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Buying a Home – Home Buyers

posted by: Mike in Buying Home

It is an exciting undertaking when you are ready to purchase your new home! You want to ask the right questions and get the right answers in this important endeavor.

 

If you have never purchased a home before, we are guessing that there are a lot of questions in your mind. We are experts in buying and selling homes in Lehigh Acres, Fort Myers, Naples and the surrounding area. At Achievers Realty, we have worked with many first time home buyers in the past, so we have a pretty good idea of what you are going through. Your real estate agent is your best ally when it comes to getting your questions answered. Go ahead and give us a call!

 

Here are some questions that are often asked, followed by the best answers that we can give here. (Remember, every situation is different!)

 

Q: How do I view this home that I have found?

 

A: Your agent at Achievers Realty can show you almost any home that you find. However, if you are like most buyers, the home you find may not be the best home for you. That is because your agent can search for you based on interior details such as the number of bedrooms and square footage,  as well as sales price, general condition and so on. The tools that your agent can access are very effective at searching the thousands of homes that are out there to find properties that are the very best fit for you. Sometimes, however, you will get lucky! Let us show you a selection of great properties, and by all means, ask your agent to include on your tour the terrific saltbox house that you found.

 

Q: How do I obtain financing?

A: This is one of the most difficult questions to answer since each person’s situation is unique.  Generally speaking, you may have special opportunities if you are a veteran or first-time homebuyer,  or if your income meets certain guidelines. Otherwise, you will probably need to meet your lender’s guidelines on credit score and employment history, and some cash for a down payment. One tip: If you rely on employment income, your lender will likely look for two years in the same line of work, so avoid changing professions if you can until after you have bought your house. Lenders have slightly different requirements and interest rates, so shop around and ask your realtor for information.

 

Q:  What is escrow?

 

A: Escrow is a state in the purchase of real estate where all of the tasks are taken care of to prepare for the final steps of transferring property from the seller to the buyer. Financing, including final deposit of funds, any required documentation from the buyer, seller or the property, and direction on the final terms of the transaction are handled by a third party called an escrow agent. This is when all of the terms of the sales contract are met so that at the end of the escrow period the property can change hands.

 

Q: What are the steps to buying a home or property?

 

A: We are glad you asked! A sale can be very complex, but here are the basic steps.

Buy a home - Home buyers

First, you find a home you like. If you are a home-buying superstar, you have visited a lender or lenders and they have prequalified or even preapproved you for a mortgage. You will know how much you can afford for a home, within a range.

Your real estate agent can show you homes from the realtor listings, and you can search for homes on websites such as Zillow or Realtor.com. As real estate professionals, we can tell you, our experience can be extremely useful in guiding you to the kind of home you want and away from potential problems. We can point out potential issues if we see them (the house may need a new roof, a crack in the foundation should be inspected, etc) and help you avoid unnecessary costs such as actions that may cause delays in closing and a loss of your earnest money.

 

Once you find a great home, it is time to make an offer. Your agent will write everything down and present the offer to the seller or the seller’s agent. Hopefully, it is accepted! Then the sale goes to escrow for completion of all of the terms of the contract.

 

The clock starts ticking once escrow begins. The buyer and seller have a certain amount of time specified in the contract to meet all of the requirements of the sale, usually 30 or 60 days. During this time, you will need to provide documentation to your lender and to your escrow agent on items such as how you would like to take title. It is important to try to complete your obligations before the end of the escrow period because it is a probability for a buyer to lose the earnest money deposit and the house if he does not perform in time. Similarly, if a seller does not complete the requirements on time the buyer may choose to terminate escrow and the seller must look for another buyer.

 

So there you have some of the important information that you need to know about the home buying process… but we know you still have questions, so if there is anything we can do to provide answers please feel free to call us. We will be honored to serve you. Let us help you find your perfect home in Lehigh Acres, Fort Myers, Naples and the surrounding area.

 

We will go above and beyond your expectations when you are ready to buy your home.

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