For a lot of people, buying a home is a stressful event. But with a bit of up-front planning, it's not that difficult. So you know exactly what to expect, I like to supply my buyers with an outline of the entire deal. Here are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
Before you begin searching for a home, there are many things you'll want to take into account. When you start your search, you'll probably want to make a checklist of features you want, get a plan of what neighborhoods and school districts you want to live in, and begin planning around your budget. Keeping your mortgage payment less than or close to a third of your net monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent who knows the area - Clearwater, St Pete, & beach areas.
That's where I come in. I'd love to set up a time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans. We'll discuss the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Tampabay area.
I'll also assist you in getting started on your loan. I partner with some of the finest mortgage professionals in Tampabay, so you're in great hands. They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
After our initial meeting, I'll begin searching for houses on the market that are good for you. I'll preview most of the houses and throw out the bad ones, and then we'll set up appointments to tour the homes when it's convenient for you.
As we tour the homes, I'll show you the good features, as well as bad ones. I'll also ask you about things you like and dislike. It's widely common for buyers to update their list of must-haves as we tour houses and some items become more important than others. If that's the situation, I'll go back through all the listings once again and trim it down to the house you've been waiting for.
Step 4 – Understand the market
An agent's understanding of the Clearwater/St Pete housing market is a leading aspect in your house search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I'll alert you to certain areas are "hot" and require prompt action and the ones that are "cool" and allow for more consideration.
When we tour houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell." Any REALTOR® in the Clearwater/St Pete area will claim to comprehend the market, but beware, and make sure you ask your agent plenty of questions. If it appears they don't know everything, just call me at 727-492-9502 or e-mail me at renny.bryden@verizon.net, and I'll be more than happy to answer any questions you might have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream home in Clearwater, St Petersburg or the beaches. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as getting financing, carrying out the home inspection, and a clear title.
Upon presenting your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property, and it's usually applied to the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days after. 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 very common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Secure financing
Upon completion of the deal, you'll start working with your lender to close the loan. This shouldn't be a long process at all if you're pre-qualified, but you need to keep in close contact with your 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 mortgage lender will send you a Good Faith Estimate (GFE) of closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of taking your loan application. The estimate depends on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a strict range of accuracy. I'll examine the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and will probably be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, just call me at 727-492-9502 or send me an e-mail.
