Are you purchasing a new home in Merritt Island? We can help!
Purchasing a home can be stressful for a lot of people, but with some up-front planning, it isn't that hard. So you know exactly what to expect, we like to give our buyers an outline of the entire deal. Below are our nine steps to buying a home.
When you're ready to get started, you can contact us here or send us e-mail
. We're happy to answer questions you have regarding this information.
Step 1 – Prepare to buy
Before you start looking for a home, there are a lot of things you should contemplate. When you start your search, you'll want to form a check list of must-haves, get a feel for what school districts you want to live in, and start planning around your budget. A good principle to adhere to is that your mortgage payment should be less than or close to a third of your monthly income.
Step 2 – Talk to a real estate agent
That's where we come in. We'd be more than happy to set up 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 future plans. We'll discuss the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Merritt Island area.
We can also help you facilitate the loan process. RE/MAX Elite, LLC works with some of Merritt Island's best mortgage professionals, so you'll be in great hands. They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our first meeting, we'll start searching for homes on the market that are good for you. We'll get a sneak peek of most of the homes and reject the bad ones, and then we'll book appointments to view the homes whenever it's convenient for you.
When we view houses, we'll call attention to good features and negative ones. we'll even ask you to point out what things you like and don't like. Frequently, buyers amend their list of must-haves as we tour houses and some features become far more important than others. If that happens, we'll search all the listings again and narrow it down to the house you've been waiting for.
Step 4 – Understand the market
Our knowledge of the Merritt Island market is an essential advantage in your home search. We're mindful of all the schools and neighborhoods, and we can let you know some districts are "hot" and warrant immediate action and the rest that are "cold" and allow for thoughtful examination.
As we view houses, we'll be sure to tell you if the seller's list price has room for negotiation or if we believe the home is "priced to sell." Every REALTOR® will tell you they truly know the market, but be mindful, and be sure to ask your agent lots of questions. If it appears they don't know everything, call us at (321) 986-8111 or e-mail us at Training@PipelineROI.com, and we'll be more than happy to answer any questions you might have. Our knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find your dream home
We're sure we'll find the home of your dreams in the Merritt Island area, and when that happens, we'll precisely create your home purchase offer. The offer will be written to suit your needs. Whenever necessary, We never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we present your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property and is usually put towards the closing costs. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer – it's extremely common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your financing constraints. And when it's all said and done, we'll compose a contract that works well for you.
Step 7 – Secure a loan
Once we sign the final contract, you'll start working with your lender to close the loan. This won't take very long at all if you're already pre-qualified, but you'll want to stay in close contact with your lender. And we'll handle all the property information your lender will need to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of taking your loan application. The estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a strict range of accuracy, and we'll study the estimate and let you know if everything looks all right.
Then we'll close on your house. This will most often happen at a title company or escrow office and will probably be a smooth and calm event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you contact us at (321) 543-5503 (Neal) 321-544-9237 (Zack) or send us an e-mail.