Contemplating purchasing a new home in West Palm Beach?
With a little planning ahead of time, buying a home isn't very difficult, but the event is intimidating for many people.
I like to furnish buyers with a road map of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Get ready to buy a home
There are plenty of things you should contemplate before commencing your home search.
When you start your search, you'll want to create an outline of items you need to have, get a feel for what neighborhoods and school districts you want to live in, and start working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good principle to adhere to.
Step 2 – Speak with a real estate agent in West Palm Beach
That's where I come in.
I'd be more than happy to plan a time to meet with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the West Palm Beach area, the mortgage and housing industries, and any additional economic factors that may affect your buying decision today or in the future.
I'll also help you begin the loan process.
There are some excellent mortgage professionals in West Palm Beach, and I work with a lot of them, so you'll be in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our first meeting, I'll start looking for available houses on the market that meet your needs.
I'll preview many of the homes and ignore the bad ones, and then we'll book appointments to tour the houses at a time that's convenient for you.
When we view the homes, I'll point out positive features, as well as bad ones. I'll even ask you to tell us about things you like and dislike.
Frequently, buyers revise their must-have list as we tour homes and some items become far more crucial than others.
If that's the case, I'll search all the listings again and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
An agent's knowledge of the West Palm Beach market is an essential component in your house search. And I can assure you I'm mindful of all the schools and neighborhoods, and I will let you know what districts are "hot" and warrant immediate action and the ones that are "cold" and allow for thoughtful consideration.
When we view 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, trust your instincts and make sure you ask plenty of questions. Any REALTOR will tell you they truly know the market.
If things don't add up, contact me at 561-688-1316 or e-mail me at , and I'll be glad to answer any questions you might have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
I'm certain we'll find your dream home in West Palm Beach. When that happens, I'll thoroughly create your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as getting financing, completing the home inspection, and a clear title.
When sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property. The amount is most often applied to the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer, and it's pretty common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Secure a loan
Upon completion of the contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it shouldn't take much time at all, but you should to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your lender within three days of taking your application.
The estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if everything looks all right.
Then we'll close on your home. This will probably occur at a title company or escrow office and will probably be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 561-688-1316 or e-mail me at .