I have developed a detailed booklet for Florida real estate buyers, that outlines the process.
Please e-mail me for a FREE copy of my Booklet for home buyers. It covers the buying process in detail from getting pre-approved to closing escrow. I can send it to you via e-mail or through regular mail. Send your request to petraherceg@hotmail.com . I also have a list of service providers whom I have used in the past and you may need their help during or after close of escrow. Such providers are handymen, contractors, painter, plumber, etc.
1. Get pre-approved! The first step in the Florida real estate buying process is to get preapproved by a lender. You need to know how much you can afford before you can start looking. The seller will also need a preapproval letter with your offer. If you don't now anyone in the mortgage business, please let me know and I will email you a list of lenders I have successfully worked with in the past. You are not obligated to use any particular lender, not even the one who gives you the pre-approval letter. It ensures the seller that your credentials and financial status is checked throughly and you will most likely get the loan at the end.
2.Look at available properties, view them, and identify the one that you like. Sometimes this step takes months, sometimes you only see 5-6 homes and you'll find the one. In this stage, Mm job is to send you these listings, preview them for you and schedule the showings for you, if you're interested seeing them. The seller pays my commission after successful closing of escrow.
3. Write an offer for the property, based on the comparable sales, your budget and your decision. It's your deal, it's your decision. I will provide you with all of the available statistical data, market analysis, but you will make all decisions regarding the price and terms. At this stage, I need to submit proof of funds for the down payment and closing costs, along with the earnest money deposit check. That's typically 3% of purchase price-it counts towards the down payment. Sometimes they ask for your FICO scores too.
4. Negotiate the deal with the seller. Your first offer may or may not get accepted. Sometimes it takes a few tries before you'll get an offer accepted. There are times when your offer won't get accepted at all. It may take 3 different homes/offers to actually get one done. Don't get discouraged! I've had clients who were rejected by the seller multiple times, but at the end they bought the house, because the other buyers couldn't perform.
5. Open Escrow. When you're buying Florida real estate, escrow is typically held by a Title company or by an attorney's office. Usually you'll have 3 days after your offer is accepted to put the deposit into escrow. In the first 10-14 days (depending what was negotiated) you'll go through the physical inspection, approve or disapprove the seller's disclosures and reports. Normally you can cancel the transaction based on your findings and disapproval of such items. This is also the time for you to secure your financing for the home and lock in your rate. Little before the end of escrow, you need to put the down payment into escrow (less the 3% you already put in there at the beginning) and closing costs too. Approximately 2 days prior to closing you'll do a final walk-through to verify the condition of the property. The property should be in the same condition as it was when you put your offer on it.
6. Close escrow- Congratulations- You are a new home owner! Have a big house warming party!
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What to look for at the home inspection?
Have your inspector to look out for the items on the list below. Don't worry of you have no home inspector as I can recommend you a few professionals I have worked with.
What Are the Risks?
Check For Properly Working Appliances/Fixtures:
·Bathroom
oSinks
oShowers/tubs
oToilets
oVent fan
oHeating fan
·Appliances
oDishwasher
oStove
oOven
oIce maker
oGarbage disposal
oRange hood
oRefrigerator
oFreezer
oMicrowave
oTrash compactor
·Kitchen
oKitchen cabinet doors
oDrawers
oSinks
·General
oLights (interior & exterior)
oWindows
oHeating system
oCeiling fans
oHot water system
oAir conditioning system
oElectrical outlets
oDoor bells
oDoors
oWater purifier
oFireplace damper
oGarage door
Ensure House Is Well-Built & Systems Are In Working Condition:
Lenders evaluate mortgage applications a lot differently today than they did even 10 years ago. And even more has changed in the last 20 years. What used to close the door to homeownership may not be a factor today.
Here are some common homeownership myths:
Myth: You need great credit to become a homeowner. Fact: You may still be able to buy a home with less-than-perfect credit. And remember, you can improve your credit over time.
Myth: You need to put 20% down to buy a home. Fact: There are few types of mortgage products and programs that allow low down payments, like the FHA program and the VA program. In today's environment, for a conventional loan, at least 20% is required for residential properties. Also, remember to factor in other costs such as closing costs, property taxes, moving expenses, and repairs.
Myth: Lenders share your personal financial information with other companies. Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared.
Myth: If you're late on your monthly mortgage payments, you'll lose your house. Fact: If you have a financial hardship, like the death of your spouse or a medical emergency and fall behind, it's possible to keep your home and get back on track if you contact your lender early. You could also get guidance form the U.S Department of Housing and Urban Development (HUD). http://www.hud.gov/foreclosure/index.cfm
Information here deemed reliable but not guaranteed. Coldwell Banker Residential Real Estate may or may have not represented the properties that could be found on this website.
This is not intened to solicit property already listed. (C) Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Owned and operated by NRT LLC.
