The 9 Steps to Property Ownership

It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a Florida property and write them down.

Some of the reasons may be:

A) A holiday home for you and your family to enjoy.

B) A holiday home that you also want to 'rent out' when you or your family are not using it.

C) An investment in the Florida property market while prices are at a low

D) A dollar investment - investing in Florida real estate while the exchange rate is so favourable to the sterling.  In which case you may want to rent out annually.

Whatever your reasons, it is important to make sure you can afford it!

This step is important for anyone but particularly important for the British Buyer.

The American system is completely different and so you are relying on your US based real estate agent for a great deal more than just finding the property!  Make sure the agent you choose to work with has a history of working with British buyers... ask how many British they have worked with this year (and completed the sales!).

Working with an inexperienced real estate agent can turn your property buying dream into a nightmare.

Ask us for a list of recommended agents in the area of your choice.

You may have already started your 'hunt' on the internet.  You may have visited the area in Florida you wish to buy several times already.

Everything is listed on the MLS system (multiple listing service) so you can view most properties on line while back in the UK.

Of course, what you cannot see is the location!!  Who is next door, what is opposite etc. etc.

Make a list of things that are important to you about the location as well as the house.

The next step after contacting a recommended real estate agent is to book a trip out to area of choice.  Speak to the agent on the phone and work with him/her on email to make sure you feel happy and comfortable with them.  They can 'preview' houses for you if you would prefer (although this is not necessarily recommended).

The agent can then arrange appointments for you to view houses on your visit.  I would recommend no more than 5 houses per day to visit.  It is very important to view the areas as well and this you may want to do on your own.

Point out to the real estate agent what you like and don't like about each house.  Often the 'wish list' changes once a buyer starts viewing the property of choice.

As a British Buyer, the knowledge of your real estate agent of the local market is an essential factor in the house search.

Make sure your agent is 'full-time' in the business!

They can let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

As you view and tour houses, your agent will let you know when the asking price has negotiating room and when the house is "priced to sell". A good agents unique market knowledge will keep you a step ahead of the "house hunting competition".

In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.

In a buyers market as we are experiencing at the moment; it is likely you will find your ideal property.

When you do, your agent can put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).

The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).

Market conditions will play a role in how aggressively you can negotiate the deal. Make sure you also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.