Are you contemplating purchasing a new home in Davenport?
With a little planning ahead of time, purchasing a home isn't too complex, but the event is stressful for a lot of people.
I like to supply buyers with an overview of the entire deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
Should you have any questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are plenty of things you should consider prior to commencing your home search.
When you start your search, you'll probably want to make a list of items you want, plan for what neighborhoods you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Connect with a real estate agent
This is where Frontline Florida Realty Inc can help.
I'd love to book a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Davenport area.
I'll also assist you in getting started on your loan.
There are some great mortgage professionals in Davenport, and I work with a lot of them, so you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
Following our first meeting, I'll begin searching for available homes on the market that best suit you.
I'll get a sneak peek of most of the houses and ignore the duds, and then we'll book appointments to view the houses at a time that's convenient for you.
As we tour the houses, I'll identify good features, as well as bad ones. I'll also ask you to tell us about things you like and don't like.
It's pretty common for buyers to change their wish list as we view houses and some features become more necessary than others.
If that's the case, I'll look through all the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Understand the housing market
An agent's understanding of the Davenport home market is a fundamental factor in your home search. And I can assure you I'm conscious of all the schools and neighborhoods, and I can let you know some neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for cautiousness.
As we tour houses, I'll make sure to communicate when the seller's asking price has room for negotiation and also when I know the house is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions, as every REALTOR in Davenport will tell you they truly understand the home market.
If things don't add up, contact me at 4073631031 or e-mail me at , and I'll be happy to answer any questions you have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find the house of your dreams in Davenport. When we do, I'll precisely develop your purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as getting financing, carrying out the home inspection, and a clear title.
Upon submitting your offer, you'll likely need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is usually put towards the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the initial offer. It's extremely common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a vital role in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Get a loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
It shouldn't take long at all if you've been pre-qualified, but you should to keep in close contact with your mortgage lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of taking your application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will likely take place at a title company or escrow office and will most likely be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 4073631031 or e-mail me at .