Purchasing a home intimidates most people, but with some planning ahead of time, it isn't too complex. I like to give buyers an outline of the whole deal so they know exactly what they can expect. These are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to jerry@765list.com. I'm glad to answer any questions you have regarding this information. |
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Step 1 – Get ready to purchase
There are a lot of things you need to contemplate prior to beginning your home search. You'll probably want to form a check list of items you want to have, get an idea of what school districts and neighborhoods you'd like to live in, and start working on your budget. A good principle to go by is that your mortgage payment should be 30 percent of your monthly income.
Step 2 – Contact a real estate agent in Ft. Myers Beach
This is where I can help. I'd love to book a time to meet with you and speak with you regarding your real estate needs and get an idea of your plans for the future. We'll discuss the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Ft. Myers Beach area.
In addition, I'll assist you with getting started on your loan. There are some great mortgage professionals in Ft. Myers Beach, and I work with a lot of them, so you can rest assured that you're in great hands. They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
Following our first meeting, I'll start looking for homes on the market that meet your needs. I'll research many of the homes and eliminate the bad ones, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we view houses, I'll identify positive features and negative ones. I'll even ask you what things you like and don't like. It's pretty common for buyers to amend their must-have list as we tour homes and some features become more important than others. If that's the case, I'll go back through all the listings once again and narrow it down to the house of your dreams.
Step 4 – Get a feel for the market
My knowledge of the Ft. Myers Beach market is a valuable asset in your search. I am conscious of all the schools and neighborhoods, and I can alert you to certain areas are "hot" and warrant immediate action and some that are "cold" and allow for careful consideration.
When we tour houses, I'll make sure to communicate if the list price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask plenty of questions. Any real estate agent in Ft. Myers Beach will tell you they truly understand the housing market. If it doesn't seem like they know everything, just call me at 239-765-LIST (5478) or e-mail me at jerry@765list.com, and I'd be happy to answer any questions you might have. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm positive we'll find your dream home in Ft. Myers Beach. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
Upon turning in your offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property. The amount is often applied to the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer – it's really common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the contract. In addition, we'll work within your budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Get financing
Upon finishing the deal, you'll begin working with your mortgage lender to close the loan. If you're pre-qualified, it won't take very long at all, but you'll want to keep in close contact with your lender. And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your application. This estimate is based on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most often 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 house. Enjoy it. And if you have any questions, simply contact me at 239-765-LIST (5478) or send me an e-mail.
