It always surprises me when people contact me while they are on vacation hoping to buy a house on a whim while they are here. It just doesn’t work that way. Homes sell in a matter of days in Central Florida and almost every home ends up having multiple offers (as in 10-20 offers sometimes) especially in the below $100k price range.
So here is a list of things you can do prior to your trip to get prepared and have the best chances of being successful.
1. Choose a Realtor you work well with and stick with him. This is something home buyers from the United Kingdom aren’t used to. Here in Florida home buyers only work with one agent who represents their interests. It is considered bad form to work with multiple agents in Florida. The Multiple Listing Service is a database of every listing which is listed with every Realtor. Effectively every agent has access to and the ability to sell any listing whether it is their listing or not.
2. Provide proof of funds in US Dollars if you are buying a home with cash. Offers are in writing and sellers require that proof of funds accompany any offer. Banks require that proof of funds be expressed in US currency. You have a couple different options available. You can ask your banker for a letter declaring your current balance of funds in US currency. However, I know from experience that this can be a major hassle. A better option is to use a currency exchange service such as Moneycorp. This kills THREE birds with one stone. You can get a good rate locked in ahead of time, you can show proof of funds in US currency, and you can make a local wire transfer instead of doing an international wire transfer and having your money in limbo for days on end (which can cause a delay in closing and cost you money). If you’d like to set up a Moneycorp account you can contact Kelly Cutchin at the details provided below. Or you can open a Moneycorp account by clicking here.
Kelly CutchinSenior Account Manager
Key Partnerships
TEL: +1 407 352 5890
CELL: +1 863 207 6616
FAX: +1 407 352 5893
MONEYCORP Inc
7380 Sand Lake Road
Suite 410
Orlando
Florida 32819
USA
http://www.ttt.co.uk
http://www.moneycorp.com
MONEYCORP Inc is a trading name of TTT Moneycorp Limited
3. Get a mortgage pre-approval letter ahead of time. Most Realtors won’t show homes to a buyer until they are pre-qualified. That means either providing proof of funds if you are buying cash or getting a mortgage pre-approval from a reputable lender. The reason is simple, sellers require that all offers have a copy of the buyer’s proof of funds or mortgage pre-approval letter. As you all know banks can be very rigid in how they conduct business and with 75% of homes being foreclosures or short sales you can’t get around the fact that a bank will likely be involved in the sale somehow. Getting a pre-approval letter can take some time and effort due to the nature of the strict guidelines lenders are now operating under. Lenders will likely check your credit worthiness and they may ask for letters from your bank or prior creditors. These are not things that can be taken care of while you are on vacation without some hassle. It’s best to do these things ahead of time so that you aren’t wasting your valuable time in Florida tracking down your banker etc.
4. Make a short list of the properties you are interested in seeing and send it to your Realtor. Preferrably 2 or 3 days ahead of time. This allows me to check on their availability. Many of the Davenport Florida homes for sale require that you make an appointment to see them. Sometimes they require 24 hour notice before a showing so better to be prepared. This gives me enough time to arrange those appointments and call the listing agent in order to get as much information as I can about the property before you see it. Every little bit of info does help.
5. Read my Buyer’s Guide To Buying Davenport Florida Real Estate. I have taken the time to explain the entire purchase process in this one article. It details some of the challenges involved with buying foreclosures and short sales. If you can’t find the answer to your question there I’m always just an email or phone call away.
Good luck and happy hunting folks!
Image courtesy of rkramer62 at Flickr
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Mortgage Assistance Relief Services Disclosure
Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
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