Buying in South Florida

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Home Buying Process

Know what to expect when you buy a home. This guide explains each step, to help you make informed decisions. 


Identify your needs
Consider the features you need in your new home, it is a good idea making a list with all elements that are important to you and your family. Think about the neighborhood, schools, how much room you need, and the type of home will suit your lifestyle. Knowing your needs will help you and your Realtor narrow your search for a home.

Establish the price range
How much house can you afford? Mostly depends on two factors: the money you have for down payment and your income, your housing payment should not be more than 25 to 30 percent of your gross income. Housing payment includes mortgage payment, property taxes and homeowners insurance. Online mortgage calculators are a good place to start, but as you get closer to being ready to buy, there is no substitute for a written mortgage pre-approval.

Select a Real Estate Broker
Even if you’re not quite ready to buy, your real estate professional is a wealth of information, and can offer you updates on local developments you might not have know about otherwise. Speak to your Realtor first to guide you right from the start. A good real estate professional can guide you through the entire process and make the experience much easier and you don't have to pay anything! The payment comes from the seller. 

Get a loan 
While you shop for a home, also shop for a mortgage. Many lenders can pre-approve you for a mortgage so you have a better idea of affordability. Mortgage lenders include commercial banks, savings and loan institutions, private mortgage companies and credit unions. Shopping with pre-approval gives you more power. 

Go House Hunting 
Your Realtor reviews the real estate market to match your needs, and brings you a list of properties to watch. The key of a successful house-hunting is to be informed, be organized and be focus on the elements that are important to you. 

Make an Offer 
Once you’ve found a home that fits your needs, don’t wait, and make an offer. Your Realtor will prepare the Sale Agreement and will help you to make modifications or additions you want. Leave nothing to verbal agreement. Every element of concern to you should be written. The seller can accept the offer as is, make a counter-offer or reject the offer. 

Negotiation 
Your realtor will provide you with assistance in evaluating any counteroffers and contingencies that may arise in the process. Offers can go back and forth several times during negotiations until the seller and the buyer accept all of the terms. The offer does not become a contract until everyone agrees to all changes in writing.

Get a Home Inspection 
An inspection by a qualified professional is essential to evaluate the structure and other systems of the house. If the inspection findings are acceptable to you, the closing process can begin; if not, your Realtor can help you to negotiate with the seller to get to an acceptable resolution.

Appraisal 
A property appraisal is the way to estimate the real estate value of the property, and has two purposes, for assessment of property taxes and for use as collateral to finance its purchase. The appraisal is usually performed as a service by an appraiser.

Homeowners Insurance
If you are financing your home, your mortgage company will require proof of a valid homeowner’s insurance policy prior to close. Typically your first year’s insurance will be part of your closing costs, while your later payments can be rolled into your monthly payment.

Closing 
At the closing date, you will go to the title company to review and sign all the paperwork, and bring the funds required to pay closing costs and the down payment. Once the closing papers have been executed and the deed recorded, you can take legal ownership of your new home.