Purchasing a home sight unseen sounds more nerve-racking than anything, but it doesn't have to be! Working with a local real estate agent who has helped countless buyers move to Miami without ever stepping foot in the city can make the process easy and stress-free. Apartment 411 at the Murano Grande in South of Fifth Miami Beach is one of the most recent sales we've done like this. Here is a complete guide to buying sight-unseen in Miami.
1. Prepare your funds and get pre-approved
Put together all your financial documents and get pre-approved by a mortgage lender. Click here to view our preferred mortgage brokers. Prepare your paystubs, letter of employment, W2's, 1099s, your ID's and have your Social Security number on hand for the lender. These will be necessary to calculate key ratios such as debt-to-income, housing expense ratio, and others in order to qualify you for a mortgage and get you that coveted pre-approval letter.
2. Research different locations
After understanding what you really need in a home, ask me which neighborhoods and buildings might best suit your needs. Check out these neighborhood guides and search properties here. Get to know the school districts even if you are an empty nester or don't have any, since this can greatly affect resale value and marketing time when you decide to sell. Use these links to explore the school districts in Miami Dade, Broward, and Palm Beach counties.
3. Don't be fooled by edited photography
Ask me to send you additional photos and videos, up-close shots of the things you don’t see in listing photos, and floor plans. We can also schedule a virtual walkthrough on FaceTime, Skype, or Zoom so you will be able to view every part of the property and community as if you were here with me.
4. Make a decision
Narrow down your favorites to 3 - 4 homes. Once we’ve gone over comparable sales and offer strategy with you, do not become complacent, make an offer! We’ve seen time and time again hesitant buyers miss out on a home because they waited too long.
Having negotiated over 100 contracts and over $1m in listing discounts, I will go over the offer strategy with you to ensure success. However, if the seller is not cooperating and we believe you can get a better deal on one of the other homes, do not get attached just yet, move-on to your 2nd favorite home.
5. Due diligence
Once we’ve come to an agreement on price and terms with the seller, it will be time for the inspection period. You choose the inspector and I will be there to take photos, videos, and walk you through it via video conference.
Allow 48hrs to receive the report back. If the property requires some TLC, and we still have a few days in the timeline, this is when I will help you get quotes for the suggested repairs.
If applicable, apply for financing, apply to the homeowner’s association, and get property insurance quotes.
6. Closing & move-in day
All due funds should be transferred to the title agent or attorney handling the closing via bank wire a day or two prior to closing. This will ensure a smooth closing.
With Remote Online Notary services quickly becoming the norm, you can receive all paperwork and the closing statement via email to sign electronically. However, physical signatures are still required so you will need to overnight the files to complete the process.
Once the transaction has funded, you can pick up the keys or they can be mailed to you! Schedule your move with some of our preferred vendors.