Buying a home can be stressful for many people, but it's not very hard with a little planning ahead of time.
I like to give buyers a road map of the whole deal so they know exactly what to expect.
These are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to ddweck@daviddweck.com. I'm glad to address any questions you have regarding this information.
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Step 1 – Get ready to purchase
There are a lot of things you need to do before commencing your home search.
You'll probably want to put together a list of features you want to have, get a feel for what neighborhoods you'd like to live in, and start planning your budget.
A good guideline to go by is that your mortgage payment should be close to 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent
That's where I can help.
I'd be happy to book a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Ft. Lauderdale area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
I'll also assist you with getting started on your loan.
There are some great mortgage professionals in Ft. Lauderdale, and I partner with a lot of them, so you're in great hands.
They can assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
Following our initial meeting, I'll start finding available houses on the market that are a good fit for you.
I'll research many of the houses and remove the duds, and then we'll schedule appointments to view the homes when it's most convenient for you.
When we view homes, I'll show you the positive features, as well as negative ones. I'll also ask you to talk about things you like and don't like.
Frequently, buyers amend their must-have list as we tour houses and some things become more important than others.
If that's the situation, I'll go back through the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the market
My knowledge of the Ft. Lauderdale market is a fundamental resource in your home search. I am conscious of all the school districts and neighborhoods, and I can communicate what areas are "hot" and require immediate action and others that are "cool" and allow for careful examination.
When we view houses, I'll be sure to tell you when the seller's list price has room for bargaining and also when I know the home is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions, as every REALTOR® in Ft. Lauderdale will convince you they understand the housing market.
If things don't add up, just call me at 954-354-1000 or e-mail me at ddweck@daviddweck.com, and I'd be happy to answer any questions you have. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the home of your dreams in Ft. Lauderdale. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
When submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property. The amount is usually applied to 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 the deal
A lot of deals aren't closed on the initial offer – it's really common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Obtain a loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, it shouldn't take very long at all, but you need to keep in close contact with your lender.
And I'll sort out 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) outlining closing costs from your lender within three days of getting your loan application.
The estimate is based on the loan amount. RESPA requirements order that it has to include all closing costs and be within a strict range of accuracy, and I'll analyze the estimate and let you know if it all looks good.
Then we'll close on your home. This will likely happen at a title company or escrow office and will most likely be a smooth and peaceful event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 954-354-1000 or send me an e-mail.
