Purchasing a home can be stressful for most people, but it isn't too complex with some up-front planning.
So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the entire deal.
These are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
Before you start searching for a home, there are plenty of things you'll want to contemplate.
When you start your search, you'll probably want to put together an outline of features you want, get a plan of what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good rule to follow.
Step 2 – Get with a real estate agent in Sarasota
This is where I can help.
I'd be more than happy to schedule a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Sarasota area, the mortgage industry, and any other economic factors that may potentially affect your buying decision today or in the future.
I can also help you facilitate the loan process.
There are some very good mortgage professionals in Sarasota, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our first meeting, I'll start finding houses on the market that best suit you.
I'll get a sneak peek of many of the houses and ignore the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we tour the houses, I'll point out positive features and bad ones. And I'll ask you to tell us about things you like and dislike.
It's pretty common for buyers to update their must-have list as we tour houses and some features become more substantial than others.
If such is the case, I'll search the listings once more and trim it down to the home you've been waiting for.
Step 4 – Know the housing market
An agent's awareness of the Sarasota housing market is a fundamental factor in your house search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I'll alert you to some areas are "hot" and warrant prompt action and the ones that are "cool" and allow for cautiousness.
When we view homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Every REALTOR® in Sarasota will claim to comprehend the housing market, but take notice, and be sure to ask plenty of questions.
If things don't add up, call me at 941-504-9232 or e-mail me at carla@carlarayman.com, and I'll be more than happy to answer any questions you have. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
I know we'll find your dream home in Sarasota, and when we do, I'll thoroughly develop your home purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When turning in your offer, you'll need to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property. The amount is usually applied to the closing costs. If the seller accepts the offer, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer. It's pretty common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Secure your loan
After the contract is finalized, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take very long at all. However, you need to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a close range of accuracy. I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your home. This should occur at a title company or escrow office and will probably be a smooth and calm affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to call me at 941-504-9232 or send me an e-mail.
