The bottom line is the Buyer must buy what the Buyer can afford, not what the Buyer thinks they can afford. If you are paying cash, check with your banker and make sure they are ready to provide a letter referencing your purchase and that you have the amount of funds needed to complete the purchase.  If you are obtaining financing, be sure to visit with your loan officer to get the pre-qualification letter and then, you’ll have an idea of how much house you can afford.  However, it is not all about affordability: think about the monthly carrying costs of the home you would like to purchase. Besides your mortgage payment, you may also be responsible to pay dues to the association, property taxes (if not escrowed in your mortgage payment), utilities, maintenance, insurance and closing costs.  It is always a good idea to leave a cushion because of life’s unexpected twists.After you have determined the purchase price, it is time to hire the Realtor to assist you with your purchase.   In most cases, the commission is paid by the Seller, so you do not need to worry about that expense. You should pick your Realtor based on their knowledge of the area, service, and experience.  Please do not rely on the internet-make the phone call to make sure you and the Realtor you choose are compatible.Now it is time to look for homes-at this point, you should zero in on what you want: A condo? A single-family home? Do you want to live on the water or on the golf course? By narrowing down the price point, type of property and area, you will save yourself and your Realtor a lot of aggravation.Once you have made an offer, be prepared for the Seller to make a counter-offer. It is very unusual for a Seller to accept the first offer.  Be prepared to negotiate! This is also a good time-before you sign the contract-to hire a real estate attorney to go over the terms and make sure everything looks good.  If the offer is accepted, you will need to place your escrow deposit with the escrow agent in a timely manner.  If you are financing the purchase, get the contract-right away-to your lender. Check in with your lender twice a week (at least) to be sure everything is “a go”.  DO NOT WAIT UNTIL THE WEEK BEFORE CLOSING TO MAKE SURE ALL IS SWELL.  You are expected to perform and if you cannot do so, you must-under most contracts-notify the Seller, in writing, of your in- ability to get financing by a certain date. If you fail to do so, your escrow deposit could be at risk.Next, talk to your closing agent-if you need a survey, it must be ordered promptly.  The title commitment is critical-your closing agent will order it and must notify all parties of a title or survey defect promptly-otherwise, again, your escrow deposit could be at risk.  Communicate regularly with the closing agent and inform them immediately if you will not be present for closing so proper arrangements can be made.On the date of closing, the Seller cannot deliver possession of the property unless they have received all of your funds. Almost all closing agents only accept wires. Call your banker to wire the money the day before closing-you don’t want to wait until the date of closing in case there is a problem. So, if you’ve made it this far-congratulations, you get the keys and are a homeowner!

Sally Brindley Headshot
Phone: 941-962-2185
Dated: May 20th 2014
Views: 2,676
About Sally: ...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

How To Spend A Fun Weekend With Kids In Bradenton FL - Alt-tag: A boy and a girl having
7 FamilyFriendly Activities You Should Try In Sarasota FL - Alt: Consider these 7 family
Reasons To Move To Lakewood Ranch In 2022 - Alt-tag: A beautiful house with
Top Places To Retire In Florida - Florida is well known for being

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

The Exit Realty Group
8728 E. State Road 70
Bradenton, FL

Other Locations