Whether you are a first time home buyer, purchasing your second or third home, buying an investment property or investing in a vacation home, buying is a huge decision. It can be one of the most rewarding and one of the most stressful experiences a person can have. Navigating the tricky waters of buying a home is no easy task. But, as your realtor, I will help you with every step of the way.
Step 1: Start Your Research Early
We will help you with researching the best home that fits your needs. Whether it is a two bedroom condo, a luxury home overlooking the ocean, we will find it for you!
Step 2: Determine How Much House You Can Afford
We generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt. But you should make this determination based on your own financial situation.
Step 3: Get Prequalified and Preapproved for credit for Your Mortgage
Before you start looking for a home, you will need to know how much you can actually spend. The best way to do that is to get prequalified for a mortgage. To get prequalified, you may contact our mortgage expert, Betty Rauch at 954-410-1960 . Your lender will review your information and tell you how much you qualify for. This will tell you the price range of the homes you should be looking at. Later, you can get preapproved for credit, which involves providing your financial documents (W-2 statements, paycheck stubs, bank account statements, etc.) so your lender can verify your financial status and credit.
Step 4: Find the Right Real Estate Agent
Real estate agents are important partners when you’re buying or selling a home.That’s where Joan comes in the picture. She will provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. With her knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in ,can be extremely valuable. And best of all, it doesn’t cost you anything to use her service.
Step 5: Shop for Your Home and Make an Offer
Start touring homes in your price range. We highly recommend to take notes on all the homes you visit and make comparisons. You will see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home.
It’s also important to evaluate the neighborhood and make a note of things such as:
Are the other homes on the block well maintained?
How much traffic does the street get?
Is there enough street parking for your family and visitors?
Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation?
Take as much time as you need to find the right home. Then we will work with you to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
Step 6: Get a Home Inspection
Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. We will help you to arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.
Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.
Step 7: Work with a Mortgage Banker to Select Your Loan
Our mortgage broker, Betty have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having our experienced, responsive mortgage bankers assist you can make the process much easier.
Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly payments never increase. And still others pick a loan based on the knowledge they will be moving again in just a few years. Take your time and make sure you are picking the right loan that fits your needs.
Step 8: Coordinate the Paperwork
As you can imagine, there is a lot of paperwork involved in buying a house. We will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.
Step 9: Close the Sale
At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to our lender. Once the check is delivered to the seller, you are ready to move into your new home!