Purchasing a home is an intimidating event for most people, but with a bit of up-front planning, it isn't all that complex.
So you'll know exactly what to expect, I like to provide my buyers with an overview of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Get ready to buy
There are several things you'll want to contemplate before you search for a home.
It's likely that you'll want to create an outline of items you need, get an idea of what neighborhoods you'd like to live in, and start planning your budget.
Keeping your mortgage payment around 30 percent of your net monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent in Delray Beach
That's where I come in.
We'll arrange a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Delray Beach area.
In addition, I'll assist you in getting started on your loan.
There are some great mortgage professionals in Delray Beach, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
Following our first meeting, I'll begin looking for available houses on the market that meet your needs.
I'll preview many of the houses and throw out the duds, and then we'll set up appointments to view the homes whenever it's convenient for you.
When we tour the homes, I'll identify good features, as well as negative ones. I'll even ask you what things you like and dislike.
It's pretty common for buyers to amend their list of must-haves as we tour houses and some things become far more essential than others.
If that's the situation, I'll search all the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the market
My understanding of the Delray Beach market is a necessary advantage in your home search. I'm informed of all the neighborhoods and school districts, and I can let you know certain districts are "hot" and require immediate action and the ones that are "cold" and allow for careful consideration.
As we view houses, I'll let you know when the seller's asking price has room for negotiation and also when I trust the house is "priced to sell."
Any real estate agent will tell you they comprehend the home market, but take note, and be sure to ask plenty of questions.
If things don't add up, contact me at (561) 274-8153 or e-mail me at chs@silverhouses.com, and I'll be more than happy to answer any questions you might have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I know we'll find the home of your dreams in the Delray Beach area. When that happens, I'll carefully create your purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as obtaining financing, carrying out the home inspection, and a clear title.
When we submit your offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property. The amount is often put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows ample 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 this alarm you. We'll discuss whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
We'll also work within your financing budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Get financing
Upon finalizing the deal, you'll begin working with your mortgage 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 lender.
And I'll look after all the property information your mortgage lender will need 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, and RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.
Then we'll close on your home. This should occur at a title company or escrow office and should be a smooth and relaxing event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (561) 274-8153 or send me an e-mail.
