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Old 12-08-2012, 06:42 PM
 
14 posts, read 16,075 times
Reputation: 27

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I have never posted in this forum before so here it goes my first post.
Can anyone explain me what is going on with the real state market here in SoFla? I'm looking to buy (FHA) a decent place for my family and I cant find anything here in Miami,all the cheap properties who are listed almost all of them are for cash only.What is this? Where all this cash is coming from? I'm sure is not local money.So the regular people is again screwed? because the rental market also has indecent prices. I don't know really what to do.

Last edited by jmspiderman; 12-08-2012 at 07:03 PM..
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Old 12-08-2012, 07:50 PM
 
3,848 posts, read 9,335,725 times
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Most cheaper homes are cash because they're usually picked up by investors. Current owners don't want to go through the hassle of a buyer that needs financing.

The market in SoFla is doing exceptionally well these days, and yes, another bubble is beginning to form. I don't see it bursting for quite a few years but it has undoubtedly started to inflate.

Your best bet is to find a reputable and qualified Realtor to help you find your home.

Best of luck!
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Old 12-08-2012, 07:54 PM
 
Location: South Florida
5,025 posts, read 7,466,375 times
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Quote:
Originally Posted by Coconut1 View Post
Most cheaper homes are cash because they're usually picked up by investors. Current owners don't want to go through the hassle of a buyer that needs financing.
Yup!
You need to be cash buyer.
Looked forever, and couldn't get anything in $150k range.
You have to be a cash buyer.
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Old 12-08-2012, 08:07 PM
 
Location: Seattle, WA
2,975 posts, read 4,948,154 times
Reputation: 1227
Quote:
Originally Posted by cfbs2691 View Post
Yup!
You need to be cash buyer.
Looked forever, and couldn't get anything in $150k range.
You have to be a cash buyer.
Curious...Were you looking at condos too, or just houses? I guess I can forget about finding a place and putting only 5-10% down... though I wonder if the current bubble won't be less of a bubble because it's harder for people to get credit for homes they can't really afford.
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Old 12-08-2012, 08:18 PM
 
Location: Boca Raton, FL
6,885 posts, read 11,258,716 times
Reputation: 10812
Smile Have worked with many first time homebuyers...

Do not get discouraged.

Get ready.

Interview some realtors. There are some around that are really good.

Get preapproved, make sure your credit is acceptable (no skeletons), money in bank, no large unexplained deposits (no cash deposits either), find out the payment (total) you can afford.

Get a preapproval letter and also an automated mortgage approval. We can do those.

There are people out there (realtors, mortgage brokers) that will help you. Look for the smaller ones.

PS - Condos are hard sometimes for financing but look at townhomes, single family homes.

Also - Just a hint, depending on your credit, you can get a better deal with 5% down conventional (score must be 680, 700 or 720 at different lenders). Conventional is cheaper in the long run but make sure you look at all your options. A good mortgage broker will show you several options but in the long run, it's your decision.
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Old 12-08-2012, 09:52 PM
 
14 posts, read 16,075 times
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Thanks for all your tips,well our credit is not in bad shape we went to Chase and my wife and I got pre approved for $200k but the closing costs fees estimate that they gave us are too much (around 26K)so Bette I will probably follow your advice and try other options with smaller brokers.
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Old 12-09-2012, 10:35 AM
 
Location: Seattle, WA
2,975 posts, read 4,948,154 times
Reputation: 1227
^^ $26K in closing costs???? Or does this include down payment? I would think closing costs would be closer to $2k.
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Old 12-09-2012, 12:39 PM
 
Location: Boca Raton, FL
6,885 posts, read 11,258,716 times
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Smile Closing costs estimate

26K way too much

Closing costs generally run 3.5% to 4% of the purchase price. Escrows and the one year's worth of insurance are in there also - it's in the 3.5% to 4% figure.

Most (there are exceptions) brokers work in wholesale and work through several lenders (think of us like Costco) - the big banks are like Neiman Marcus and they are retail. They have to pay employees, keep the lights on, health insurance, all that.

Generally, your retail banks will be charging you .375% to .500% more on rate than a mortgage broker and sometimes more than that.

Example: My own personal mortgage is with Chase. Knowing that I could refinance at 3.250% for 30 years, I contacted them - their quote to me was 4.125% with no closing costs. My score is acceptable - over 720 - for the program and my loan to value is within guidelines.

If you want, send me an e-mail (DM or PM) and I'll give you more info if you want specific answers.

Just a word of caution - some banks will tell you that you are qualified up to XXX - make sure you feel comfortable with us - a lot of us can afford more - but don't want to be house poor. Also, on FHA, you have mortgage insurance which would be approximately $201 - on conventional - about half of that. FYI.
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Old 12-11-2012, 05:22 PM
 
250 posts, read 697,222 times
Reputation: 128
Russians buying up the million dollar homes, South Americans buying the $300k and under, Euros and Aussies buying condos. All cash... Its not Americans for the most part.

Loans are difficult to get and most of the cash homes are pending sale. We will see how it all turns out. Good Luck.
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Old 12-13-2012, 11:01 AM
 
Location: Heartland Florida
9,324 posts, read 26,776,552 times
Reputation: 5040
this is just another bubble in a long list. Save your money in gold and silver, wait for the worldwide bond collapse and then have your pick of properties. Foreign investors will be dumping properties when they find they cannot rent them.
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