Purchasing a home is a stressful event for a lot of people, but it isn't very confusing with a bit of up-front planning.
So you'll understand exactly what to expect, I like to supply my buyers with an outline of the entire deal.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
There are a lot of things you'll want to take into account prior to starting your home search.
You'll most likely want to create an index of items you want, get a plan of what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent
This is where I can help.
We'll schedule a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Cape Coral area.
I can also assist you with getting started on your loan.
There are some excellent mortgage professionals in Cape Coral, and I work with a lot of them, so you'll be in great hands.
They can assist you in figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin your home search
After we meet, I'll begin looking for available houses on the market that best suit you.
I'll research most of the houses and remove the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we view houses, I'll point out positive features and bad ones. And I'll ask you to point out what things you like and dislike.
For the most part, buyers update their list of must-haves as we view homes and some features become far more substantial than others.
If that's the situation, I'll search the listings once again and narrow it down to the house of your dreams.
Step 4 – Know the market
An agent's knowledge of the Cape Coral home market is a leading agent in your house search. And I assure you I'm acquainted with all the neighborhoods and schools, and I'll communicate which areas are "hot" and warrant immediate action and others that are "cold" and allow for more examination.
When we view homes, I'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions. Any REALTOR® in Cape Coral will convince you they truly understand the housing market.
If things don't add up, just call me at 239-443-1558 or e-mail me at Patrick@thereidteam.com, and I'd be happy to answer any questions you might have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream house in the Cape Coral area. When that happens, I'll thoroughly create your purchase offer. The offer will be tailored to suit your needs, including many contingencies, such as obtaining financing, completing the home inspection, and a clean title.
Upon submitting your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property. The amount is usually put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer, and it's very common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing budget. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Secure your loan
Upon finalizing the deal, you'll begin working with your lender to close the loan.
This won't take long at all if you've been pre-approved, but you'll need to keep in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if it all looks good.
Then we'll close on your home. This should happen at a title company or escrow office and should be a smooth and hassle-free event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 239-443-1558 or send me an e-mail.
