With a little planning ahead of time, purchasing a home isn't very complex, but the event can be stressful for a lot of people.
So you'll know exactly what to expect, I like to give my buyers an overview of the entire deal.
Here are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to hstarin@aol.com. I'm happy to address questions you have about this information.
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Step 1 – Get ready to buy a home
Prior to starting your home search, there are plenty of things you need to take into account.
You'll want to put together a checklist of items you need, get a feel for what neighborhoods you want to live in, and start planning your budget.
Ensuring your mortgage payment is less than or around 1/3 of your monthly income is a good principle to adhere to.
Step 2 – Contact a real estate agent in Delray Beach
This is where The Starin Team at Realty Associates, Florida Properties comes in.
I'd be happy to schedule a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Delray Beach area.
I'll also help you begin the loan process.
There are some very good mortgage professionals in Delray Beach, and I partner with a lot of them, so you're in great hands.
They'll assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After we meet for the first time, I'll start searching for available homes on the market that are a great fit for you.
I'll get a sneak peek of many of the houses and reject the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
As we tour houses, I'll show you the positive features, as well as negative ones. And I'll ask you what things you like and dislike.
As a rule, buyers update their wish list as we tour houses and some features become more necessary than others.
If such is the case, I'll go back through the listings once more and trim it down to the house you've been dreaming about.
Step 4 – Know the market
An agent's understanding of the Delray Beach home market is a fundamental aspect in your home search. And I can assure you I'm familiar with all the neighborhoods and schools, and I can alert you to some neighborhoods are "hot" and warrant immediate action and the ones that are "cool" and allow for careful analysis.
When we view homes, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions. Any REALTOR® in Delray Beach will claim to truly understand the housing market.
If things don't add up, call me at 561-665-0900 or e-mail me at hstarin@aol.com, and I'll be glad to answer any questions you may have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
I'm sure we'll find your dream home in Delray Beach. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as acquiring financing, finishing the inspection, and a clean title.
When turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property, and it's usually put towards the closing costs. If your offer is accepted, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer, and it's very common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Get your loan
Once we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
It shouldn't be a long process at all if you've been pre-qualified, but you'll want to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your loan application.
The estimate depends on the loan amount, and RESPA requirements order that it has to include all closing costs and be within a narrow range of accuracy. I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your home. This should happen at a title company or escrow office and is often a smooth and pleasant occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, make sure you contact me at 561-665-0900 or send me an e-mail.
