Buying your new home in Punta Gorda?

Buying a home is intimidating for a lot of people, but with some up-front planning, 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. These are my nine steps to buying a home.

Step 1 – Prepare to buy
There are several things you should do before you start looking for a home. When you start your search, you'll want to create an index of features you want, get an idea of what neighborhoods and school districts you want to live in, and start planning your budget. A good guideline to go by is that your mortgage payment should be less than or around a third of your net monthly income.

Step 2 – Get in touch with a real estate agent
That's where I come in. I'd like to set up a time to get together with you and speak with you about your real estate needs and get an idea of your upcoming plans. We'll talk about the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Punta Gorda area.

In addition, I'll assist you in getting started on your loan. There are some excellent mortgage professionals in Punta Gorda, and I work with a lot of them, so you'll be in great hands. They will help you choose which kind of loan is best for you, as well as help you get approved.

Step 3 – Start your home search
After our first meeting, I'll begin finding homes on the market that meet your needs. I'll research most of the houses and reject the duds, and then we'll set up appointments to view the houses whenever it's most convenient for you.

As we tour the homes, I'll show you the positive features, as well as negative ones. I'll even ask you to talk about things you like and don't like. It's pretty common for buyers to amend their wish list as we tour homes and some items become more important than others. If such is the case, I'll go back through all the listings once more and trim it down to the home you've been dreaming about.

Step 4 – Know the market
Your agent's awareness of the Punta Gorda housing market is a crucial factor in your house search. And I can assure you I'm familiar with all the neighborhoods and schools, and I'll alert you to which neighborhoods are "hot" and demand immediate action and the ones that are "cold" and allow for more examination.

As we tour homes, I'll let you know when the list price has room for negotiation and when I know the home is "priced to sell." When working with an agent, trust your instincts and make sure you ask plenty of questions. Any REALTOR^® in Punta Gorda will claim to truly know the market. If things don't add up, call me at (941) 764-7585 or e-mail me at mlilly@waterfronthomebuyer.com, and I'd be glad to answer any questions you may have. My market knowledge will help you stay a step above the rest through the entire process.

Step 5 – Find the home of your dreams
I'm certain we'll find your dream house in Punta Gorda, and when that happens, I'll meticulously develop your purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.

When turning in your offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property, and it's often applied to the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.

Step 6 – Negotiate the deal
Most contracts aren't closed on the initial offer, and it's really common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and go on.

How aggressively we negotiate the deal depends on market conditions. In addition, we'll work within your financing constraints. And when it's all said and done, we'll assemble a deal that works well for you.

Step 7 – Get a loan
Upon signing the deal, you'll begin working with your lender to close the loan. This won't take very long at all if you're already pre-approved, but you should to stay in close contact with your mortgage lender. And I'll deal with all the property information your lender needs to close the loan.>

Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) outlining closing costs within three days of taking your application. The estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks okay.

Then it's time to close on your home. This should happen at a title company or escrow office and will most often be a smooth and peaceful affair.

Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you contact me at (941) 764-7585 or send me an e-mail.