Information for Home Buyers
Information for Home Buyers
There's no "one" way to buy a home. The exact steps may vary depending
upon how you are going to pay for your home and what type of home you are
looking for. Below are some basics, but your Professional REALTOR® can advise
you step by step.
Step 1: What kind of home and where?
information for home buyers
Given your price range, decide what kind of home you want/need: size,
location, special features (such as fireplace or fence), etc. Unlike many other
parts of the country, South Florida (Broward, Miami-Dade) has a myriad of style
choices ranging from single family homes to condos; from co-ops to villas; from
townhomes to dockominiums. Before you buy a home, you will also want to consider
school districts and other factors that are important to you and your family.
Consider that you buy a home as an investment. What will make your home
attractive to purchasers when you are ready to sell? A couple without children
would not be interested in local schools for themselves, but the quality of
local schools may be an important factor when they want to sell the house. There
are good resources available through real estate agents on what factors are
especially important for buyers and for sellers.
Step 2: Find a REALTOR® information for home
buyers
You will want to use a professional REALTOR® to help you buy a home and with
your search. The first role of a good REALTOR® is to listen and counsel with all
parties involved in the buying process. A good REALTOR® will guide you through
in the process to buy a home and answer your questions to help you find a
property that meets your specifications.
A listing broker or agent lists the property for sale and actively markets the
property. The selling broker or agent shows the house to the buyer. Sometimes,
the listing and selling brokers are the same agency. The fees for the listing
and selling broker/agent are generally paid by the seller, usually as a
percentage of the purchase price.
Step 3: Pre-qualification information for
home buyers
If possible, get "pre-qualified" for a loan. This means the lender informally
qualify you for a loan by getting basic information on your income, debts and
credit. By getting pre-qualified, you can usually estimate how much you could
borrow for a home.
Step 4: Begin house hunting information for
home buyers
Allow time (up to several weeks) to see a number of houses, so you have a
good basis before you buy a home. When you find a home you like, carefully give
it your own personal inspection. You will also want to tour the neighborhood and
perhaps see the house at different times of day or on weekends to check traffic
patterns and other amenities that may affect your decision. But don't wait to
long, remember others might like the home too.
Step 5: Find a Real Estate Attorney
information for home buyers
The use of attorneys for real estate transactions varies by state. In some
states, you won't need to hire an attorney to assist you with purchasing your
home since your real estate agent will be trained to prepare the necessary
contracts and the closing will be conducted by a title insurance or escrow
company. In other states, you'll need to hire an attorney to prepare the
documents and conduct the closing. As with all transactions involving legal
documents, it's important to read and understand any documents your are asked to
sign. If you are unsure about the meaning of any documents, it is a good idea to
consult an attorney who specializes in real estate transactions before you buy a
home.
Step 6: Make an offer and sign a Purchase Contract
information for home buyers
If you're comfortable with the home, make an Offer to Purchase, including an
"earnest money" deposit. You should make sure the Offer allows you to get your
money back if a professional inspection reveals problems with the house, or if
you aren't able to get approved for a mortgage.
Step 7: Get professional inspections
information for home buyers
Your Purchase Contract will permit you to have various professional
inspections and will govern your rights if the inspections show problems. Before
you make an offer and sign a purchase contract, ask your real estate agent or
attorney which inspections are best for your area. For example, standard
purchase contract forms often do not provide for radon inspections. Have the
necessary inspections included as a contingency for your offer.
Step 8: Select and apply for a mortgage.
information for home buyers
Mortgage interest rates, fees and other terms can vary widely. Research what
is available by calling several mortgage lenders or using the internet. When you
have selected the mortgage terms that are right for you, apply for a mortgage
loan at a bank or other lending institution.
Step 9: Final Walk-Through information for
home buyers
A day or two before closing, do a final walk-through of the property to make
sure there are no new problems. This may be a good time to have the seller show
you how to operate major systems and appliances.
Step 10: Closing information for home buyers
Close the loan (also called "Loan Settlement"). This is also when you make
the rest of your down payment, pay loan fees, sign all necessary legal
documents, and get the keys to your new home.
Let me tell you about what I do when you
buy a home information for home buyers
To facilitate your search for that ideal new home, let me know what features
you would like in your new home by filling out the below form.
Sure you can perform online daily online searches for new properties, or I
can have those properties sent directly to your e-mail.
You will only receive updates when new properties are listed that match your
criteria. information for home buyers
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SELLING YOUR HOUSE? I can provide you with a
detailed
Comparable Market Analysis (CMA).
This will reveal the true value of your house, the proceeds you will receive
after all costs, and how other houses in your area have performed on the market
Want
an ADVANTAGE over other Buyers? fill out the
Home Search
criteria form, you will automatically receive properties that match your
criteria as soon as they come available. This allows you to be one of the
first to know about listed
homes
as they come available.


Broward Real Estate

Information for Home Buyers