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The Buying Process

The number one step in the process of buying is to contact a real estate agent. Realtors have access to all listings of homes for sale in any area of South Florida. A Realtor can provide valuable advice and guide you through the negotiations, keep on top of the different stages of the buying process, making sure that all deadlines are met through the closing.

When you contact me, you can secure a real estate professional to help you through the process. I provide very valuable information to you: how long has the property been in the market?, what price would be acceptable for the Seller?, what is the true market price based in comparables, etc.?

I will listen to your needs, to make sure that when we find homes for sale in Broward or Miami-Dade County, you do not waste valuable time visiting homes that do not interest you.

The second step is to begin the process of securing financing. Unless you're buying with cash, you will need to make arrangements for a home loan, and the wise thing to do is to take the first steps in that direction before you start visiting homes for sale.

Start shopping around for mortgage loans: look for the best mortgage interest rates, terms and conditions of the loans. There are so many choices today: the traditional 30 year loans, 15 year, or ARM's, and many new financial products.

Get pre-approved: A lender will look at your assets, your debts, credit score, income and expenses, and will determine your buying power. The lender will determine how much you can afford and will provide you with a Pre-Approval letter.

Most sellers today won't even consider offers without a pre-approval or pre-qualification letter from the Buyer. They do not want to be tied to a Buyer that has not secured financing yet.

The third step would be finding homes that match your interests. Sometimes it can be difficult to be realistic finding a balance between what you can afford and the features you want on a home.

Do not make the mistake of buying the most house you can buy, because with all the "creative" loan products available today, you can get into a property that can be very hard to meet the payments later. Remember, you must also pay taxes and insurance.

My job is to search for homes for sale according to what you described you need and want. Don't be surprised if I find the right home for you within the first few showings. That's because I do my homework and show you homes that meet your expectations. The good thing is you won't be "pressured to buy" until ready.

Once you have decided on a home, the next step is to make an offer. The offer, if accepted, becomes a contract, so you have to be careful here. I know how to prepare the contract, and can provide advice on the terms of the offer.

The Seller can choose to counteroffer, amending the terms, or setting the price higher than your offer. If everybody agrees with the final offer, you have a contract. It is time now to order a home inspection.

The home inspection is a very important step that should not be waived, unless you know the property very well. A thorough home inspector can find any potential problems, and you want those problems addressed by the Seller before you take possession of the home.

Termites are a very common problem in South Florida. Make sure an inspection for active termites and damage is done. If there's disagreement about the repairs, and you cannot work out the differences to your satisfaction, you can cancel the contract without penalty.

If an agreement was made to do repairs, remember to do a walk through inspection before closing on the property. If you're not comfortable with that, have the home inspector come back with you.

After inspections are done, and financing is in place, it's time to close on the property. In preparation for closing, there are several things you should do to be certain that your real estate transaction will close on time.

The day before closing, you should be provided with a copy of your final closing statement (HUD-1). Go over all of the calculations and be certain that you are given credit for all your deposits and any other credits due. Review all lender, title, and escrow fees to be sure they are what you agreed to.

Before closing you want to be certain that all the conditions of the purchase contract have been met. Make sure that all directions given to the closing agent have been performed. Before signing your name to any closing documents, check and double check that everything is correct.

Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you're not familiar with all aspects of the process, and don't have all the best information and resources at hand.