Pompano Beach waterfront properties in Florida are attracting a lot of people with deep pockets. They are drawn in by the state’s sunny weather, beautiful white sands, and blue-green ocean. The South Florida enclave is also surrounded by fine restaurants handled by many famous chefs. Other attractions include famous venues for arts and sports.
Golfers, shoppers, and fishermen are also flocking to South Florida. It’s a piece of real estate that’s worth investing in. But how can you get the best deals for these waterfront properties? Fortunately, you have this list to help you.
Will You Pay Cash or Apply for a Mortgage?
You have to get a Letter of Qualification or Proof of Funds Letter from your bank or financial institution. The letter simply states that you have enough cash to purchase the property. On the other hand, you need to get pre-qualified and pre-approved first for the mortgage application. The approved amount should cover the purchase price of the beach house you want.
There is also the question of the down payment and if you have enough money for it. The normal down payment requirement is a minimum of 20% except for FHA financing buyers who only need 3.5%. You also need to set aside a certain amount for the deposit once you submit an offer. Home inspections and insurance inspection can also cost you a bit. Also, you need a good lawyer to do all the paperwork.
What Kind of Pompano Beach Waterfront Property Are You Looking For?
Pompano Beach has a lot of waterfront properties offered for sale. Visit as many of them as possible to see if you are comfortable living in that location. Consider the property’s proximity to tourist spots or commercial establishments. You also need to consider the type of house you like, be it a condo or a beach house.
Do Your Due Diligence
You are usually responsible for the appraisal fee if the home is purchased through bank financing. Make sure that the property’s title is clear for purchase. The search should also include other documents such as lot titles and building permits. You are most likely required to undergo a personal interview if the property is governed by an association. These interviews are necessary since the homeowners association’s approval is needed for the purchase of the waterfront property.
Know the Mortgage Conditions
Lenders often impose several conditions which the borrower must first satisfy before the money is released. For example, the property needs to fit a set of criteria before it can qualify for a loan. You may need to choose another property if your pre-qualified mortgage will not cover the house you initially selected.
Pompano beachfront properties are getting attractive these days due to their location and accessibility to famous tourist spots. If you want to buy the best real estate property there, certain steps are required. Select your best payment options, location and type of house you want. You also need to make sure that the property has a clean title and it’s cleared for purchase. Financing usually entails more documentary requirements in contrast to cash purchases. For all your Pompano Beach waterfront real estate needs, contact Ed Cook today at 732-997-8620.