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Buyer’s Guide

Excellent waterfront locations, lively communities, and sunny conditions almost all year-round. These are what make Miami a prime location for buying or investing in some of the area’s most sought-after condos.

Here’s a step-by-step guide to help you breeze through the process:

    1. Find the right real estate agent When you work with an area specialist, you gain an upper hand throughout the condo buying process. A savvy agent will provide you with:
      • Reliable insights into current market and property pricing trends
      • Objective representation during the negotiation stage
      • Recommendations for reliable local service providers, such as lenders and moving companies
    2. Get pre-approved for a mortgage Before you start your home search, obtain a pre-approval letter from a bank or a lender. The pre-approval indicates the estimated maximum amount you can borrow for your mortgage. It also shows how credible you are as a home buyer and that you are financially capable to pay for the property you want.To get pre-approved, the following documentation is needed:
      • Credit report
      • Residence records
      • Proof of employment
      • Other financial records

You can skip this step if you are paying cash.

    1. Do your homework Learn all you can about the neighborhood before committing to a purchase. Visit the area a few times. Chat with residents and local business owners. Walk around and get a first-hand feel of the area. These will allow you to check community amenities, get a vibe of the neighborhood, and give you an idea on the kind of lifestyle you’ll lead should you move .
    2. Make a strong offer but be open to negotiation Ask your Realtor to help you craft a compelling offer. A strong offer describes your motivation for buying the property. Express your willingness to cooperate with all contingency measures involved, too.No matter how confident you are about your offer, there is no guarantee that the seller will accept your price and terms. Be clear with your agent about your budget and spending goals so that your interests will be well represented at the negotiation table.
    3. Proceed with escrow When your offer is accepted, you will enter a period of due diligence, also known as inspection period. During escrow, you are required to pay earnest money to a neutral third party or middleman, typically the title company. The payment is the security deposit for the property that the escrow provider will hold onto it until both you and the seller meet your obligations.

  1. Fulfill the following condo-buying requirements Standard real estate buying contingencies can include property appraisal, home inspection, and title review. For condo purchases, you will also need to do the following:
      • Order a condo questionnaire

    A condo questionnaire serves as proof that the condominium property is in line with a lender’s underwriting requirements. Your lender will provide the questionnaire that the condo management will answer.

    • Apply to the condominium association Condo associations usually take at least seven business days to approve a new buyer.
    • Review the condo’s rules and regulations In Florida, condo buyers can request a copy of the condominium documents, which can include bylaws and rules of the Associaton.
  2. Finalize the sale Prior to closing, a final walk through of the property can be conducted. Once the clear to close is received, you can receive the keys to enjoy your new condo.If you purchased a condo for use as a primary residence, you can apply for a homestead exemption, which can yield hundreds of dollars in tax savings over time.

Contact Brickell Condo Real Estate and let our local real estate specialists make your condo buying process smooth and stress-free. Call 610.428.3913 or email Info(at)BrickellCondoRealEstate(dotted)com for inquiries today.