The Miami Luxury Home Buying Process

Once you’ve found a home you love, the next step is for you to make an offer. If you follow these steps before submitting your offer, you increase its chances of being accepted.

• Ask your agent for a Comparative Market Analysis (CMA) that will tell you what other similar homes in the same neighborhood have sold for recently.
• Your agent may be able to find out if there are any extenuating circumstances associated with the property such as the seller needing to move quickly, imminent foreclosure or a short sale.
• Learn what mortgage rates you qualify for so that you can calculate an affordable monthly payment.

You will usually write a check for a certain amount, called “earnest money”, to submit with the offer. After you submit the offer, one of three things may happen:

• Your offer is accepted
• Your offer is rejected, or
• Your offer is rejected and the seller submits a counter-offer.

Then, you once again have three choices:

• Accept the counter-offer
• Reject the counter-offer and submit your own counter offer, or
• Reject the counter-offer and walk away from the sale.

When you and the seller agree on a price and sign the agreement, that signed document becomes a sales contract. The contract details the sales price, deadlines for inspections and loan approval, closing costs and any exclusions (appliances, light fixtures, etc.).

In Florida, home sales are handled through an escrow company, a neutral agency which oversees each step of the sales process. You or your agent will be in constant contact with your escrow officer as the sale proceeds towards closing. During escrow, you will finish securing your loan, find an insurance policy and order inspection and your lender will order an appraisal to make sure that your property is valued at the amount of the sale price.

An inspector will examine the home’s structure, systems (e.g., electrical, plumbing, heating/AC) and the surrounding grounds. It’s a good idea to accompany the inspector so that he or she can answer any questions and/or point out any potential problems. If the inspection turns up any major issues, you may choose to renegotiate the sales price, ask the seller to make the necessary repairs or walk away from the transaction without penalty.

Once all the paperwork is in order, it’s time for closing. Just before closing, you will do a “walkthrough” of the property to make sure that the home is in the same condition as when you signed the contract. At closing, the escrow agent will ask you to sign a large number of documents. Read them all carefully before signing; if you have any questions or concerns, be sure to ask. Errors in the documentation are rare, but they can occur. After you have signed all necessary documents, you’ll receive the keys to your new home!

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Work with the Agent Who Can Show You Exceptional Miami Properties Before They’re Even Listed

You’re most likely familiar with the MLS—the Multiple Listing Service., an online tool that lists properties for sale with real estate agents who are members of the service. In Florida, you are able to view every property listed by a participating agent. To make your search easier, fill out my free Miami MLS Search Form, which will help narrow your choices to homes that have the features you’re looking for.

However, many Miami Luxury Homes are sold before they are ever listed on the MLS. That’s why you want to work with an agent who really knows the Miami market and can schedule showings of these special homes before the general public learns about them. As a lifelong Miami resident, I’m familiar with the luxury home communities here, and am one of the first to know when special homes are for sale in Coral Gables, Coconut Grove, South Miami, Miami Beach, Pinecrest, Palmetto Bay, Doral, Brickell and Key Biscayne.

Be Among the First to Know

Preview fantastic Miami Luxury Homes as soon as they come on the market. Sign up for complimentary Luxury Listing Alerts, and you’ll receive emails highlighting luxury properties throughout the Miami/Dade County area.