For many people, buying a home can be a stressful event. However, with a bit of up-front planning, it isn't all that complex. So you know exactly what to expect, We like to give our buyers a road map of the whole deal. Here are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
There are several things you should consider prior to commencing your home search. You'll most likely want to create a checklist of items you want, plan for what neighborhoods you'd like to live in, and start planning around your budget. Keeping your mortgage payment less than or around 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Get with a real estate agent
This is where United Realty Group comes in. We are happy to arrange a time to meet with you. We'll talk about neighborhoods, school districts in the area, the mortgage and housing industries, and any other economic factors that could affect your purchase today or in the future. If you need to sell a home before we can purchase a new one... we can help list it for you too!
We can also help you get started on your loan. We work with some of the finest mortgage professionals in South Florida, so you'll be in great hands. They'll assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Begin your home search
After we meet, we'll start looking for available houses on the market that are a great fit for you. Once we understand what features and areas are most importanto to you, then we'll set up appointments to tour the homes.
As we view houses, our agents will ask about your likes and don't likes. Generally, buyers revise their wish list as we tour houses and some features become far more substantial than others. If that's the case, we'll search the listings again and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
Our awareness of the South Florida home market is a valuable benefit in your house search. We're familiar with all the local schools and neighborhoods.
Our agents understand when the price has "room for bargaining" and when the house is "priced to sell."
Every REALTOR® in South Florida will claim to comprehend the housing market, but take notice, and make sure you ask lots of questions.
If it appears they don't know everything, contact me us (561) 826-9333 or e-mail us at admin@palmbeachurg.com We are happy to answer your questions.
Our market knowledge will help you stay a step ahead throughout the entire process!
Step 5 – Find the home you've been looking for
We'll find your dream home in South Florida, and when we do, we'll precisely develop your real estate purchase offer. The offer will be made exactly to your needs. Whenever necessary, we never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon turning in your offer, you'll want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is typically applied to the closing costs. If the 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
Unfortunately most deals aren't closed on the beginning offer, and it's very common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances. We'll also work within your financing limits. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Obtain financing
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, this won't be a long process at all, but you need to keep in close contact with your lender. We take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of receiving your loan application. This estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a narrow range of accuracy. We'll study the estimate and let you know if it all looks all right.
Then we close on your house! This will most likely take place at a title company or escrow office.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, be sure to call us at (561) 826-9333 or send us an e-mail.