Purchasing a home is a stressful event for a lot of people. However, with some planning ahead of time, it's not that complicated.
So you know exactly what to expect, I like to furnish my buyers with an overview of the whole deal.
Here are my nine steps to buying a home.
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If you have questions about this information or if you're ready to get started, simply contact me here or e-mail me at tmorton@mortonrealty.net.
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Step 1 – Get ready to buy a home
Before you start searching for a home, there are several things you'll want to do.
It's likely that you'll want to create a checklist of features you need to have, get a plan of what school districts you want to live in, and begin working on your budget.
A good principle to follow is that your mortgage payment should be less than or close to 1/3 of your net monthly income.
Step 2 – Contact a real estate agent
That's where I can help.
I'd like to arrange a time to meet with you and speak with you about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Sarasota area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
There are some great mortgage professionals in Sarasota, and I partner with a lot of them, so you'll be in great hands.
They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
Following our initial meeting, I'll begin searching for available homes on the market that are a great fit for you.
I'll research most of the houses and eliminate the bad ones, and then we'll set up appointments to tour the houses at a time that's convenient for you.
When we view homes, I'll identify good features and bad ones. I'll even ask you to talk about things you like and dislike.
It's pretty common for buyers to update their list of must-haves as we view homes and some features become far more substantial than others.
If that happens, I'll go back through all the listings once more and trim it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
My awareness of the Sarasota home market is an indispensable benefit in your house search. I am mindful of all the neighborhoods and schools, and I'll let you know certain neighborhoods are "hot" and call for prompt action and some that are "cold" and allow for more consideration.
As we tour homes, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions. Every REALTOR® in Sarasota will convince you they truly understand the housing market.
If it doesn't seem like they know everything, contact me at (941) 373-0900 or e-mail me at tmorton@mortonrealty.net, and I'd be more than happy to answer any questions you have. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm positive we'll find your dream house in Sarasota. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
Upon sending in your offer, most likely you'll need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property and is most often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's pretty common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Obtain a loan
After the deal is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this won't take long at all. However, you should to stay in close contact with your mortgage lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) outlining closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy. I'll analyze the estimate and let you know if it all looks good.
Then it's time to close on your home. This will likely occur at a title company or escrow office and is often a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at (941) 373-0900 or send me an e-mail.
