Purchasing a home is stressful for most people, but with some up-front planning, it isn't too hard.
I like to supply buyers with a road map of the whole deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
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If you have any questions regarding this information or if you're ready to get started, just contact me here or e-mail me at michaeldaddio@aol.com.
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Step 1 – Get ready to buy a home
There are several things you should do prior to commencing your home search.
When you begin your search, you'll probably want to make an index of features you want, plan for what neighborhoods and school districts you want to live in, and begin planning around your budget.
A good rule to follow is that your mortgage payment should be around 1/3 of your monthly income.
Step 2 – Contact a real estate agent in Delray Beach
This is where D'Addio Realty comes in.
I'd be more than happy to set up a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll talk about 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 Delray Beach area.
I can also help you start the loan process.
There are some excellent mortgage professionals in Delray Beach, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
Following our first meeting, I'll start searching for available homes on the market that are a good fit for you.
I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll book appointments to view the houses whenever it's most convenient for you.
As we tour the homes, I'll point out positive features, as well as negative ones. I'll also ask you what things you like and dislike.
It's widely common for buyers to revise their must-have list as we tour houses and some things become more essential than others.
If that's the case, I'll look through the listings once more and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My understanding of the Delray Beach market is a necessary benefit in your search. I am informed of all the neighborhoods and school districts, and I can communicate certain districts are "hot" and call for prompt action and the ones that are "cool" and allow for cautiousness.
When we view houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions, as every REALTOR® in Delray Beach will tell you they comprehend the home market.
If it appears they don't know everything, contact me at 561-499-HOME or e-mail me at michaeldaddio@aol.com, and I'd be more than happy to answer your questions. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been waiting for
We'll find the home of your dreams in the Delray Beach area, and when we do, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon turning in your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property. The amount is usually applied to the cost of closing. If your offer is accepted, 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 deals aren't closed on the first offer – it's widely common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Secure your loan
After we sign the final deal, you'll begin working with your lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all. But you'll need to keep in close contact with your 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 furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application.
This estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then we'll close on your home. This will probably take place at a title company or escrow office and will likely 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 or have any questions, be sure to contact me at 561-499-HOME or send me an e-mail.
