Buying a home can be stressful for a lot of people, but with a little up-front planning, it isn't too complicated.
I like to furnish buyers with a road map of the whole deal so they'll know exactly what they can expect.
Here are my nine steps to buying a home.
Step 1 – Prepare to buy
There are many things you should contemplate before starting your home search.
You'll want to put together a checklist of must-haves, plan for what neighborhoods and school districts you want to live in, and start planning your budget.
Ensuring your mortgage payment is less than or close to 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent
That's where I can help.
We'll schedule 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 talk about the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Islamorada area.
I can also help you begin the loan process.
There are some excellent mortgage professionals in Islamorada, and I work with a lot of them, so you're in great hands.
They'll assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
Following our initial meeting, I'll start finding available homes on the market that are good for you.
I'll get a sneak peek of many of the homes and remove the duds, and then we'll set up appointments to view the homes whenever it's convenient for you.
When we tour the houses, I'll show you the positive features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
Frequently, buyers update their wish list as we view houses and some things become more essential than others.
If that's the case, I'll look through all the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
My knowledge of the Islamorada home market is a necessary resource in your home search. I am acquainted with all the school districts and neighborhoods, and I'll communicate which districts are "hot" and demand immediate action and the ones that are "cold" and allow for thoughtful consideration.
As we view houses, I'll let you know when the seller's list price has room for bargaining and when I know the home is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions. Any real estate agent in Islamorada will claim to know the home market.
If it doesn't seem like they know everything, just call me at 305 664 1209 or e-mail me at mabel@floridakeyswithmabel.com, and I'd be happy to answer your questions. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I'm positive we'll find the house of your dreams in Islamorada. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
When we send in your offer, you'll likely want to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property. The amount is most often put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer – it's really common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing limits. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure financing
Once the contract is signed, you'll begin working with your lender to close the loan.
If you're already pre-qualified, it won't be a long process at all. However, you'll need to stay in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of taking your loan application.
The estimate rests on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy. I'll study the estimate and let you know if everything looks good.
Then we'll close on your house. This will most often take place at a title company or escrow office and will most likely be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at 305 664 1209 or send me an e-mail.
