For a lot of people, purchasing a home can be a stressful event. But with a bit of planning ahead of time, it isn't that hard.
I like to furnish buyers with an overview of the entire deal so they'll understand exactly what to expect.
These are my nine steps to buying a home.
Step 1 – Get ready to buy
Before you start looking for a home, there are plenty of things you should do.
When you begin your search, you'll probably want to put together a checklist of items you want, get an idea of what neighborhoods and school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Talk to a real estate agent
This is where I can help.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Sarasota area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
There are some great mortgage professionals in Sarasota, and I work with a lot of them, so you'll be in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our initial meeting, I'll start looking for available houses on the market that are a good fit for you.
I'll research many of the homes and eliminate the duds, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we view homes, I'll call attention to positive features, as well as negative ones. And I'll ask you about things you like and don't like.
It's common for buyers to update their list of must-haves as we view homes and some things become far more substantial than others.
If that's the case, I'll search the listings one more time and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
An agent's understanding of the Sarasota housing market is a crucial agent in your house search. And I can assure you I'm familiar with all the neighborhoods and schools, and I'll alert you to some areas are "hot" and call for immediate action and some that are "cool" and allow for cautiousness.
When 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 home is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions. Every real estate agent will convince you they truly know the housing market.
If things don't add up, contact me at (941) 921-7800 or e-mail me at fred@fredbeles.com, and I'll be glad to answer your questions. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm positive we'll find your dream house in Sarasota. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
Upon submitting your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property, and it's often put towards the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer, and it's really common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Secure financing
After the contract is signed, you'll start working with your 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 deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your loan application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a tight range of accuracy. I'll analyze the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and hassle-free occurrence.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at (941) 921-7800 or send me an e-mail.
