For many people, purchasing a home can be a stressful event. However, with a bit of planning ahead of time, it isn't that hard.
So you'll know exactly what to expect, I like to give my buyers a road map of the whole deal.
These are my nine steps to buying a home.
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If you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at leonardomancha@live.com.
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Step 1 – Prepare to buy a home
There are many things you need to contemplate prior to commencing your home search.
You'll most likely want to make a check list of features you want to have, get a feeling for what neighborhoods you want to live in, and start planning around your budget.
A good principle to adhere to is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Get in touch with a real estate agent in Miami Beach
That's where I come in.
I'd like to plan a time to get together with you and communicate with you about your real estate needs and get an idea of your future plans.
We'll talk about neighborhoods, school districts in the Miami Beach area, the mortgage and housing industries, and any other economic factors that could affect your purchase today or in the future.
I can also assist you with getting started on your loan.
There are some great mortgage professionals in Miami Beach, and I work with a lot of them, so you can rest assured that you're in great hands.
They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll start looking for houses on the market that suit your needs.
I'll preview many of the homes and eliminate the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we tour the houses, I'll call attention to positive features and negative ones. I'll even ask you to point out what things you like and don't like.
Generally, buyers amend their must-have list as we view homes and some items become far more important than others.
If that's the situation, I'll go back through all the listings once again and trim it down to the home of your dreams.
Step 4 – Get a feel for the housing market
An agent's knowledge of the Miami Beach housing market is an imperative aspect in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I can alert you to some areas are "hot" and demand prompt action and the ones that are "cool" and allow for careful examination.
As we view houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions. Any real estate agent will tell you they comprehend the housing market.
If it appears they don't know everything, just call me at 305-302-6224 or e-mail me at leonardomancha@live.com, and I'll be glad to answer any questions you may have. My market expertise will keep you a step ahead through the entire process.
Step 5 – Find the house of your dreams
I know we'll find your dream home in the Miami Beach area. When that happens, I'll thoroughly create your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as getting financing, finishing the home inspection, and a clear title.
When we submit your purchase offer, you'll probably want to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property. The amount is typically applied to the cost of closing. 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 deals don't close on the beginning offer, and it's very common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Secure your loan
Upon finalizing the contract, you'll start working with your mortgage lender to close the loan.
This shouldn't take very long at all if you've been pre-qualified, but you'll want to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your application.
This estimate is based on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks okay.
Then we'll close on your house. This should take place at a title company or escrow office and will most often be a smooth and calm event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just call me at 305-302-6224 or send me an e-mail.
