Q: Why should I buy a lot?
A: Owning a lot is the first step toward home ownership! Some lots go for as little as $1000 down and $100 / mo.
Q: Are there lots available for sale near me?
A: We have over 3,800 lots available for sale in Brevard County, mostly in the city of Palm Bay. We also have a smaller selection in Charlotte, Hendry, Lake, Marion and Sarasota Counties. Search our Map for available lots!
Q: I need a lot with specific utililies, how do I find one?
A: Use our powerful database tool to get a complete list of lots by utilities, location, or keyword. Search results for most lots include utilities, roads, directions, and links to the property appraiser.
Q: I want to buy a lot I found on your website, is it still available?
A: Sold lots are removed from our website on Friday when our online records update. To speed up the buying process you can optionally fill out and print our loan preapproval and sale & purchase contract forms and bring them to our office.
Q: I want to buy a lot I found on your website, is the listed prices final?
A: No, online prices are carefully calculated estimates. You can find listed prices for select properties on our category list or MLS page. Not all properties will have listed prices, but you can calculate an estimate using our pricing guidelines. Estimates are non-binding and subject to change, so you'll need to call, write, or schedule an appointment with the owner, who makes all final pricing decisions.
Q: Can I build on my lot after purchase?
A: All our Properties are guaranteed buildable! You may start building on your lot as soon as you achieve a minimum of 30% down payment and recieve the title.
Q: Can I place a mobile home or temporary trailer on Palm Bay lots?
A: No. A manufactured home is allowed if it has a 2 car garage with minimum 1,200 sq. ft. of living area. Temporary trailers are not allowed.
Q: Can I cancel my contract if I change my mind after signing?
A: Yes! If for any reason you have second thoughts about your purchase, you have 9 days (7 business days), no questions asked to cancel the contract.
Q: Can I trade in my lot if I find a location I like better?
A: Yes! Moallem Properties has tens of hundreds of lots in our inventory, and you may trade in your lot for another lot. Price difference and outside costs may apply.
Q: Are there benefits to buying a lot adjacent to my home?
1. Adding a lot to your property will extend your home insurance at no extra cost or notification.
2. Limit your assessment increases to 3% on your homestead situation!
3. Combining lots may exempt you from additional future special assessments.
4. Extra lots provide more yard space for special projects and increase privacy by expanding the space between your house and your neighbors.
5. Combined properties are large and desirable, making them more valuable than the sum of their parts and having good investment potential!
Q: What owner financing options do you offer?
A: Owner financing is available at 10% interest up to 10 years (120 months) with monthly payments of $13.20 per $1,000 of owner financing. You can pay cash or obtain conventional financing. Home equity lines of credit are also a great source of financing.
You can put down a desired amount ($1000 minimum) for an option contract, and we set the lot(s) aside for your benefit and start you with a minimum monthly payment. You may pay higher anytime to get there faster. Once 30% down payment is achieved, I go to closing and transfer title and give you a mortgage. Our interest rate is 10%, I can amortize up to 10 years or less. There is no balloon nor prepayment penalty, but I can consider interest-only payment with a balloon. If you pay us off during the year of option contract calendar year, interest will be waived, the same as cash purchase.
Q: What are the requirements for owner financing?
A: You must be able to afford the monthly payment. While your credit rating is not as important, your lack of public liens and judgments is essential.
Q: Does Moallem Properties run a credit check to qualify for Owner Financing?
A: Yes, however; you have the option to bring in a copy of a recent background check no older than three (3) months from one of the major credit reporting agencies, or a Credit Karma report. A simple owner finance application needs to be filled.
Q: What are the advantages of owner financing?
A: All Moallem Properties are for sale by owner. Financing directly through us will avoid bank fees and appraisal costs. We also offer a flexible payment program tailored for you by the property owner. By financing through us, you will eliminate the services of a bank loan officer which allows you to take advantage of a faster closing! We are much more flexible with your credit rating and job history, and the process is pretty quick.
Q: Are there closing costs?
A: Yes. The Closing costs are typically $500 per transaction. That covers some of the cost of Title Insurance documents and stamps on the deed.
Q: What is the role of a title company?
A: Typically our buyer makes a deposit to Peninsula Title Services, which performs a title search for clean title and prepares forms for settlement. Settlement involves having the deed signed, drawing up a new mortgage, establishing a new loan, paying the realty professionals, and delivering the title insurance policies.
Q: How can I contact you?
A: Visit the office at 1663 Georgia Street NE Palm Bay, FL, 32907 Suite 200 or call 321-724-2424. For a faster response, David Moallem's cell number is 321-626-3590. You may also use our web form.