Purchasing a home is an intimidating event for many people, but it's not very difficult with some up-front planning.
So you'll understand exactly what to expect, I like to supply my buyers with an overview of the entire deal.
Here are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to ed@eddwyerrealtor.com. I'm happy to address questions you have about this information.
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Step 1 – Prepare to buy a home
There are a lot of things you should consider prior to starting your home search.
When you start your search, you'll probably want to assemble an outline of must-haves, get a feel for what neighborhoods you want to live in, and start planning your budget.
A good principle to follow is that your mortgage payment should be no more than a third of your monthly income.
Step 2 – Get with a real estate agent in Clearwater
This is where I come in.
I'd be more than happy to set up a time to get together with you and communicate with you regarding your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Clearwater area.
I'll also help you start the loan process.
Charles Rutenberg Realty Inc. partners with some of Clearwater's best mortgage professionals, so you'll be in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
Following our initial meeting, I'll begin finding houses on the market that suit your needs.
I'll research many of the homes and ignore the duds, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
As we tour the homes, I'll point out good features and bad ones. I'll also ask you to point out what things you like and don't like.
As a rule, buyers change their wish list as we view homes and some features become far more necessary than others.
If that happens, I'll look through all the listings another time and trim it down to the home you've been waiting for.
Step 4 – Know the housing market
An agent's understanding of the Clearwater housing market is a crucial element in your home search. And I can assure you I'm familiar with all the school districts and neighborhoods, and I'll alert you to certain districts are "hot" and call for immediate action and some that are "cold" and allow for thoughtful analysis.
As we view houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Every REALTOR® will convince you they understand the housing market, but trust your instincts, and be sure to ask plenty of questions.
If things don't add up, call me at 727.563.4621 or e-mail me at ed@eddwyerrealtor.com, and I'd be happy to answer any questions you have. My market expertise will keep you a step ahead through the entire deal.
Step 5 – Find your dream house
I'm certain we'll find your dream house in the Clearwater area. When that happens, I'll meticulously create your purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as getting financing, finishing the home inspection, and a clear title.
When we present your offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property, and it's often put towards the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the initial offer, and it's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Obtain financing
After we sign the final deal, you'll start working with your lender to close the loan.
This won't take long at all if you've been pre-approved, but you should to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender will need 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 getting your application.
The estimate rests on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will likely take place at a title company or escrow office and will likely be a smooth and calm occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at 727.563.4621 or send me an e-mail.