Expect Great Service from Sacks Realty Group Inc.
Buying a home represents your single biggest investment. As
such, the home buying process can be one of the most exciting, but
sometimes also stressful, experiences you ever go through. And this
is true whether you’ve bought many homes or you’re looking to buy
your first, whether you’re in the market for a new primary
residence, an investment property or that perfect vacation getaway.
Moreover, never has the real estate market offered more great
opportunities, or been fraught with more risks, than now. There are
so many factors to consider and so many decisions to make. That’s
why, when buying, it’s crucial for you to have all the available
resources necessary to make a well-informed decision, together with
the time required to make complete use of them. That’s also why you
should enlist the help of Sacks Realty Group Inc. who will be able
to provide you with expert consultation at each step of the buying
process.
Generally, finding and purchasing a home includes
the following steps, some of which are examined in more detail
throughout this booklet:
Search now for homes in the area.
Step 1. Define Your Goals, Research Your Options, Make Your Plans
Given that buying a home is such a big step, it’s all the more
important for you to educate and prepare yourself as much as
possible in advance. This means clearly determining why you’re
buying and what kind of home you’re looking for. And because buying
and financing a home are so closely related, it also means examining
your current financial situation and projecting how much you can
afford.
Once you’ve answered these questions even tentatively
you’ll be in a better position to research your housing and
mortgaging options, as well as create an action plan and timelines
for moving forward. You may want to do this yourself, but you may
also benefit by consulting an experienced REALTOR® right from the
start.
Step 2. Contact A REALTOR®
Buying real estate is a complex matter at the best of times, given that there are so many factors to consider and no two homes or transactions are alike. However, with all the unique opportunities and potential pitfalls of the current market, it’s even more important for you to contact a REALTOR® once you’ve definitely decided to buy. In choosing a Sacks Realty Group Inc. agent to guide you through the property search, financing, negotiation and transaction processes, you should consider their local market knowledge, experience and track record.
Step 3: Get Pre-Approved For A Loan
Generally, it is recommended that you get pre-qualified for a loan before you start viewing homes with the serious intention of buying. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of this examination the lender will provide you with a document that details how much you can borrow to buy a home.
The benefits of pre-qualification include:
- You’ll have information about what you can afford and be able to plan accordingly.
- As a qualified, motivated buyer you’ll be taken more seriously when you make an offer on a home.
- Lenders can tell you whether you qualify for any special programs that will enable you to afford a better home (particularly if you’re a first-time buyer).
- Real estate financing is available from many sources, and an experienced REALTOR® will be able to suggest lenders with a history of offering excellent mortgage products and services.
Step 4: View Homes And Select THE ONE
Here are a few recent facts about the search process that might put your experience in perspective:
- 90% of buyers use the Internet to search for homes
- The typical buyer searches for 10 weeks and views 10 homes
- 81% of buyers view real estate agents as very helpful in the search process
- There are many benefits to starting the search process at a real estate website like sacksrealtygroup.com, the world’s most extensive source for property information. You can view many homes and their details, take video tours and access neighborhood info.
However, it’s also important to view homes in person. While their property details may seem similar online, homes can actually be very different in terms of layout, design, workmanship and other aspects. In addition, you should ideally view homes with the help of an experienced and eagle-eyed REALTOR® who’ll notice things you might miss, provide expert analysis, and act as an impartial sounding board.
Step 5: Make An Offer And Negotiate With The Seller
Now that you’ve found the home you’d like to buy, it’s time to
make an offer.
The Florida Realtor Association working
with legal counsel, has developed the Residential For Sale and
Purchase Contracts that are used for
transactions in Florida. These contracts enable you to specify a
sale price and also include many clauses for specifying various
terms of purchase, such as the closing and possession dates, your
deposit amount, and other conditions. You should carefully review
these clauses with your REALTOR® to ensure that they express your
desired offer. Sacks Realty Group Inc. agents will be happy to
address all your questions about the offer process.
Once you
have signed the offer your Sacks Realty Group Inc. agent will
present it to the seller and the seller’s representative. Generally though, the seller can accept your offer,
reject it, or counter it to initiate the negotiation process.
Successive counter-offers, with deadlines for responding and
meeting conditions, will be exchanged between you and the seller
until a mutually-satisfactory pending agreement is reached or the
negotiations collapse.
Step 6: Secure Your Financing
Once you have a pending agreement with the seller, it’s time to
go back to your chosen lender to finalize your mortgage details so
you can close the deal. This means finalizing your down payment,
interest rate, regular payment schedule and any other financial
conditions associated with the closing.
As noted in the
section on loan pre-approval, if you’ve already been qualified with
a lender for a certain loan and home purchase, this phase of buying
your new home should be a relatively straightforward matter that
centers around finalizing the loan details and signing the mortgage
papers. That said, it can definitely provide peace of mind if you
have an experienced Sacks Realty Group Inc. agent by your side at the time to explain
every aspect of your mortgage.
Indeed, your future may depend
on it. As the old saying goes, ‘let the buyer beware’. Particularly
in these times, when so many buyers are suffering the consequences
of having not fully understood their financing decisions, it’s
crucial for you to work with people you trust. In this regard, a
good Mortgage Lender can be a true friend for life.
Step 7: Close The Deal
Your Home Inspection was successful so you are ready to proceed.The experience of taking ownership will be a positive joy with no surprises.
Title Company / Attorney will provide you with following information:
- Getting a Title Search – an historical review of all legal documents relating to ownership of the property – to ensure that there are no claims against the title of the property. It is also necessary to purchase Title Insurance in case the records contain errors or there are mistakes in the review process.
- The Final Walk-through Inspection – you’ll be given the chance to look at the home to make sure it’s in the same condition as when you signed the sale agreement.
- The Settlement – typically, on the Closing Date you’ll go to a Title Company / Attorney's office to verify and sign all the paperwork required to complete the transaction. The settlement will include your paying your closing costs, legal fees, property adjustments and transfer taxes. At that point, you’ll receive the property title and copies of all documentation pertaining to the purchase.
Step : Home Inspection
Step 9: Title Company / Attorney will provide you with following information:
- Getting a Title Search – an historical review of all legal documents relating to ownership of the property – to ensure that there are no claims against the title of the property. It is also necessary to purchase Title Insurance in case the records contain errors or there are mistakes in the review process.
- The Final Walk-through Inspection – you’ll be given the chance to look at the home to make sure it’s in the same condition as when you signed the sale agreement.
- The Settlement – typically, on the Closing Date you’ll go to a Title Company / Attorney's office to verify and sign all the paperwork required to complete the transaction. The settlement will include your paying your closing costs, legal fees, property adjustments and transfer taxes. At that point, you’ll receive the property title and copies of all documentation pertaining to the purchase.
Oh, and one more thing – you’ll get the keys.