Buying your home in Pensacola
Buying a home is stressful for a lot of people, but with some up-front planning, it’s not all that complex. So you’ll understand exactly what to expect, I like to give my buyers a road map of the whole deal. These are my nine steps to buying a home.
Step 1 – Prepare to buy
Prior to starting your home search, there are many things you need to consider. When you start your search, you’ll probably want to put together an outline of items you want, get a feel for what school districts you’d like to live in, and begin planning your budget. Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent in Pensacola
This is where I can help. I’d love to plan a time to get together with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans. We’ll discuss the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Pensacola area.
In addition, I’ll help you begin the loan process. There are some excellent mortgage professionals in Pensacola, and I partner with a lot of them, so you’re in great hands. They will assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After we meet, I’ll begin finding houses on the market that suit your needs. I’ll preview most of the houses and remove the bad ones, and then we’ll schedule appointments to view the homes when it’s most convenient for you.
As we tour homes, I’ll call attention to good features, as well as negative ones. I’ll also ask you to talk about things you like and don’t like. It’s widely common for buyers to revise their must-have list as we view houses and some features become more essential than others. If that happens, I’ll search all the listings another time and narrow it down to the house you’ve been dreaming about.
Step 4 – Get a feel for the market
Your agent’s understanding of the Pensacola market is a crucial element in your home search. And I can assure you I’m conscious of all the school districts and neighborhoods, and I will let you know which districts are “hot” and require prompt action and some that are “cold” and allow for thoughtful consideration.
As we tour houses, I’ll make sure to communicate when the list price has room for negotiation and also when I believe the house is “priced to sell.” When working with an agent, be mindful and make sure you ask a lot of questions, as any real estate agent will convince you they comprehend the market. If things don’t add up, just call me at 1-850-438-7755 or e-mail me at [email protected], and I’ll be glad to answer any questions you might have. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house you’ve been waiting for
I’m sure we’ll find the house of your dreams in Pensacola. When that happens, I’ll meticulously create your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are obtaining financing, finishing the home inspection, and a clear title.
Upon presenting your offer, you’ll want to submit “earnest money.” This is a cash deposit given to a home seller to secure the offer to buy the property, and it’s often put towards the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don’t close on the initial offer. It’s extremely common to receive a counter offer. Don’t let it intimidate you. We’ll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller’s offer and move on.
How aggressively we negotiate the deal depends on the state of the market. In addition, we’ll work within your financing budget. And when it’s all said and done, we’ll put together a contract that is best for you.
Step 7 – Get a loan
Upon completion of the deal, you’ll begin working with your mortgage lender to close the loan. This won’t take long at all if you’ve been pre-qualified, but you should to stay in close contact with your mortgage lender. And I’ll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You’ll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your loan application. This estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a precise range of accuracy. I’ll study the estimate and let you know if everything looks all right.
Then it’s time to close on your house. This will probably take place at a title company or escrow office and will most often be a smooth and hassle-free occurrence.
Step 9 – Move in
Success! It’s time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 1-850-438-7755 or send me an e-mail.