If you need assistance, please call 941-315-3331

Nicki Conway
941-315-3331

First Time Homebuyers...Do You Know the Way?

Monday, February 18, 2019   /   by Nicki Conway

First Time Homebuyers...Do You Know the Way?

1st time homebuyers.png

Fear of the unknown is common among all ages.  Kids, at night, imagine monsters in their closets or under their beds and adults are unsure of what the future might bring.
It may be natural for first-time buyers to be unsure of the process because they haven't been through it before but even repeat buyers need to know changes that have taken place since the financial housing crisis.
The steps in the home buying process are very predictable and generally follow the same pattern every time.  It certainly makes the move stay on schedule when you know all the different things that must be done to get to the closing.
In the initial interview with your real estate professional, you share the things you want and need in a home, discuss available financing and learn how your agent can represent you in the transaction.
The pre-approval step is essential for anyone using a mortgage to purchase a home to assure that they're looking at the right price of homes and so they'll know what they can qualify for and what the interest will be.
Even with lower than normal inventory, it is difficult to stay up-to-date with the homes currently for sale and the new one just coming on the market.  Technology has simplified this process, but the buyer needs to implement them.
Showings can be accommodated online through virtual tours, drive-bys and finally, a personal tour through the home.  Your real estate professional can work with you to see all the homes in the market through REALTORS?, builders or for sale by owners.
When a home has been identified, an offer is written and negotiation over price, condition and terms takes place.
A contract is a fully negotiated, written agreement.
Escrow is opened to deposit the earnest money from the buyer as a sign the buyer is acting in good faith.  The title search is also started so that clear title can be conveyed from the seller to the buyer and that the lender will have a valid lien on the property.
88% of home sales involve a mortgage.  The lender will require an appraisal to be sure that the home can serve as partial collateral for the loan.  If the buyer has been pre-approved, the verifications will be updated to be certain that they're still valid.  The entire loan package when completed, is sent to underwriting for final approval.
When the contract is completed, at the same time the title search and mortgage approval are being worked on, the buyer will arrange for any inspections that were called for in the contract.
After all contingencies have been completed, the transaction goes to settlement where all the necessary papers are signed, and the balance of the buyer's money is paid.  This is where title transfers from the seller to the buyer.
Possession occurs according to the sales contract.
One of the responsibilities of your real estate professional is to make sure that things are done in a timely manner so that the transaction will close according to the agreement on time and without unforeseen or unnecessary problems.
Even if you're not ready to buy or start looking yet, you need to be assembling your team of professionals.  Let us know and we'll send you our recommendations, so you can read about them on their websites.
If you have any questions, download this Buyers Guide and call us at 941-315-3331 - we're happy to help.  Informed buyers lead to satisfied homeowners and that is better for everyone involved.

  homebuyer, real estate professional, home buyers guide, mortgage, home buying process

Coldwell Banker Global Luxury
Nicki Conway
201 Gulf of Mexico Drive
Longboat Key, FL 34228
941-315-3331

© 2019 My Florida Regional MLS DBA Stellar MLS, Inc.. All rights reserved. The data relating to real estate displayed on this website comes in part from the Internet Data Exchange (IDX) Program of My Florida Regional MLS DBA Stellar MLS, Inc. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers' personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.6/24/2019 7:50 PM CST