Home Buying Process - Getting to the Closing (after the contract is signed!)

Whether buyer or seller a meeting of the minds (signed contract) is only the beginning of the end.   There will be many players (and emotions) involved in the process from contract signatures to the exchanging of keys.  At times there will be drama, excitement, fears, relief....you name it! 

The process I speak of here is specific to the Brevard County, Florida real estate purchase/sale process but similarities exist regardless of location.

Who are some of the actors?

Besides the obvious actors like the buyer, seller, buyer's real estate agent and seller's real estate agent probably the most important actor is the mortgage lender.

It is critical buyers have an open communication link with their mortgage lender.  Once a mortgage pre-approval has been received it is critical that nothing be done to impact it (no job change, no new major purchases, no new credit account or application, etc.).

Then there are the property inspectors.  The home inspector and termite inspectors are key to identifying red flags that either need to be addressed or send the message to walk away.  Some issues may require further examination by the expert (i.e. HVAC, contractor, etc.).   And if there is a pool or spa there may be an additional inspector involved as well.

With my buyers in Brevard County, Florida I always include an inspection contingency - a buyer's "get out of jail free card"  in all offers to purchase a home including cash offers.

Then there is the appraiser.  Although not part of the mortgage lender mentioned above it is this independent appraisal of value that ultimately determines whether a mortgage lender will indeed provide a mortgage loan.   This where I prefer buyers use a local lender who uses a local appraisal company  although a buyer has no impact on which appraiser is used.  I just spoke with an agent who had a buyer fail to obtain a mortgage because the appraiser was in Tampa - almost 150 miles away!

Finally, there is the closing agent.  In Brevard County, Florida the closing agent is typically a title company although attorneys provide closing services as well.

There can be other incidental actors involved as well depending on whether the sale is a distressed sale (short sale or foreclosure) or even an estate sale.

Whether buyer or seller keep your lines of communication open with your real estate agent as well as your mortgage lender.  Ask questions as they arise and be responsive to any and all requests for additional information.

Remember, with real estate transactions time is of the essence.  Do not miss deadlines!

Considering buying a home in Brevard County, Florida?  Call me at 321-693-3850 or send me an email.

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

The Home Buying Process...More than just opening a few doors.

I recently read an article that talked about how consumers "these days" only need a real estate agent to open the doors so they can look in the house.  It seems many seem to think the information is all on the Internet so they can go from there.

The reality is that information can be good or it can be bad.  The key is separating the wheat from the chaff.  In real estate that key is your Realtor®.

The home buying process is an education.  Ask anyone who has ever purchased or sold a home and they will attest to the educational process!  In real life very few can start school ready to graduate - even if they have all the books in their bookshelf!

So where does a buyer start?  Regardless of experience home buyers should start at the same place - get an experienced local real estate agent.  A major responsibility of your real estate agent is educational including the process, area, prices, trends, etc.

Your real estate agent will likely start with an assessment of experience and goals.   This will mean a lot of questions!

With these answers your agent will begin your education.  It may end with a new home purchase now or a plan to purchase at a later date.  Sometimes getting the mortgage lined up takes time.  Sometimes it is a matter of saving cash for closing expenses.  Sometimes the time is just not right to make the purchase.

Having an individualized plan based on real, verifiable information is critical to the home buying process.

Ready to buy or sell a home in Melbourne, Florida?  Call me at 321-693-3850 or send me an email.  It doesn't cost a thing to discuss your goals and how I can assist you in meeting them.