Buying or selling a home?
With a little planning ahead of time, purchasing a home isn't too complex, but the event is intimidating for a lot of people.
So they know exactly what they can expect, I like to furnish buyers with an overview of the whole deal.
Below are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.
Step 1 – Prepare to buy a home
There are several things you should do before you look for a home.
You'll want to assemble a list of items you need to have, get a feeling for what neighborhoods you'd like to live in, and begin working on your budget.
A good rule of thumb to follow is that your mortgage payment should be less than a third of your monthly income.
Step 2 – Speak with a real estate agent
That's where I can help.
We'll plan 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 discuss the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the West Palm Beach area.
I'll also help you get started on your loan.
There are some great 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 can assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After our initial meeting, I'll begin finding houses on the market that suit your needs.
I'll get a sneak peek of most of the houses and eliminate the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
When we tour homes, I'll identify positive features and bad ones. I'll even ask you about things you like and dislike.
It's widely common for buyers to amend their wish list as we view houses and some items become far more essential than others.
If that happens, I'll search the listings one more time and trim it down to the home of your dreams.
Step 4 – Comprehend the market
My understanding of the West Palm Beach home market is an imperative component in your home search. I am mindful of all the neighborhoods and schools, and I can let you know which neighborhoods are "hot" and warrant immediate action and others that are "cool" and allow for more consideration.
As we tour homes, I'll make sure to communicate when the seller's asking price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions. Any real estate agent in West Palm Beach will convince you they know the home market.
If things don't add up, just call me at 561-688-1316 or e-mail me at , and I'll be glad to answer your questions. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
We'll find your dream home in the West Palm Beach area, and when we do, I'll precisely develop your home purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
When we submit your offer, you'll probably want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property and is most often put towards the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer – it's extremely common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to take the counter offer, present our own counter offer, or reject 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 financing limits. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Get your loan
Upon finishing the deal, you'll begin working with your lender to close the loan.
This shouldn't take very long at all if you're already pre-approved, but 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 mortgage lender will furnish you with a Loan Estimate (LE) outlining closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) of 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 involve all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most likely happen at a title company or escrow office and will probably be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 561-688-1316 or e-mail me at .