From Contract to Closing....a great process gives you a great buying experience.
Once you have obtained a mortgage pre-approval and selected a real estate agent, you are ready to begin your home search in earnest.
Today, approximately 80 percent of home searches begin on the Internet, and if you’re searching for a home in Gulf Breeze, there’s only one web address you need to know: www.BuySellGulfBreeze.com . My web site includes tools, tips and access to all of the Pensacola, Gulf Breeze, and Navarre properties listed in the MLS. Best of all, you’re in control. Sign up for me to manage and customize your search, receive e-mail updates on new listings as they become available, conduct several searches at once and save and compare properties.
Review Listings — Using the guidelines you set forth, your agent will present you with available listings. In addition to price and property attributes, pay close attention to data like property taxes, market time and monthly assessments for condos and town homes.
View Properties — I will schedule showings and accompany you on each appointment. When you walk through a home, some things to consider are: how the space functions for your
lifestyle; what’s included in the total square footage (balcony, basement or garage); and, in new construction, which features are standard and which are upgrades. According to the U.S. Department of Housing and Urban Development, the average buyer will view 15 homes before
buying one. But that is just an average. Some buyers will purchase the very first home they see. Others will look at more homes.
Open Houses — Remember, if you are attending Open Houses without your agent, be sure to mention that you are being represented by an agent of The Stephens Realty Group. This will save you from being bombarded with calls from other agents trying to represent you. We will supply you with some business cards to make the Open House sign-in process even easier.
Compare Properties — Discuss each home you see with your agent, and provide candid feedback. Your expectations and the marketplace will begin to converge, and your agent will be able to adjust certain parameters such as location and features in order to present you with alternatives. A Property Comparison Sheet to track and compare each listing. When you find a home and are ready to make an offer, your agent will perform a Comparative Market Analysis or CMA. This report compares the subject property with other properties that are currently listed and recently sold to help you formulate your offer.
I stay with you during the entire process. After you have a contract in for purchasing your home or land, some of my main duties include:
- Disburse copies of all documents to you, office, etc.
- Assist you in loan application and loan processing.
- Assist you in scheduling and following-up with inspections and inspection repairs.
- Assist you in scheduling with a closing attorney.
- Assist you in shopping for homeowners insurance.
- Keep listing agent informed of progress.
- Assist you in formulating repair request.
- Assist in verification of repairs.
- Coordinate with attorney and all other parties concerning closing.
- Help coordinate need for/ordering of survey.
- Review closing statement.
- Conduct final walk-through with you prior to closing.
- Attend closing with you.
- Follow-up with you after closing.
6 TIPS TO HELP SECURE YOUR FINANCING:
- DON'T BUY OR LEASE AN AUTO! Lenders look carefully at your debt-to-income ration. A large payment, like a car purchase or lease, can greatly change those ratios and prevent you from qualifying for your loan. TIP: Wait until after your closing to purchase a car, motorcycle, or anything big!
- DON'T MOVE ASSETS FROM ONE BANK ACCOUNT TO ANOTHER! Money transfers show up as new deposits and complicate the application process, and the you must disclose and document the source of those funds for each new account. Contact your loan officer for any questions or advice, in advance, and plan to consolidate accounts later (after closing) if you wish to still do so.
- DON'T CHANGE JOBS! A new job might involve a probation period, which must be satisfied before income from that new job can be considered for your financing application.
- DON'T BUY NEW FURNITURE OR APPLIANCES! Even as a gift, if the new purchases increase the amount of debt you have, or are responsible for on a monthly basis, there is a possibility that the new purchase could disqualify you from getting the loan, or at the very least could decrease the amount of available funds you need to meet the closing costs.
- DON'T ATTEMPT TO CONSOLIDATE BILLS! You need to have a thorough conversation with your financial agent/ mortgage loan officer in advance, to get advice on whether or not this step is necessary and advantageous for you.
- DON'T PACK OR SHIP INFORMATION NEEDED FOR THE LOAN APPLICATION! Important paperwork, such as W-2 forms, divorce decrees, and tax returns, should not be packed/moved with your household goods. Duplicate copies take weeks to obtain from original sources, and not having documentation could stall the closing date on your transaction.