One of the things that you should take note of if you are planning to get a rent-to-own property is that you will be buying it from individual sellers. So, if you are planning to start a new life in Miami, FL on a property lease, considering a for sale by owner property (FSBO) would be a pretty great option. Aside from opting to look for rent-to-own properties from FSBO, you can also do away with an agent. As long as you are sure that you can handle the logistics of your house-hunting endeavor, then you can directly negotiate with the owner of the property. Prior to looking for a property and contacting the owner, there are several things that you have to keep in mind.
Consider the place and the price. If you have already decided to live in Miami, the next thing to consider will be the neighborhood that you want to live in. This is an important factor since it will affect the cost of the property that you will eventually be buying. Take into account the down payment and the monthly fees that you will be spending once you acquire the property. In addition, the cost will determine the mortgage that you can take on once you apply for it.
Apply for a Pre-approved Loan. To make the transaction faster for you and the owner, it would be wise to get pre-approved. Sellers are keen to know if you are capable of buying their property. With a pre-approved loan, the owner already has an idea of how serious you are in your negotiations. Prepare all the documents that you will need so it will be easier for you to convince your lender of your eligibility.
Look for Properties. Visiting one property after another can be time consuming. Instead, go to FSBO websites for properties in Miami. Once you find a property that addresses your requirements, you can directly contact the owner and schedule to view their house. Make sure to ask questions while in the property instead of sending an email or discussing it over the phone.
Request for a Home Valuation. You should be able to determine the value of the home so you know if the asking price is justifiable. A property or valuation report will allow you to compare the house that you are planning to acquire with properties within the vicinity.
Hire a Miami attorney. Seek legal counsel to facilitate a painless negotiation with the owner. An attorney in Miami will be knowledgeable in the city’s policies and ordinances regarding real estate and tax laws. Your attorney will also help you once you present your seller with an offer form.
Make your Offer. Once you have prepared all the documents, you are now ready to make an offer. See to it that the offer leaves room for negotiation and that it is justifiable to you and the owner. Base your offer according to the valuation report, market research, as well as from the observations that you have taken note of while viewing the property.
Before closing the deal on the FSBO property, you have to settle on your lender and on the mortgage rate. Additionally, you will need to hire a licensed home inspector who will evaluate the condition of the property. The inspector will then provide you an assessment report stating the structural or mechanical problems that needs to be addressed. The outcome of the report will help you re-negotiate the terms of the price that you have agreed on, especially if there are complications that need to be compensated such as roofing or heating problems. Once all of these are addressed, you are on your way to closing the deal and getting the keys of your new house.
Whether you are a buyer or a seller, you have come to the right place. LucnarProperties.com is your source for real estate information and assistance. You can purchase homes here or you can sell your home to us. Give us a call and we will give you more details.