9 Steps to Owning
Purchasing a home is an intimidating event for most people, but it's not very difficult with a bit of planning ahead of time. So you understand exactly what to expect, we like to furnish our buyers with an overview of the whole deal. Here are our nine steps to purchasing a home.
When you're ready to get started, just contact us here or send us e-mail
. We're happy to answer questions you have regarding this information.
Step 1 – Prepare to buy a home
There are several things you need to consider prior to commencing your home search. You'll most likely want to make an outline of must-haves, get an idea of what neighborhoods you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or around 1/3 of your monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent in South Florida
This is where Marshall Minotto / Atlantic Properties International Inc. comes in. We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the South Florida area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
We'll also help you start the loan process. There are some excellent mortgage professionals in South Florida, and we work with a lot of them, so you can rest assured that you're in great hands. They'll assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Start looking for a house
Following our initial meeting, we'll begin looking for available homes on the market that meet your needs. We'll get a sneak peek of many of the houses and remove the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.
When we tour houses, we'll point out good features and negative ones. we'll also ask you about things you like and don't like. It's common for buyers to update their must-have list as we tour homes and some features become more substantial than others. If that happens, we'll go back through the listings again and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
Our understanding of the South Florida housing market is an essential benefit in your search. We're informed of all the neighborhoods and schools, and we will alert you to which neighborhoods are "hot" and warrant immediate action and the others that are "cool" and allow for cautiousness.
When we tour houses, we'll make sure to communicate when the seller's asking price has room for negotiation and also when I know the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask lots of questions. Any REALTOR® will convince you they understand the housing market. If things don't add up, call us at 954-881-1753 or e-mail us at email@example.com, and we'd be more than happy to answer any questions you have. Our market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
We're certain we'll find the home of your dreams in the South Florida area. When we do, we'll thoroughly develop your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as obtaining financing, completing the home inspection, and a clear title.
Upon sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is often applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the first offer – it's very common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract. We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Obtain your loan
Once the deal is finished, you'll begin working with your lender to close the loan. If you're pre-approved, this won't be a long process at all, but you should to stay in close contact with your lender. And we'll sort out 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 receiving your loan application. The estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy, and we'll analyze the estimate and let you know if it all looks okay.
Then we'll close on your home. This should take place at a title company or escrow office and is often a smooth and calm affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, simply contact us or send us an e-mail.