Purchasing a home is a stressful event for many people, but it's not very complicated with some up-front planning. So you know exactly what to expect, I like to furnish my buyers with an outline of the entire deal. Below are my nine steps to purchasing a home.
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If you have questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at steve@floridapropertycenter.com. |
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Step 1 – Get ready to purchase a home
There are plenty of things you'll want to do before you start searching for a home. It's likely that you'll want to put together a check list of items you need, get a feel for what school districts and neighborhoods you want to live in, and begin planning your budget. A good rule to adhere to is that your mortgage payment should be around a third of your net monthly income.
Step 2 – Get in touch with a real estate agent
This is where I can help. I'd be happy to set up a time to get together with you and 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 purchase today or in the future, as well as neighborhoods and schools in the Cocoa Beach area.
I can also help you facilitate the loan process. I partner with some of the finest mortgage professionals in Cocoa Beach, so you can rest assured that you're in great hands. They will assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin finding available houses on the market that are good for you. I'll preview many of the homes and throw out the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we tour houses, I'll point out good features and negative ones. And I'll ask you to tell us about things you like and dislike. Oftentimes, buyers amend their list of must-haves as we view houses and some items become more substantial than others. If such is the case, I'll look through all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Know the housing market
Your agent's understanding of the Cocoa Beach housing market is a necessary factor in your house search. And I assure you I'm conscious of all the neighborhoods and schools, and I'll let you know which neighborhoods are "hot" and warrant prompt action and some that are "cool" and allow for careful examination.
When we tour homes, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell." Every REALTOR® will convince you they know the home market, but beware, and be sure to ask lots of questions. If it appears they don't know everything, just call me at (321) 783-2620 or e-mail me at steve@floridapropertycenter.com, and I'd be more than happy to answer any questions you have. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
I'm confident we'll find the home of your dreams in Cocoa Beach. When that happens, I'll precisely create your home purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are getting financing, finishing the inspection, and a clear title.
When sending in your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property, and it's usually put towards 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 sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer – it's widely common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market will play a vital role in how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Obtain your loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan. If you're already pre-approved, it won't take much time at all, but you'll need to keep in close contact with your lender. And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) of closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your application. This estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then we'll close on your home. This should happen at a title company or escrow office and should be a smooth and easygoing event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at (321) 783-2620 or send me an e-mail.
