Buying a home intimidates many people, but with some planning ahead of time, it isn't too complex. So you understand exactly what to expect, I like to give my buyers an overview of the whole deal. Here are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to Ubeachbum@aol.com. I'm glad to answer questions you have about this information. |
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Step 1 – Get ready to purchase
Before you start looking for a home, there are plenty of things you need to contemplate. It's likely that you'll want to create a checklist of features you want, get a feeling for what neighborhoods and school districts you want to live in, and start planning around your budget. Keeping your mortgage payment less than or around a third of your net monthly income is a good guideline to adhere to.
Step 2 – Contact a real estate agent in Clearwater
That's where I come in. We can plan a time to meet so we can talk about why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, schools in the Clearwater area, the mortgage industry, and any other economic factors that might affect your purchase today or in the future.
I can also assist you with getting started on your loan. There are some excellent mortgage professionals in Clearwater, and I partner with a lot of them, so you'll be in great hands. They can assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Begin your search
After we meet, I'll start searching for homes on the market that are great for you. I'll get a sneak peek of most of the homes and ignore the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
As we view houses, I'll show you the positive features, as well as negative ones. I'll also ask you what things you like and dislike. For the most part, buyers revise their must-have list as we view houses and some items become far more substantial than others. If that's the situation, I'll search the listings once again and trim it down to the home you've been wishing for.
Step 4 – Get a feel for the market
An agent's awareness of the Clearwater home market is a leading factor in your house search. And I can assure you I'm informed of all the schools and neighborhoods, and I can let you know certain neighborhoods are "hot" and demand prompt action and others that are "cool" and allow for more consideration.
When we view houses, I'll make sure to communicate if the asking price has room for negotiation or if I believe the house is "priced to sell." Every real estate agent in Clearwater will tell you they truly understand the housing market, but trust your instincts, and be sure to ask your agent lots of questions. If things don't add up, contact me at 727-461-9142 or e-mail me at Ubeachbum@aol.com, and I'd be glad to answer any questions you may have. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
I'm positive we'll find the home of your dreams in Clearwater. When we do, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are getting financing, carrying out the inspection, and a clear title.
Upon presenting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property, and it's often put towards the cost of closing. If your offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer. It's extremely common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the deal. We'll also work within your financing constraints. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Secure financing
Upon finalizing the deal, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, this shouldn't be a long process at all, but you need to keep in close contact with your mortgage lender. And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of taking your application. This estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will probably occur at a title company or escrow office and will most likely be a smooth and calm event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at 727-461-9142 or send me an e-mail.
