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1) Don't buy a house in FL while you live in CO
Rent in the area for a while first... then look around.
2) WHEN you're ready to look absolutely engage with a RE agent to show you around
and generally to help with all the questions and processes once you decide you like house X.
3) HIRE an experienced RE attorney to review all documents and handle the closing.
When a question comes up rate their counsel highest.
4) If you can qualify for a mortgage you probably should have one.
Put that cash into other investments.
Just a notation on #3. Attorney's aren't necessary in Florida for closing as they are handled by a Title Insurance Company, however, it is probably always good to have an attorney look over the P&S agreement. You can certainly have an attorney at closing but it isn't necessary.
in Florida for closing as they are handled by a Title Insurance Company...
The closing is the least of it.
Whether required/needed or common practice... all buyers, but especially new ones, NEED an attorney on board from the outset.
Have them lined up BEFORE you engage with any agents or sign any documents.
Don't be shy about letting it be known that you have that resource ready to backstop you.
Agents don't cost you anything, The buyer pays there commission.
Why would you not want to have the experience of an Agent on your "side"? (Keep in mind "your" agent get paid by the buyer, but there goal if for you to get best house so they make a commission from the transaction, They blow you off, or take you to place that are not what you defined as "In Range" you can drop that agent and get a new one to work with you.)
The buyer does not saving anything by you not using an Agent, In Fact the selling agent make a bigger commission, since it does not need to be shared.
You mean the seller pays the commission, right? You give a price and usually you can negotiate with the realtor that you want the commission taken out of the price. So, it's the seller that is paying for it, since they get the price minus the cost of commission. That's if you have bargaining power on your side (you have cash or the person really wants to sell the house). However, it might not work if there are other bidders looking for the house or the seller doesn't want to go to low.
Last edited by clearlevel; 03-21-2017 at 07:33 PM..
You're not giving us enough info. Does the seller have a real estate? Are you gonna be working with them? How much does the house cost? If it's cheap, you can just pay cash, but if it's like more than $150,000, then you can get a mortgage to get a tax credit and with time quickly pay it off, since you have the cash to pay it all off.
That being said, you don't need an agent if you don't want. All you have to do is make sure to bargain with your money. Meaning, you can have whatever real estate agent they have and say hey I'll pay this price if you get the seller to pay your commission. If you really want the house they may make you pay that. If that's okay you can say yes, if not then you can just walk away.
If the seller also doesn't have a real estate, then things get trickier, because unless you know about real estate law, you might not know what you're getting into and how to do everything. You could do it all with a real estate attorney if you trust the seller, but if you don't know the seller well, then it's a risk, since someone has to write the contract and if the seller does it and you don't know what they say, they could get you to agree to something you don't want.
It's kinda complicated. If the seller has a real estate (which they probably do), then you can just save yourself money and go with that real estate agent, as long as you just give an offer that you want. If you really want the house don't offer to low. If you don't care, then you can try lowering the house, although your chances of getting it will go down. It all depends.
Your escrow deposit in Florida can be held at a title company, in an attorney's escrow account, a real estate broker's escrow account or by the seller. Three of these are risky for you. If you don't know which three, please use an agent who does know.
Do you know who typically pays for the owner's title policy in Florida transactions? Are you familiar with HOA restrictions and their impact and know which ones to look out for? Are you going to be able to determine how close an asking price is to actual fair value?
Local agents definitely help you to get good homes, with a reasonable price by negotiating with the owners. Their experience will help a lot to get the home of your preferences.
My suggestion to anyone moving to a new/strange area is to rent for a year before making a purchasing decision. Get to know the place and your decision after a year will be wiser decision.
Not hiring a Realtor will cost you more actually. The listing agent won't negotiate in your favor and he or she will be happy to get a double commission. On the other hand, if you work with a Realtor, you'll have someone on your side to get you the best possible price, plus you can get some $$$ back as a commission rebate.
I am planning on buying a small house or townhouse in Florida later this summer. I'm planning on buying without an agent and cash upfront. Any advice would be great!!
Thank you so much for all the replies!!! I'm thinking I should hire a local agent in the area were looking in as a result. I appreciate the responses, its been very helpful!
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