With some planning ahead of time, purchasing a home isn't all that complex, but the event intimidates many people.
I like to provide buyers with an overview of the entire deal so they'll understand exactly what to expect.
Below are my nine steps to buying a home.
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Should you have questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at judy@judywolfman.com.
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Step 1 – Get ready to buy a home
There are several things you should contemplate prior to beginning your home search.
It's likely that you'll want to assemble an index of must-have features, get an idea of what school districts and neighborhoods you want to live in, and begin planning your budget.
A good rule of thumb to go by is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Speak with a real estate agent in Plantation
This is where I come in.
I'd love to plan a time to get together with you and talk about why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Plantation area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
In addition, I'll help you start the loan process.
Judy Wolfman,CIPS Pat Hance Realty partners with some of Plantation's finest mortgage professionals, so you can rest assured that you're in great hands.
They'll assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our first meeting, I'll start searching for homes on the market that are a great fit for you.
I'll research many of the homes and ignore the bad ones, and then we'll book appointments to tour the houses whenever it's most convenient for you.
When we tour the houses, I'll point out positive features and bad ones. I'll also ask you to point out what things you like and dislike.
It's pretty common for buyers to revise their list of must-haves as we tour houses and some items become far more crucial than others.
If that's the situation, I'll search all the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
My understanding of the Plantation housing market is a necessary asset in your house search. I'm acquainted with all the neighborhoods and schools, and I'll communicate what districts are "hot" and call for prompt action and others that are "cool" and allow for thoughtful analysis.
When we view houses, I'll make sure to communicate when the seller's asking price has room for negotiation and also when I know the house is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions, as every REALTOR® will tell you they understand the market.
If things don't add up, call me at 9547978831 or e-mail me at judy@judywolfman.com, and I'd be more than happy to answer any questions you have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream home
I'm positive we'll find your dream home in the Plantation area. When that happens, I'll thoroughly create your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are getting financing, carrying out the inspection, and a clear title.
Upon presenting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property and is most often applied to the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer, and it's pretty common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a role in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Secure a loan
After we sign the final sales contract, you'll start working with your lender to close the loan.
If you're already pre-qualified, it won't take much time at all, but you need to keep in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your loan application.
The estimate depends on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a close range of accuracy, and I'll study the estimate and let you know if everything looks good.
Then we'll close on your house. This should happen at a title company or escrow office and will likely be a smooth and comfortable occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 9547978831 or send me an e-mail.
