GREAT INVESTMENT OPPORTUNITIES
IN RESALE HOMES

Initial Deposit: Once an offer is made on a resale property, an escrow deposit of $2,000 to $5,000 will be requested by the seller to take the property off the market. This deposit is held by a closing agent called a Title Company. A binding contract is completed and signed by buyers and sellers, with a closing date chosen for approximately 45 days later.

Mortgage: If the home is purchased through financing, there will be more closing costs than with a cash sale. The average down payment is 20% to 25% of the sales price for a foreign national. Usually the total closing costs will amount to 3% to 4% of the amount financed. Your mortgage representative can give you the exact numbers.

Home Inspection: If a resale home is older than one year, a home inspection done by a licensed professional is highly recommended at a cost of approximately $300. This inspection is a thorough examination of the home, both inside and out, and will alert the buyer to any potential problems or major expenses that the buyer may have. Any serious findings can be negotiated with the seller, and a list of requested repairs are then completed before the buyer takes ownership of the property

Other Costs to Consider:

Utilities such as electric, water, gas, telephone, TV cable, trash removal . . . .will need to be contacted at least one day prior to closing and changed to the new owner's name. Most companies require up front deposits to make these changes.

Homeowners Insurance is the protection for your home in the event of fire, theft, wind damage, or any other natural disaster, and will pay for any repairs necessary should such an event occur. The cost varies, depending on size, age and location of the property.

Taxes are assessed on every US home and paid to local governments to assure that roads and infrastructures in communities are cared for, and schools, police and fire protection is provided. This fee will also vary depending on many factors, such as in what county the home is located. Taxes will be calculated according to the month of the year the buyer takes ownership and are paid on an annual basis.

Home Owner Association Fees (HOA) – Most Florida communities have deed restrictions that protect the residents and assure appreciation of the property. Lawn care is often provided and the common areas of the community are maintained. These fees also depend on what amenities the community provides, such as clubhouse, community pool, guarded entry gate, tennis courts, or other outdoor activities.