It remains an excellent time to consider buying a home as both interest rates and many Florida real estate markets have continued to rise. If you happen to be searching in South Florida, you probably already know that it has been a highly active and competitive seller’s market in 2018.
Although it isn’t commonly known, it is a good decision to work with a licensed Florida residential real estate attorney for your home search, as they can provide assistance with your closing and title search and insurance, and the cost can be comparable or even less than a title company — with a more thorough and professional search.
Below are some other tips to ensure a great deal:
Get your finances sorted out ahead of time
Don’t begin searching for your home until you’ve sorted out your finances ahead of time and pre-qualified for a mortgage. You will want to have a sufficient amount of cash saved up for your down payment and closing costs, as well as any potential inspections or appraisals that the seller may not cover.
On top of that, you’ll have expenses related to moving and of course you want to have some savings left after it’s all said and done. It’s better to wait to save up more instead of rushing into a deal in most cases.
Don’t waste time looking for a bargain
Right now with the market being as active as it is, it can be really hard to find a good bargain. You can end up wasting time on the process and lose out on some great opportunities if you wait for the perfect deal. Many times, the best residential deals are snagged up by investors who pay in full cash and are difficult to compete with.
Instead, find homes that appeal to you and that are within a reasonable price of local market estimates. Your real estate attorney can even assist with those estimates to help you decide if it is a good deal for your goals or not.
Take care of your due diligence
Whether it’s your first time buying a home or you have experience with it, there are multiple due diligence steps that need to be taken care of ahead of time, including thorough inspections, a title search, and investigating any reports of defects.
Although sellers in Florida are obligated to disclose material defects they have knowledge about, you will often want to take it a step further if there is any doubt at all, and at minimum get a basic or even a more advanced inspection.
It’s always helpful to work with a residential real estate attorney in Florida for the above-mentioned and many other steps to guarantee that your next home purchase is ideal for your goals. Contact Schecter Law today with any questions you may have about buying a home in Florida.