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The Steps to Buying a Home There's
no one "right" way to buy a house. The exact steps may vary depending
upon how you are going to pay for your home and what type of home you are
looking for. Below are some basics, but your Professional REALTOR® can advise
you step by step. What
kind of home and where? Given your price range, decide what kind of home you want/need: size,
location, special features (such as fireplace or fence), etc. Unlike many other
parts of the country, South Florida has a myriad of style choices ranging from
single family homes to condos; from co-ops to villas; from townhomes to
dockominiums. You will also want to consider school districts and other factors
that are important to you and your family. Consider your home as an investment.
What will make your home attractive to purchasers when you are ready to sell? A
couple without children would not be interested in local schools for themselves,
but the quality of local schools may be an important factor when they want to
sell the house. There are good resources available through real estate agents on
what factors are especially important for buyers and for sellers. Pre-qualification If possible, get "pre-qualified" for a loan. This means the
lender or real estate broker will informally qualify you for a loan by getting
basic information on your income, debts and credit. By getting pre-qualified,
you can usually estimate how much you could borrow for a home. Begin
house hunting Allow time to see a number of houses, so you have a good basis for making
a final decision. When you find a home you like, carefully give it your own
personal inspection. You will also want to tour the neighborhood and perhaps see
the house at different times of day or on weekends to check traffic patterns and
other amenities that may affect your decision. Make
an offer and sign a Purchase Contract If you're comfortable with the home, make an Offer to Purchase, including
an "earnest money" deposit. You should make sure the Offer allows you
to get your money back if a professional inspection reveals problems with the
house, or if you aren't able to get approved for a mortgage. Get
professional inspections Your Purchase Contract will permit you to have various professional
inspections and will govern your rights if the inspections show problems. Before
you make an offer and sign a purchase contract, ask your real estate agent or
attorney which inspections are best for your area. For example, standard
purchase contract forms often do not provide for radon inspections. Have the
necessary inspections included as a contingency for your offer. Select
and apply for a mortgage. Mortgage interest rates, fees and other terms can vary widely. When you
have selected the mortgage terms that are right for you, apply for a mortgage
loan. Final
Walk-Through A day or two before closing, do a final walk-through of the property to
make sure there are no new problems. This may be a good time to have the seller
show you how to operate major systems and appliances. Closing Close the loan (also called "Loan Settlement"). This is also when you make the rest of your down payment, pay loan fees, sign all necessary legal documents, and get the keys to your new home.
Frequently Asked Questions (FAQ) Pending... |
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For all inquiries, including questions and comments about this web site,
please send mail to info@realty-direct.com (REALTY DIRECT CORP,
LICENSED REAL ESTATE BROKER)
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