With a little up-front planning, buying a home isn't very complex, but the event is stressful for many people.
I like to provide buyers with an outline of the whole deal so they understand exactly what they can expect.
Below are my nine steps to buying a home.
Step 1 – Get ready to purchase
Before you begin your home search, there are plenty of things you should contemplate.
When you start your search, you'll probably want to form a check list of features you need, get a feel for what school districts you want to live in, and start planning your budget.
Keeping your mortgage payment less than or close to a third of your monthly income is a good principle to adhere to.
Step 2 – Get in touch with a real estate agent
This is where The Keyes Co / Realtors can help.
I'd be happy to arrange a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Miami area.
I'll also help you begin the loan process.
I work with some of the best mortgage professionals in Miami, so you can rest assured that you're in great hands.
They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
Following our first meeting, I'll start searching for houses on the market that are a great fit for you.
I'll get a sneak peek of most of the houses and eliminate the duds, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
When we tour the homes, I'll show you the good features, as well as negative ones. And I'll ask you to point out what things you like and don't like.
It's pretty common for buyers to revise their list of must-haves as we view homes and some things become more essential than others.
If that's the situation, I'll go back through all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Know the housing market
An agent's awareness of the Miami market is an essential component in your house search. And I assure you I'm mindful of all the schools and neighborhoods, and I will alert you to some districts are "hot" and warrant immediate action and others that are "cool" and allow for careful consideration.
As we view houses, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
Any real estate agent will tell you they know the home market, but take notice, and make sure you ask your agent a lot of questions.
If things don't add up, call me at 305-779-1610 or e-mail me at frankarteaga.realtor@gmail.com, and I'd be more than happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream home in the Miami area. When we do, I'll thoroughly develop your real estate purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
Upon presenting your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property and is typically applied to the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer – it's really common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Get your loan
After the deal is finalized, you'll start working with your lender to close the loan.
This shouldn't take very long at all if you're pre-qualified, but you need to keep in close contact with your mortgage lender.
And I'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) of your closing costs from your lender within three days of getting your application.
The estimate is formed from the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy, and I'll examine the estimate and let you know if it all looks okay.
Then we'll close on your home. This should happen at a title company or escrow office and should be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply call me at 305-779-1610 or send me an e-mail.
