Buying a home is intimidating for a lot of people. However, with a little up-front planning, it's not too complex.
I like to provide buyers with an overview of the entire deal so they understand exactly what they can expect.
Here are my nine steps to purchasing a home.
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If you have questions about this information or if you're prepared to get started, you can contact me here or e-mail me at KrisSells@aol.com.
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Step 1 – Prepare to purchase
There are several things you should contemplate before beginning your home search.
You'll probably want to assemble an outline of items you want to have, get a plan of what school districts you want to live in, and start planning around your budget.
A good rule to adhere to is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Speak with a real estate agent
This is where I can help.
We can plan 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 the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Coral Gables area.
I can also help you begin the loan process.
There are some excellent mortgage professionals in Coral Gables, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After our first meeting, I'll start searching for available houses on the market that suit your needs.
I'll preview most of the houses and remove the duds, and then we'll book appointments to view the homes at a time that's convenient for you.
As we tour homes, I'll show you the positive features, as well as negative ones. And I'll ask you about things you like and dislike.
Usually, buyers amend their must-have list as we view houses and some items become more necessary than others.
If such is the case, I'll search the listings once again and trim it down to the house you've been waiting for.
Step 4 – Understand the housing market
Your agent's awareness of the Coral Gables home market is a crucial agent in your house search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I'll communicate which areas are "hot" and call for prompt action and others that are "cold" and allow for cautiousness.
When we view houses, I'll be sure to tell you when the seller's asking price has room for bargaining and also when I believe the home is "priced to sell."
Be on guard and make sure you ask your agent plenty of questions, as any REALTOR® will tell you they truly understand the home market.
If things don't add up, call me at 305.608.4434 or e-mail me at KrisSells@aol.com, and I'll be glad to answer your questions. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find your dream house
We'll find the house of your dreams in Coral Gables, and when that happens, I'll precisely create your home purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property, and it's often put towards the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer – it's pretty common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Obtain financing
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it won't take long at all, but you need to keep in close contact with your lender.
And I'll care for all the property information your 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 accepting your application.
This estimate is formed from the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy, and I'll go over the estimate and let you know if everything looks all right.
Then it's time to close on your house. This should happen at a title company or escrow office and will most often be a smooth and comfortable event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at 305.608.4434 or send me an e-mail.
