While selling financing your Miami real estate property is indeed a good option, it’s just that – good. You cannot expect the deal to be perfect since there are a lot of problems that can accompany such deal. In order to make sure that your life as a homeowner doesn’t give any headaches, you need to consider protecting your interests.
Two things you must always remember to do before allowing the deal to push through is title insurance and title search. The latter guarantees that the owner of the Miami real estate property you're planning to buy indeed has the right to sell it. This will lessen the chances of buying a foreclosure and other potential headaches in the future.
Also, consider obtaining a homeowners’ insurance before escrow. This will generally prompt a review of the seller disclosure, which can let you in on the possible discrepancies with the property you're planning to purchase and if repairs are needed.
Another important thing to remember is that to always stick with the fair market value. Avoid getting over excited at the prospect of seller financing. Many buyers easily commit the mistake of paying the seller with more than what they ought to in this situation. Consider the basics of home-buying: appraisal and inspection. You can rely on the appraisal to tell you just how much you need to pay for the house. Even if it’s only fair an interest rate of a little more than what banks require for a similar loan, you still need to trust the good faith estimates your broker will provide to help you make a better decision.
The possibility of seller financing for your Miami real estate property is indeed quite a boon, if you look at solely the benefits. But when you look at the bigger picture, it only has a handful of nuances with bank loans. This means that in order to stay safe and to make better decisions, gather the same team of professionals you will need in the home-buying process.
Mark Michael Ferrer
Miami Real Estate
Keywords: Miami, Miami home, Miami real estate, Miami real estate market, real estate