before you apply for a particular loan.

Click on ” Type of Home Loans” and compare the right option for you.

First-Time Home buyer Programs

First-time home buyer programs throughout the country help hopeful homeowners even if they are low- to moderate-income individuals. These programs also assist Americans in securing mortgages when they don’t have the best credit scores – Credit Smartasset

Mortgage Calculator

Enter your details below to estimate your monthly mortgage payment with taxes, fees and insurance -FBC Mortgage 

Property Taxes

Property Owners in Florida will need to pay annual taxes on your property, property taxes, Real estate taxes are administered locally, paid on an annual basis and usually amount to 1½-2% of the value of the residence.

For Broward County, click here.

Florida Property Taxes Calculator

Property taxes and property tax rates in Florida rank near or below the national average. The Sunshine State’s average effective property tax rate is 1.02%, slightly lower than the U.S. average – Credit Smartasset

Closing Cost Calculator

This tool will help you understand your total closing costs and amount needed at settlement – Credit: Smartasset

What is FIRPTA?

When buying and selling a home, foreign nationals should be aware of the Foreign Investment in Real Estate Property Tax , which is commonly referred to as FIRPTA.

FIRPTA refers to the Foreign Investment in Real Property Tax Act of 1980.  It is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate. Under FIRPTA, if you buy U.S. real estate from a foreign person, you may be required to withhold 10% of the sales price be withheld at the time of closing to cover any taxes that might be owed on the home. Although the seller owes the taxes, the buyer is responsible for ensuring the amount is withheld.

What credit score is needed to buy a house?

It’s one of the biggest criteria considered by lenders in the mortgage application process – Credit: Smartasset

7 Mistake buyers make before they start house hunting

We provide you with tips, tools and information to reach your goals.

5 Tax Deductions for Sellers

Which are there tax deductions when selling a home?

Real Estate Purchase Agreements

7 Things Home Buyers Must Check

Should I invest in smart home automation?

Best Smart Home Devices for 2018

11 Tips to Buy a Home in Miami

-Work with a Real Estate Agent
-Location is key
-Timing is key
-Consult a tax accountant and a Real Estate Attorney before purchasing: Foreign buyers should consult a real estate attorney and tax accountant, he/she can help decide which structure may be the best fit.
-The Neighborhood:  get to know it and get informed of the lasted trend and developments to come.
-Request a comparable analysis report, sales report, surveys, ask question, learn as much as you can.
-If it is a Condo, ask what are the rental restrictions? what is included in the maintenance? are there any future assessments? Parking? Pet or no pets?
-Inspect the property an inspection will give you more information about the condition of the property. Buyer may arrange, appraisal, testing, examination & surveys.
-Understand and get to know your closing fees. Typically, you should add about 2 to 5 % to the purchase price.
-Read Carefully Contract and Closing Docs: One of the most important steps of closing is signing the paperwork, ask question.
-Time is the key! If you fail to observe dates stipulated in the contract, you risk losing your deposit.