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BCDC: Our Frequently Asked Questions (FAQS)

September 29, 2018
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Buying, selling or leasing a home or condo can be a complicated, cumbersome and stressful process. With over 40 years of combined experience in the Miami real estate market, we know that prospective homebuyers make better decisions when they’re confident and informed. To that end, we’re sharing our list of FAQs (Frequently Asked Questions) to shed some light on the home buying process:

Q- How do I know if it’s a buyer’s or seller’s market?
A- In a perfect world, you’d always purchase a home in a buyer’s market–when prices are lower because there’s less demand. A seller’s market boasts higher home prices driven up by increased demand.

Q- I want to buy a home, but where do I start?
A- Your first step is to get pre-approved for a mortgage. Having this information shows you’re a serious buyer and helps determine the types of properties that are in your price range.

Q- What fees are associated with buying a home?
A- Remember that mortgage we were talking about? It’s best not to pick a property at the top of your price range because the cost of a home isn’t simply the down payment and mortgage. You will also have closing costs (typically between 2 – 5% of purchase price) that include lender fees, title fees and any prepaid costs. It might prove wise to anticipate attorney’s fees (if an attorney is necessary or required for the transaction), inspection costs and various other minor fees that might come into play. Moving costs should also be considered, as those can put a slight dent in your wallet – especially if you’re moving city or state.

Q- There are so many incredible properties in Miami. How many should I see before making a decision?
A- See as many as it takes! Because there are so many fabulous Miami homes and condos, make a list of your must-have amenities to narrow your list of properties to view.

Q- What happens after I choose my dream home?
A- Welcome to the purchase process (this is our second favorite part of being realtors)! Your agent will make a purchase offer. Contracts and documents will pass from buyer to seller until you reach an agreement. You’ll also need to get full approval from your mortgage lender.

Q: Is a home inspection an absolute must?
A: Absolutely, YES! You want to know the true condition of your home to avoid any pricey surprises (like an overhaul of the electric work). If something isn’t up to code or doesn’t meet your liking or requirements, it makes for a good bargaining chip with the seller.

Q- We’re closing! Now what?
A- Fabulous! Now, THIS is our favorite part of being realtors. If you’re pleased as punch after the inspection and doing a final walkthrough, as the buyer, you’ll pay the costs to close the transaction. The title is transferred from seller to buyer and – congrats! – you get the keys to your new Miami home or condo!

The team at the BCDC Group wants to congratulate you on making the decision to buy your home sweet home in Miami! It’s our pleasure to provide you with the highest level of client service and unparalleled expertise throughout the purchase process. To see how we sell Miami and to stay informed with agency news, visit our website.  You can also follow us on FacebookInstagram, and Twitter.

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