With a little up-front planning, purchasing a home isn't that difficult, but the event is stressful for a lot of people. So you'll understand exactly what to expect, I like to furnish my buyers with an outline of the entire deal. Below 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 rmorot@bellsouth.net. I'm glad to answer any questions you have about this information. |
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Step 1 – Prepare to buy a home
Before you start looking for a home, there are plenty of things you need to contemplate. You'll most likely want to make an index of features you want, get a feel for what neighborhoods you'd like to live in, and begin planning your budget. A good principle to follow is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Communicate with a real estate agent in Miami
That's where I can help. I'd love to arrange a time to get together with you and speak with you regarding your real estate needs and get an idea of your upcoming plans. We'll talk about neighborhoods, schools in the Miami area, the mortgage and housing industries, and any other economic factors that could potentially affect your purchase today or in the future.
I'll also help you start the loan process. Realty World partners with some of Miami's best mortgage professionals, so you can rest assured that you're in great hands. They'll help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our first meeting, I'll begin searching for available houses on the market that best suit you. I'll preview most of the homes and remove the duds, and then we'll book appointments to view the houses at a time that's convenient for you.
As we tour houses, I'll point out good features, as well as bad ones. I'll also ask you to point out what things you like and don't like. Usually, buyers revise their must-have list as we view houses and some things become far more important than others. If that happens, I'll search the listings one more time and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Miami home market is an essential element in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I will let you know certain districts are "hot" and call for prompt action and others that are "cool" and allow for careful consideration.
As we view houses, I'll make sure to communicate if the asking price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, trust your instincts and make sure you ask lots of questions. Every REALTOR® will tell you they understand the market. If it doesn't seem like they know everything, call me at 305 274 0400 or e-mail me at rmorot@bellsouth.net, and I'll be more than happy to answer any questions you have. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the house of your dreams in the Miami area. When we do, I'll precisely develop your purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
When we send in your purchase offer, you'll likely want to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property, and it's typically put towards the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer – it's really common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to consent to 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 budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain your loan
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. If you're pre-qualified, this won't take much time at all. However, you'll want to stay in close contact with your lender. And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of accepting your loan application. The estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a narrow range of accuracy. I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most often occur at a title company or escrow office and will probably be a smooth and relaxed occasion.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 305 586 2305 or send me an e-mail.
