Purchasing a home can be stressful for a lot of people, but it isn't very hard with a little planning ahead of time. So you understand exactly what to expect, we like to give our buyers an overview of the whole deal. Here are my nine steps to buying a home.
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When you're ready to get started, simply contact us here or send an e-mail to Homes@yourrealestatenowteam.com. We're happy to address any questions you have about this information. |
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Step 1 – Prepare to buy a home
Before you start your home search, there are several things you need to take into account. You'll want to make a checklist of items you need to have, get a feel for what school districts you want to live in, and start planning your budget. Keeping your mortgage payment less than 1/3 of your net monthly income is a good rule of thumb to follow.
Step 2 – Get in touch with a real estate agent
That's where we come in. We'll book a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the WIlton Manors area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
We'll also assist you with getting started on your loan. There are some very good mortgage professionals in Wilton Manors and Fort Lauderdale, and we work with a lot of them, so you're in great hands. They'll help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After we meet for the first time, we'll start finding houses on the market that suit your needs. We'll research many of the homes and exclude the duds, and then we'll schedule appointments to view the homes when it's convenient for you.
As we tour the homes, we'll call attention to good features, as well as negative ones. we'll also ask you to talk about things you like and don't like. It's widely common for buyers to update their must-have list as we view houses and some things become more necessary than others. If that's the case, we'll search the listings once more and narrow it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
An agent's awareness of the Wilton Manors/Ft. Lauderdale home market is a leading element in your home search. And we can assure you we're conscious of all the school districts and neighborhoods.
When we tour houses, we'll let you know when the seller's list price has room for bargaining and also when we think the home is "priced to sell." Our market expertise will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been looking for
We're sure we'll find the home of your dreams, and when we do, we'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, we never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When presenting your purchase offer, you'll likely need to present "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property and is typically applied to the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer, and it's widely common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances. In addition, we'll work within your financing limits. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Secure a loan
Upon completing the contract, you'll begin working with your lender to close the loan. It won't take much time at all if you've been pre-approved, but you'll need to keep in close contact with your lender. And we'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your application. The estimate depends on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a tight range of accuracy. We'll examine the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will most often take place at a title company or escrow office and will probably be a smooth and pleasant event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to contact us at 954-396-3223 or send me an e-mail.
