How To Start The Home Buying Process In Saint Cloud FL?
Simply follow the steps outlined below which will eliminate wasted time and energy and reduce your stress levels.
STEP 1 – GET PRE-APPROVED FOR A MORTGAGE
The first step is to figure out how much the bank is willing to lend you and determine your budget. Mortgage loan officers will look at your income, loan history, debts, and how much you’ve saved for a down payment. Once they’ve done that, the lender will issue you a written approval guaranteeing that you are pre-approved for that mortgage amount at a specific interest rate for a period of time. Keep in mind, being pre-qualified is not the same as being pre-approved. I always require that clients get pre-approved because the real estate listing agent will typically insist on a pre-approval letter from your lender when you submit an offer, especially if there are multiple home buyers interested in the house.
With a pre-approval letter in hand, you’ll be in a much better position to make an offer on a home. And, in many cases, the seller will be more willing to accept your offer if they know you’ve been pre-approved for a mortgage. So, if you’re ready to start shopping for a home, be sure to get pre-approved for a mortgage first. It’ll save you time and hassle in the long run.
STEP 2 – MAKE A WISH LIST
Make a list of what you’re looking for in a home. Actually, make two lists. One of those lists should be your “must-haves” – the things you absolutely will not or cannot compromise on. Make another list of the things you’d love to have but could maybe live without if push came to shove. Knowing which items on your lists are deal-breakers and which ones are not will help us narrow down the homes that would work for you.
STEP 3 – FIND AN AGENT
The home buying process in Saint Cloud FL is one of the biggest decisions and investments people will ever make. So it makes sense that you’d want a support team you trust and can rely on to help the transaction run smoothly. That’s what your real estate agent is there for. Our real estate agents will help you find exactly what you’re looking for and take a lot of the stress out of the house-hunting process by pre-screening homes that we think would work for you based on the details we discuss.
STEP 4 – START HOUSE HUNTING
Now it’s time for the fun part – looking for your perfect Saint Cloud home. You’ll probably start your search by scouring the MLS listing sites online to see what is out there but we’ll also email you links to housing we think might work for you. Then we hit the road and start looking at houses in person. The more homes we visit, the more you’ll begin to understand exactly what you’re looking for and you might adjust your wish list accordingly. Eventually, you’ll walk into the perfect house and that will be it. You’re ready to make an offer!
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STEP 5 – MAKING AN OFFER
So you’ve found the property you want to buy, now what? Well, we sit down, decide how much you’d like to pay for the home, and hammer out a written offer – click here for more details on What Goes into a Written Offer. But for now, just know that a written offer includes how much you’d like to purchase the home for, what you’d like the seller to include (washer and dryer, refrigerator, blinds, etc.), and when you’d like to close on the home. After we submit the offer, we wait to hear back from the seller and their agent on whether your offer was accepted, rejected, or signed back with a counteroffer. Be prepared that we may have to go back and forth with the seller a few times before everyone is happy and the deal is accepted.
STEP 6 – CONTINGENCY PERIOD
Now that your offer has been accepted, the deal goes into a “sale pending” state. This is required when you’ll want to have home inspections done so that you can learn everything about the home from the ground up before making the final commitment to buying the property. During this time, you can also ask the seller to repair any problems revealed during the home inspection or make consignments to offset the costs of fixing the problems yourself once you move into your home. While the home is in a “sale pending” state, you’ll also finalize all paperwork with your lender to make sure your financing is squared away. There will be several programs available to choose from that suit you best.
STEP 7 – PENDING STATE
Once the contingencies have been removed, your home will enter the final stage of escrow. During this time, all documents are prepared and signed for the title transfer. As your agent, Corcoran Connect also makes sure that all appraisals, repairs, and re-inspections (if there are any) are completed and can assist you with preparing to move into your new home in St. Cloud. FL. Owning a home is important in one's life so we leave no stone unturned during this process to guarantee a successful transaction.
STEP 8 – CLOSING
You’re almost there! Closing is the formal process where all parties sign the necessary paperwork to complete the transaction and funds are transferred from your lender to the escrow company and the title of the home is transferred to you, the buyer. More importantly, it is when the seller hands over the keys to your new home and you take ownership!