Buying your home in Odessa or Tampa with Tampa Bay Real EstatePurchasing a home can be stressful for many people. However, with a little up-front planning, it's not that confusing. I like to supply buyers with an overview of the entire deal so they understand exactly what to expect. Below are my nine steps to purchasing a home.
|Shopping for homes? Click here to see our homes, or contact us today to get you more information on any home in the area.|
Step 1 – Get ready to purchase
There are several things you need to take into account before beginning your home search. You'll probably want to create a checklist of features you need, get a plan of what school districts you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good principle to adhere to.
Step 2 – Communicate with a real estate agent in Tampa Bay or Odessa
This is where Tampa Bay Real Estate comes in. We'll plan a time to meet so we can talk about why you want to buy a home and get an idea of your future plans. We'll discuss everything from neighborhoods, schools in the Odessa area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
I can also help you start the loan process. I partner with some of the best mortgage professionals in Odessa, so you can rest assured that you're in great hands. They can assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our first meeting, I'll begin looking for houses on the market that are a great fit for you. I'll research many of the homes and eliminate the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
As we view the homes, I'll call attention to positive features, as well as bad ones. And I'll ask you to point out what things you like and dislike. Usually, buyers update their wish list as we view homes and some things become more important than others. If such is the case, I'll look through the listings another time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
My knowledge of the Odessa market is a fundamental benefit in your house search. I am familiar with all the schools and neighborhoods, and I can communicate what areas are "hot" and require prompt action and some that are "cool" and allow for cautiousness.
As we view homes, 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." Be careful and be sure to ask your agent lots of questions, as every REALTOR® will claim to truly understand the market. If it seems like they don't know everything, call me at 813-920-3323 or e-mail me at firstname.lastname@example.org, and I'll be happy to answer any questions you may have. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find the house of your dreams in Odessa. When we do, I'll meticulously create your purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clear title.
When submitting 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. The amount is often put towards the cost of closing. If your offer is accepted, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer. It's extremely common to receive a counter offer. But don't let it intimidate you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal. We'll also work within your financing budget. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Get your loan
Upon completing the deal, you'll begin working with your lender to close the loan. It won't take much time at all if you're pre-approved, but you'll need to stay in close contact with your lender. And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your loan application. The estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and should be a smooth and easygoing occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call me at 813-920-3323 or send me an e-mail.