[ancfaber]

Hello to all.

I'm Italian and i'm going to reach my goal: purchase a vacation home in Daytona Beach.

Now prices are down and there are a lot of opportunities that I've just choose from.


Now I'm here to ask some info.

Which are the burocratics steps required by Florida laws for property purchasing?

Are there different steps in buying an home from an owner vs. bank ?

I know that the best thing is to hire a layer, and I'll do, but I hope to know more in advance.

Any help will be appreciated.

Thanks

[rusty78]

This is the greatest country in the world...and anyone...from any country...can buy something/anything in the good old USA...all you need is the cash or financing...it might be alittle more difficult to get financing...but that's about all...

[ancfaber]

Originally Posted by rusty78

This is the greatest country in the world...and anyone...from any country...can buy something/anything in the good old USA...all you need is the cash or financing...it might be alittle more difficult to get financing...but that's about all...

Money, thanking the Lord, is not a problem. I'll pay cash, but i'd like to know any hidden aspect (if there are) of the purchasing trial: here (Italy) we have to watch constantly behind our shoulders to avoid tricks.

Thanks for your advice

[beachmouse]

A couple things to note:

1. You will pay a tax on purchase down here- figure 1-2% of the value of the home. Also note that holiday, rental, and commercial properties down here pay higher property taxes than primary residences do, and there are some other quirks in the system, so you may pay different property tax amounts than the person you bought the home from did.

2. Definitely buy title insurance. It's a few hundred dollars, and the insurance company takes on the responsibility for making sure that the title of the property is clear and that the sellers don't owe money to home repair companies or back taxes for the property.

3. If you're looking for an apartment or townhome (and those generally make more sense than standalone villas as vacation properties because maitanance is generally much easier) then there are additional concerns- does the condominium association responsible for the building or complex as a whole have a proper level of insurance for both hurricanes/fires and liability issues and does the association have adequate cash reserves to handle capitol improvements without having to levy very large assessments on condo owners. (After the storms of 04-05, there were a number of condo complexes throughout Florida that were forced to levy $20-$50K special assessments per unit because they had neither enough insurance nor enough cash reserves to complete repairs for hurricane damage.)

4. If you're buying a foreclosure/bank-owned property, expect about 3-4 times as much hassle as buying from a normal owner, even if you're paying cash. The system just tends to move more slowly for those kinds of homes.

5. In addition to a good lawyer, a good real estate agent who has been in the game for a long while and specializes in beach properties is a must- they'll know the history of different buildings and complexes and can have a good idea on which buildings are financially stable and when a good price on a unit comes with a lot of strings and baggage. (Unfortunately, I don't know Daytona and can't recommend someone there for you.)

[TampaKaren]

Before you buy US real estate, make sure you have your exit strategy well thought out. You can learn more by searching online for FIRPTA.

[ancfaber]

Originally Posted by beachmouse

A couple things to note:

1. You will pay a tax on purchase down here- figure 1-2% of the value of the home. Also note that holiday, rental, and commercial properties down here pay higher property taxes than primary residences do, and there are some other quirks in the system, so you may pay different property tax amounts than the person you bought the home from did.

2. Definitely buy title insurance. It's a few hundred dollars, and the insurance company takes on the responsibility for making sure that the title of the property is clear and that the sellers don't owe money to home repair companies or back taxes for the property.

3. If you're looking for an apartment or townhome (and those generally make more sense than standalone villas as vacation properties because maitanance is generally much easier) then there are additional concerns- does the condominium association responsible for the building or complex as a whole have a proper level of insurance for both hurricanes/fires and liability issues and does the association have adequate cash reserves to handle capitol improvements without having to levy very large assessments on condo owners. (After the storms of 04-05, there were a number of condo complexes throughout Florida that were forced to levy $20-$50K special assessments per unit because they had neither enough insurance nor enough cash reserves to complete repairs for hurricane damage.)

4. If you're buying a foreclosure/bank-owned property, expect about 3-4 times as much hassle as buying from a normal owner, even if you're paying cash. The system just tends to move more slowly for those kinds of homes.

5. In addition to a good lawyer, a good real estate agent who has been in the game for a long while and specializes in beach properties is a must- they'll know the history of different buildings and complexes and can have a good idea on which buildings are financially stable and when a good price on a unit comes with a lot of strings and baggage. (Unfortunately, I don't know Daytona and can't recommend someone there for you.)

Many thanks sir, you have been so accurate.

[ancfaber]

Originally Posted by TampaKaren

Before you buy US real estate, make sure you have your exit strategy well thought out. You can learn more by searching online for FIRPTA.

Ohh, I've read all the IRS document related to "witholding sale taxes"; very interesting. I'll keep in mind.

Thank you TampaKaren

[Sagitarrius48]

Daytona Beach?? May I ask why?? And I gather, you want something beachside?? I live 19 miles south of it and adore my sleepy lil town of New Smyrna Beach.

Most gave great advice, but I will add try to find a property that will not need flood insurance as it is expensive! You can count on homeowners and hurricane to be up there, too.

Good luck as now is the time to buy!

And you are from Italy?? WOW... my dream is to live part time in Europe and part time here.....

[rusty78]

Originally Posted by ancfaber

Money, thanking the Lord, is not a problem. I'll pay cash, but i'd like to know any hidden aspect (if there are) of the purchasing trial: here (Italy) we have to watch constantly behind our shoulders to avoid tricks.

Thanks for your advice

Even though I believe an attorney is not required to buy real estate in Florida, I would highly recommend that you hire one......this way you will have at least one person who has to protect your interests no matter what......I would find an attorney before you seriously started looking......and have a sit down with him/her before you make any offers...

If you will be looking for a home with a Real Estate Agent...of which there are many on this site......I would strongly suggest that you look into a Buyer's Agent who represent's you and not the home seller......they may charge a fee...but I am sure your attorney will spell out the advantages of a Buyer's Agent...vs...a Seller"s Agent...

Then of course...you have to be aware of Chinese Drywall...just google it if you do not know what is...

[ancfaber]

Originally Posted by Americanwoman54

Daytona Beach?? May I ask why?? And I gather, you want something beachside?? I live 19 miles south of it and adore my sleepy lil town of New Smyrna Beach.

Most gave great advice, but I will add try to find a property that will not need flood insurance as it is expensive! You can count on homeowners and hurricane to be up there, too.

Good luck as now is the time to buy!

And you are from Italy?? WOW... my dream is to live part time in Europe and part time here.....

Yes, I'm Italian and I've your same dream. I love US, and up to now I've planned a tree weeks vacation every two years. I visited California, Nevada, Arizona, New Mexico, Utah, Texas, Florida and before Katrina, Louisiana, Mississippi, Alabama. NewYork City several times. I hope to travel all over the other states. When I'm there I feel good and so relaxed.

I choose Daytona because my wife is a beach fan and I'm a motor fan:It's a compromise. My dream is to watch the Daytona Nascar 500 and spend some time during the Bike week, then ride a bike all over Florida and nearbys.
I do not know anything about New Smyrna beach, but I'll give a look to extend my real estate search.

Thanks for your avices.