Buying a home is an intimidating event for a lot of people, but with some planning ahead of time, it isn't too difficult.
So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the entire deal.
Below 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 saaped@msn.com. I'm glad to address questions you have about this information.
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Step 1 – Get ready to purchase a home
There are many things you need to consider before you start looking for a home.
When you start your search, you'll want to form a list of items you need, get a feeling for what neighborhoods and school districts you want to live in, and start planning your budget.
Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good guideline to go by.
Step 2 – Communicate with a real estate agent in Miami Lakes
This is where I can help.
I'd be more than happy to arrange a time to get together with you and talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Miami Lakes area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
Principal Realty, Inc. partners with some of the best mortgage professionals in Miami Lakes, so you'll be in great hands.
They can assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll begin looking for houses on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and remove the duds, and then we'll set up appointments to tour the homes whenever it's most convenient for you.
When we view houses, I'll show you the positive features and negative ones. I'll even ask you about things you like and dislike.
It's pretty common for buyers to change their list of must-haves as we tour houses and some items become more important than others.
If that happens, I'll go back through all the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Know the housing market
My understanding of the Miami Lakes market is a valuable advantage in your search. I am familiar with all the neighborhoods and schools, and I'll let you know what areas are "hot" and demand immediate action and some that are "cold" and allow for more consideration.
When we tour houses, I'll let you know when the asking price has room for negotiation and also when I think the home is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Any real estate agent in Miami Lakes will convince you they know the housing market.
If things don't add up, just call me at (305) 558-5211 or e-mail me at saaped@msn.com, and I'll be glad to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the home of your dreams
I'm sure we'll find your dream house in the Miami Lakes area. When we do, I'll thoroughly develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as obtaining financing, finishing the inspection, and a clear title.
Upon submitting your offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is typically applied to the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the beginning offer – it's really common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a 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 put together a deal that is best for you.
Step 7 – Get financing
Once we sign the final deal, you'll start working with your lender to close the loan.
This shouldn't be a long process at all if you've been pre-qualified, but you'll need to keep in close contact with your mortgage lender.
And I'll deal with 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 mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy. I'll examine the estimate and let you know if everything looks good.
Then we'll close on your house. This will most likely occur at a title company or escrow office and should be a smooth and stress-free occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, just call me at (305) 558-5211 or send me an e-mail.
