Getting started! Starting off on the right foot will help you immensely in these times we are in now. It is very important to speak with a local lender or if out of area, someone you have done business with successfully in the recent past. Don’t be fooled by online lenders who often don’t deliver what they promise. It is important to be honest with what your debt load & income are for the lender to preapprove the right loan amount for you. This way going into looking at properties, even if you are just online shopping you will be looking at what you can afford therefore avoiding the disappointment of finding out your dream home is out of your reach.

Find a great agent!

Working with the right person can offer you an education on the local market, offer you thoughts and ideas that maybe you wouldn’t think of, and present you with a wide array of choices that will fit your needs perfectly. Negotiations are an integral part of the work the Realtor® does with/for you. Make sure they are not the order takers from 2003-2005 but have the skills and resources of contract negotiations.

Be prepared to look at lots of properties.

The real estate market is loaded with so many opportunities. I advise all of my buyers to look at everything that falls close to the price bracket your mortgage lender has advised you on. Every seller has a story, some are sticking with the asking price and some are very motivated. So don’t cut your self off from the right one by 5,000 or 10,000.

Be prepared to write several offers.

To find that motivated seller, it may take a few tries but if you are working with a Realtor® that is willing to work hard with you, you can find a GREAT DEAL! I tell my sellers a lower offer is better than no offer. Now, let’s go to contract.

Local expectations and our contract.

We typically use a FAR/BAR (that is a combined effort on the part of the Florida Association of Realtors and the Bar Associations) contract. This contract has all of the standard language in place and room for a special clause or additional agreements. This contract calls for the purchase price, an initial deposit, a second deposit (typically following inspections), an amount that you will be financing and finally an amount of cash to close. Of course the contract also covers time for acceptance, time for inspections, title insurance purchase and delivery, closing date and clauses that spell most other issues out.

Speaking of Title Insurance

Locally, buyers puchase the new title policy for their lenders & themselves. Therefore, the buyer chooses who will provide the new title policy and perform their closing. Sellers should provide the prior policy they have and the policy will be updated from there. This update is done towards the end of the contract period. It is then rechecked just prior to closing.

Time between contract and closing.

During this time you will be busy with your inspection period, financing, obtaining insurance and clearing funds to close. You will have the opportunity to have a full inspection including roof, termite, electrical, plumbing, dock and everything else in between. Your lender will give you a list of paperwork they require from you. Shopping around for insurance can take some time and effort. It is best to make sure you have that going in time and the policy in place at least 10 days prior to close. And of course, often times you will be putting some cash on the table to close, and must prepare in advance for funds to be available to purchase the cashiers check. Finally, let’s get the water & power turned on, you are moving in!!! Congratulations.