With some up-front planning, purchasing a home isn't too hard, but the event intimidates many people.
So you'll know exactly what to expect, I like to give my buyers an overview of the whole deal.
Below are my nine steps to purchasing a home.
 |
 |
 |
If you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at abner@me.com.
|
|
|
|
|
Step 1 – Prepare to purchase a home
There are many things you need to take into account before beginning your home search.
When you begin your search, you'll want to create an index of features you need, get an idea of what school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
That's where I come in.
We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, schools in the Miami area, the mortgage industry, and any other economic factors that may affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
I partner with some of Miami's finest mortgage professionals, so you can rest assured that you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
Following our first meeting, I'll start searching for homes on the market that are good for you.
I'll get a sneak peek of many of the homes and exclude the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
As we view the houses, I'll show you the positive features, as well as bad ones. I'll also ask you to tell us about things you like and don't like.
Oftentimes, buyers change their wish list as we view homes and some things become more necessary than others.
If that's the case, I'll search the listings one more time and trim it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
My understanding of the Miami home market is an essential advantage in your search. I'm mindful of all the school districts and neighborhoods, and I will alert you to some districts are "hot" and warrant prompt action and the ones that are "cool" and allow for more examination.
When we tour homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Any real estate agent will convince you they understand the housing market.
If things don't add up, call me at 305 527 4341 or e-mail me at abner@me.com, and I'd be glad to answer any questions you may have. My market expertise will keep you a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream home in Miami. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
When submitting your offer, you'll want to present "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property. The amount is typically put towards the cost of closing. If the offer is accepted by the seller, we should close on the home 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 initial offer, and it's very common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Get a loan
Once the contract is complete, you'll begin working with your lender to close the loan.
If you've been pre-qualified, it won't take very long at all. However, you should to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) detailing your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving 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 close range of accuracy, and I'll study the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and is often a smooth and relaxed affair.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at 305 527 4341 or send me an e-mail.
