Buying a home is stressful for a lot of people, but it isn't all that confusing with a little planning ahead of time.
I like to give buyers a road map of the whole deal so they understand exactly what to expect.
These are my nine steps to buying a home.
Step 1 – Get ready to purchase
Prior to starting your home search, there are plenty of things you need to consider.
When you start your search, you'll want to create a check list of must-haves, plan for what neighborhoods you want to live in, and begin planning around your budget.
A good principle to follow is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Speak with a real estate agent in Lighthouse Point
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 discuss the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Lighthouse Point area.
I'll also help you get started on your loan.
I partner with some of the finest mortgage professionals in Lighthouse Point, so you'll be in great hands.
They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
Following our initial meeting, I'll start looking for homes on the market that best suit you.
I'll preview most of the houses and remove the duds, and then we'll book appointments to view the homes when it's most convenient for you.
When we view houses, I'll call attention to positive features, as well as negative ones. I'll also ask you what things you like and don't like.
Most often, buyers amend their list of must-haves as we tour houses and some items become far more important than others.
If such is the case, I'll search the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Know the market
Your agent's awareness of the Lighthouse Point home market is an essential element in your home search. And I can assure you I'm mindful of all the neighborhoods and schools, and I can let you know what districts are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful consideration.
When we tour homes, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Trust your instincts and be sure to ask your agent lots of questions, as every real estate agent will claim to know the home market.
If things don't add up, call me at 954-650-8733 or e-mail me at ajmiller@tropicinternational.com, and I'll be more than happy to answer any questions you may have. My market knowledge will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been looking for
I know we'll find your dream home in the Lighthouse Point area, and when we do, I'll carefully develop your purchase offer. The offer will be written keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we send in your offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property, and it's typically applied to the closing costs. If your offer is accepted, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the beginning offer. It's pretty common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Get a loan
After the deal is signed, you'll begin working with your lender to close the loan.
It shouldn't be a long process at all if you've been pre-approved, but you'll want to keep in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of taking your loan application.
This estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This should take place at a title company or escrow office and will likely be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, simply contact me at 954-650-8733 or send me an e-mail.
