This process can continue for some time, although it is unusual for more than two counters to be put on the table before agreement is reached or one side declines to negotiate further.
Although it is preferable for all negotiations to be in written form right from the start, it isn't unusual for he agents for each party to discuss verbally any differences of opinion and to look for a mutually agreeable solution on an informal basis. This can save quite a bit of time and help get to an end point more quickly.
The key to a successful negotiation, one that ends with a contract that is acceptable to both sides, is to be as flexible as you can, and to step back a little to take a look at the deal from the other side of the fence. An aggressive, confrontational approach is much less likely to end successfully..
Again if you would like a more in depth explanation of the contract or you would like me to e-mail you one happy to do so
The Home Inspection is an unbiased, professional assessment of the condition of the house. It provides you an expert opinion and professional report on the condition of the physical structure and various systems within a house. An average cost will be in the region of $300.00 dollars. We also suggest a termite inspection. These costs in the region of $100.00.When the inspection has been done it is then up to you and your agent to discuss any on going issues with your new home. Quite often there is an agreed amount in the contract between the buyer and seller to cover the cost of minor repairs. Your agent will organize any repairs that need to be done and keep you informed of the progression towards closing.
It makes sense to maximize any opportunities to save money and one of the key ways to do this is the method you choose to exchange your dollars into sterling or the appropriate foreign currency. Currency dealers will usually offer a better rate of exchange than your bank. Please ask for details.
For the Closing
This can be done without you being here the documents will be delivered to you by Fed Ex or DHL . You will also need to identify the nearest Fed Ex office/drop to your home and find a solicitor who offers a notary service.
You will need to have your signature(s) notarized by a Notary Public. The system for notaries is very different in the UK than in Florida. The U.S. has many notaries, who often will notarize your documents for free, or for a very minimal charge, with no notice required.
Outside the US
However, there are few Notaries in the UK and they will always require a fee (usually a minimum of 50 pounds) and will generally require an appointment. Notary in the UK. Cut and paste this to your web browser http://www.facultyoffice.org.uk/Notaries2.html
As you are a foreign investor and will be essentially running a small business in the USA, you will need to file a tax return, and this is called a non-resident tax returns (form1040NR). You can do so yourself by downloading the forms at http://www.irs.gov/pub/irs-pdf and submitting them to the appropriate address.
Happy to put you in touch with an accountant who can help you with this and apply for your T.I.N. number (see below)
Suppose you have selected an agent to work with, but on a free day you decide to visit a new development on your own or you have requested an information pack while in Britain. You have to be particularly careful when visiting a new home in certain states, such as Florida. Otherwise it can end up unnecessarily costing you thousands of extra dollars. Developers have large advertising budgets to attract you to their show houses. The agent present at the development you visit is working solely for the builder or developer. Whatever they may say, they are not independent and do not, and indeed, legally cannot act exclusively on your behalf. A number have very extensive sales experience, including training in the psychological reaction of buyers in every conceivable scenario!
The builder's agents can be very persuasive in suggesting a whole stack of additional mod cons that you apparently require to maintain the value of the home. They are very often on a higher level of commission for these extras, which can cover hundreds of items; from sinks, tiles, carpets to even grade of paint! This is not always the case and selecting the wrong options, can actually lead to a loss if you sell the house in a short period of time. Other builders offer very competitive homes with many features included as standard, but being new to America, how can you tell which builders properties will have the best resale value in 5 years time? This is where the expertise of a Realtor working for you can help when making decisions.
If you registered when you walked onto a development or have given your personal details you may have lost your exclusive Agent representation. The commission for your agent was included in the selling price of the house. You will not obtain the property at a lower price by buying it directly from the builder, instead the builder benefits. Therefore you forgo your agent's exclusive representation of your interests. This has happened all too frequently to unsuspecting Brits, so please be careful.
Some agents offer free inspection flights, and/or accommodation. Many clients ask are they worth taking? The saying, " there is no such thing as a free lunch" holds true. Who pays for the flight? The cost must come from somewhere. If you take an inspection flight, the company you go with can hold all the cards. They select the properties you will be shown. They determine your itinerary. Do they show you a good selection of resale properties, including those with lower rates of commission? This may not be a motivation if the commissions are higher on new properties. A good agent will spend considerable time in finding the best value properties to meet your requirements. The value to you of that time in obtaining the most suitable property at the lowest price will be far in excess of those flights
Currently no visas are needed for UK citizens to enter the USA as tourists and the length of stay allowed is three months. You can apply for an extension to six months from the embassy.
Coming to live in the USA is another matter and can get quite complicated. One would need to talk to the US Embassy or an immigration lawyer to check on the various ways of immigrating I am happy to give you several names of immigration specialist one of whom I used to successfully re locate to Florida. If you would like more information on immigration and visas please do ask.
If you are not planning on coming to live in the US, you will need to have a Property Management Company often referred to as an MC take care of your home for you. The Property Management Company will make sure your home is looked after; they will take care of the garden, pool, pest control and get your home cleaned after guests have departed. They will take care of your guests should they have a problem and will be on call 24/7 to deal you guest’s needs.
In Florida, short term rentals are strictly governed by State rules and regulations. Some rules also vary between counties. Details, such as licensing, maximum occupancy, signage, and emergency lighting are covered. A good property management company will make sure that your property complies with the rules, and is well taken care of. They can help you get the best return on your investment.
I strongly recommend that you have some sort of personal involvement - the more involvement you have, the more likely you are to increase your return. For example, don't just leave the renting of your property to your management company. Try and get some of your own bookings through friends, colleagues, a little website of your own, etc. This will increase the number of weeks your property is rented and therefore will increase your bottom line. We always find that people who do this are much more successful. It is YOUR investment!
Typically, charges will run about $300-$400 a month, which will include weekly pool cleaning, weekly grass cutting, monthly spraying for bugs, plus the company's fee for filing the required monthly sales and tourist tax returns on short term rentals, in addition to generally keeping an eye on the property for you and in many cases, making sure your bills are paid.
In addition to your management fees, you will have utility bills and you will pay for cleaning of the property, each time a guest moves out (usually every one or two weeks). I recommend that you personally make sure your mortgage is paid and also, if your management company is paying your bills, that you get a detailed copy of all of your bills.
Management companies have no state or federal regulatory bodies. Be certain you do your homework thoroughly before contracting home management.
Only the items written into a signed management contract are legally enforceable. Make sure that the company's responsibilities and associated fees are clearly spelled out.
I work with several companies happy to share their information with you just e-mail me