subject: Plan A, B And C When Buying Miami Real Estate Property [print this page] Savvy homebuyers always anticipate problemsSavvy homebuyers always anticipate problems. Aside from having Plan A and B, they often concoct Plan C to serve as cushion if the first two fails. When you're buying a Miami real estate property, adopt this strategy to help you survive. Along with your Realtor, devise a set of plans that will help you swim and save you if you sink.
Plan A
Generally, your first option is to purchase the Miami real estate property as is or as per indicated in the purchase contract. This is only applicable if you're knowledgeable of the intricacies of as-is offers. In a nutshell, you must only go through with Plan A if youre satisfied with the condition of the property and if there arent any major repairs required for the home.
But dont forget that nothing is set in stone. You may have to change your mind once you find out about the real situation going on within the property the situation that happens within the walls, ceilings and foundation.
Plan B
If, however, you dont like the original purchase contract of the Miami real estate property, you still have the option to renegotiate. This is the time for you and your Realtor to discuss the possible approach and determine the parts of the contract that will be negotiable. In addition, it will be tremendously helpful if you know whether the seller is willing to make concessions or offer incentives to move the deal through. Be thorough and leave no important detail.
Plan C
C is for contingency. After an unexpected event happens during the transaction (the inspection discovered major flaws within the structure; your loan falls through; or the home value does not jive with the appraisal), Plan C will allow you to back out of the deal without any penalty, except for the money you paid for the inspection.
The most crucial tip in buying a property is to never make an offer without contingencies. If you're about to spend big bucks on something, its only natural to expect some kind of safety net. This is why its important to always have your back-out plan ready in case the transaction falls through.
All of this mainly depends on the results of the home inspection. In general, Miami real estate properties that appear well-maintained are probably maintained properly by their respective owners. But be careful as looks can be deceiving. Case in point: flippers. It may look mint on the outside but you must find out if it hides awful structural secrets before even making offer.
