Purchasing a home can be stressful for many people, but it's not too hard with a bit of up-front planning. So you'll know exactly what to expect, I like to give my buyers an outline of the whole deal. These are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are several things you should do before starting your home search. When you begin your search, you'll want to put together a checklist of must-have features, get a plan of what neighborhoods you'd like to live in, and start planning your budget. A good principle to follow is that your mortgage payment should be a third of your net monthly income.
Step 2 – Get with a real estate agent in Palm Beach Gardens
This is where I can help. I'd be happy to set up a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future. We'll talk about everything from neighborhoods, schools in the Palm Beach Gardens area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
I'll also help you begin the loan process. There are some great mortgage professionals in Palm Beach Gardens, and I work with a lot of them, so you'll be in great hands. They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After we meet for the first time, I'll start looking for homes on the market that meet your needs. I'll preview many of the homes and eliminate the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we tour the houses, I'll point out positive features, as well as negative ones. I'll also ask you about things you like and don't like. It's pretty common for buyers to update their list of must-haves as we tour homes and some things become more important than others. If that's the case, I'll search all the listings once more and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
My understanding of the Palm Beach Gardens home market is a fundamental asset in your search. I'm familiar with all the neighborhoods and schools, and I'll alert you to certain districts are "hot" and require immediate action and others that are "cool" and allow for careful analysis.
When we tour homes, I'll make sure to communicate when the seller's asking price has room for bargaining and when I think the house is "priced to sell." When working with an agent, be on guard and make sure you ask a lot of questions, as every real estate agent in Palm Beach Gardens will claim to understand the home market. If it seems like they don't know everything, contact me at 772-919-5338 or e-mail me at juliecline@bellsouth.net, and I'd be happy to answer your questions. 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 confident we'll find the house of your dreams in the Palm Beach Gardens area. When that happens, I'll thoroughly create your home purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as obtaining financing, completing the inspection, and a clean title.
When we present your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property and is most often put towards the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer, and it's pretty common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a vital role in how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Get financing
After the contract is finalized, you'll begin working with your lender to close the loan. This won't take very long at all if you're already pre-approved, but you should to keep in close contact with your lender. And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of getting your application. This estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will likely occur at a title company or escrow office and should be a smooth and comfortable occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, be sure to call me at 772-919-5338 or send me an e-mail.
