Miami continues to be a top destination in which non-U.S. residents continue to invest in. Vacationing in Miami for half the year and then renting it out during the other half is a profitable, popular strategy that many international buyers have. Miami’s proximity to the ocean, it’s buzzing nightlife and vibrant culture continue to be magnets for foreign dollars. If you or your client are a foreign buyers seeking vacation homes Miami, looking to buy one or any other residential or even commercial property in Miami, here’s our advice from a team that has decades of experience in the sector.
Get to the MLS (Multiple Listing Service)
Around the world, many home buyers only know one way to find properties – and that’s going to to dozens of real estate brokers to find a property. A homebuyer ends up spending countless hours going from broker to broker to see if they happen to have listings that match their budget, location preferences and other criteria. Buying in the U.S. is much more convenient in many ways and in that particular aspect, beats everyone out at efficiency. The MLS is the Multiple Listing Service that allows home buyers to view properties all in one place, regardless of who the realtor is. It’s a collection of real estate listings housed in one database and is widely known and widely used in the real estate industry. It is much more beneficial and efficient for the homebuyer and for the real estate broker. This is the national MLS listing – South Florida can be selected from the list: http://www.mls.com/Search/National.mvc and it is an invaluable tool for foreign buyers seeking vacation homes Miami.
Foreign Buyers Seeking Vacation Homes Miami Can Benefit from Mortgage Financing
The common idea is that foreign nationals looking to buy properties in the U.S. have no choice but to pay it all in cash because finding financing is nearly impossible. This is not true. Foreign buyers can definitely obtain financing for properties in the U.S. through mortgage lending companies that are familiar with the foreign buying process. The best practice is to find a mortgage lender that specialize in lending to international buyers. Apply with them to see how much financing funds will be available to you or your client. Having about 30% of the purchase price as a downpayment is beneficial for better terms and rates. Once you or your client know how much funding will be available, then you can start looking for properties in your funding range. Financing allows you to keep your assets liquid in case you have any unexpected expenses associated with the purchase or any other scenarios.
The Seller Pays the Brokers, Not the Buyer
It’s common practice in the U.S. for the seller of a property to pay the real estate brokerage fee; those seeking properties typically get the services of a real estate agent for free. For Foreign buyers, it is the most advantageous to find a broker who is local so he or she understands the areas in which they will be finding you properties; and also, a broker who is experienced in dealing with foreign buyers. International property investing has its own set of hoops to jump through. It’s a different process than it is for a citizen or resident, so it’s best to work with a realtor who can guide you through all the necessary steps to do buy residential or commercial properties in Miami properly.
You Don’t Need A Visa to Buy Property in the U.S.
Many foreign buyers think they cannot invest in U.S. properties without first getting a visa of some sort, but the truth is, a visa is not currently required. Again, finding a realtor who is well versed in the foreign buying process can help you along every step of the way. Finding a mortgage lending company who is experienced in the foreign buying process is also key.