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Buying Problems + Solutions
What if I can not get pre-approved?
We can use a co signer if available or we can make a plan to get you to where you need to be
I don’t know how to get pre approved
We have an application link for you that you can fill out in order to obtain a pre approval
What if I don’t have enough money for a down payment?
We have the option of getting a gift from a family member, about 60% of homes purchased involve a gift from family
I’m a first time buyer, i don’t know what i should look for in a home
We are professionals and have been in the business for a long time, we will help you with plumbing, windows, grading, etc. During showings we will point things out and teach you as we go
I don’t know what escrow money is and how much we typically put down
Escrow money is refundable money put down to reserve the home and show you are a serious buyer. The amount down depends on the home price, we typically try to land around $10k minimum and then as homes get more expensive we put down more
Can I ever lose escrow money?
Yes you can, the only way you lose escrow money is if you back out for no reason. If you back out for an inspection issue, appraisal issue or financing issue your escrow money is given back to you
What if they do not give my escrow money back to me?
A 3rd party title company holds escrow money and will not release it until they are directed by both parties (buyers and sellers) on what to do with it. If needed we can contact attorneys for help
What is an inspection
An inspection is where an inspector (licensed professional) goes into the property and performs a thorough inspection to see if there is anything wrong with the home
How long do we have for inspection
We typically have 5-10 days with 7 being the most common
How much does an inspection cost
about $500
Who will we use to inspect the property
There are many inspection companies we like to use South Florida Home Inspectors
https://southfloridainspectors.com/ They are very professional
What if they find something seriously wrong with the home
If we find something seriously wrong with the home we have the option to back out of the contract
What if i want the sellers to fix something before i take ownership
We can request they fix the item, but they do not have to. We do have the option to walk away if they do not fix it
What if I have my own inspector I want to use?
If you have an inspector that you want to use, for example a family friend, we can certainly use them. That’s no problem
What if we can’t agree on inspection terms
We always have the option to back out during the inspection period, we would get the escrow money back
What if my property has a septic tank?
We would want to get the septic tank inspected before closing. This cost about $500
What if we find out the inspector missed something?
We have connections with real estate attorneys that would be able to help us out in that case
Does the seller need to fix the items that have issues on the inspection report?
They do not have to, but we can request them too. Sellers typically do not fix many items on the inspection report unless they need to in order to sell the property. For example if the electrical isn’t up to code they likely would replace the electrical otherwise they cannot sell the property.
What if the roof is bad, that’s an expensive fix!
The inspector will check the roof to make sure there’s no issues or leaks. If it’s determined there are leaks or issues we can negotiate with the seller on what we should do. If the roof has no issues and is just old in age, there is not much we can ask for. We would just need to budget for a new roof.
What if the plumbing is cast iron or polybutylene?
You do not want these types of plumbing, the plumbing may need to be replaced and it is expensive
What if the plumbing is pvc,copper or pex?
These types of plumbing are all great and you want these types of plumbing
What if there are termites present in the home?
We will hire a pest company to determine the extent of the damage. If there is truss damage that is very expensive. We can tent the property for about $1,500.
Do most homes get termites?
Majority of homes do get termites at some point, it’s a question of if not when. We just have to talk to pest companies
What is an appraisal?
An appraisal is a 3rd party opinion of price meant to protect the banks in case of failure to repay the loan. It determines the value of the property so if you can’t make payments the bank can sell the property without losing money
Why do I need an appraisal?
Banks will not give loans without appraisals because they do not want to lose money if they need to sell the property because you cannot pay for it
What happens if the property appraised lower than what we are paying for it?
If the property appraises low and we have an appraisal contingency, we negotiate with the seller on a new price
What happens if the property appraises at the value we are paying for it?
Nothing, we are paying market value and this is a good thing!
What happens if the property appraises above the value we are paying for it?
This is amazing and it means you actually made money purchasing your property!
How do I know how much money I will owe to purchase the property?
You will get a loan estimate that will tell you APPROXIMATELY how much money you will owe at closing, this is typically a little bit more than how much you will actually owe. You will figure out the final amount you owe 3 days before closing
What is closing?
Closing is when you receive the keys and actually take ownership of the property
Where is the closing held?
Closing is held at the title company, or we send a notary to your home/work. You wil sign many documents. You have already seen many of them throughout this process and the closer will explain each document to you.
What does the title company do?
The title company is a 3rd party that holds escrow money and makes sure your documents are recorded and that everyone knows you actually purchased the property. They also make sure there are no liens on the property.
What is a lien?
A lien is when you owe somebody money and the property cannot be sold until that lien is paid. Or if the property is sold, the person who put the lien on your property is paid from the proceeds
When can I move into my new home?
You can move in right after our closing appointment, you will receive keys at closing
What happens after I take ownership?
You own the home, you should set up automatic mortgage payments so you do not miss any monthly payments. I will send you instructions on how to do this.
How do I set up my water?
You will go to the miami dade website and sign up here https://www.miamidade.gov/global/service.page?Mduid_service=ser1528898020504522
How do I set up my electricity?
You will setup your FPL account here here https://www.fpl.com/account/moving.html#moving. You may want to do auto pay
How do I change my furnace filter?
Should be changed every 6 months, you have to make sure you get the right size filter. We will go over this at the final walkthrough. You can also find a video on YouTube
What is final walkthrough
This happens 1-3 days before closings, we walk through the property one last time before we take ownership. We make sure that everything is there that should be there and that the seller didn’t do anything funky
What if I cannot get a hold of you or your team?
You will have access to myself and my team, there shouldn’t be a time where you cannot get a hold of us. We always respond asap!
Text/call Alec at 305.465.1621 now to get specialized guidance on buying property. Alec has extensive experience and knowledge helping people buy property.
