If you are thinking of buying in Miami a property, there are a few things that you should be aware of so you can plan accordingly.
We can divide the buying process of a property in Miami into three stages. Of course, you should keep in mind that every case is different, depending on the type of property, how you plan to raise finances and other key factors in the process.
1.) Research and Selection: start with the selection of a team of professionals that will support you in the process, including a realtor specialized in international customers, a mortgage broker that works with international buyers (if you are planning to get a loan) and a lawyer and an accountant specialized in international clients.
This first phase should be completed between a month and one week before you travel, so your team can guide you to make important decisions on what and how you will buy. This should be enough time to collect the information that you need and be prepared before arriving to Miami.
2.) Visiting the properties, selecting and offering: This part of the process might take from two to five days, depending on how much work you did before coming to Miami. If you already know what you want and what you are looking for, two to three days on the field seeing the properties, choosing the one that you like the best and writing the offer will be about the average time for international buyers.
3.) Contract and closing: Once you put an offer forward and it gets accepted, the rest of the process can be done with you out of town. Your team should support you in the process. Most of the paperwork can be sent electronically and the process will be running without you in Miami. This process might take between 15 to 60 days or more, depending on the case and type of property that you are buying.
By the time of closing, if you are buying cash you might be able to do a "mail away," which is a closing where you are not physically present in Miami. You need to talk to your lawyer to make sure that is possible for your closing and what will be required, as each case is different. If you are buying with a loan, the bank requires, in most cases, that you be present on the closing. Either you need to come to Miami to handle the closing, or you can do it at the U.S. Embassy or Consulate closer to where you live.
The good news is that if you are working with a great team of professionals you only need few days in town to get it done, and this makes it very convenient to buy in Miami.
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