Buying a home is an intimidating event for most people, but it's not very hard with some planning ahead of time.
So you understand exactly what to expect, I like to furnish my buyers with an overview of the whole deal.
These are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to klaus@realty5000.com. I'm glad to answer any questions you have about this information.
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Step 1 – Prepare to purchase
There are a lot of things you'll want to contemplate before you start looking for a home.
When you begin your search, you'll probably want to form an index of features you want, plan for what neighborhoods and school districts you want to live in, and start planning your budget.
A good principle to adhere to is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent in Cape Coral
That's where I can help.
I'd love to plan 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 talk about everything from neighborhoods, schools in the Cape Coral area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
In addition, I'll help you begin the loan process.
Realty 5000 works with some of the best mortgage professionals in Cape Coral, so you're in great hands.
They will assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After we meet for the first time, I'll start looking for available homes on the market that meet your needs.
I'll preview many of the houses and throw out the bad ones, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
As we tour the houses, I'll show you the positive features and negative ones. I'll even ask you to tell us about things you like and dislike.
It's pretty common for buyers to change their list of must-haves as we tour houses and some items become far more substantial than others.
If that's the situation, I'll look through all the listings once again and trim it down to the home you've been wishing for.
Step 4 – Know the market
Your agent's awareness of the Cape Coral home market is a crucial component in your house search. And I can assure you I'm informed of all the school districts and neighborhoods, and I will communicate certain neighborhoods are "hot" and demand prompt action and others that are "cold" and allow for cautiousness.
As we tour houses, I'll let you know when the seller's list price has room for bargaining and when I believe the home is "priced to sell."
Every REALTOR® in Cape Coral will tell you they know the housing market, but be careful, and make sure you ask plenty of questions.
If things don't add up, contact me at 239-940-9944 or e-mail me at klaus@realty5000.com, and I'd be happy to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the house of your dreams
I'm confident we'll find your dream home in the Cape Coral area. When that happens, I'll thoroughly create your purchase offer. The offer will be tailored to suit your needs, including many contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When presenting your offer, most likely you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase 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 property within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer. It's extremely common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing budget. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Obtain a loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this won't take long at all. But you'll want to stay in close contact with your mortgage lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of taking your loan application.
This estimate depends 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 review the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will most often happen at a title company or escrow office and should be a smooth and calm occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply call me at 239-940-9944 or send me an e-mail.
