For many people, buying a home is a stressful event. But with a little planning ahead of time, it isn't that difficult.
So you know exactly what to expect, I like to give my buyers a road map of the entire deal.
Here are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
There are several things you should do before commencing your home search.
You'll most likely want to assemble an outline of features you want to have, get a feel for what school districts and neighborhoods you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Get with a real estate agent
That's where I can help.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the West Palm Beach area.
In addition, I'll assist you in getting started on your loan.
There are some excellent mortgage professionals in West Palm Beach, and I work with a lot of them, so you can rest assured that you're in great hands.
They will assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin your home search
After our first meeting, I'll start finding available homes on the market that are a great fit for you.
I'll research many of the homes and remove the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
As we tour houses, I'll call attention to good features and bad ones. I'll also ask you to tell us about things you like and don't like.
It's widely common for buyers to amend their must-have list as we tour houses and some things become more essential than others.
If that's the situation, I'll search all the listings another time and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the housing market
Your agent's understanding of the West Palm Beach market is a fundamental aspect in your home search. And I can assure you I'm familiar with all the neighborhoods and schools, and I will let you know some areas are "hot" and call for prompt action and some that are "cold" and allow for more analysis.
As we view houses, I'll make sure to communicate when the asking price has room for bargaining and when I know the home is "priced to sell."
Be careful and make sure you ask plenty of questions, as every REALTOR® in West Palm Beach will claim to comprehend the market.
If it seems like they don't know everything, contact me at 561-585-2499 or e-mail me at mail@homes2sell.com, and I'll be more than happy to answer your questions. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find your dream home in the West Palm Beach area. When that happens, I'll thoroughly create your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as getting financing, finishing the home inspection, and a clear title.
When turning in your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property, and it's often put towards the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer, and it's extremely common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Get a loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it won't take long at all. However, you should to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of taking your application.
The estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a tight range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will probably happen at a title company or escrow office and will probably be a smooth and relaxing affair.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 561-585-2499 or send me an e-mail.
