Purchasing a home is an intimidating event for a lot of people, but with some up-front planning, it's not that complex.
I like to supply buyers with an overview of the entire deal so they understand exactly what to expect.
Here are my nine steps to buying a home.
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If you have questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at ilatchmans@aol.com.
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Step 1 – Prepare to purchase
Before you commence your home search, there are a lot of things you need to contemplate.
You'll probably want to form an index of must-haves, plan for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
A good rule to follow is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Contact a real estate agent
This is where ON CALL REALTY INC. comes in.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the ROYAL PALM BEACH area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
ON CALL REALTY INC. works with some of ROYAL PALM BEACH's best mortgage professionals, so you'll be in great hands.
They will help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
Following our first meeting, I'll start finding available homes on the market that suit your needs.
I'll research many of the houses and exclude the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.
When we view the houses, I'll show you the good features, as well as negative ones. And I'll ask you what things you like and dislike.
For the most part, buyers amend their must-have list as we view homes and some items become far more necessary than others.
If that's the case, I'll search the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Know the housing market
My knowledge of the ROYAL PALM BEACH housing market is an indispensable advantage in your house search. I am conscious of all the neighborhoods and schools, and I'll let you know which neighborhoods are "hot" and call for prompt action and the ones that are "cool" and allow for thoughtful consideration.
As we view homes, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
Any real estate agent in ROYAL PALM BEACH will tell you they truly understand the market, but be careful, and be sure to ask lots of questions.
If it seems like they don't know everything, call me at 561-383-6666 or e-mail me at ilatchmans@aol.com, and I'd be glad to answer any questions you might have. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I know we'll find the home of your dreams in ROYAL PALM BEACH. When we do, I'll precisely develop your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
Upon presenting your offer, you'll likely want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property, and it's most often applied to the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer. It's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Secure your loan
Upon finishing the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, it shouldn't be a long process at all, but you'll need to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your application.
The estimate is formed from the loan amount. RESPA requirements dictate that it has to contain 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 okay.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will most likely be a smooth and comfortable affair.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at 561-383-6666 or send me an e-mail.
