With some up-front planning, purchasing a home isn't that difficult, but the event is stressful for many people.
I like to provide buyers with an outline of the whole deal so they understand exactly what to expect.
Here are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to mlilly@waterfronthomebuyer.com. I'm glad to address questions you have about this information.
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Step 1 – Get ready to buy
There are several things you'll want to consider prior to beginning your home search.
You'll probably want to form an index of items you need to have, get a plan of what neighborhoods and school districts you want to live in, and start working on your budget.
Ensuring your mortgage payment is less than or close to 30 percent of your monthly income is a good principle to follow.
Step 2 – Communicate with a real estate agent
This is where I come in.
I'd love to set up a time to get together with you and communicate with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Punta Gorda area, the mortgage and housing industries, to any other economic factors that might affect your buying decision today or in the future.
I can also help you start the loan process.
RE/MAX Harbor Realty partners with some of the finest mortgage professionals in Punta Gorda, so you can rest assured that you're in great hands.
They will assist you in choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
After our initial meeting, I'll begin finding available houses on the market that suit your needs.
I'll get a sneak peek of most of the homes and eliminate the duds, and then we'll set up appointments to tour the homes whenever it's convenient for you.
When we tour the houses, I'll point out positive features, as well as bad ones. I'll even ask you about things you like and dislike.
Usually, buyers change their wish list as we tour houses and some items become far more substantial than others.
If such is the case, I'll search all the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Understand the market
My awareness of the Punta Gorda housing market is a crucial benefit in your search. I'm informed of all the school districts and neighborhoods, and I will alert you to which areas are "hot" and require prompt action and the ones that are "cold" and allow for careful analysis.
As we tour homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Any real estate agent in Punta Gorda will tell you they comprehend the home market, but take notice, and make sure you ask your agent a lot of questions.
If it appears they don't know everything, contact me at (941) 764-7585 or e-mail me at mlilly@waterfronthomebuyer.com, and I'd be more than happy to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
I know we'll find your dream home in Punta Gorda. When we do, I'll carefully create your home purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
When submitting your offer, you'll probably need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property and is usually put towards the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer. It's very common to receive a counter offer. Don't let it 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 go on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Secure your loan
Upon completing the deal, you'll begin working with your lender to close the loan.
If you're pre-approved, this won't take long at all. But you need to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of getting your loan application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a close range of accuracy, and I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and is often a smooth and comfortable event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at (941) 764-7585 or send me an e-mail.
