What you can expect from me
You can rest assured that I will be you with through the whole process. Once you have been pre-approved, I will be able to find and show you the properties that meet your needs and wants. I will submit and negotiate any offers, always looking out for your interests. Once we are under contract, I will provide guidance and assistance every step of the way. You can be sure that I will always be available to assist, answering any questions you might have. I understand that the process is exciting but also stressful. I will not rush you, but instead help you so that you feel supported the whole time.
Buyer’s FAQs
What are the upfront costs of buying a home?
Once you are under contract for the purchase of a property you can expect to have the following costs:
Earnest Money - It’s a type of security deposit that the homebuyers submits whenever a real estate contract is executed to demonstrate he/she is serious and sincere about completing the transaction. It also serves as a seller’s default remedy if buyer breaches the contract.
Inspections - I advise my clients to pay to have the home inspected by a licensed home inspector that will review the condition of the home and the primary structural and mechanical systems. Cost varies depending of size of the home and services provided by the inspector.
Appraisal - An appraisal is the estimated value of a home determined by an inspection of the property and its comparison to recently sold homes in the area to estimate the value. The findings from an appraisal determine the amount a mortgage lender will let you borrow for the property.
Closing Costs - These are fees and expenses that the buyer pays when closing on the purchase of a property. It may include loan origination fees, title insurance, escrow, deed recording fees and taxes. Lender will provide a Loan Estimate within 3 days of completing a loan application.
Down Payment - Portion of purchase price that buyer pays at closing, while the rest is paid through the mortgage. Traditionally we refer to this portion as a % of the purchase price (ex. 3.5%, 5%, 10%, 20%). It is paid at closing via a wire or cashier’s check.
Does it cost money to use a Realtor?
In Florida the seller usually agrees to pay the commission for both the agent that has listed the property as well as the agent assisting the buyer. Basically that means that both buyer and seller agents are working for free until the deal is closed. Payment of commission of usually taken from the proceeds of the sale and it often amounts to around 3% for each agent.
What do I need to get pre-approved?
The best way to begin the home buying process is to get pre-approved. The pre-approval is basically the lender saying you can afford a certain amount, after taking a quick glance at your financial situation. The lender will run a credit report as well as request at least the following documents to provide a solid pre-approval:
Tax returns of the previous 2 years
Paystubs for at least the last 4 weeks
Bank statements for at least the past 2 months
Other income or asset statements
Once you are under contract and the loan application is completed, other documents will be requested.