With a little planning ahead of time, purchasing a home isn't all that complex, but the event is stressful for a lot of people.
I like to give buyers a road map of the entire deal so they know exactly what to expect.
These are my nine steps to purchasing a home.
Step 1 – Prepare to purchase
There are plenty of things you'll want to consider before starting your home search.
You'll most likely want to create a check list of must-haves, get an idea of what neighborhoods you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good principle to adhere to.
Step 2 – Speak with a real estate agent in Plantation
This is where I come in.
We'll arrange a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Plantation area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some excellent mortgage professionals in Plantation, and I partner 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 – Start your search
Following our first meeting, I'll start searching for available houses on the market that are a great fit for you.
I'll preview many of the homes and ignore the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
As we tour houses, I'll call attention to positive features and bad ones. I'll even ask you about things you like and dislike.
For the most part, buyers change their must-have list as we tour houses and some features become more essential than others.
If that happens, I'll look through the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the market
My awareness of the Plantation home market is a valuable benefit in your search. I am informed of all the neighborhoods and school districts, and I can let you know which areas are "hot" and call for immediate action and some that are "cool" and allow for thoughtful examination.
As we view homes, I'll be sure to tell you when the seller's list price has room for negotiation and when I believe the house is "priced to sell."
Any real estate agent will tell you they understand the housing market, but keep an eye out, and make sure you ask a lot of questions.
If it seems like they don't know everything, call me at (561) 939-6301 or e-mail me at email@example.com, and I'll be glad to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find the house of your dreams in the Plantation area. When that happens, I'll carefully develop your purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as acquiring financing, completing the home inspection, and a clear title.
Upon submitting your offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property, and it's usually put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer. It's really common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain your loan
Upon finishing the deal, you'll begin working with your mortgage lender to close the loan.
This won't take very long at all if you've been pre-qualified, but you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your application.
The estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a strict range of accuracy. I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your home. This should happen at a title company or escrow office and will probably be a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (561) 939-6301 or send me an e-mail.