Step 1 – Prepare To Purchase
There are many things you need to do prior to beginning your home search. When you start your search, you’ll probably want to put together an index of items you need to have. Plan for what school districts you want to live in, and start planning your budget. Ensuring your mortgage payment is less than or close to a third of your net monthly income is a good rule of thumb to go by.
Step 2 – Meet With Me
This is where we can help. We will plan a time to meet so we can talk about your real estate needs and get an idea of your future plans. Also, we will talk about the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Lakeland area. In addition, we will help you get started on your loan. There are some very good mortgage professionals in Lakeland, and we work with a lot of them, so you will be in great hands. They will assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin House Hunting
After our first meeting, we will start looking for homes on the market that suit your needs. we will get a sneak peek of most of the houses and throw out the duds, and then we will
schedule appointments to tour the homes when it’s convenient for you. As we tour the houses, we will point out positive features and negative ones. We will also ask you to tell us about things you like and dislike. For the most part, buyers update their wish list as we tour houses and some items become far more necessary than others. If that happens, we will search all the listings another time and trim it down to the house you have been waiting for.
Step 4 – Understand The Market
Our understanding of the Lakeland home market is an essential advantage in your house search. We are familiar with all the neighborhoods and school districts, and which neighborhoods are “hot” and demand immediate action and the others that are “cold” and allow for thoughtful consideration.
When we view homes, we will make sure to communicate if the seller’s asking price has room for negotiation or if we believe the house is “priced to sell.” Every real estate agent in Lakeland will claim to comprehend the housing market, but be mindful, and be sure to ask plenty of questions. If it seems like they are uneducated on the subject, contact us and we’d be more than happy to answer any questions you have. Our knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find Your Dream House
We are positive that we will find the home of your dreams in Lakeland. When we do, we will carefully develop your purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
When we send in your offer, you will want to submit “earnest money.” This is a cash deposit submitted to a home seller to secure the offer to purchase the property, and it’s usually put towards the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don’t close on the initial offer. It’s widely common to receive a counter offer. Don’t let it discourage you. We will figure out whether or not to consent to the counter offer, submit our own counter offer, or reject the seller’s offer and go on. How aggressively we negotiate the contract depends on the state of the market. We will also work within your budget and when it’s all said and done, we will formulate a contract that is best for you.
Step 7 – Get Financing
After we sign the final sales contract, you will start working with your mortgage lender to close the loan. If you’ve been pre-qualified, this shouldn’t be a long process at all. However, you will want to keep in close contact with your mortgage lender and we’ll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close The Deal
You will get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your loan application. The estimate is based on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy. We will examine the estimate and let you know if everything looks permissible.
Then we will close on your house. This will likely happen at a title company or escrow office and will probably be a smooth and peaceful affair.
Step 9 – Move In!
Success! Now you can move into your new home. Enjoy it!