How to qualify

When you buy cash

As in most acquisitions, cash is the preferred method of payment in most real estate transactions. If you plan to purchase a distressed or bank owned property you must be ready to act quickly and have your money available. Real bargain properties are almost impossible to buy with financing.

Cash must be deposited with a banking institution and you need to provide “proof of funds” from your bank. The most common way to proof your funds is a letter from your bank in English language. It must state:

• The bank’s name and address
• Your name
• The date and place
• Addressed “To Whom It May Concern” or “Attn. Miami Real Estate Team”
• Confirm that you have investable assets in the dollar amount you wish to invest.
• Signed by an authorized bank officer.

Financing is available for domestic and international clients.

Domestic Buyers:

- 80 % Loan To Value is a standard in today’s market up to $417,000.00. Higher ratios are possible in theory. Websites such as www.homepath.com are the only exception. They sell bank owned properties and allow owner occupied homes to be purchased with up to 96 % loan to value. They are initially made available to buyers using financing during their “first look” period which lasts about 2 weeks. Your credit score and property value determine a success rate of your purchase.

Note: with financing your closing costs will be substantially higher than with cash.

International Buyers:

Financing is available to foreigners up to 70 % loan to value. Verification of income, tax returns and 3 bank references from your country are common requirements when you plan to apply for a loan in the United States.

For current interest rates and your mortgage calculator use our website.