Buying a home is an intimidating event for many people, but it's not that complex with a little up-front planning. So you'll know exactly what to expect, I like to give my buyers an outline of the entire deal. Here are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to alex@alexbess.com. I'm happy to address any questions you have about this information. |
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Step 1 – Get ready to buy
Prior to beginning your home search, there are many things you need to take into account. It's likely that you'll want to put together a list of items you need, get a feel for what neighborhoods you'd like to live in, and begin working on your budget. Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent
This is where PalmHomes LLC can help. We can schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans. We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the West Palm Beach area.
I'll also help you begin the loan process. PalmHomes LLC works with some of the best mortgage professionals in West Palm Beach, so you're in great hands. They will assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin looking for homes on the market that are a good fit for you. I'll preview most of the homes and eliminate the bad ones, and then we'll schedule appointments to view the houses when it's most convenient for you.
As we view the homes, I'll call attention to good features and bad ones. I'll also ask you to tell us about things you like and dislike. It's common for buyers to revise their must-have list as we tour homes and some things become 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 waiting for.
Step 4 – Know the market
My awareness of the West Palm Beach housing market is a fundamental resource in your home search. I am familiar with all the neighborhoods and school districts, and I can communicate some areas are "hot" and call for immediate action and the ones that are "cold" and allow for more consideration.
When we view houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the home is "priced to sell." Every real estate agent in West Palm Beach will claim to truly understand the market, but trust your instincts, and make sure you ask lots of questions. If it seems like they don't know everything, call me at 561-202-8929 or e-mail me at alex@alexbess.com, and I'd be more than happy to answer any questions you may have. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I'm sure we'll find your dream house in West Palm Beach. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
When presenting your offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property, and it's most often applied to the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the initial offer. It's widely common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances. In addition, we'll work within your budget. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Obtain your loan
After the deal is signed, you'll begin working with your mortgage lender to close the loan. It won't take much time at all if you've been pre-qualified, but you should to stay in close contact with your mortgage lender. And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your loan application. This estimate is based on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will most often be a smooth and comfortable affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, just contact me at 561-512-7300 or send me an e-mail.
