Local Buying Tips

Local Buying Tips

Buying a home can be an exciting process, but it can also be stressful, intimidating, and cause problems that will haunt you for years to come. As you progress in the buying process, you will encounter new experiences. You may  have to deal with mortgage lenders, home inspectors, surveyors, title agents, and real estate lawyers, all of whom use strange jargon and real estate “buzz words” that are unfamiliar. You will be confronted with stacks of paperwork, all written in legalese.

 You will be asked to spend a lot of money for the house that you buy. It will be easy to get overwhelmed, and even the most careful buyers will need guidance. I help guide Florida home buyers through the real estate purchasing maze and helped them solve the problems that can come up in the process.

 The Basics

You are buying a house to live in. This is your primary objective and the one which you must keep in focus during the entire process. Your home should meet the needs of your life style - it should have the right number of bedrooms and bathrooms and should not require more renovation or maintenance than you are able and willing to provide. It should be located in an area that is convenient to your work, to grocery stores, and to the activities in which you participate. You should be able to afford the monthly mortgage payments, the cost of insurance, the real estate taxes, and the cost of maintaining the house. 

Don’t put the carriage in front of the horse, you must figure out your finances prior to your home search!

 1styou need to know how much house you can comfortably purchase and to do that you will need to have a budget worked out. If you are paying cash, figure out how much of your cold hard cash you can comfortably spend. And be ready with you proof of funds

 If you are in need a mortgage, you will need to get with your local Bank or Mortgage Company and get pre approved for a loan. (Today’s sellers are savvy and no longer accept offers from buyers that cannot prove their credit worthiness.) Please note that your loan application will most likely be with a local Florida bank and not from out of state.

Although every real estate transaction is different, there are several steps in the process that are similar in most residential real estate transactions:

1. Find a house that meets your needs and wants within your budget.

2. Make an offer to buy the house, going over the terms with your realtor.

3. Seller accepts the buyers offer by entering into a binding written contract. (This may be after a few counter offers back and forth)

4. Buyer deposits earnest money with escrow agent.

5. Apply for a mortgage to buy the home.

6. The buyer has the house inspections. (Ordered and paid for by the buyer)

7. The buyer examines the home inspection reports and decides whether or not to proceed with the transaction.

8. The buyer lines up home owners insurance policies.

9. The lender if getting a Mortgage or the buyer if wanted, will order a property survey and elevation certificate.

10. A closing is held at which the buyer and the seller sign all of the closing documents, the buyer pays the seller for the house, and the seller signs over the deed (Many of these transaction are done via mail away.)

11. After the closing the buyer receives a copy of the recorded deed and a final title insurance policy.

Congratulations, you've done it!

Smarter, Bolder, Fasterand here to stay! Vicki & Randy Biehl – Century 21 Aztec & Associates