subject: First-time Miami Real Estate Homebuyers Guide In Making An Offer [print this page] Do your research first Do your research first
Even if you fall in love at first sight with the Miami real estate property, make sure that youve done your part in due diligence. Research is a crucial step in home-buying; its importance cannot be stressed enough for every homebuyer, especially first-time individuals.
The first thing you should look is the citys current market condition. With the latest economic crunch, the real estate market is tremendously volatile, including that of Miami. You must make sure that you are aware of the latest housing market trend and how much you are expected for an average Miami real estate home.
Comparable sales analysis is also greatly important. Make sure you know the selling price of recently sold homes in the city and the neighborhood. Likewise, you must know the value of the property and those similar to it in the same neighborhood.
Lastly, dont forget to gauge the sellers enthusiasm. If the reason for the sale is relocation, the seller will likely settle for a lower price to hasten the process.
Things to consider:
1. Buying power
Never make an offer that is well outside your budget. Even if you can afford the financing, you mustnt put all your finances on the purchase alone. You should think about other things associated with buying a home, like moving fees, new furniture and appliances and, most importantly, unexpected closing fees.
2. Get pre-approved
The sale process will certainly move faster if your offer is accompanied with a pre-approval letter. Even before searching the city for a property to buy, you must consider applying for a pre-approved mortgage. Not only will this give you a clear view of your purchasing power but will also make you appear as a serious buyer to seller and motivate them to accept your offer.
3. Ready your deposit
Aside from the down payment, you must ready a deposit that will be bundled with your offer for the Miami real estate property. The deposit is usually applied to the down payment if the home sale goes through.
