For a lot of people, buying a home can be a stressful event. However, with a little planning ahead of time, it's not all that hard.
I like to supply buyers with a road map of the entire deal so they'll understand exactly what to expect.
Below are my nine steps to purchasing a home.
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Should you have questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at vgdiaz@southfloridareo.com.
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Step 1 – Get ready to purchase a home
Before you begin your home search, there are many things you'll want to consider.
It's likely that you'll want to form a check list of must-haves, get a feel for what neighborhoods and school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good rule to go by.
Step 2 – Speak with a real estate agent
That's where I come in.
I'd love to book a time to meet with you and talk about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Plantation area, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
I'll also help you start the loan process.
There are some excellent mortgage professionals in Plantation, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll start searching for available houses on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and remove the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.
When we tour homes, I'll show you the good features and bad ones. I'll also ask you to talk about things you like and dislike.
It's pretty common for buyers to change their wish list as we tour homes and some things become far more essential than others.
If such is the case, I'll go back through all the listings again and narrow it down to the home of your dreams.
Step 4 – Know the market
Your agent's understanding of the Plantation housing market is a crucial factor in your home search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I'll let you know certain districts are "hot" and require immediate action and some that are "cool" and allow for more examination.
When we tour homes, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions. Any real estate agent in Plantation will convince you they truly understand the home market.
If it seems like they don't know everything, contact me at (954) 472-2520 or e-mail me at vgdiaz@southfloridareo.com, and I'd be more than happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home of your dreams
I'm sure we'll find the home of your dreams in the Plantation area, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, I 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 need to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property, and it's usually put towards the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the initial offer, and it's widely common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Secure financing
Upon finishing the contract, you'll start working with your lender to close the loan.
If you're pre-approved, this shouldn't take very long at all, but you need to stay 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
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of getting your loan application.
This estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will probably occur at a title company or escrow office and is often a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at (954) 472-2520 or send me an e-mail.
