Buying a home intimidates most people. However, with a bit of up-front planning, it's not all that hard.
So you'll understand 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.
Step 1 – Get ready to buy a home
There are a lot of things you should consider before you search for a home.
It's likely that you'll want to make an outline of items you want to have, get a feel for what neighborhoods you'd like to live in, and begin planning around your budget.
A good rule of thumb to adhere to is that your mortgage payment should be no more than 30 percent of your monthly income.
Step 2 – Communicate with a real estate agent
This is where Sharon Malman - RE/MAX Advantage Plus can help.
I'd be happy to schedule a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the Boca Raton area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you facilitate the loan process.
There are some very good mortgage professionals in Boca Raton, and I work with a lot of them, so you're in great hands.
They can assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our first meeting, I'll begin finding available houses on the market that are a great fit for you.
I'll research many of the houses and remove the duds, and then we'll book appointments to view the houses when it's convenient for you.
When we tour the houses, I'll call attention to positive features and negative ones. I'll even ask you to talk about things you like and dislike.
It's common for buyers to update their wish list as we tour houses and some items become far more essential than others.
If that's the situation, I'll go back through the listings once again and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
My knowledge of the Boca Raton market is a necessary resource in your home search. I'm informed of all the school districts and neighborhoods, and I can alert you to some areas are "hot" and demand prompt action and the ones that are "cold" and allow for more consideration.
When we tour houses, I'll be sure to tell you when the seller's list price has room for negotiation and also when I know the home is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions, as every real estate agent in Boca Raton will tell you they know the market.
If things don't add up, contact me at 561-447-7800 or e-mail me at smalman@comcast.net, and I'll be more than happy to answer any questions you may have. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm positive we'll find your dream home in the Boca Raton area. When that happens, I'll thoroughly create your home purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as acquiring financing, finishing the inspection, and a clear title.
Upon turning in your offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is most often put towards the cost of closing. If your offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the beginning offer – it's extremely common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market will play a big part in how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Get financing
Upon signing the contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this won't be a long process at all. But you'll want to stay in close contact with your mortgage lender.
And I'll handle 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) outlining your closing costs from your mortgage lender within three days of taking your loan application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will most often occur at a title company or escrow office and is often a smooth and relaxing affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, be sure to contact me at 561-447-7800 or send me an e-mail.
