Buying in todays real estate market
People have recently been attracted to our real estate market and the surrounding area because of our amazing beaches and beautiful weather!
We have prepared a brief Home Buyers Guide. Each real estate transaction is unique so there is no way we can incorporate decades of experience into a written guide. Our objective is to provide an overview of the home buying process. There are also potential issues you should know about before you begin the buying process, including how to be competitive and stand out in a sellers market. This guide contains how to go about finding a home, real estate financing, organizing yourself when researching real estate, making and negotiating an offer, what to do once you are under contract, different types of inspections, Florida homeowners insurance issues, title insurance, and what to expect the prior to and at closing. We also touch on the best approach and pitfalls you may encounter when buying a new home or a Florida condominium. This guide is not a substitute for having a seasoned real estate professional working for you on your behalf. Our team members are specialists in the area and have the knowledge and experience to find you the right primary, vacation or investment home. The intention of this guide’s is to provide you some basic information and a starting point to help you understand the process of buying a home with the least amount of stress. We hope you call on us when you’re ready to buy. Enjoy this guide and we welcome your suggestions and comments.
Checklist and resources to help you through the process:
Immediately upon acceptance of the sales contract:
If you haven’t already done so, make arrangements to submit your initial deposit to the escrow company handling your closing. Escrow deposits are usually made within 3 days after the accepted (effective) date unless the contract states otherwise.
Schedule your home inspection. You can choose any Home Inspector that you like. We will provide you with a list of home inspectors if you would like as well, unless you already have a home inspector that you have chosen, but we will make arrangements to get your home inspector into your property.
This is the time to sit down with your lender and apply for your mortgage. Lock in your interest rate. You must apply for your loan within 5 days of the “effective” date (unless the contract states otherwise). Make sure that your lender has all the proper documentation needed for your loan application.
Normally required items include:?
1. Current Pay Stubs (most recent 30 days worth of pay stubs)
2. Last 2 years W-2s and/or 1099’s if applicable
3. Tax returns for the past two years
4. Bank statements for the past two months
5. Investment account statements for the past two months
6. Retirement account statements for the past two months
7. Copy of driver’s license
8. Credit card to pay for appraisal
9. Touch base with your lender often and keep your agent updated.
A note about your Home Inspection:
The seller must disclose anything that they know about the home’s condition. However, there are items that the seller often times is unaware of, especially in our market because many of these properties are second homes or investment properties. You have anywhere from 10 to 15 days (unless otherwise agreed upon) from the contract’s effective date to facilitate your inspections. Be sure to check your contact and confirm your inspection timeframe. Typical inspections take about 4 hours. This is your time to take measurements, pictures and really get to know your future home. Make sure you ask the Home Inspector any questions you may have concerning the home’s construction and condition. Bear in mind any areas of concern that your Home Inspector notes during your inspection. Once you have a full report from your inspector, you will discuss the items of interest with your agent.
Three weeks before closing:
Shop for Insurance insurance. Make sure that the insurance agent is aware of your closing date.
Reserve your moving truck and/or schedule your movers.
At about this time, your lender should have ordered your appraisal.
Two weeks before closing:
Touch base with your lender to see where you are in the process and insure that they have all information needed for your mortgage commitment.
Contact your insurance agent to set up your homeowner’s insurance policy and sign all necessary documentation in order for your policy to be in effect the day of closing.
Obtain a change of address package from your post office and begin the notification of address change process.
One week before closing:
Schedule to turn on all utilities. We will provide you with a list of contact numbers for utility providers.
Make sure that the funds that you need to close are ready and available. Keep in mind: Title companies do not accept personal or bank checks. Wire instructions will be provided to you by the title company handling the closing.
Verify that any repairs noted in the inspection addendum have been completed.
The title company will provide directions to the closing company’s office and confirm the time the closing will take place.
Four days before closing:
If you have not already received it, ask the title company for a copy of the Closing Statement for your review.
Day before closing:
Along with your real estate agent, you will conduct a “walk-through” of the property. It is vital that the property is in the same condition as it was when you wrote your offer, ensure that the inspection items have been corrected as agreed upon.
Verify that the funds needed to close have been wired and received at the title company.
CLOSING DAY!:
Bring a valid photo ID and any additional documentation your lender may require (they’ll let you know in advance).
If you’re obtaining a loan, bring your spouse! If your spouse is not available, they must sign documents in advance.
Be ready to sign (a lot), If you have a favorite blue ink pen, bring it!
Congratulations - and welcome to the Beach!