Purchasing a home is a stressful event for many people. However, with a bit of planning ahead of time, it's not all that complex. I like to furnish buyers with an overview of the entire deal so they'll know exactly what they can expect. Below are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to ThePerkinsTeam@tampabay.rr.com. I'm glad to address any questions you have about this information. |
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Step 1 – Prepare to buy a home
There are plenty of things you should do before you start looking for a home. It's likely that you'll want to assemble an outline of must-haves, get a plan of what school districts you'd like to live in, and start working on your budget. Keeping your mortgage payment less than 1/3 of your monthly income is a good rule of thumb to adhere to.
Step 2 – Speak with a real estate agent in Tampa
This is where I can help. I'd be more than happy to plan a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans. We'll talk about neighborhoods, school districts in the Tampa area, the mortgage industry, and any other economic factors that might affect your purchase today or in the future.
I'll also help you begin the loan process. There are some excellent mortgage professionals in Tampa, and I work with a lot of them, so you can rest assured that you're in great hands. They'll help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house-hunting
After our initial meeting, I'll begin looking for houses on the market that are good for you. I'll get a sneak peek of many of the houses and reject the bad ones, and then we'll book appointments to view the houses when it's most convenient for you.
As we tour houses, I'll point out good features and negative ones. And I'll ask you to point out what things you like and dislike. It's pretty common for buyers to update their must-have list as we view homes and some items become far more essential than others. If that's the case, I'll look through the listings once more and trim it down to the house you've been waiting for.
Step 4 – Know the market
An agent's understanding of the Tampa market is a necessary factor in your house search. And I assure you I'm mindful of all the neighborhoods and school districts, and I will communicate certain neighborhoods are "hot" and call for immediate action and others that are "cold" and allow for thoughtful analysis.
When we tour homes, I'll be sure to tell you when the list price has room for bargaining and also when I think the home is "priced to sell." When working with an agent, trust your instincts and make sure you ask lots of questions. Any real estate agent in Tampa will tell you they comprehend the housing market. If it seems like they don't know everything, contact me at (813) 319-6248 or e-mail me at , and I'd be happy to answer any questions you may have. My market expertise will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find the house of your dreams in the Tampa area. When that happens, I'll precisely create your purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as acquiring financing, finishing the inspection, and a clean title.
When we turn in your offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property. The amount is usually applied to the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer – it's extremely common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances. We'll also work within your budget. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Obtain your loan
Upon completing the deal, you'll begin working with your lender to close the loan. It won't take long at all if you're already pre-qualified, but you should to keep in close contact with your lender. And I'll manage 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) of your closing costs from your lender within three days of accepting your application. This estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if it all looks all right.
Then we'll close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and peaceful occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at (813) 319-6248 or send me an e-mail.
