Purchasing a home can be stressful for a lot of people, but with a little up-front planning, it isn't all that complicated.
So you'll understand exactly what to expect, I like to provide my buyers with an overview of the entire deal.
These are my nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, simply contact me here or send e-mail to jccruz@floridiancoastline.com. I'm glad to answer questions you have about this information.
|
|
|
|
|
Step 1 – Get ready to purchase
There are plenty of things you'll want to do before beginning your home search.
When you start your search, you'll want to make an index of features you want to have, get a feel for what school districts you'd like to live in, and begin planning around your budget.
A good rule to adhere to is that your mortgage payment should be no more than 1/3 of your monthly income.
Step 2 – Get in touch with a real estate agent
This is where Floridian Coastline Group can help.
We'll arrange 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 neighborhoods, schools in the Fort Lauderdale area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you begin the loan process.
There are some excellent mortgage professionals in Fort Lauderdale, and I partner with a lot of them, so you're in great hands.
They'll assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start your home search
After our initial meeting, I'll start searching for available homes on the market that are a great fit for you.
I'll research many of the homes and reject the duds, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
When we tour houses, I'll point out positive features and negative ones. I'll even ask you to point out what things you like and dislike.
It's pretty common for buyers to update their wish list as we view houses and some features become more essential than others.
If that's the case, I'll look through the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Know the market
An agent's knowledge of the Fort Lauderdale home market is a leading element in your house search. And I assure you I'm informed of all the neighborhoods and school districts, and I will communicate what districts are "hot" and warrant immediate action and the ones that are "cold" and allow for cautiousness.
As we view homes, I'll make sure to communicate if the asking price has room for negotiation or if I believe the home is "priced to sell."
Every REALTOR® will claim to comprehend the market, but trust your instincts, and make sure you ask your agent a lot of questions.
If it appears they don't know everything, just call me at 954-302-4531 or e-mail me at jccruz@floridiancoastline.com, and I'll be glad to answer any questions you might have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm sure we'll find your dream house in Fort Lauderdale. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
Upon sending in your offer, you'll probably want to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property. The amount is most often put towards the closing costs. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer, and it's very common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Secure a loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan.
It won't take long at all if you're pre-qualified, but you'll need to stay in close contact with your lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a strict range of accuracy, and I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your home. This will probably take place at a title company or escrow office and will most likely be a smooth and pleasant occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at 954-302-4531 or send me an e-mail.
