Purchasing a home is stressful for most people, but it isn't that hard with a little planning ahead of time.
So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
Here are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to info@discoverfl.com. I'm happy to answer questions you have regarding this information.
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Step 1 – Prepare to purchase
There are many things you'll want to take into account before commencing your home search.
When you begin your search, you'll probably want to assemble a list of items you need to have, get a feeling for what school districts you want 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 of thumb to follow.
Step 2 – Get in touch with a real estate agent
This is where I can help.
I'd love to arrange a time to meet with you and talk about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Ocala area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
I'll also help you begin the loan process.
SummerGlen Realty, LLC. partners with some of Ocala's finest mortgage professionals, so you'll be in great hands.
They'll assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Start your home search
After our initial meeting, I'll start finding available houses on the market that suit your needs.
I'll research most of the homes and ignore the duds, and then we'll set up appointments to tour the houses when it's convenient for you.
As we tour the homes, I'll point out positive features, as well as negative ones. And I'll ask you about things you like and don't like.
As a rule, buyers revise their must-have list as we view homes and some items become far more essential than others.
If that's the case, I'll look through all the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Know the housing market
An agent's understanding of the Ocala market is an essential element in your home search. And I can assure you I'm familiar with all the neighborhoods and school districts, and I'll communicate which areas are "hot" and call for immediate action and some that are "cold" and allow for careful examination.
When we view houses, I'll let you know when the seller's list price has room for negotiation and also when I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as every real estate agent in Ocala will convince you they understand the market.
If it appears they don't know everything, just call me at (352)245-0184 or e-mail me at info@discoverfl.com, and I'd be glad to answer any questions you may have. My understanding of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
We'll find the home of your dreams in Ocala, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon turning in your purchase offer, you'll want to present "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property, and it's usually applied to the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer, and it's really common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Secure financing
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it won't take very long at all, but you need to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) detailing closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your application.
The estimate rests on the loan amount, and RESPA requirements order that it has to involve 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 house. This will probably happen at a title company or escrow office and should be a smooth and hassle-free event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at (352)245-0184 or send me an e-mail.
