Steps to Buying a Home in Estero – If you’ve never purchased a home before or maybe it’s just been a few years it’s helpful to know the process ahead of time so that you are well educated and informed throughout the transaction. Simply knowing the process can also make it less stressful especially if there are any hiccups along the way. Here’s the basic process to buying a home in Estero Florida.
- If you’re financing the property it’s best to be preapproved and qualified for financing before looking at property. Know exactly how much home you can afford. If you have a figure in mind make sure you sat down with the lender to discuss your income, debts and liabilities before viewing any of these homes. If you look at homes you can’t afford it not only waste your time and the agent but can leave you frustrated and disheartened.
- Make sure you use a buyer’s agent. Buyer’s agents work solely with buyers and have no hidden agendas to sell any one particular home like a listing agent does. Using your own agent will protect your negotiating strategies, finances, and help answer any questions along the way. Buyer’s agents are there for the buyer, not the seller, so you know that your interests will be protected and kept at the highest priority.
- Place an offer on the home along with a decent earnest money deposit and the preapproval letter from your lender. Your buyer’s agent will help you make a solid offer with minimal contingencies protecting your terms and your price. The earnest money, which is typically 1 to 3% of the purchase price of the home, is not actually deposited until the seller agrees to the offer. Once mutual acceptance has happened the earnest money will get deposited either with a real estate brokerage, title or escrow. This money will go towards the purchase price of the home.
- Have a professional inspection completed. Once mutual acceptance on the offer is completed, the status moves to “subject to inspection” or “Pending”. We highly recommend to all of our buyers to have a professional inspection completed on their home. Remember, this is one of the biggest investments you’ll ever make and knowing as much as you can about it now just makes wise financial sense. The inspector will point out any hazardous issues, repairs, and may also inform you of repairs in the future. For example: an inspector could potentially tell you how many years you have left on a roof, furnace, or other appliances to help you prepare for the future. The inspection report is then filled out and sent back to the seller. There are four different responses a buyer can give to a seller on the inspection: acceptable as is, request for repairs, requests for money off the purchase price, or termination of the contract. If the buyer is not satisfied with the inspection they are allowed to terminate the transaction immediately and get the earnest money deposit back.
If the contract moves on from inspection, the sellers will either agree or disagree on the repairs, money or report, but once mutual acceptance is satisfied, the transaction moves on to pending and then to closing.
- It’s during this time that title, escrow, loan officials, lenders, banks and real estate agents all prepare the final documents for signing. Escrow or your agent will call you to set up a time for final signing. Once both parties have signed the final documents, money is dispersed, and deeds are recorded with the County, the buyers are handed the keys to their new home.
If you’d like to get started purchasing a home or property in Estero Florida call our offices today. We have dedicated buyer’s agents ready and willing to assist you in your real estate needs.
Your Estero Real Estate Specialist
Domain Realty is your key to smart buying and selling in the Estero real estate market. We know all the details from the most exclusive communities and subdivisions around the area. Whether you’re looking for a gated golf club community or a luxury waterfront home, we can help you find the right home at the right price or help you sell your Estero real estate quickly and efficiently. Call us today to learn how we can make you work home buying or selling dreams a reality.