Florida is home to sun, sand and surf; five-star restaurants, world-famous attractions and some of the nations’ best golf courses not to mention diversity and culture. It’s a popular destination for tourists and investors alike and according to the National Association of Realtors more foreigners buy real estate in Florida than anywhere else in the U.S. particularly now that Miami foreclosures and Florida foreclosures are dropping prices to their lowest in decades.

• Ideal place for a vacation property: Florida boasts winter temperatures averaging 78F/ 26C, year-long blue skies, endless white-powdered beaches and laid-back living

• Property prices are at their lowest in decades: Thousands bought homes they couldn’t afford with adjustable rate mortgages. When interest rates rose, payments rose, owners couldn’t pay and banks repossessed. Bank-owned properties (in Florida foreclosures) are selling for a fraction of their value and Florida foreclosures are consistently ranked among those belonging to the region with the highest rates of foreclosures.

• Exaggerated development: South Florida is peppered with brand new, largely unoccupied, waterfront condos whose developers have slashed prices to compete with the abundance of Florida foreclosures, Miami foreclosures and bank-owned propoerties on the market and sell units.

Why Invest Now?

• Experts predict the housing market has hit rock bottom and will soon regain strength, quickly

• The weak U.S. dollar combined with today’s low prices has initiated a buying frenzy among foreign investors that is strengthening the market and raising prices

• Florida foreclosures and foreclosure rates are slowing and cheaper properties are becoming harder to find

• Qualified foreign nationals are eligible for up to 70% financing

• The time to buy Florida foreclosures is almost at an end so ACT NOW!

Why Chose PressitOn Estate?

• Based in Miami we are an outpost of Europe’s decorated business group PressitOn Global

• Our certified, competent personnel are fluent in English, Spanish and Polish

• We share more than two decades experience in the Florida realestate market

• Among our awards and recognition:

• Built Environment Gold Award

• European Business Award

• Certification from the International Standards Organization (ISO)

• Certification from the Business Fair Play Committee

• We boast a stable of satisfied European-based clients with whom you may speak directly

1. What are my upfront costs?

1. Initial Deposit
   When you are ready to look for a home and make an offer, most sellers require at least a $5000 deposit in order to consider your offer. Upon acceptance, these funds must be deposited by a local Title Agent.

2. Additional Deposit/s
   Immediately following the property inspection period, most sellers will require an additional deposit of between five and ten percent of the total sale price,used to reassure the seller of your commitment to finalize the sale. Should the transaction fall through, both deposits are fully refundable provided you complied with the terms of the agreement and you garner the sellers' prior approval.

3. Home Inspection
   We highly recommended you complete a professional home inspection to avoid purchasing a property fraught with major defects for warranted items. Traditionally, most homes have at least $2,500 of deficient items. The cost of an inspection can be an inexpensive as $200 for a condominium to as much as $1,500 for a single family home. Inspection fees must be paid, in full and up front and are non-refundable.

4. Mortgage Costs
   Lenders typically charge an application fee that ranges from $300 to $600. This charge is non-refundable and covers the cost of an appraisal and credit report.

5. Association Screening
   Should an association require an interview, they typically charge a non-refundable screening fee of $100 to perform a background check.

2. How much are typical closing costs?

1. Paying Cash: less than 1% of the purchase price.

2. Condominium: 4 to5% of purchase price.

3. House: 5 to 6% of purchase price (insurance paid at closing).

*Within three days of receipt of your application, your loan officer will furnish a “good faith estimate” that will reflect an itemized list of all closing-related costs.

3. How much is my typical monthly payment?

*assumes 7.00% interest only, fixed 30 years, APR 7.23%, 30% down payment.

*Annual Taxes 1.5% of Price

4. What are my Property Taxes?

Property taxes for foreign investors are equal to those paid by American citizens and/ or residents, approximately 1.75 to 2.00 percent of the sale price. This amount will likely increase or diminish yearly.

1. Condo: Monthly condominium maintenance fees typically include hazard, hurricane and flood insurance. The only additional insurance you may decide to purchase is an optional policy that covers the contents of the property and personal items.

2. House: Lenders financing a home purchases will mandate the buyer obtain hazard, hurricane and flood insurance. Securing coverage is your responsibility and must be completed prior to closing. We are able and willing to assist with this process.

Insurance costs typically run as follows:

1. Hazard: 0.25% of the value per year.

2. Hurricane: 0.75% of the value per year.

3. Flood: $350 to $500 per year.

6. Can I own in Corporation Name?

Purchasing realty in Florida using a corporation name is a common practice; establishing a Florida corporation is relatively simple and takes only a few days. There are tax consequences, so we recommend consulting a qualified tax advisor.

1. You will receive a full set of condominium documents outlining the rules and regulations, bylaws, declaration, budget, financial information, voting rules, et cetera, within five days of a contract acceptance. Florida law stipulates a buyer has three days to review these documents during which time you may cancel the transaction for any reason without forfeiting any of your deposit monies.

2. Most associations mandate potential owners (residents and non) submit to a screening during which applicants are traditionally required to furnish documentation supporting claims of income, residency and employment as well as banking information. Certain associations require an in-person interview.

3. Strict procedures govern condo renovations, including but not limited to; hours during which construction projects are permissible, licensing regulations, adherence to uniformity and permitting.

8. Are there any sales restrictions?

When a non-permanent resident sells a property the title company will typically withhold ten percent of the sales price for the sooner of six months/ you furnish proof all applicable taxes hare paid in full. Exceptions occur so we advise you consult a professional tax advisor.

9. How does financing work?

• MTA ARM: Fixed interest rate for one month, thereafter rate may change monthly. This type of the mortgage can be and most probably will have a negative amortization!

• 1/1 ARM: Fixed interest rate for one year, thereafter rate may change once per year

• 3/1 ARM: Fixed interest rate for three years, thereafter rate may change once per year

• 5/1 ARM: Fixed interest rate for five years, thereafter rate may change once per year

• Fixed rate: Interest rate remains the same for the duration of the term of the loan

Please be advised that variable interest rates (ARM) are lower than fixed rates. If the buyer plans to own the property for less than five years, it is advisable to consider one of the ARM rates listed above.

Financial requirements:

• Down payment: 20 to 30 percent of the purchase price (depending on property type and lender)

• Closing costs: approximately five percent of the purchase price

• No verification of assets: May be overlooked provided the buyer can furnish statements from an accredited U.S. bank (dated at least 90 days prior to closing) showing he/ she has sufficient funds to cover down payment, closing costs, as well as a six month reserve of principle, interest, taxes and insurance (PITI).

• Payable upfront: Bank appraisal, survey and termite inspection fees (approximately $775), which are necessary for all loans and protect the interest of the buyer. The appraisal estimates the real value of the property, thereby determining if the property is worth the sale price.

• Many times inspections cost less than estimated and the remainder of the $775 will be funded back to the buyer.

• Homeowners Insurance must be paid upfront for the first year. However, the cost can often be factored into the closing costs and paid at closing.

10. What about ownership?

Purchasing a property directly from the owner, without a realtor, will eliminate realtor-associated fees and might result in a lower sale price.

• Primary Residence – purchasing a property to live in as your primary residence

• Second Home – purchasing a property as a second home

• Investment – purchasing a property solely as an investment

  Title Vesting: Property can be purchased with different ownership rights, which will not affect the mortgage terms, including:

• Individual

• Joint

• Family Trust

• Corporate (owner of corporation is responsible for mortgage)

Business funds: May be used if supporting documentation proves borrower owns 100 percent of the business and has access to relevant funds.

Deed of Gifts is Not Permitted

11. What documentation must I provide?

All documentation must be in English and all currency in U. S. Dollars:

• Legible copy of valid passport and visa

• Employment verification:

1. Salaried: Letter from your employer on letter-headed stationary that must include company's official name, address and phone number. The employment verification letter should also state the duration of your employment (two being the acceptable minimum), position and annual income (in U.S. Dollars).

2. Self Employed: Letter form an independent certified public accountant (CPA) on CPA’s company stationary that states the borrower’s company name, address and annual income U.S. Dollars.

• Credit Criteria: Between one and three credit reference letters (depending on lender’s requirements) from the buyer's country of origin (at least one must be from a bank). Most lenders require only one letter from a financial institution yet accept other personal reference letters from friends and co-workers.

7. Prepayment Penalties:

Please be advised that some loans have a prepayment penalty for as many as three years: If the buyer pays off the loan during the first three years, prepayment penalties may apply.

Others have what has been dubbed a soft prepayment penalty: Penalties only apply in the event the buyer pays off the loan and keeps the property. Should the buyer pay off the loan and sell the property, no such prepayment penalties apply.

It is imperative we are aware of the buyer's intentions with regard to the future sale of the property in order that we can provide a loan devoid of such penalties as and when possible.

MLS listings provides access to Miami Florida condos, Miami condominiums, homes for sale in Florida, Florida homes for sale and to Florida MLS listings where you can search other property types, including Miami homes for sale, Florida realestate, Miami homes, Miami Beach condos, Florida condominiums and Miami Beach condominiums. MLS listings also allows you to view luxury condos and luxury realestate for sale in Florida, including Fisher Island, Miami Beach, Star Island, Sunny Isles, South Beach, Key Biscayne, Aventura, Brickell Key, Downtown Miami, Bal Harbor, Boca Raton, Palm Beach, West Palm Beach and Fort Lauderdale. In addition to helping search homes for sale in Florida, PressitOn Estate’s Miami realtors can help you scan MLS listings for Miami foreclosures, Florida foreclosures and Miami Beach foreclosures if you are considering realestate investing or finding a realestate investment opportunity. PressitOn Estate’s team of professionals is also equipped to help with mortgage refinancing, mortgage calculators, current mortgage rates, credit repair and assess mortgage rates current and home financing opportunities to help you get the most from your money.