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US vs. UK Contrary to popular belief although we both speak a similar language, buying real estate in Florida is quite different than back home. the most difficult part of a holiday home purchase in Florida is choosing your Estate Agent or Realtor as they are called here. All agents must be licensed, but there are four distinct types of realtor. Single Agent Sometimes called a Buyers Agent, if they work for the buyer, or a Sellers Agent, if they work for the seller. These agents can only represent one entity.
e.g. If I am selling my house and hire a Sellers Agent, he owes the buyer NO fiduciary obligations. He may not divulge anything detrimental to me unless it affects the property's sale (leaking roof, termites etc.). He would have to tell you if the property was faulty, but not if you were paying way too much for the property, or if it were in a non short-term rental community. A Buyers Agent has an obligation according to the Florida Real Estate Commission to be loyal and confidential to the buyer, and only to the buyer, and must represent him/her top his best ability. Although the agent is obligated to the buyer, the commission is pain by the seller, so the buyer receives the services free of charge. As such this is the preferable agent for a UK buyer. Transaction Broker A transaction broker represents, and collects commission from BOTH the buyer and the seller, but has no loyalty or obligation to either one. Non-Brokerage & Non-represented If you are given details of a property, or shown around by a broker with whom you have no written agreement you could end up in either non-brokerage or non-represented relationship with a broker who does not act for you but can still claim commission. __________________________________________________________________________ As you can see, if you deal with a Seller's Agent directly, it will not affect the sales price, as he will be entitles to the full commission, and you are not represented. Unfortunately there have been many cases I have seen over he years where someone has purchased a holiday home that is not zoned for short term rental, or is too far away from the area attractions to be a profitable venture. Short-Term Rental This term is used extensively in real estate transactions in Kissimmee/Orlando, but rarely is it explained. For a property to be rented out for periods les than 30 days, the area must be zoned by the county as "Short-term rental". Without this designation, you would have to rent your house to long-term tenants, which would restrict your usage of the property considerably. Banking Before purchasing your home it is advisable to open a US bank account. Many US lenders require "seasoned" money, which means it has been in the same account for at least 30 days. Typically your house will be rental income, and mortgage and utility bills will be paid in US dollars, so a US account is a necessity. Opening one is relatively straight forward, and I have listed a few links below to area banks. Property Management Property management has long been the Achilles heel of any second home purchase. Who do you trust to take care of such a sizeable asset? At the office of MBT Homes we do not have a business relationship with any one management company. Many of the Estate Agents in the area work for/with a particular company, so they have a vested interest in "steering" you to their own management company. We think that to properly serve our buyers we should be able to recommend qualified companies on their merit, not their business affiliations. As such, when your house is closer to completion, we will give you a selection of current quality companies to chose from. I have worked with management companies for many years, as a sub-contractor, and as a member of management, and know all to well the pitfalls that can occur. My family and I have owned properties in Florida since 1989, and have first hand knowledge of what makes a good management company. I will help you place your holiday home in good hands, and as a bonus, with the purchase of a home with us, I will pay for a Virtual Tour of your property and a "mini website" that will enable you to market your own home with little effort, and generate income back home. (Where the income is in £'s). You will be amazed how many friends and co-workers will stay year after year in your property, generating more income for you.
If you have any questions please contact me.
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A Licensed Agent of MBT Homes Real Estate, Kissimmee, Florida, The information that is indicated within is deemed to be reliable; however, no guarantee is warranted. The laws governing Florida prohibit such representation. Note: Florida Real Estate law requires that we make full disclosure. At this time, the Office of MBT Homes has no representation to you as a prospective buyer; however, our office prefers to work as a single agent for the buyer (at no cost to the buyer). A final decision can be made at the time of our first encounter regarding agency. MBT Homes, 1910 Greenside Dr, Kissimmee Fl 34746 (407) 908-2326 marcus@orlandovacationrealestate.com DISCLAIMER
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