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

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