How Do I Buy A Home In Pensacola, Florida?
For a First Time Homebuyer, and often for repeat buyers, the home buying process can be daunting. Here are some helpful hints to help you through the process:
1.) Contact a lender for a loan pre-approval. This will tell you not only whether or not you are eligible for financing, but will give you a price range so that you may begin your home search. The lender should provide you with a Good Faith Estimate of closing costs that will also show you your estimated payments. If you are a First Time Homebuyer or have not owned a home in at least three years, be sure to ask about Down Payment Assistance Programs.
2.) Once you have your loan pre-approval, contact a licensed Realtor to help in your home search. Make sure you ask if there are any fees for this service. I personally do not believe in charging any Buyer's transaction fees, and my commission is paid by the Seller at closing. Some other brokerages may pass fees along to the Buyer, so make sure this is disclosed up front. You do not have to sign any Buyer's Agent agreement with a Realtor, so be careful if an agent tells you that you are required to enter this type of contract, and make sure you understand the terms up front. If you sign an exclusive Buyer's Agent agreement, you may be required to pay that brokerage a commission, regardless if you end up closing a transaction with them. Learn more about my Free Buyer's Agent Services with no commitment by clicking here.
3.) Once you have found the perfect home, your agent will assist you with making an offer to the Seller. Usually, you will have to place an Earnest Money Deposit with the offer. This is money that will go toward your closing costs if the offer is accepted, or will be returned to you if the offer is not accepted.
4.) Once the offer is accepted, your agent will forward a copy of the contract to your lender and will assist you with scheduling home inspections, appraisals, surveys, and any other steps that may be unique to your home purchase transaction. The loan process can take 30-45 days typically, so make sure you have a contract in place early enough to give at least this amount of time from contract to closing. During this time, you will also need to decide on a Home Insurance policy, so start shopping around and get at least 2-3 quotes before deciding on a carrier. Your payments will vary based on the coverage amount and the deductible chosen.
5.) Prior to closing (usually the day before closing) your agent will schedule a final walk-through inspection of the home for you. This inspection gives you a chance to review any repairs that were to have been done prior to closing, and also to ensure that the property condition has not changed since the contract was signed, and to be sure that no items were removed that were to have remained with the home (such as refrigerators and stoves).
6.) Once your lender has completed the loan and all inspections and repairs have been completed, your Buyer's agent will schedule a closing date with a Title Company. The Title Company will prepare all the closing documents and assist you with signing the loan and closing documents. They will provide you with a copy of everything that you sign, and will issue a Title Insurance Policy on the home to guarantee against future title defects.
7.) Once you have signed all the closing documents, your Buyer's agent will hand you the keys to your new home! You should always feel free to contact your agent after closing if you have any questions after the sale. A good Real Estate agent is always available for questions!
To view previously posted daily Foreclosure & Short Sale lists, please click here.
Trish Sarfert, Broker, GRI
Paradise Home Realty 850-449-0908 cell BrokerTrish@gmail.com
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