For a lot of people, buying a home can be a stressful event. However, with a little advance planning, it's not so difficult. Then you'll know exactly what to expect, our buyers are provided with an overview of the whole deal. These are our nine steps to buying a home.
Step 1 – Get ready to buy
There are several things you should take into account prior to starting your home search. You'll probably want to make an outline of items you need to have, get an idea of what neighborhoods you want to live in, and begin planning your budget. Ensuring your mortgage payment is less than or around a third of your net monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent in Tallahassee
That's where we can help. We would like to arrange a time to meet 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, schools in the Tallahassee area, the mortgage industry, and any other economic factors that could potentially affect your purchase today or in the future.
In addition, we will help you begin the loan process. Quest Real Estate Services of Florida, LLC partners with some of the finest mortgage professionals in Tallahassee, so you can rest assured that you're in great hands. They will assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After our first meeting, you will be able to start looking for homes on the market that are a great fit for you or have us get preview most of the homes and give you or feedback so before we schedule appointments to take you to view the homes you want to see whenever it's convenient for you.
When you view the homes with us, we point out the good and negative features you may be missing and you will tell us what you like and dislike. It's common for buyers to update their must-have list as they tour homes and some items become more necessary than others. You will continue to get updated searches as you narrow it down to the home you've been waiting for.
Step 4 – Know the market
Your real estate agent or company's awareness of the Tallahassee home market is a leading element in your house search. You should be informed of all the schools and neighborhoods.
When you view homes, we share our knowledge based opinion about when the asking price has room for negotiation or is "priced to sell." Any REALTOR® will tell you they truly know the market, but be on guard, and make sure you ask your agent lots of questions. Our market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the home of your dreams
With our help you can find the house of your dreams in Tallahassee. When you do, we are there to help you prepare your purchase offer tailored with your needs in mind, including a lot of contingencies and protective conditions. A few examples are getting financing, completing the inspection, and a clean title.
Upon presenting your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property, and it's most often put towards the closing costs. If the seller accepts the offer, there should be a closing on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer, and it's widely common to receive a counter offer. But don't let it intimidate you because we are there to. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Secure your loan
After the contract is finished, you'll start working with your mortgage lender to close the loan. This shouldn't be a long process at all if you're pre-approved, but you'll need to keep in close contact with your lender. And we will deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of receiving your loan application. This estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a narrow range of accuracy. We will review the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often happen at a title company or escrow office and will most likely be a smooth and comfortable occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact us at 850-559-2178 or send us an e-mail.