Buying a home is intimidating for a lot of people, but it isn't that hard with a bit of planning ahead of time.
I like to supply buyers with an overview of the entire deal so they know exactly what to expect.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
There are plenty of things you need to take into account before starting your home search.
You'll probably want to form an outline of features you need to have, get a plan of what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than or close to 1/3 of your net monthly income is a good principle to follow.
Step 2 – Speak with a real estate agent
That's where I can help.
I'd be more than happy to set up a time to meet with you and communicate with you about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Venice area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I can also help you facilitate the loan process.
Alice Salaices - Realtor works with some of the finest mortgage professionals in Venice, so you can rest assured that you're in great hands.
They'll assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Start your search
After our first meeting, I'll begin searching for homes on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and throw out the duds, and then we'll schedule appointments to view the homes when it's most convenient for you.
When we view houses, I'll point out positive features and negative ones. I'll also ask you to talk about things you like and don't like.
It's pretty common for buyers to change their must-have list as we tour homes and some things become far more substantial than others.
If that happens, I'll look through the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Know the housing market
My knowledge of the Venice housing market is a necessary advantage in your home search. I am informed of all the schools and neighborhoods, and I'll communicate which areas are "hot" and call for prompt action and some that are "cool" and allow for thoughtful examination.
When we tour homes, I'll let you know when the asking price has room for bargaining and also when I know the home is "priced to sell."
Any real estate agent in Venice will tell you they comprehend the home market, but beware, and be sure to ask a lot of questions.
If it appears they don't know everything, contact me at (941) 306-3059 or e-mail me at alice.salaices@gulfcoastvenicehomes.com, and I'd be glad to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house of your dreams
I know we'll find the house of your dreams in Venice. When we do, I'll precisely develop your purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as obtaining financing, completing the inspection, and a clear title.
When sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is typically applied to the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the beginning offer. It's very common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
We'll also work within your budget. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Secure a loan
After we sign the final contract, you'll start working with your lender to close the loan.
If you're already pre-approved, it shouldn't take much time at all. But you need to keep in close contact with your lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your application.
This estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a tight range of accuracy, and I'll analyze the estimate and let you know if it all looks good.
Then it's time to close on your home. This should occur at a title company or escrow office and is often a smooth and relaxing event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at (941) 306-3059 or send me an e-mail.
