Here are 9 easy steps towards buying your Naples home:
- Calculate how much home you can afford.
- Get to know your legal rights.
- Shop around for a loan that suits you.
- Investigate current homebuying programs.
- Start looking for a home.
- Make your offer with my help.
- Get a home inspection – I can provide 3 inspection companies to choose from.
- Shop for homeowners insurance.
- Go to closing and the home is yours.
Calculate how much home you can afford.
How much home you can afford depends on primarily your income, credit score, monthly expenses, available down payment and current interest rate for your loan. A mortgage lender will surely be able to help with this.
Get to know your legal rights
Knowing your legal rights involves knowledge of the following.
Fair Housing: Equal Opportunity for All.
Real Estate Settlement Procedures Act (RESPA).
Borrower’s rights.
Predatory lending.
Shop around for a loan that suits you.
Do your homework and save money. By talking to various lenders you could compare their current interest rates and closing costs and negotiate a better deal prior to committing with anyone. While you’re at it, get a pre-approval letter from the lender, which is often required by many sellers when your offer is made.
Start looking for a home.
Ideally you and I would already be working together on this, but if not, and you’re ready to start looking, I can provide you all the tools necessary to make an educated purchase.
When looking for a home consider the following tips:
Start with a wish list of features you’re looking for. Price being the most important, then how many bedrooms, size of house, condo or single family and not to forget, Location, Location, Location!
Consider three options in buying you home today: Shortsales, Bank Owned homes (REO) and regular sellers. All three have unique ways of handling an offer and knowledge of this could save you money, frustration and time.
If you can’t find your ideal home, you could consider building a home from scratch and with this I could help you find a residential lot in Naples and investigate the buildability of it with you.
If you don’t mind putting sweat equity into the home, consider a fixer-upper which would definitely involve at least three quotes from contractors which would give you an idea how much you’d have to spend to make the house livable.
Make your offer with my help.
As I mentioned, when it comes to Shortsales, Bank Owned homes (REO) and regular sellers, all three have unique ways of handling your offer and knowledge of this could save you money, frustration and time. I have experience in all, and would be happy to help you with your offer. Regardless, it’s prudent to have your offer contingent on a home inspection.
Many of the Shortsale and Bank Owned sales contracts can be quite involved so I always suggest that my customers hire a reputable Real Estate Attorney to help scrutinize the sales contract prior to you signing off.
Get a home inspection.
Obviously it’s good news that the seller has accepted your offer, but it’s not over yet. Get a home inspection immediately and check the house top to bottom. Once all inspections are competed they’ll email you the reports for your review. At this point you could renegotiate your initial offer if you’re not happy with the results of the inspections.
Shop for homeowners insurance
Homeowners insurance is required by lenders, so compare insurance company rates and save yourself money.
Go to closing.
I generally advise my customers to hire an attorney to assist in the preparation of their closing documents. This is especially the case in the very complicated proprietary Bank Owned REO contracts.
If all goes well and the lender has wired the funds, you should be ready to take possession of your house. Congratulations on your new home!