Buying a home intimidates a lot of people, but it's not that hard with some planning ahead of time. We like to provide buyers with an overview of the entire deal so they understand exactly what they can expect. Below are our nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, you can contact us here or send an e-mail to maryalcott@gmail.com. We are glad to answer questions you have regarding this information. |
|
|
|
|
Step 1 – Prepare to purchase a home
Before you start your home search, there are several things you'll want to take into account. You'll probably want to make a check list of must-have features, plan for what school districts you want to live in, and start planning your budget. A good principle to go by is that your mortgage payment should be close to 30 percent of your net monthly income.
Step 2 – Get with a real estate agent
That's where we can help. We can plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Pensacola area.
We can also assist you with getting started on your loan. There are some excellent mortgage professionals in Pensacola, and we work with a lot of them, so you can rest assured that you're in great hands. They will assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking
After we meet for the first time, we will begin finding homes on the market that are good for you. We will research many of the homes and throw out the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
When we view homes, we will call attention to positive features and bad ones. We will even ask you to tell us about things you like and don't like. It's common for buyers to amend their must-have list as we view homes and some things become more substantial than others. If such is the case, we will search all the listings one more time and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the market
An agent's understanding of the Pensacola housing market is a fundamental agent in your home search. And we can assure you we are familiar with all the school districts and neighborhoods.
When we tour homes, we will make sure to communicate when the seller's list price has room for bargaining and also when we think the home is "priced to sell." Trust your instincts and make sure you ask your agent plenty of questions, as every REALTOR® in Pensacola will convince you they know the housing market. If things don't add up, call us at 850-712-4935, 850-324-0177, or e-mail me at maryalcott@gmail.com, and we will be glad to answer any questions you have. Our market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find your dream home
We are confident we'll find your dream house in Pensacola. When we do, we will carefully develop your purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we submit your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property and is most often put towards the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer, and it's widely common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Get a loan
After we sign the final contract, you'll start working with your lender to close the loan. It shouldn't take very long at all if you've been pre-approved, but you'll need to keep in close contact with your mortgage lender. And we will take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your application. This estimate is formed from the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a precise range of accuracy, and we will study the estimate and let you know if it all looks okay.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will probably be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply call us at 850-712-4935, 850-324-0177, or send us an e-mail.
