Purchasing a home is an intimidating event for most people, but with a little planning ahead of time, it isn't all that complicated. So you know exactly what to expect, I like to give my buyers an overview of the entire deal. Here are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are plenty of things you need to consider before starting your home search. You'll most likely want to create an outline of features you need, get an idea of what school districts you want to live in, and begin planning your budget. A good rule of thumb to go by is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Talk to a real estate agent in Lantana
This is where Home Max Realty International can help. I'd be more than happy to book a time to meet with you and speak with you about why you want to buy a home and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, school districts in the Lantana area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
I'll also help you facilitate the loan process. I partner with some of Lantana's best mortgage professionals, so you're in great hands. They will help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
Following our initial meeting, I'll begin finding available houses on the market that are a good fit for you. I'll get a sneak peek of many of the houses and eliminate the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we view the houses, I'll identify good features, as well as bad ones. And I'll ask you to tell us about things you like and dislike. For the most part, buyers update their wish list as we tour homes and some things become far more important than others. If that's the case, I'll go back through all the listings again and narrow it down to the house you've been waiting for.
Step 4 – Understand the market
An agent's knowledge of the Lantana housing market is an imperative factor in your home search. And I assure you I'm acquainted with all the school districts and neighborhoods, and I will let you know what areas are "hot" and demand immediate action and the ones that are "cold" and allow for more analysis.
As we view houses, I'll make sure to communicate when the seller's asking price has room for negotiation and also when I trust the home is "priced to sell." Trust your instincts and be sure to ask a lot of questions, as any real estate agent in Lantana will tell you they truly know the housing market. If things don't add up, just call me at 1-561-540-8122 or e-mail me at office@homemaxinternational.com, and I'll be happy to answer any questions you might have. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find the home of your dreams in Lantana. When we do, I'll meticulously develop your purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as acquiring financing, completing the inspection, and a clear title.
Upon turning in your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is typically applied to the closing costs. If the offer is accepted, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer – it's pretty common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the deal. We'll also work within your financing limits. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure your loan
Upon completion of the contract, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, it shouldn't take very long at all. But you'll want to stay in close contact with your lender. And I'll sort out 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 your closing costs from your lender within three days of taking your loan application. This estimate is formed from the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your house. This should occur at a title company or escrow office and will probably be a smooth and calm occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, simply call me at 1-561-540-8122 or send me an e-mail.
