With a little planning ahead of time, buying a home isn't that complex, but the event intimidates a lot of people.
I like to provide buyers with an outline of the entire deal so they'll understand exactly what to expect.
These are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to clai@tampabay.rr.com. I'm glad to answer any questions you have regarding this information.
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Step 1 – Get ready to purchase
There are plenty of things you should take into account before you start searching for a home.
When you begin your search, you'll want to create a check list of must-haves, get an idea of what school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than 30 percent of your monthly income is a good rule of thumb to follow.
Step 2 – Speak with a real estate agent in Tampa
This is where People's Choice Realty Services, LLC can help.
I'd like to schedule a time to meet with you and talk about your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the Tampa area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
I can also assist you with getting started on your loan.
People's Choice Realty Services, LLC works with some of the finest mortgage professionals in Tampa, so you'll be in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
Following our initial meeting, I'll start searching for houses on the market that meet your needs.
I'll get a sneak peek of many of the houses and remove the duds, and then we'll set up appointments to tour the homes whenever it's convenient for you.
When we view houses, I'll show you the good features, as well as bad ones. And I'll ask you to talk about things you like and dislike.
For the most part, buyers revise their wish list as we view houses and some things become far more substantial than others.
If that's the case, I'll search all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Know the housing market
My understanding of the Tampa housing market is an indispensable asset in your house search. I am mindful of all the neighborhoods and schools, and I can let you know some districts are "hot" and call for prompt action and others that are "cool" and allow for thoughtful examination.
When we view homes, I'll let you know when the seller's list price has room for bargaining and also when I think the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as every real estate agent in Tampa will claim to truly understand the housing market.
If it seems like they don't know everything, contact me at 813-928-8268 or e-mail me at clai@tampabay.rr.com, and I'd be happy to answer any questions you might have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
We'll find your dream house in Tampa, and when we do, I'll precisely create your real estate purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we turn in your offer, you'll probably need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property. The amount is typically put towards the cost of closing. If the offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer, and it's very common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market conditions will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll create a contract that is best for you.
Step 7 – Get your loan
Once the contract is signed, you'll begin working with your lender to close the loan.
If you're already pre-qualified, it shouldn't take long at all. However, you should to stay in close contact with your mortgage lender.
And I'll handle 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) detailing your closing costs from your mortgage lender within three days of taking your application.
This estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a close range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and should be a smooth and comfortable occasion.
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, be sure to contact me at 813-928-8268 or send me an e-mail.
