For most people, purchasing a home can be stressful. But with some up-front planning, it isn't all that complex. So you know exactly what to expect, we like to provide our buyers with a road map of the entire deal. Below are our nine steps to buying a home.
Step 1 – Prepare to purchase
There are several things you need to consider before you look for a home. You'll want to put together a list of items you want to have, plan for what neighborhoods and school districts you want to live in, and begin planning around your budget. A good rule of thumb to follow is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Contact a real estate agent
That's where we come in. We can arrange a time to get together so we can talk about your real estate needs and get an idea of your future plans. We'll discuss neighborhoods, school districts in the Sarasota area, the mortgage industry, and any other economic factors that may affect your buying decision today or in the future.
We can also help you get started on your loan. Your Global Agents partners with some of Sarasota's best mortgage professionals, so you're in great hands. They can assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, we'll start searching for available houses on the market that best suit you. We'll preview many of the homes and throw out the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
As we tour the homes, we'll point out positive features and bad ones. And we'll ask you about things you like and dislike. Most often, buyers change their must-have list as we tour houses and some things become more necessary than others. If that's the situation, we'll search the listings once more and trim it down to the house you've been waiting for.
Step 4 – Get a feel for the market
Our understanding of the Sarasota home market is an essential resource in your search. We are acquainted with all the neighborhoods and schools, and we'll will alert you to certain districts are "hot" and require immediate action and the ones that are "cold" and allow for more examination.
Step 5 – Find your dream house
We're confident we'll find your dream house in Sarasota, and when we do, we'll meticulously create your home purchase offer. The offer will be made exactly to your needs. Whenever necessary, We 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 probably need to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property, and it's usually put towards the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer – it's widely common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market will play a role in how aggressively we negotiate the contract. In addition, we'll work within your budget. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Obtain your loan
After we sign the final deal, you'll start working with your mortgage lender to close the loan. This shouldn't take very long at all if you're already pre-qualified, but you need to keep in close contact with your lender. And we'll manage 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) outlining closing costs from your lender within three days of taking your loan application. The estimate is based on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a tight range of accuracy. we'll examine the estimate and let you know if it all looks all right.
Then we'll close on your house. This will probably occur at a title company or escrow office and will most likely be a smooth and stress-free event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply call us at (941) 504-9232 or send us an e-mail