How Do I Buy a Home?

How do I buy a home is a frequently asked question by home buyers and the answers can help buyers map out a successful strategy to becoming a homeowner.  Gulf Shores Realty in Venice, Florida can assist home buyers to understand, plan, and implement that strategy.

Buyers too frequently are like the tail wagging the dog.  They want to rush out and view homes without careful consideration of their finances, what type of home is right for them, and where they really want to live.  The needs of their 4 legged family members need to be considered as well.  This can result in finding a home they love only to find out they can not qualify for the loan.  A methodical approach can save buyers months of frustration, driving endlessly, and even additional expense.  Even with the methodical approach, you can be viewing homes in a matter of hours.

The first step is to contact a REALTOR®.  In the Venice, Florida and surrounding areas, call Gulf Shores Realty at 941-488-6644 or visit GulfShoresRealty.com .  Many buyers want to wait until they are “really serious” because they either don’t want to bother a REALTOR® prematurely or don’t want to be hounded by an aggressive one.  The guidance of a REALTOR® is critical at the beginning of the process.   A good REALTOR® is a trained professional that will gently and patiently guide you and give you space to breathe.  They will work with you at your pace and not push like a used car salesperson.

Determine your budget.  The size of your piggy bank, current and future income, debts and existing loans, and your household expenses all come into play.   Your REALTOR® will introduce you to a mortgage broker who can advise you on the best type of loan based on your needs and finances.  REALTORS® work with many mortgage brokers and usually know who gives the best rates, service, and consistently close the loan.  Your mortgage broker will issue you a Pre-Qualification letter which will demonstrate to a seller that you have the ability to obtain a loan.  Sellers will take you more seriously and this sets the stage for you to be more successful when your offer is submitted to a seller.

Define your wants and needs.   Needs are usually considered first.  What do we have to have?  You may want a home with a pool but you have to have 3 bedrooms and two bathrooms for the size of your family.  You must figure out what is most important to you.  As you begin viewing homes, you may realize that you may decide your priorities change a little.

Do an MLS search.  A Gulf Shores Realty agent will set up a multiple listing service (mls) search using your criteria.  It will search the entire database of all available homes and email you a list of available homes that match your criteria.  Whenever an additional home is listed that matches your criteria, you will receive an email immediately.  You can save the homes that appeal to you to view with your REALTOR®.  Searches through other sources may have old information and updates have substantial delays.  An MLS search is the most accurate and real time database.

Time to go looking.  Your REALTOR® will schedule appointments for the homes you have selected from your search and a few that they think would be a perfect fit for you.  This is just like watching HGTV.  After viewing each home, you will address positives and negatives and eventually find the perfect home for your family.

Make an offer.  Your REALTOR® will prepare a written offer and submit it to the Seller through their agent.  The Seller will either accept, decline or counter your offer.  This is the negotiation phase and an experienced REALTOR® becomes a valuable asset.  Now, is when you will be happy you took the time to get pre-approved.

Congratulations. You are now under contract and you have the house tied up so another buyer can not take it away.  Your REALTOR® will guide you through the closing process in a step-by-step manner. If you are financing, you can plan to close in about 45 days!

Call Gulf Shores Realty at 941-488-6644 or visit GulfShoresRealty.com for more information about “How Do I Buy a House.”