Are you purchasing a new home in Delray Beach?
Buying a home is an intimidating event for many people, but it isn't too complicated with some up-front planning.
So they understand exactly what they can expect, I'll give buyers an overview of the whole deal.
These are my nine steps to buying a home.
If you have questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are several things you should take into account prior to commencing your home search.
When you start your search, you'll want to put together a checklist of features you want, get a feel for 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 principle to follow.
Step 2 – Communicate with a real estate agent
This is where Silver International Realty, Inc. can help.
I'd be happy to arrange a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Delray Beach area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
I'll also help you begin the loan process.
There are some excellent mortgage professionals in Delray Beach, and I partner with a lot of them, so you'll be in great hands.
They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
After our first meeting, I'll begin looking for houses on the market that meet your needs.
I'll preview many of the houses and reject the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
When we view homes, I'll show you the positive features and negative ones. I'll also ask you to point out what things you like and dislike.
It's pretty common for buyers to update their must-have list as we tour homes and some things become more substantial than others.
If that's the situation, I'll go back through all the listings once more and trim it down to the house you've been wishing for.
Step 4 – Know the market
My awareness of the Delray Beach home market is a crucial aspect in your house search. I'm conscious of all the schools and neighborhoods, and I will alert you to some districts are "hot" and demand immediate action and others that are "cool" and allow for thoughtful examination.
As we tour houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
Be careful and be sure to ask lots of questions, as every real estate agent in Delray Beach will convince you they understand the housing market.
If things don't add up, contact me at 855-693-3572 X 1 or e-mail me at , and I'll be more than happy to answer any questions you have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find your dream house
I'm certain we'll find the home of your dreams in Delray Beach. When we do, I'll precisely create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies, such as acquiring financing, completing the inspection, and a clear title.
When we present your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is usually put towards the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the initial offer. It's really 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.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Obtain financing
After the contract is finalized, you'll start working with your lender to close the loan.
If you're already pre-approved, it shouldn't take much time at all. However, you need to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of accepting your application.
The estimate rests on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy, and I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will probably occur at a title company or escrow office and will most likely be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at 855-693-3572 X 1 or e-mail me at .