It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income. If you will be applying for a loan to purchase, we urge you to go talk to your local banker and find out just how much house you can afford. They will pre-qualify you and provide you with a letter we will use to negotiate your purchase. If you are paying cash, of course, you already know what you can spend.
Step 2 - Seek Professional Guidance
We would like to meet with you to discuss your home-buying plans. We'll talk about neighborhoods, schools (if it applies), economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.
Step 3 - Begin the Hunt
After our initial meeting, we'll search all our resources for houses on the market that fit your criteria. When possible, we'll preview these houses to eliminate the duds. Then, we'll schedule appointments to tour the houses at times convenient to you.
As we tour houses, we'll point out positive features and negative features. We'll ask you to tell us what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, we'll refine our search criteria to narrow in on the house of your dreams.
Step 4 - Know the Market
Our knowledge of the local market is an essential factor in the house search. we'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration. Of course, it has been and will continue to be a buyer's market for a while, but we are seeing increased activity in our market area. Folks have been "sitting on the fence" for a few years now, but a lot of the people we talk to are now ready to purchase a home.
As we tour houses, we'll let you know when we feel the asking price has negotiating room and when the house is "priced to sell". Our unique market knowledge will keep you a step ahead of the "house hunting competition".
Step 5 - Find Your Dream House
We are confident we'll find your dream house. When we do, we'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).
The offer is normally presented with "earnest money". This is a cash deposit made via check to a home seller's real estate company's escrow account, their title company or attorney to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, typically closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing), but this can be longer if we are dealing with a home that is going through a "short sale".
Step 6 - Negotiate the Deal
It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on to a different home.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse, so it's always best to view your home search as a business deal until you actually close on the home, rather than get your heart set on it before we even get it under contract and be disappointed if we can't make the deal work for you. It is better to set limits prior to negotiating an offer and stick to these limits.
Step 7 - Get a Loan
During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. We'll gather the necessary property information your lender will need to close the loan.
Step 8 - Close the Deal
You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. We will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates we believe to be low.
Step 9 - Move In
Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. we'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure.
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Waterfront and Preferred Homes, LLC 6601 Clark Street Hudson, FL 34667
