With a little up-front planning, purchasing a home isn't that hard, but the event intimidates a lot of people. I like to give buyers a road map of the entire deal so they know exactly what to expect. Below are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are many things you need to contemplate before commencing your home search. It's likely that you'll want to assemble an index of features you need, get an idea of what school districts you'd like to live in, and start working on your budget. Ensuring your mortgage payment is no more than a third of your net monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent in Fort Lauderdale
This is where I can help. We can plan a time to get together so we can talk 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 Fort Lauderdale area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll assist you with getting started on your loan. I work with some of Fort Lauderdale's best mortgage professionals, so you can rest assured that 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 house hunting
After we meet, I'll start finding available houses on the market that meet your needs. I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we view homes, I'll point out positive features, as well as bad ones. And I'll ask you what things you like and dislike. It's common for buyers to update their wish list as we view homes and some features become far more crucial than others. If that's the case, I'll search all the listings once more and narrow it down to the home you've been dreaming about.
Step 4 – Get a grasp of the housing market
My understanding of the Fort Lauderdale home market is a necessary asset in your search. I'm acquainted with all the school districts and neighborhoods, and I can let you know what neighborhoods are "hot" and call for prompt action and the ones that are "cool" and allow for cautiousness.
As we tour houses, I'll let you know if the seller's list price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask a lot of questions, as every real estate agent will convince you they comprehend the market. If it appears they don't know everything, contact me at 954-817-2900 or e-mail me at Eileen@fortlauderdalehomes-forsale.com, and I'd be happy to answer any questions you have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream house in the Fort Lauderdale area, and when that happens, I'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When presenting your offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property. The amount is often applied to the closing costs. If the seller accepts your offer, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer, and it's very common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions. We'll also work within your budget. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Secure a loan
Once the contract is finished, you'll begin working with your lender to close the loan. If you're pre-qualified, this won't be a long process at all. But you'll need to keep in close contact with your 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 mortgage lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of receiving your application. The estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will likely happen at a title company or escrow office and is often a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at 954-817-2900 or send me an e-mail.
