Steps to Buying a Home
When you decide to buy a home, here are the steps to make the home buying process quick and easy.
- Step 1. Select a real estate agent in your area and discuss your preferences and criteria. For Tampa Bay area - Julia and Tampa4U Team are THE BEST! ;)
- Step 2. Speak with mortgage broker you know or your agent recommends and get pre-approved. Talk to lender about different loan options, down payment and ask for an estimate of closing cost and break down of monthly payment.
- Step 3. Look at properties with your agent based on your criteria. Different properties could have different things to look into more closely. For example: make sure to read Condo Docs if you are purchasing a condominium. Experienced agent will be giving you tips and advise along the way.
- Step 4. After a property has been selected, the agent will help to put together an offer and negotiate the best deal for you.
- Step 5. Agent will present your offer. The seller could accept, counter-offer, or reject the offer you have submitted.
- Step 6. If an offer is accepted and signed by both parties, it becomes a contract. Next step is to make an escrow deposit and schedule inspection.
- Step 7. Usually, contract will include contingencies, and a certain time period allowed, for: financing, inspections, appraisal, etc. Contingencies often include property disclosure statement, preliminary title report, termite report, and a loan approval by your lender.
- Step 8. The lender needs an insurance policy to be secured prior to closing.
- Step 9. In some cases, remainder of the down payment needs to be put wired at least 24 hour prior to the closing.
- Step 10. Once all of the conditions of the agreement are met, you will sign the loan documents and all of the closing papers. The lender will wire their portion of the money and you are officially closed! The deed will be recorded in the county recording office and you are now the proud owner of your new home.