Buyers:
Buying a new home is very exciting! Did you know that it costs nothing to have a Realtor represent you in Florida? My costs are paid for by the seller. Let me help you through every step of the process. From finding the home, to going through the paperwork, to the final walk-through and closing; I will be there to assist you every step of the way. I want to make the process as smooth as possible for you and make sure that you are completely satisfied with the purchase of your new home. I respect your time and am always connected by e-mail, phone, and text message. I am always available for you and guarantee you a prompt response to any questions you may have.
Important Note on Listings:
If you find a property that you like, be ready to take the next step right away! Inventory is low and properties are going fast. Listings are selling within days because of the great deals that are available. When your Realtor tells you this they are not pressuring you, we just want you to get the home that you love before someone else does!
Nine Steps to buying a home from the U.S Department of Housing and Urban Development:
1. Figure out how much you can afford
2. Know your rights
3. Shop for a loan
4. Learn about homebuying programs
5. Shop for a home with your real estate agent
6. Make an offer
7. Get a home inspection
8. Shop for homeowner’s insurance
9. Sign papers
Looking for a home:
The more I know about what you want, the more I can narrow down the search to finding you your perfect home. I am here to bring value to your home buying process. I am available for everything you need to make the transaction as smooth as possible from start to finish. I will analyze data, answer any questions you have at any time, share my expertise, and handle all of the paperwork involved in the process. If you already have a home, I can help you with the sale of that as well. I can advise different short-term rental options as well as the various types of financing available to you such as bridge loans, no-ratio mortgages, and home equity lines of credit. I can also help with the inspection and insurance for your new home.
• What Can You Afford?
The price you can afford for a home will depend on factors such as:
• gross income
• funds available for the down payment, closing costs and cash reserves required by the lender
• your debt
• your credit history
• the type of mortgage you select
• current interest rates
Another method used by lenders to evaluate how much you can afford is the housing expense-to-income ratio. This is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment on your new home loan, property taxes and hazard insurance (also known as PITI).
• How Much Do You Offer?
• The condition of the house. Is the home in move-in condition, in need of paint and other cosmetic improvements, or a fixer-upper that needs some real work?
• The market. If you are in a buyer’s market — where there are more homes for sale than there are people to buy them — prices are probably stable or falling. If you are in a seller’s market — where there are more buyers looking for homes than there are homes for sale — prices are probably moving upward.
• Your ceiling. If you’ve gotten a credit pre-approval, you know how much you can borrow for your home purchase. Of course, you may not be comfortable paying as much as you’ve been approved to borrow, so think carefully about your financial situation before making an offer.
• Mortgage Options and How to Apply:
A mortgage broker will require the following when pre-qualifying you:
• The name and address of your bank, your account numbers, and statements for the past three months
• Investment statements for the past three months
• Pay stubs, W-2 withholding forms, or other proof of employment and income
• Balance sheets and tax returns, if you’re self-employed
• Information on consumer debt (account numbers and amounts due)
• You’ll sign authorizations that allow the lender to verify your income and bank accounts, and to obtain a copy of your credit report. If you’ve already made an offer on a house or condo, you’ll need to give the lender a purchase contract and a receipt for any good-faith deposit that you might have given the seller.
Once you apply, your lender will verify all the information you’ve provided. This is a loan approval process and it can take one to eight weeks, depending on the type of mortgage you choose and other factors that will affect your approval such as fulfillment of contract contingencies.
As your mortgage application is processed and finalized, your lender is required by law to give you several documents. Within three business days of applying for the loan, the lender must inform you of the mortgage’s effective rate of interest, or annual percentage rate (APR). If relevant, the lender must also give you consumer information on adjustable rate mortgages. In addition, the lender is required to give you an itemized good-faith estimate of your closing costs and a government publication that explains those costs.
Since the home that you’re purchasing will serve as collateral for the loan, the lender will order a market value appraisal of the property. The lender will not lend you more than a certain percentage of the value of the property. If your down payment will be less than 20 percent of the value of the property, your loan will require private mortgage insurance, and the lender will obtain insurer approval. If the lender has not already done so as part of a pre-approval process, it will verify your employment and bank accounts as well as obtain and evaluate your credit report.
• Timeline and Paperwork:
• First, the closing agent reviews the settlement sheet with you and the seller and answers any questions. Both you and the seller sign the settlement sheet.
• Then, the closing agent asks you to sign the other loan documents. Evidence of required insurance and inspections is also presented (if it wasn’t previously given to the lender).
• After that, if everyone agrees that the papers are in order, the buyer submits payment to cover the closing. If the lender will be paying your annual property taxes and homeowners’ insurance for you, a new escrow account (or reserve) is established at this point.
• Finally (here’s the best part) you receive the keys to your new home!
After the meeting, the closing agent officially records the mortgage and deed at your local government clerk’s office or registry of deeds. This legal transfer of the property may take a few days after closing. The closing agent usually will not disburse the funds to everyone who is owed money from the sale (including the seller, real estate professionals, and the lender) until the transaction has been recorded. It is at the point of deed recordation that you become the official owner of the home.
• Home Moving Checklist:
• Purchase or rent moving supplies: tape, markers, scissors, pocketknife, newspaper, blankets, moving pads, plastic storage bins, rope and a hand truck. Free boxes can usually be obtained at a local supermarket, but consider purchasing wardrobe boxes for moving clothes.
• Have a garage sale to clear out unwanted items and plan accordingly. Consider donating unwanted items.
• Keep a detailed record of all moving expenses. Your costs may be tax deductible depending on the reasons for your move.
Two weeks prior:
• Hire a reputable mover or rent a moving truck. Be sure to get referrals or references, check with the Better Business Bureau, get estimates, purchase moving insurance.
• Two weeks before moving day, contact your telephone, electric, gas, cable/satellite, refuse and water companies to set a specific date when service will be discontinued. Contact utilities companies in your new town about service start dates, including Internet & long distance telephone services.
• Notify healthcare professionals (doctors, dentists, veterinarians) of your move and ask for referrals and record transfers.
• Register children for school and ask for school records to be transferred.
• Notify lawn service, cleaning and security companies when service should be terminated.
• Advise the post office, publications and correspondents of change of address and date of move.
• Check your homeowner’s insurance and make arrangements for new coverage.
Moving Day:
• Have tools handy for breaking down beds and appliances.
• Move valuables (jewelry, legal documents, family photos & collections) yourself – don’t send them with the moving company. Make sure you have a complete Home Inventory of all your possessions.
• Give every room a final once over. Don’t forget to check the basement, yards, attic, garage and closets.
• Have the final payment for the movers and money for a tip
• I can help with any recommendations or referrals that you may need.
• School Information:
Source: Century 21