With some up-front planning, purchasing a home isn’t all that difficult, but it still is stressful for a lot of people. So you’ll know exactly what to expect, we like to provide our buyers with a road map of the whole deal. Below are our nine steps to buying a home.
Step 1 – Get ready to buy a home
There are many things you’ll want to consider before you start looking for a home. You’ll most likely want to form a list of features you want to have, get a feeling for what school districts and neighborhoods you’d like to live in, and start working on your budget. Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good rule to go by.
Step 2 – Talk to a real estate agent
That’s where we come in. We’d like to plan a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans. We’ll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Tampa area.
In addition, we’ll help you start the loan process. Direct Buy Realty partners with some of the areas finest mortgage professionals, so you’ll be in great hands. They’ll help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
After our first meeting, we’ll start searching for available homes on the market that best suit you. We’ll research many of the homes and remove the duds, and then we’ll schedule appointments to tour the homes when it’s convenient for you.
As we view the homes, we’ll call attention to positive features, as well as bad ones. we’ll even ask you about things you like and don’t like. It’s common for buyers to update their must-have list as we view homes and some things become far more essential than others. If that’s the case, we’ll look through the listings once again and trim it down to the home of your dreams.
Step 4 – Get a feel for the market
Our knowledge of the market is a necessary resource in your search. We are mindful of all the schools and neighborhoods, and we’ll will alert you to what neighborhoods are “hot” and demand immediate action and the ones that are “cold” and allow for careful analysis.
As we tour homes, we’ll let you know if the seller’s list price has room for bargaining or if I believe the house is “priced to sell.” When working with an agent, be on guard and be sure to ask a lot of questions, as any real estate agent in will tell you they truly know the market. If it doesn’t seem like they know everything, contact us at 813-445-7296 or e-mail us at email@example.com, and we’ll be happy to answer your questions. Our market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find the home you’ve been waiting for
We’re certain we’ll find the house of your dreams in the Tampa area. When that happens, we’ll thoroughly create your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as getting financing, completing the home inspection, and a clean title.
When we submit your purchase offer, you’ll want to submit “earnest money.” This is a cash deposit submitted to the home seller to secure the offer to purchase the property and is often applied to the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing and inspections.
Step 6 – Negotiate the deal
Most deals aren’t closed on the first offer, and it’s very common to receive a counter offer. Don’t let this discourage you. We’ll discuss whether or not to accept 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. In addition, we’ll work within your budget. And when it’s all said and done, we’ll put together a deal that’s best for you.
Step 7 – Secure your loan
Once the deal is complete, you’ll start working with your lender to close the loan. This shouldn’t take much time at all if you’re already pre-approved, but you should to keep in close contact with your lender. And we’ll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You’ll get a Loan Estimate (LE) detailing closing costs from your lender within three days of getting your loan application. The estimate is based on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a precise range of accuracy, and we’ll examine the estimate and let you know if it all looks permissible.
Then it’s time to close on your house. This will most often happen at a title company or escrow office and will likely be a smooth and peaceful affair.
Step 9 – Move in
Congratulations! It’s time to move into your new house. Enjoy it. And if you need anything or have any questions, just contact us at 813-445-7296 or send us an e-mail.