Purchasing a property over here is pretty straight forward. When you see something you like I prepare a 5 page written purchase offer with the price and terms you want to offer. This is presented to the sellers agent with proof of your ability to purchase i.e. bank statements, letter of credit or mortgage approval letter.
Once the transaction is negotiated you will sign the final contact and place a deposit, usually $1,000 to $5,000 in escrow. That can be handled by wiring funds to the closing agent(title company) in Florida.
All foreclosure properties are purchased "As Is" with right to inspect. This means that within 7 to 10 days of contract date you can have the property inspected(surveyed) to make sure it is structurally sound.
The seller makes no warranties and and after the inspection you can either move forward or cancel the transaction and get your deposit back. This right to inspect is called a contingency to the contract. Once this contingency has been removed we move towards closing.
The Title Company will do a title search and provide a title insurance policy guaranteeing you equitable title. This search and policy is normally paid for by the seller but with some of the foreclosure properties the seller(bank) will not pay for this and it becomes your cost. For a property priced below $100,000 the search and policy will be less than $1,000.
Once all the contingencies have been removed from the contract and the title has been cleared to close(settle) closing documents are sent to all parties by the Title Company either via email or FedEx. Some of the documents will require a notarized signature so you may need a solicitor for this. After you have signed and the documents have been notarized you pop them back in the FedEx to the Title Company while also wiring the funds to close. Once the Title Company receives the documents back, from both buyer and seller, the transaction is closed and funded. The house now belongs to you.
As your Broker, I will assist you with:
- Finding the right property
- Preparing the offer
- Negotiations
- Arranging inspections
- Connecting you with an Insurance Company
- Making sure all contracts are proper
- Reviewing the closing documents
- Arranging property management if needed
- And what ever else needs to be done to make sure it is a smooth transaction for you.
I think this is all for now. Did I miss anything?
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BB - I think you covered it all in a flash and right to the point. My best wishes to you and TLW!
Smart post, Bryant.
Yeah...at the end you blurt out "WooHooo"! Oops, sorry..that's me :) :)
Simple, to the point. Great stuff!
Hi BB! Sometimes that 'whatever else is needed...' list becomes longer than your original list!! LOL Great info for your investors! Give TLW our best (and take some for yourself too!)
Nicely done, Broker Bryant. Succinct.
I think you've got it covered BB... That's the essence of what we do.
Broker Bryant, great info for your foreign home buyers. It is pretty straightforward if your agent knows what they're doing, like you! Best of luck with the sales.
ONLY 5 PAGES in your purchase offer?! Wow - see what we get for living in a city full of lawyers? A 10 page purchase offer; plus 6-12 pages of addendums!
I would suggest you add to the info an easy description of what title insurance is (in case they use another word for it overseas or if it is not a product overseas). Something like: Title Insurance is insurance you buy that protects you against a monetary loss in the event an error is discovered in the recorded ownership of the land you purchased (i.e. the person you bought your home from didn't have clear, legal ownership of the land you thought you bought).
Besides that, seems like a good intro for overseas buyers.
Bryant,
I guess I can understand the timeliness of this post. I hope the contact information proved useful.
Wow! In these parts, they don't trust the buyers to sign everything, get the notary stamps, and send it back. Everybody goes to the tktle company for a signing party. I usually pick up my buyers - not that I don't trust them to show up! Just want to be helpful!
Bryant- Almost all our closings these days are mailaways. The last closing we went to was quite a few months ago.
Be careful with the foreign investors wiring money. There is a German and Polish scammer trying to get the wire instructions, then they somehow reverse the wire and wipe out the bank accounts.
Hi Bryant,
We have many investors also buying here in Saint John, New Brunswick, especially the oriental communities. ;>)
Bryant,
5 page contract sounds nice. It sounds like you've found a niche.
BB- simple concise to the point- For foreign Investors the market is prime. BTW I am a notary.
Wonder why all these foreign investors aren't taking advantage of the market in their own countries? The bubble's burst around the globe so why not "shop at home" instead of some place on the other side of the world. Since prices are going to continue to drop, buying now seems a little foolish.
Doesn't make sense to me.