For a lot of people, purchasing a home can be an intimidating event. However, with a bit of planning ahead of time, it's not all that confusing. So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal. Here 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 ready to get started, just contact me here or e-mail me at paqui96@bellsouth.net. |
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Step 1 – Prepare to purchase
Before you begin searching for a home, there are many things you should do. When you start your search, you'll want to put together a list of features you need, get an idea of what school districts and neighborhoods you want to live in, and begin planning around your budget. Keeping your mortgage payment around a third of your net monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent in Boca Raton
This is where I come in. We'll set up a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about 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 Boca Raton area.
I can also assist you with getting started on your loan. Coldwell Banker Residential Real Estate partners with some of Boca Raton's best mortgage professionals, so you're in great hands. They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
Following our initial meeting, I'll start finding available houses on the market that best suit you. I'll research many of the houses and ignore the bad ones, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we tour the homes, I'll identify good features and negative ones. I'll even ask you to point out what things you like and don't like. For the most part, buyers update their list of must-haves as we view homes and some things become more important than others. If that's the situation, I'll search the listings one more time and narrow it down to the house of your dreams.
Step 4 – Know the housing market
Your agent's awareness of the Boca Raton housing market is an imperative factor in your home search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll communicate some areas are "hot" and call for immediate action and some that are "cold" and allow for careful examination.
As we view houses, I'll be sure to tell you if the list price has room for negotiation or if I believe the house is "priced to sell." Every real estate agent in Boca Raton will claim to truly understand the home market, but trust your instincts, and be sure to ask plenty of questions. If things don't add up, just call me at (561)251-3018 or e-mail me at paqui96@bellsouth.net, and I'll be more than happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
We'll find the home of your dreams in Boca Raton, and when that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored 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 presenting your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property. The amount is most often applied to the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer. It's extremely common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract. In addition, we'll work within your budget. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Get your loan
Upon completion of the deal, you'll start working with your lender to close the loan. If you're pre-qualified, it won't be a long process at all, but you should to stay in close contact with your mortgage lender. And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your application. This estimate is based on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a close range of accuracy, and I'll examine the estimate and let you know if everything looks good.
Then we'll close on your home. This should take place at a title company or escrow office and should be a smooth and easygoing occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at (561)251-3018 or send me an e-mail.
