Buying your home in the current market will require some effort that you may decide it best to pay a real estate professional for. Let the team at Florida Realty Investments help you sell your home quickly!
Before you begin looking you should know how much you can afford. Your Florida Realty Investments agent will advise you in getting pre-approved for a mortgage.
We work with several mortgage brokers that we know and trust, however, your Florida Realty Investments agent will be able to assist you in this area regardless of the lender you choose.
Once you are pre-approved, your Florida Realty Investments agent will help you obtain that approval in writing so that it can be used in future negotiations with a seller to make you look like a more serious purchaser than another party making an offer.
Next, your Florida Realty Investments agent will help you find a home that you are interested in and that you are confident is within your price range. Your agent will begin the negotiations with the seller perhaps by verbally agreeing on general terms before they are put in writing or, in other cases, your initial offer may need to be in writing. Relax! Your Florida Realty Investments agent will know when to use each approach. There will be a contract written by your agent and once the contract is signed by both you and the seller, the offer has been accepted and both parties are bound by the contract.
One of the items that will have been negotiated with the seller is a deposit amount. Your Florida Realty Investments agent will be familiar with the standard amounts in the particular area you are looking in, but the seller may require more to determine how serious you are about actually making it through to the closing table.
The deposit amount will be credited towards the purchase but will not be given back simply because you've had a change of heart. The deposit is placed in escrow with a title company and it is customary (but not required) that the party paying for title insurance also picks the place where the escrow deposit will be held.
The contingencies in your contract have deadline dates. Do not worry. Your Florida Realty Investments agent will stay on top of these and make sure they are met on your side. Neither party can ignore the deadlines. If there's a problem in meeting one however, both parties can agree to an extension.
Before closing, you will need to provide proof of homeowner's insurance. Again, the Florida Realty Investments agent handling the transaction for you will let you know when you need to shop for this and the right questions to ask.
If your offer is subject to an inspection, Florida Realty Investments will make the arrangements for this to occur, although there is a fee you will have to pay at the time of the inspection directly to the inspector.
The seller and his agent will make the arrangements for closing the deal including title insurance, meter readings, etc. The seller will most likely do this through the escrow agent (title company). At closing, keys, garage openers, etc., will be exchanged and the deal will be finalized.
Remember, Florida Realty Investments is one of the ONLY local real estate brokerages with agents who specialize in working with buyers. Take advantage of that level of experience.
There are benefits and responsibilities involved in buying and owning a home. Before thinking of buying a home it is important for you to look at your current situation to determine if you are ready to be a home owner.
Here are certain questions you should be asking yourself now:
Has your income been stable and/or increasing over the last two years?
Is your credit report history good enough...does it show that you are ready to own?
Have you managed your existing debt well and can you afford to own a home as the costs are higher when you own your home?
Have you been able to save money to prepare for the down payment and closing costs involved when buying a home?
If you have answered yes to the above questions, you may be ready to purchase a property.
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