Tip:
Highlight text to annotate it
X
MIAMI BEACH REAL ESTATE TIPS ON FINANCING A CONDO OR HOME
Jamey: Hey, I’m Jamey Prezzi with miamicitydiggs.com and our newest property search system miamibeachpropertysearch.com
and I’m here with my partner.
Ognjen: Hey everybody, I am Ognjen Prezzi.
Jamey: We are luxury realtors in Miami Beach, Brickell, Downtown Miami and Coral Gables.
And today we’re here to talk to you about how to purchase a property with financing
in Miami.
Ognjen: Oh, that’s a serious topic. You’re sound very serious saying with that one.
Jamey: I know. Okay. So let’s just cut to the chase. Here’s the thing, we are mostly
a cash market. Based on today’s data that I’ve just pulled off the MLS updates for
the Realtors Association, we are about a 74 to 78% cash market for condominium sales that
means that’s the number of people who have purchased property with cash recently and
also for homes were about 50%.
Ognjen: It’s about 50%.
Jamey: Yeah, cash market. Okay, so...
Ognjen: So I want to say this if you’re purchasing with financing, it’s not impossible.
It is definitely possible because people are buying but you have to be prepared properly.
Jamey: Yeah. And one of the first steps that you need to do is and I’m just going to
say this just to cut to the chase, use a local lender, one who knows our market because I
cannot tell you how many times some of our clients have used lenders who are not familiar
with our market and have not had successful deals.
Ognjen: Yeah.
Jamey: And It’s just not very good guidance. So...
Ognjen: And because it gets very frustrating because you never know what get happen with
your deposit because your deposit can be at stake.
Jamey: Yeah.
Ognjen: So that’s something to just think about.
Jamey: Yeah. It’s very important.
Ognjen: And you don't want somebody who is just going to promise you everything and on
the end they cannot deliver.
Jamey: Listen, some of these people have a bad habit of promising and just taking applications
and have just “Wooh. Put it up into the gods hands, let’s see if it will happen,
roll the dice whatever.”
Ognjen: And whatever happens.
Jamey: We don’t work like that. The way we work with our clients who need financing
is this, you need to go to a local lender, you need to contact them, and let them tell
you what you’re eligible for.
Ognjen: Let me just say something. It’s really important to know sometimes at the
beginning, it may take you just a little bit longer, a little more time to just get everything
together your financing properly, but once you’ve finished with this process, you speak
with an experienced lender, everything – your game plan will change.
Jamey: Yeah.
Ognjen: And plus when we put an offer like we have a really good pre-approval letter,
the listng agent or the owner is going to look at your offer probably differently.
Jamey: Yeah. I mean, listen. People know the local lenders here or they know people who
are experienced in our market. So your offer looks only better if you’re using someone
who is qualified because they’ll say, “Oh, wow. This buyer is really qualified.”
Ognjen: Correct.
Jamey: “They’re using this lender. This lender does a ton of deals here. They’re
super experienced.” And at the end of the day, that’s the most important thing is
to make your offer standout and look the best especially if you need financing and you’re
competing against cash buyers.
Ognjen: Absolutely, absolutely.
Jamey: So call a local lender if you need financing in our area and do that first before
looking at properties and if you have any more questions you can read our real estate
blog miamicitydiggs.com. You can search for property on miamibeachpropertysearch.com or
you can call us.
Ognjen: Or you can call us. Also we have a list of experienced lenders that we worked
with in the past and with all the successful deals that happen with them. So call us, we’ll
give you like great references and we can go it from there.
Jamey: Yeap. You can call us at (305) 793-8965.
Ognjen: 8965.
Jamey: What is that?
Ognjen: You like this. This is a new thing. It’s a new thing for the videos.
Jamey: Yeah, great. Have a good day.
Ognjen: Bye.