6 Steps to Buying a House in the Tampa Bay Area
When someone is interested in buying real estate, the first place they usually go to is the Internet. Who needs a real estate agent, when the steps to buying a house are already out there? The answer is: YOU DO!
Online listings are a great way to start searching for a home, but not knowing how to navigate the process could end up costing you wasted time and wasted money. When it comes to buying a home, nothing beats the expert guidance and firsthand knowledge of a local real estate agent.
When you’re buying real estate, there are a lot of steps, and details at each step, that need to be considered to prevent you from making a costly mistake. Here’s the process and how to successfully buy a house in the Tampa Bay area:
STEP 1 – FINDING THE BEST REALTOR
The first step to buying a house successfully is to get together and discuss your buying needs with a Realtor. At our initial consultation, we’ll discuss your priorities, timeframe, and budget. Well go through the complete home-buying process with you so you’ll know exactly what to expect at each step.
STEP 2 – GETTING PRE-APPROVED FOR A MORTGAGE
To get pre-approved, you will meet with a lender, who will base your loan amount on your income, credit rating, debt, and down payment. You’ll submit a loan application which will often include proof of employment, savings, debt information, current salary, and position.
The loan originator will tell you the maximum you can afford to spend on a home, your estimated monthly mortgage payment, and what your interest rate will be for your mortgage term.
The institution will put a rate lock on the interest rate you agree on, which usually lasts between 60 to 120 days. Sometimes, if interest rates drop during the period, the lender will honor the change – but not always. Ask to be sure.
If you aren’t connected with a lender, we can recommend some great local professionals to help.
STEP 3 – CHOOSING THE PERFECT HOME
Whether you know exactly what you’re looking for in a home, or you have no idea where to start, we’ll help you narrow down the choices to find a home you’ll love. We can take a stroll or drive through some of the neighborhoods, check out the different types of homes, and see the proximity to the amenities you need to find what works best for you. After that, we’ll compile a list of the best available properties that fit your criteria, and we’ll see them together.
STEP 4 – GETTING YOUR OFFER ACCEPTED
Once you’ve found a home you love, be prepared to make a move quickly. Currently, the Tampa Bay metro area is experiencing a historically low inventory of available homes. This coupled with plenty of buyers looking to purchase, makes the buying market highly competitive. This means that well-kept homes, that are priced appropriately, may only be available for a few days. Each situation is different, but we will use our experience to guide you so that you can confidently present the winning offer.
STEP 5 – CONTINGENCY PERIODS
Congratulations, your offer has been accepted! We’ll coordinate all the documents between you and the seller. Your earnest money will need to be deposited with the settlement company. During the time before closing, we’ll work with you to complete any inspections, and you’ll work with your lender to provide all the documentation required to support your loan application. You’ll also obtain home insurance for your new property, book movers, start packing, and schedule the transfer of your utilities.
STEP 6 – FINAL WALK THROUGH & CLOSING
Prior to the settlement (“settlement” and “closing” are often used synonymously), we will revisit the property to make sure that it is in the condition agreed to in the contract. At the closing table, the closing attorney will walk you through the legal documents before they are signed and processed. After that, the home is yours! The seller will hand you the keys and you can finally celebrate.
At Spitzer Rutland we know that buying real estate is a big investment to make, and we’re here to make sure you find the right home for the best possible price. If you need more detailed information about any of the steps in the home buying process, give us a call, we’d be happy to help. If you have real estate related questions, then we’ve got the answers!
