Advice on buying a Resale Property in Florida

Some straightforward information to consider while looking at the Florida Resale market.

Florida resale properties can sell very quickly so anything you may see on a web site or information that you receive should only be taken as reference point, the best and safest possible way to see what is available is to visit the area

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For the best rental potential a resale property in Florida should be no more than 15 minutes from Disney, also close to a Golf Course , Supermarket and other amenities you would use if on vacation e.g. Petrol station , Restaurants , Pharmacy and fast food take away for when time is short. The more amenities available, the easier it will be to rent out.

Some of the cheaper resale properties for sale in Florida are what they call Short Sales or Foreclosures.The best advice on any short sale or Foreclosure is to have a qualified building inspector inspect the level of detail.A buyer’s inspection or survey will cover a range of topics depending on the type of survey undertaken.

A valuation survey will simply give you an indication as to the value of the Florida resale property. You can compare this to the asking price and can offer on the result of this. (The buyer’s broker should be able to give you an indication regarding a value) You can have a basic survey which covers the cosmetic condition of the property this may include signs of mould or have a full structural survey which will include the structural condition of the property.

 
For straightforward resale’s (not short or repossessions) the buyer’s broker may take a look at the property on your behalf and can give you an opinion regarding the condition. This would not be the same as a full building inspection but an experienced broker acting for the buyer can usually spot any major problems. The buyer’s broker would not normally charge for this service as long as you do not abuse this good will. Deposits can range from $5,000 up to $10,000This may be the way to proceed on a normal sale as you can always get a full inspection once you have made an offer. On a short sale or re possession (foreclosure) you should go straight to full inspection. As any offer you make will not be subject to inspection.

If you would like to make an offer on a short sale or repossession you must the funds in place before your offer is put forward. A letter showing proof of these funds will be required. You should talk to a mortgage broker if a mortgage is required before deciding to look at short sales or repossessions.

The banks often market properties at a price below that of the seller’s mortgage, it can be that often banks may choose to hold on to a property rather than sell it at a loss as the market is now showing signs of improvement. If you are interested then you should place an offer, the offer should place your best offer and that may be higher than the listed price.

 
If you want to make an offer then this is on the understanding that the property is sold AS seen, and we would recommend that you pay for an inspection before deciding to make an offer. When purchasing a resale property in Florida you should make enquiries and check the following items before purchasing and if required budget accordingly

 
De Bugging $1000- $2000
Repairing pool area and Patio $700
Replace Pool Pump $3000
Replace pool Furniture $250
Repair Pool covering $400 - $700
Furniture £22,000
White Goods $3000 - $5000
T.V’S $2500
Painting of the property $900
Carpet Replacement $4500
General Repairs $2500
Hotel Licence $150
Replace garden plants $400
Air conditioner services and contract $600
Certificate of safety $600 to $1000
Roof maintained $400
Survey $1000
Insurance (cash buyer per year) $1200
TOTAL $ 48,800.00

 
We would suggest that you are in Florida for at least one month to organise this process or employ a management company.
Disclaimer. The above costs are indicative and may vary, they are intended represent  the costs that could be incurred when buying a resale property in Florida, and will clearly vary accordingly when compared to actual quotations.

Read more about owning or buying a property for sale in Florida from Overseas Property Centres.

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