Buying real estate for the first time can be a bit stressful. The Singer Island FL first time buyer guidance below can help. Homes are a big investment and buyers should enter with as much information as possible.
Before Beginning a Home Search
Select a Local Lender & Request Pre-approvals
Interview a local mortgage company and receive a pre-approval. Different companies may offer different programs. Review the programs and closing costs to identify the best program. Starting this process ahead of time will help you understand the potential up-front and monthly costs of home ownership. This will offer a good indication of what you can afford.
Select a Real Estate Agent
Find a real estate professional to guide you through the home purchase process. Interview several agents and choose one that best fits your needs. Experienced brokers will help you narrow down options, submit contracts, and facilitate a smooth transaction. This is especially important to first time buyers.
During the Purchasing Process
Real Estate Showings
Only consider homes within your budget. This prevents the heartache of wanting real estate that you cannot have. Visiting homes can take reasonable time and energy, so sticking to your price will also save valuable time.
Agreements
Real estate professionals can offer advice on contracts and help you negotiate them, but they may not practice law. Think about using a local real estate attorney to explain legal jargon and add any necessary language. Do not sign any documents that you do not fully understand.
Inspections
Inspections are not intended for price re-negotiations. Also avoid negotiating clearly visible problems. Such strategies often fail and lead you to lose the money spent on the inspection. Sellers may agree to repair issues, offer a credit towards closing costs, or be unwilling to do anything. Try to be fair with your requests and sellers will be more willing to accommodate them.
Final Walk-Thru
Prior to the closing, you traditionally have an opportunity to walk thru the property one last time. Try and complete this after the seller has removed their belongings. Resolve any issues before signing closing paperwork as you may have few options afterwards.
The Closing
You will need proper identification for the closing. Closing costs and down payment funds must be in the form of a certified check or money order. Also bring your checkbook for any last minute changes. After the closing, the property is officially yours!
Additional Singer Island FL First Time Buyer Guidance
The home buying process can be much easier with some advanced preparation and knowledge. For tips beyond what is included in this Singer Island FL first time buyer guidance, contact Sonny Solomon at The Keyes Company by calling 561-247-1047 or by emailing sonny@sonnysolomon.com.
