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What to expect during the home buying process

Buying a home

So many buyer's have no idea what to expect when starting the process of buying a home. Let us help you with knowing what happens!

Almost every we start working with a new client we hear - "I am scared, nervous and excited" All of that is perfectly normal. But to help ease some of the unknown, here is a breakdown of how a typical real estate transaction goes.

 

FIND YOUR AGENT - They will guide you every step of the way and be there for the many many

questions you have. Don't ever think, "Well I've already called my agent so many times I don't

want to bother them again!" Bother us!! It's what we are here for. We know every aspect to this

journey because we do it so many times. Let us ease your mind!

FIND YOUR LENDER - Let your real estate agent help you find a reputable local lender that is qualified to help in the ways you need. Not all lenders are the same! Your lender will then take an application and see if you qualify for a loan. The agent can even point you to a lender that will initially do a soft pull so it doesn't affect your credit! If you're approved, the lender will let you know the amount you are approved up to. They will then talk to your agent and give them details and your agent will start searching for homes that match what you are looking for!

 

 

SEARCHING FOR A HOME - Your agent and you will then go to different homes so you can find what you are wanting! This can sometimes take time but your agent will be there for the long haul! Your agent will spend as much time as it takes looking through homes to make sure you are satisfied and that it is your DREAM HOME! We can even help with new construction if you choose to go that route instead of an existing home!

                                                           

 

 WHAT COSTS ARE EXPECTED - During this process there are out of pocket costs. The first is your escrow deposit, sometimes called a good faith payment. The amount varies but usually starts around $1,000. That money is deposited into a title company's escrow account and will come off the amount you owe at the end for closing and down payment costs. (Your lender should talk to you about how much is needed for down payment and closing costs) 

Other costs - 

Inspections - Some loans don't require an inspection but it is always recommended. This is a big purchase and you want to know about the home. In Florida, insurance companies may also require a 4 Point & Wind Mitigation inspection. The combination of these inspections can start off around $400.

Appraisal - This is ordered by the lender and usually start off around $650 and go up. An appraisal gives the lender the value of the home you are buying and that it is worth what they are lending for it.

Wood Destroying Organisms Inspection - This inspection is required for all VA loans. For other loans you can choose to purchase it. It usually starts around $150 and is done by a certified company.

Water Quality Inspection - This inspection is typically required for any home using well water and tests the water for different things such as bacteria, lead, nitrite and nitrate. This usually starts around $260. 

Engineering Report - This is usually required for mobile homes and it ensures the home meets structural standards. The costs usually starts around $500. 

These inspections take place during the process of getting the loan. You will know before getting into the process what is going to be expected for the costs. 

 

 

 

GETTING YOUR DOCS - Your lender will ask for documents from you. It makes the process go much quicker to get anything the lender requests as quickly as you can. It may seem like a lot but it is necessary. If there is anything about what was requested that you need clarification on, ask your agent or lender and they will be happy to explain anything you need!

INSURANCE - Your agent can recommend an insurance broker for you to get a quote. You are able to pick your own if you choose. That broker will get a quote to you so you can give it to your lender and make sure it fits in line with what your budget is. 

                                                               

 

 

CLOSING - When everything above is completed your lender will tell you those three words everyone dreams of hearing - CLEAR TO CLOSE! That means everything is done and you are good to go. Your agent will schedule a closing date and time that works for all parties involved and can even schedule to have a closing notary come to you if needed! This is when you breathe a sigh of relief that you have gotten to the end. Your agent will typically be with you at closing in case any questions come up and to CELEBRATE!! 

 

 

Your journey with your agent doesn't stop at the closing table. You'll realize there are still questions after you close on your home. Call your agent! They should be reaching out to you afterwards to make sure everything is going good. Your agent will be available for any questions or concerns that you have afterwards.

 

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