For many people, buying a home can be an intimidating event. But with a little planning ahead of time, it's not too complex.
So you'll know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy
There are several things you need to consider before you start searching for a home.
It's likely that you'll want to create a checklist of features you need, get an idea of what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment around a third of your monthly income is a good rule to follow.
Step 2 – Contact a real estate agent
This is where Premier Properties of Brevard, Inc. comes in.
We'll set up a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Melbourne Beach area.
I'll also help you start the loan process.
There are some excellent mortgage professionals in Melbourne Beach, and I work with a lot of them, so you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
Following our first meeting, I'll begin searching for available homes on the market that are great for you.
I'll preview many of the houses and exclude the duds, and then we'll book appointments to view the homes whenever it's convenient for you.
When we view the homes, I'll point out good features, as well as bad ones. And I'll ask you about things you like and dislike.
Usually, buyers amend their wish list as we tour houses and some things become more crucial than others.
If that's the case, I'll search the listings once more and trim it down to the home of your dreams.
Step 4 – Understand the housing market
Your agent's awareness of the Melbourne Beach home market is an essential aspect in your house search. And I assure you I'm familiar with all the schools and neighborhoods, and I'll let you know what areas are "hot" and warrant prompt action and the ones that are "cold" and allow for more analysis.
When we tour houses, I'll be sure to tell you when the list price has room for bargaining and also when I trust the home is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Every REALTOR® in Melbourne Beach will claim to comprehend the market.
If things don't add up, contact me at 321-223-4671 or e-mail me at Laura@lauradowlingroy.com, and I'd be happy to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find your dream home in the Melbourne Beach area. When that happens, I'll thoroughly create your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
When sending in your offer, you'll want to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's most often applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer, and it's extremely common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Obtain financing
After the deal is finalized, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, it won't take much time at all. But you'll want to stay in close contact with your lender.
And I'll care for 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 closing costs from your mortgage lender within three days of getting your application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then we'll close on your home. This will most likely occur at a title company or escrow office and will most often be a smooth and hassle-free affair.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at 321-223-4671 or send me an e-mail.