Purchasing a home can be stressful for a lot of people. However, with a bit of planning ahead of time, it's not that complicated. I like to provide buyers with an overview of the entire deal so they know exactly what to expect. Here are my nine steps to buying a home.
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Step 1 – Get ready to buy a home
Before you begin your home search, there are many things you should contemplate. When you begin your search, you'll want to create an outline of features you want, plan for what school districts you want to live in, and begin planning around your budget. Ensuring your mortgage payment is around 1/3 of your net monthly income is a good guideline to go by.
Step 2 – Get in touch with a real estate agent
This is where BRS Realtors, Inc. comes in. I'd like to plan a time to meet with you and speak with you about your real estate needs and get an idea of your future plans. We'll discuss everything from neighborhoods, school districts in the Miami area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you begin the loan process. There are some great mortgage professionals in Miami, and I work with a lot of them, so you can rest assured that you're in great hands. They'll help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After our first meeting, I'll start finding homes on the market that suit your needs. I'll get a sneak peek of most of the houses and reject the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
When we view homes, I'll show you the good features and bad ones. I'll even ask you to tell us about things you like and don't like. It's widely common for buyers to change their must-have list as we view houses and some items become far more crucial than others. If that's the situation, I'll search all the listings once again and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the market
My understanding of the Miami market is a valuable advantage in your home search. I am acquainted with all the neighborhoods and school districts, and I'll alert you to which neighborhoods are "hot" and demand immediate action and the ones that are "cool" and allow for thoughtful examination.
As we view houses, I'll be sure to tell you when the asking price has room for negotiation and also when I know the house is "priced to sell." When working with an agent, be careful and make sure you ask lots of questions. Every REALTOR® in Miami will tell you they know the housing market. If things don't add up, contact me at (786)456-3668 or e-mail me at email@example.com, and I'd be happy to answer your questions. My market expertise will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been looking for
We'll find your dream home in Miami, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property, and it's usually put towards the closing costs. If your offer is accepted, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer, and it's really common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
The state of the market will play a part in how aggressively we negotiate the contract. In addition, we'll work within your budget. And when it's all said and done, we'll formulate a deal that is best for you.
Step 7 – Get a loan
Upon finalizing the contract, you'll begin working with your lender to close the loan. It won't take very long at all if you're pre-approved, but you'll need to keep in close contact with your mortgage lender. And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) outlining closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of receiving your application. The estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will most often occur at a title company or escrow office and will most often be a smooth and easygoing event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, be sure to contact me at (786)456-3668 or send me an e-mail.