With a little up-front planning, purchasing a home isn't all that complicated, but the event is stressful for many people.
So you'll understand exactly what to expect, I like to give my buyers an outline of the whole deal.
These are my nine steps to buying a home.
Step 1 – Get ready to purchase
Before you start looking for a home, there are plenty of things you'll want to consider.
When you begin your search, you'll want to create a checklist of items you need, get a plan of what neighborhoods and school districts you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than or close to a third of your net monthly income is a good guideline to go by.
Step 2 – Get with a real estate agent
This is where I come in.
We can arrange a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the West Palm Beach area, the mortgage and housing industries, and any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you start the loan process.
REMAX Prestige Realty partners with some of the best mortgage professionals in West Palm Beach, so you're in great hands.
They will assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Start looking for a house
After we meet, I'll begin finding available homes on the market that meet your needs.
I'll preview most of the homes and throw out the duds, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
When we view homes, I'll show you the good features, as well as negative ones. I'll also ask you to point out what things you like and dislike.
For the most part, buyers revise their list of must-haves as we view homes and some things become more crucial than others.
If that's the situation, I'll go back through all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
An agent's understanding of the West Palm Beach housing market is an essential component in your home search. And I can assure you I'm familiar with all the school districts and neighborhoods, and I'll alert you to which neighborhoods are "hot" and require prompt action and others that are "cool" and allow for thoughtful analysis.
As 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."
Any REALTOR® will claim to know the housing market, but beware, and be sure to ask plenty of questions.
If it appears they don't know everything, contact me at 5616326089 or e-mail me at richardraymond@remax.net, and I'd be glad to answer any questions you have. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the home of your dreams in the West Palm Beach area. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are acquiring financing, carrying out the inspection, and a clean title.
When sending in your offer, you'll probably want to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property. The amount is most often put towards the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the beginning offer – it's widely common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing limits. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Get your loan
Upon finishing the contract, you'll begin working with your lender to close the loan.
This won't take long at all if you've been pre-approved, but you need to keep in close contact with your lender.
And I'll handle 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) outlining closing costs from your lender within three days of getting your application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will most often occur at a title company or escrow office and should be a smooth and calm event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 5616326089 or send me an e-mail.
