Make the decision that now is the right time to buy
Find the right agent for YOU
The average real estate transaction typically involves over a dozen different professionals, from mortgage lenders and underwriters to insurers and title agencies. All of these people have to work together and communicate effectively to close the transaction. It's up to your Realtor to coordinate and monitor the transaction at all times to ensure a smooth closing and to protect your interests throughout.
It's important to ask the Realtor you choose a few important questions because while education is certainly important, it is crucial to work with a professional who values your time as much as their own and very works very hard to maintain communication with you throughout the buying process.
- Why did you decide to go into Real Estate?
- What makes you a better choice over another agent?
- Do you have any special education that makes you more knowledgeable?
- How will you help me find the right home?
- What are the things that usually cause a transaction to fail?
- Do you have any testimonials for your past clients?
Get your Financing in place before you look at homes
with a mortgage lender to find out what kind of rate you qualify for, how much you can spend and get a pre-approval letter that can be submitted with your offer. Nothing is worse than finding the perfect home and then losing it to another buyer because you weren't really prepared to buy.
Six important steps to Financing your Home Purchase
- Choose a mortgage lender. Ask for referrals from family or friends or ask your Realtor for a referral. Most real estate professionals work with the same people over and over because they have built relationships over many transactions.
- Fill out the necessary paperwork and get a pre-approval letter.
- Set a price that you can afford and choose your loan option.
- When you find your dream home, make sure the contract is submitted to your chosen lender.
- Get the appraisal and proof of a title commitment.
- Fund the loan at closing
Find your Dream Home
Now you have to find that perfect home and while driving around looking at different neighborhoods can be fun for a while it really can become tedious pretty quickly. You really need to determine your wants vs needs before you start looking. Do you need 3 bedrooms or 4? Do you have to have a pool or be within walking distance of the school? Once you determine what you really need against what you would like to have the search can go much more smoothly. Why waste your time looking at homes in the wrong neighborhood?
Making the offer
Now that you've found the home of your dreams it's time to make an offer. Your Realtor will do a comparative market analysis of the property to determine what the market value of the home should be. It is crucial at this point to keep a cool head. Try your best not to fall in love with a property and definitely don't say anything in front of the seller's agent. Mums the word! The three components in play at this point are the price, terms and contingencies. Work with your real estate professional to establish an offer that reflects your intentions. Sometimes an offer will go back and forth for a while before the two parties can come to terms and unfortunately, sometimes they never do.
Your offer has been accepted!
Hooray, it's time to celebrate! Not quite yet I'm afraid. Transactions fail to to close for many different reasons. Sometimes the inspection will show serious defects that would cost too much for the seller to fix or there could be title issues. After the inspection is performed you'll be given an inspection report. What you need to be concerned with is major structural damage. We're talking about a crumbling foundation or a roof with no life left in it. It's always a good idea to bring in a specialist to have these kinds of issues evaluated. If your worst case scenario happens to be true you can walk away from the transaction and get your deposit back. Try not to sweat the little stuff that can be easily fixed. The inspection is for major issues a squeaky door shouldn't stop a sale.
Time for the Closing
The last step in the home buying process is the closing. The most important thing to remember at this point is that your bank or lending institution will run another check on your credit and your loan to value ratio prior to closing. You have to be very careful not to open new credit accounts or to charge more to your credit cards before closing. Any change in your financial situation could be a detriment that could delay the your closing or could cause you to lose your financing. Your agent will make sure that all paperwork will be handled correctly, he will also schedule a walk through of the property before the closing date. It is your responsibility to transfer all utilities in to your name and to secure homeowners insurance for your new home.
Protect your investment
Congratulations on your new home purchase! Just remember that it is essential to pay attention to your new home's maintenance needs. Maintenance falls into two categories.
- Keep it Clean- Be sure to perform routine maintenance on all of your home's systems including the AC, pool equipment and appliances.
- Check it Regularly- Watch for signs of leaks, damage and wear & tear. Finding and addressing small problems early can save you a lot of money in the future.
When you're ready to buy a home in Lakewood Ranch just give me a call. I live , work and play in Lakewood Ranch and I would love to help make this your home too!
Kelly Taylor
Keller Williams Realty Select
941-706-5813
