The number one reason you would want to use an agent is cause they are free!!! Buyers agent will be representing you and your best interest. We have access to the Multiple Listing Service (MLS) , which has thousands of homes to choose from. Also agents will plan and schedule your showings. Last but not least someone to explain the entire buying process.
Now that you've decided to take the plunge, let's explore what you can expect from the homebuying process itself.
This can be a chaotic time with offers and counterofferflying furiously, but if you are prepared for the hassle (and the paperwork), you can get through the process with your sanity intact. Here is the basic progression you can expect.
When you apply, your lender will give you a preapproval letter that states how much you’re approved for based on your credit, assets and income.
You do not have to pay a dime to hire a buyer’s agent. Just for that reason alone, why wouldn’t you use one? If you are in the SWFL Area, Please reach out to me.
Real estate agent will help you house hunt within your budget. It’s a good idea to make a list of your top priorities you desire within a home or/and your surroundings.
Your offer letter includes details about yourself, price you’re willing to pay for and It will also include a deadline for the seller to respond to your offer. Seller will then Accept, Counteroffer, or Declined your offer.
During a home inspection, an inspector will go through the home and specifically look for problems. If a home has a serious health hazard (like lead paint or mold), ask the seller to correct the problem before you close. If you can’t reach an agreement, you may want to move on and consider other options.
A home appraisal is a review that gives the current value of the property you want to buy. You must get an appraisal before you buy a home with a mortgage loan. Lenders require appraisals because they can’t lend out more money than a home is worth. If the appraised value comes back lower than your offer, you might have trouble getting financing.
After you view your inspection results, you might want to ask your seller to correct some of the problems you found. You can do this in one of three ways:
- Ask for a discounted purchase price considering the results.
- Request that the seller give you credits to cover some of your closing costs.
- Ask that the seller have the problems fixed before you close.
You should do final walkthrough in your new home before you close, even if you’re 100% committed to the property. This time allows you to check and make sure that the seller has made the repairs you requested and cleared out the property.
Your lender is required to give you your Closing Disclosure, three days before closing. Read through your Closing Disclosure and make sure the numbers don’t vary too much from your loan estimate. Once you’ve reviewed your Closing Disclosure, it’s time to attend your closing meeting. Bring your ID, a copy of your Closing Disclosure and proof of funds for your closing cost. You’ll sign a settlement statement. This is when you pay your down payment and closing costs. You’ll also sign the mortgage note, which states that you promise to repay the loan. Finally, you’ll sign the mortgage or deed of trust to secure the mortgage note.After closing finishes, you’re officially a homeowner.