Once you have made the decision of becoming a homeowner, you will have one of two images in your mind. The first image is a scary one: the home buying process in South Florida is complicated to an intense degree, marked by obstacle after obstacle, something that is bound to cause stress. The second image is an oversimplified one: you pay for the house in one way or another and then you move in. The truth is somewhere between these two images, and if you do things right, it should be a lot closer to the second image than it is to the first. To help you out, we have come up with few steps for you to follow, so that you will be ready once you have decided to buy a home.
First, you want to be prepared: build up your credit history, consider hiring an attorney, and save your money to make a down payment.
Then, you need to find someone who knows the mortgage business. Ask advice from trusted friends, colleagues or family members who have already purchased a home. You can also search on websites such as Yelp.com, for reviews on loan originators in the area. Or simply contact different banks and credit unions to see if what they are offering is right for you. This will point you in the direction of a qualified loan originator or lender. This is not an area in which you want to skimp! Communicate properly and connect with someone who can meet your needs sufficiently.
Next, contact the mortgage broker or lender you have chose to work with and figure out how you are going to finance the property. Put yourself in a situation that is going to be comfortable tomorrow and in the days ahead. You do not want to be in a squeeze for cash at any point down the line.
At Living Premises we have a Master Mind Group of professionals we partnered up with. When it comes to mortgages we rely on the experience and professionalism of Wil Reguera from Caliber Home Loans.
Now that you have been pre-approved, your future home awaits. We suggest you fill out our buyer’s questionnaire to help our team at Living Premises find the right home for you. Overlook nothing and ask questions. What are the local schools like? Comparables? How about transportation and walkability? Calculate your taxes and your utilities too. Everything will count in the long run.
Once we have found the right property that meets all your needs, we write an offer and wait for the acceptance of the seller. After the seller has agreed on a selling price and executes the offer we simply hand it over to the tile company and our lender. The lender will then order the appraisal and inspections of the property to make sure the property does not have any structural damages and we are buying at the right price.
The title company’s job is to make sure the property we have found is clear of liens and open permits. They are basically here to protect you and the lender from future headaches.
After the title search, inspection, and appraisal is done. The lender puts the package together for underwritings final approval. Congratulations! We are now ready to close.
On closing day, organization is key. Save all relevant files, set up your utility bills, get to work on any repairs of construction jobs, and move in! The process can be a simple one, if you follow these steps and work with the right people. Happy with your real estate professional? Do them the ultimate favor and refer them to your friends and family.
Real Estate Specialist
Premier Global Brokers L.L.C.
175 SW 7 ST Suite 1511
Miami, FL 33130