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A FEW TERMS AND THINGS YOU MUST KNOW WHEN PLANNING ON BUYING A PROPERTY IN MIAMI

• What is a short sale?
• What does foreclosure mean?
• What is a REO?
• South Florida Luxury Real Estate Buyer guide and Tips
• Quick Checklist
• Buyer Closing Costs
• National / International Buyers Travel & Concierge Services

Buying Miami Luxury Real Estate is an Investment in Your Future

At CeleKt, our level of experience and excellence as a full-service real estate company means you will receive expert guidance in all aspects of South Florida real estate. Buyers who require exceptional professionalism and timeliness in completing every step of their Miami real estate purchase, or any major property transaction, always feel right at home here.

Despite the current economic cycle, today's real estate market offers some great deals in REO and short sales. Trust CeleKt to handle all of the details during these often complicated transactions to ensure your purchase is seamless and your investment secure.

Let CeleKt Find Your New Condo, Single-Family Home or New Development

Understanding the particulars involved in the purchase of Miami luxury homes by the waterfront, or singling out the best unit and floor plans from the vast supply of existing South Beach condos can be tricky. We're here to assist you and meticulously guide you through every step of the home buying transaction, whether you are looking for a South Beach luxury condo or a short sale in Downtown Miami. You can rest assured that we will provide you with the best service and accompany you in this venture as business partners.

What does foreclosure mean?

Foreclosure is a process that allows a lender to recover the amount of money owed on a defaulted loan by selling or taking ownership (repossession) of the property in order to secure the loan. The last thing a bank wants to do is to foreclose on a homeowner, as it is a slow and long process and very costly for the lender. Each state has different foreclosure procedures and timelines. A foreclosure may reflect negatively on a credit report for up to 10 years.

What is a short sale?

A short sale or negotiated settlement (also known as "short pay") occurs when a lender agrees to accept less than the amount owed to payoff a loan as an alternative to foreclosure. If the property is worth less than the amount owed on the loan, then even if the lender forecloses and takes back the property, they know they are going to take a loss. The short sale negotiation process is a lengthy one; it may take several weeks or, more likely, several months to get an approval. A short sale may reflect negatively on a credit report for approximately two years.

In the short sale process, you must be aware of two different terms:

• "Release": A lender may offer to "release" its security interest against the property in exchange for less than the total amount of the note. A release will allow the property to be sold without paying off the full obligations of the note. However, the note is not satisfied. The remaining debt on the note, sometimes called "deficiency," still exists. You are still liable for the full balance of the note.
• "Satisfaction": A lender may agree to accept less that it is owed as complete and total satisfaction of the note and releases its liens against the property. When the property is sold, the debt is paid off completely. You may have some tax consequences that you should discuss with your tax advisor.

What is a REO?

REO stands for "Real Estate Owned." These are properties that have gone through foreclosure without a successful sale and are then reverted back to the bank, lender or the mortgage company. The mortgage loan no longer exists. Now the bank, lender or the mortgage company have the burden to list and sell the property for the highest recovery in the shortest amount of time.

SOUTH FLORIDA LUXURY REAL ESTATE BUYER GUIDE AND TIPS

No matter how many times you have purchased property before, buying a home is always one of the most important and daunting choice you'll ever make. There are reasons for that-buying a home encompasses several major decisions that are all crucial.

Quick Checklist

CeleKt offers a complete checklist of home features to ensure you get the perfect home for you. This list is incredibly useful in helping you to think about the many facets of selecting a condo or house in South Florida, from the neighborhood you choose and proximity to highways and beaches to the amenities such swimming pools and parks that are essential in your search.

Buyer Closing Costs

When a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance. Some typical buyer closing costs include: the down payment, loan fees (points, application fee, credit report, etc.), prepaid interest, inspection fees, appraisal, mortgage insurance, hazard insurance, title insurance and documentary stamps on the note.

National/International Buyers

For our buyers not currently located in South Florida, we have great relationships with concierge companies and travel agencies offering you all types of services. From booking your flight to Miami and reserving your hotel to setting up transportation, leisure activities and dinner reservations, we will ensure your entire trip is effortless.

Our South Florida Premier Travel Agency partner:

For general inquiries or requests, feel free to email us at: concierge@celekt.com