Buying a home intimidates most people. However, with some up-front planning, it isn't very complex.
So you'll understand exactly what to expect, I like to give my buyers an overview of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy a home
There are plenty of things you need to take into account prior to commencing your home search.
You'll want to make an outline of features you want to have, get a plan of what neighborhoods you want to live in, and begin working on your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent in Saint Petersburg
That's where I can help.
I'd like to book a time to meet with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Saint Petersburg area.
In addition, I'll help you get started on your loan.
Accent Real Estate Pros, Inc. works with some of the finest mortgage professionals in Saint Petersburg, so you'll be in great hands.
They'll assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Start house-hunting
After we meet, I'll begin searching for homes on the market that suit your needs.
I'll research most of the houses and remove the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we view the homes, I'll identify positive features and bad ones. And I'll ask you to talk about things you like and don't like.
It's widely common for buyers to amend their list of must-haves as we tour homes and some features become far more crucial than others.
If that's the case, I'll search the listings one more time and narrow it down to the home of your dreams.
Step 4 – Know the market
My knowledge of the Saint Petersburg housing market is a necessary resource in your house search. I'm acquainted with all the school districts and neighborhoods, and I'll communicate some districts are "hot" and require immediate action and the ones that are "cold" and allow for thoughtful analysis.
When we view homes, I'll be sure to tell you when the asking price has room for negotiation and also when I think the home is "priced to sell."
Every REALTOR® will tell you they know the market, but beware, and make sure you ask your agent plenty of questions.
If things don't add up, call me at (727) 345-3000 or e-mail me at phyllis@accentrealestatepros.com, and I'd be glad to answer any questions you have. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
I'm confident we'll find the home of your dreams in Saint Petersburg. When we do, I'll precisely develop your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
When presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is usually applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer, and it's very common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Secure a loan
Once the deal is finished, you'll start working with your lender to close the loan.
If you're pre-qualified, it won't take very long at all. However, you need to stay in close contact with your lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your loan application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your house. This will likely occur at a title company or escrow office and will most often be a smooth and relaxed event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, simply contact me at (727) 345-3000 or send me an e-mail.
