Buying
a vacation or investment home in the USA calls for an informed
decision based in part on the knowledge, judgment, and guidance
of not just a licensed real estate broker or agent but one
who is a REALTOR.
A
Realtor in the USA is a licensed real estate agent by the
state of Florida that has graduated from real estate school
and has passed the state mandated real estate exam and is
current on all mandatory post licensing education.
Real
estate agents that are Realtors are highly regulated by the
state of Florida and must abide by the very strict rules and
regulations set forth by the state of Florida. If a Realtor
fails to abide by these rules and laws they can be punished
by fines, license revocation, and in some instances by imprisonment.
In addition to the state of Florida laws a Realtor must abide
by the Realtor code of ethics and if a Realtor breaks the
code of ethics they can loose their Realtor designation.
The
reason why the rules are so strict is to protect the Realtors
clients from any type of misrepresentation or carelessness.
n
the instance that we are representing our client in the purchase
of a home or property we are acting as buyer agents. This
means that we represent the buyer in the transaction and have
no loyalty to the seller and in most cases we do not know
the identity of the seller.
When
dealing with builders with new construction we represent the
buyer not the builder.
Our
goal is to listen to our client and get them the home or property
that meets the requirements they set for the Realtor at the
price and terms they outline.
Let's
take a close look at what a Realtor will do for you.
Buying
The
process of buying a home or investment generally starts with
determining your buying power; that is, your financial reserves,
plus your borrowing capacity. If you give a real estate agent
some basic information about your available savings, income
and current debt, they can refer you to lenders best qualified
to help you. Most lenders - banks and mortgage companies -
offer limited choices.
Finding
Once
you know how much you can and want to invest, the next step
is to find the properties that most nearly fit your needs.
This is the time to choose a real estate licensee. When picking
a real estate agent look for one who is also a Realtor. A
Realtor is a member of the National Association of Realtors,
and all members agree to abide by a 17 article code of ethics.
A Realtor has many resources to assist you in that search.
Sometimes the property you are seeking is available but not
actively advertised in the market, and it will take some investigation
by your agent to find all available properties.
Selecting
Your
job is to make the final selection of the right property for
you. This is when excitement and emotion run high. Your real
estate agent can assist you in the selection process by providing
objective information about each property. Agents who are
Realtors have access to a variety on informational resources.
Realtors can provide local community information on utilities,
zoning, schools etc. There are two things you'll want to know.
First, will the property provide the environment I want for
a home or investment? Second, will the property have resale
value when I am ready to sell?
Negotiating
There
are a myriad of negotiating factors, including, but not limited
to price, financing, terms, date of possession, and often
the inclusion of exclusion of repairs and furnishings or equipment.
The purchase agreement should also provide a period of time
for you to complete appropriate inspections and investigations
of the property before you are bound to complete the purchase.
Your
agent can advise you as which investigations and inspections
are recommended or required.
Due
Diligence
With
a negotiated agreement in hand, it is time to complete the
evaluation of the property.
Depending
on the area and property, this could include inspections for
termites, dry rot, asbestos, faulty structure, roof condition,
septic tank and well tests, just to name a few. Your agent
can assist you in finding qualified responsible
professionals
to do most of these investigations and provide you with written
reports. You will also want to see a preliminary report on
the title of the property. Title indicates ownership of property
and can be mired in confusing status of past owners or rights
of access. The title to most properties will have some limitations;
for example, easements (access rights) for utilities. Your
agent, title company, or attorney can help you resolve issues
that might cause problems at a later date.
Financing
As
soon as you are reasonably sure the property is right for
you, the process of obtaining financing begins. Your agent
can help you in understanding different financing options
and in identifying qualified lenders.
Closing
or Settlement
Finally,
there is the closing, or settlement, as it is known in different
parts of the country. Every area has its own unique customs.
In some areas, the title or escrow company will handle this
process. In other parts of the country, an attorney does it
all. Again, your real estate agent can guide you though this
process and make sure everything flows together smoothly.
Our
Real Estate agents are Realtors and all subscribe to the strict
Realtor code of ethics.
Please
complete this form providing as much information as possible,
we will then guide you through the process and explain what
you need to know about purchasing your Investment Holiday
Home in the Sunshine State.
Gordon
Lawrie - Licensed Realtor
