If you a first-time home-buyer, or it has been a long time since you purchased your last home or condo, you may be a little fuzzy on the steps involved in a real estate transaction. The following is a breakdown of the basic steps, from finding out how much home you can buy to getting the keys to your new home at the closing table.
1 – Involve a great Realtor early:
Many people make the mistake of waiting too long to get a Realtor involved. There is loads of information on the internet about buying and selling homes, and lots of places to look at property listings, but if you are definitely interested in purchasing a home or condo it will pay dividends to involve a great agent early in the process. Think about it; helping people buy and sell homes is all that we do, all day and every day, and our help is FREE. Our real estate services are one of the few no-brainer bargains out there.
A good real estate agent will do a lot more for you than just write an offer on a property you found on the internet. In the past we have spent longer than a year helping clients work toward purchasing, including working with a lender to identify potential loan programs, and narrowing down areas, neighborhoods and homes of interest. There is nothing we won’t do to help a client find and own the best home for them. The earlier you contact us, the more we can do to help.
2 – Find out how much home you can afford:
If you intend to finance the purchase of your new home or condo it is important to know approximately how much you can afford, so that you don’t waste any time searching for homes outside of your price range. The following Ginnie May website can help you get started: How much home can I afford?
3 – Find a great lender:
Financial websites can help you get a rough idea of how much home you can afford, but it is important to speak with a
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lender, sometimes referred to as a loan officer, about the specifics of your situation, and to find out what kind of loan programs and interest rates are available to you. A good lender will run a credit check for you, educate you on the loan process, examine all of your options, work hard to get you the best rate, and work with your real estate agent to get your transaction to closing. If you would like some help finding a lender just contact us at the following link and we will be happy for provide you with some names: Help me find a lender.
4 – Search for homes or condos that meet your criteria:
You have your financing all set up and you are ready to start looking at homes. Most people these days begin their search on the internet. On our website you can search for all available homes and condos from Tierra Verde / St. Pete Beach to Clearwater, and Seminole to downtown St. Pete using our Map Search. This is a great way to get an idea of what’s on the market and narrow down some choices. When you are ready to further refine your search, the best way to get to the properties that most closely meet all of your criteria is to work with a Realtor. Our Foreclosure Search and VIP Home Search services are free, so take advantage of them! Each of these services will provide you with a custom website containing properties that closely match your needs..
5 – Get out and see some homes!
Once you have your financing ready to go and you have some solid options it’s time to visit some homes. This is the most exciting part of the process, and is where we usually meet our clients face-to-face for the first time. Depending on
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a number of factors we may meet at our office, at a coffee shop, at one of the homes on our pre-determined list, or we may pick you up at your hotel if you are in from out-of-town or abroad. Looking at homes can be surprisingly tiring, and at times overwhelming, so we recommend seeing no more than eight homes or condos in a single day.
If you are reading this and already have some properties in mind, let us know about them here: I would like to see some homes.
6 - Prepare and submit a written offer-to-purchase:
Once we find you the right property it’s time to write an offer to purchase. The process of preparing the contract and associated paperwork can take as long as two hours, so we will take care of these details before we actually meet in person to sign the offer (some clients who are familiar with the process or are out of town prefer to take care of the paperwork by fax and phone, an option that is always available). Going over and signing the offer to purchase will take approximately 25-45 minutes.
Once the offer is signed and ready to go we will fax it to the listing agent, who will then present the offer to his or her client(s). They have the option of accepting the offer, rejecting the offer outright, or (most often) replying with a counter-offer. This back-and-forth will go on until we have a ratified (signed and accepted by both parties) contract, or until we decide to move on to a different property if the two parties cannot come to terms.
7 – Perform a home inspection:
Once we have a ratified contract the next step is generally to setup a home inspection. If you would like to find an
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inspector on your own we recommend hiring a member of The American Society of Home Inspectors (ASHI). You can find a list of inspectors at their website here: ASHI. We are also happy to recommend home inspectors that we work with and trust to give our clients great service.
For more on home inspections see the following: What to expect from your Home Inspection.
8 – Countdown to Closing Day:
Once the inspection is complete and negotiated we will manage your transaction all the way to the closing table, coordinating with your lender and the title company, making sure home inspection items and a pest inspection are completed, and dealing with any issues that may come up before closing. We will be communicating regularly with you during this time and will update you on progress as well as any potential holdups.
9 – Closing Day:
We will meet with you on closing day, usually with the seller(s) and their Realtor, and at the office of a licensed title agent or attorney who will coordinate the closing. Once all of the paperwork is signed by all parties to the transaction, the home is yours, and the keys are provided. WOO HOO, time to celebrate!
That should give you a basic idea of what is in store for you during your real estate transaction. If you have any questions we would love to hear from you, so just give us a call or drop us a note using the form below.
We look forward to helping you find and purchase a great home!
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