With some planning ahead of time, buying a home isn't very complicated, but the event can be stressful for many people.
I like to supply buyers with a road map of the entire deal so they know exactly what they can expect.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to Don@CallDonTaylor.com. I'm happy to answer questions you have about this information.
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Step 1 – Prepare to purchase a home
There are plenty of things you should contemplate prior to starting your home search.
When you begin your search, you'll probably want to make a list of features you need to have, get an idea of what neighborhoods and school districts you'd like to live in, and start working on your budget.
A good guideline to go by is that your mortgage payment should be less than a third of your monthly income.
Step 2 – Get in touch with a real estate agent
This is where Don Taylor, P.A. / Realty Executives comes in.
I'd like to set up a time to meet with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Treasure Island area.
In addition, I'll help you get started on your loan.
Don Taylor, P.A. / Realty Executives partners with some of Treasure Island's best mortgage professionals, so you'll be in great hands.
They will help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After we meet for the first time, I'll start searching for available houses on the market that are great for you.
I'll preview many of the homes and ignore the duds, and then we'll schedule appointments to view the homes when it's convenient for you.
When we view the houses, I'll identify good features, as well as bad ones. I'll even ask you what things you like and don't like.
Frequently, buyers update their list of must-haves as we tour houses and some items become far more important than others.
If that happens, I'll go back through all the listings once again and trim it down to the house of your dreams.
Step 4 – Get a feel for the housing market
My knowledge of the Treasure Island market is a fundamental resource in your house search. I am conscious of all the neighborhoods and school districts, and I'll alert you to some areas are "hot" and warrant immediate action and some that are "cool" and allow for thoughtful analysis.
When we tour homes, I'll let you know when the asking price has room for negotiation and when I believe the house is "priced to sell."
Every real estate agent will tell you they know the housing market, but be on guard, and make sure you ask a lot of questions.
If things don't add up, contact me at 727-458-7828 or e-mail me at Don@CallDonTaylor.com, and I'd be happy to answer any questions you may have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream house
I'm sure we'll find the home of your dreams in the Treasure Island area. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When turning in your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is often applied to the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Secure your loan
Upon completing the contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all, but you'll need to keep in close contact with your mortgage 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) outlining your closing costs from your lender within three days of accepting your loan application.
The estimate rests on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This should occur at a title company or escrow office and will most often be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just call me at 727-458-7828 or send me an e-mail.
