For most people, purchasing a home can be an intimidating event. However, with some up-front planning, it isn't too complicated.
I like to supply buyers with an outline of the entire deal so they'll know exactly what they can expect.
These 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 info@tampahomesontheweb.com. I'm glad to answer questions you have about this information.
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Step 1 – Get ready to buy a home
There are many things you need to contemplate before starting your home search.
You'll probably want to form an index of features you need, plan for what neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is around 30 percent of your monthly income is a good principle to adhere to.
Step 2 – Get with a real estate agent
This is where I come in.
I'd be happy to book a time to meet with you and talk about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, schools in the Tampa area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Tampa, and I partner with a lot of them, so you'll be in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a home
Following our initial meeting, I'll start looking for houses on the market that are a good fit for you.
I'll research most of the homes and remove the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we tour houses, I'll show you the good features, as well as bad ones. I'll even ask you what things you like and don't like.
As a rule, buyers change their list of must-haves as we view homes and some items become more important than others.
If such is the case, I'll go back through all the listings once again and trim it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Tampa home market is an imperative factor in your house search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I can communicate some neighborhoods are "hot" and demand immediate action and others that are "cold" and allow for cautiousness.
When we view homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the home is "priced to sell."
Trust your instincts and be sure to ask lots of questions, as every REALTOR® will convince you they truly understand the market.
If things don't add up, call me at (813) 505-7460 or e-mail me at info@tampahomesontheweb.com, and I'll be more than happy to answer any questions you might have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
I'm positive we'll find the house of your dreams in Tampa, 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 acquiring financing and the results of the home inspection.
When we send in your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property. The amount is often applied to the closing costs. If the seller accepts your offer, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the initial offer, and it's pretty common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Get a loan
Once the contract is finished, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it won't take long at all, but you'll need to stay in close contact with your lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your loan application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will probably occur at a title company or escrow office and will likely be a smooth and relaxed occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (813) 505-7460 or send me an e-mail.
