Consumer Information for Buyers:
| -The smartest way of buying real estate | - What to expect from Home Inspections |
| -The buying process: What are the steps? | - Tips for First-Time Homebuyers |
| -Your Closing Costs Explained | - Moving with family? Check the schools in the area |
| - Glossary of Common Real Estate Terms | - Glossary of Common Construction Terms |
| - How much...? Try our Mortgage Calculators | - I know what I want, I Want to Buy! |
The smartest way of buying real estate
Having a Buyer's Agent by your side is the smartest way of buying real estate. Of course we are biased, Orlando Garcia is a real estate professional, and obviously has an interest in you hiring him. But you need to understand how real estate agents work:
When you're looking at homes for sale on your own, you call the numbers advertised in signs or classified ads and you talk to the real estate agent selling the home, keep in mind this Realtor is representing the seller, not you: his obligation is to the seller, and to get the best possible deal for the seller.
You should not assume that any real estate agent or broker represents you, unless you agree to engage a real estate agent in an authorized brokerage relationship. If you have an Exclusive Buyer Agent, this agent will represent your interests. A Realtor representing you is obligated not just to find all homes that match your interest, but to negotiate the best deal for you.
Now, isn't it smart to have a professional on your side with access to all homes for sale, access to information about the properties that the sellers' agents will not reveal to you, with advice and negotiation skills as tools of the trade?, and your real estate agent will be paid a commission only if you buy a home, a commission the seller has already agreed to pay at closing!
To buy residential real estate in Miami, call Orlando Garcia today at (786) 419-0490 and hire him as your Exclusive Buyer's Agent, let him represent your interests and do what he does best: save you time and money finding your next home!
The buying process: What are the steps?
1. The number one step in the process of buying is to contact a real estate agent. Realtors have access to all listings of homes for sale in any area of Miami or South Florida, a real estate agent can provide valuable advice and guide you through the negotiations, keep on top of the different stages of the buying process, making sure that all deadlines are met through the closing of escrow.
When you contact Orlando Garcia, you can secure a real estate professional to represent your interests, remember the real estate agents selling homes represent the sellers, not you. Orlando can dig up very valuable information to you: how long has the property been in the market, what price would be acceptable for the seller, what is the true market price based in comparables, etc.
Orlando Garcia will pay close attention to your needs, to make sure that when he find homes for sale in Miami for you, you do not waste valuable time visiting homes that do not interest you.
2. The second step is to begin the process of securing financing. Unless you're buying with cash, you will need to make arrangements for a home loan, and the wise thing to do is to take the first steps in that direction before you start visiting homes for sale.
Start shopping around for mortgage loans: look for the best mortgage interest rates, terms and conditions of the loans. There are so many choices today: the traditional 30 year loans, 15 year, 7, 5, or 3 year ARMs, and many new financial products, you have to be careful and do your homework, and the earlier you start the better.
Get pre-approved: A lender will look at your assets, your debts, credit score, income and expenses, and will determine your buying power: how much house can you afford. The lender will provide you then with a Pre-Approval letter indicating how much he is willing to lend you.
Most sellers today won't even consider offers without a pre-approval or pre-qualification letter from the buyer. They do not want to be tied to a buyer that has not secured financing yet. On the other hand, it is the logical thing to do to talk to a lender to figure out how much can you afford, and secure financing: when the right home comes your way you'll be ready to make an offer.
3. The third step would be finding homes that match your interests. Sometimes it can be difficult to be realistic finding a balance between what you can afford and the features you want on a home. Do not make the mistake of buying the most house you can buy, because with all the "creative" loan products available today, you can get into a property that can be very hard to meet the payments later, not just the mortgage, remember you must pay taxes and insurance. Maxing-out on a home purchase can be the first step towards foreclosure later.
Your real estate agent will search for homes for sale according to what you described you need and want. Don't be surprised if Realtor Orlando Garcia finds the right homes for you in the first few properties, and show you homes that meet your expectations. The good thing is you won't be at any time "pressured to buy", it is a decision you should be comfortable with.
4. Once you have decided on a home, the next step is to make an offer. The offer, if accepted, becomes a contract, so you have to be careful here. Your Realtor knows how to prepare the contract, and can provide advice on the terms of the offer. The "insider knowledge" of your Buyer's Real Estate Agent can save you thousands of dollars: if the home have been in the market for a long time, or a previous contract fell through, or there have been no offers, the owner may be more willing to bargain.
The seller can choose to counteroffer, amending the terms, or setting the price higher than your offer. If everybody agrees with the final offer, you have a contract. It is time now to order a home inspection.
The home inspection is a very important step that should not be waived, unless you know the property very well. A thorough home inspector can find any potential problems, and you want those problems fixed by the seller before you take possession of the home. Termites are a very common problem in South Florida, make sure at least an inspection for termite damage is done. If there's disagreement about the repairs, and you can not work out the differences to your satisfaction, you can cancel the contract without penalty.
If an agreement was made to do repairs, remember to do a walk through inspection before closing on the property.
5. After inspections are done, and financing is in place, it's time to close escrow. In preparation for closing, there are several things you should do to be certain that your real estate transaction will close on time.
The day before closing, you should be provided with a copy of your final closing statement (HUD-1). Go over all the calculations and be certain that you are given credit for all your deposits and any other credits due to you from the seller or for other items agreed upon between buyer and seller, review all the lender, title, and escrow fees, to be sure they are what you had been told.
For a detailed description of the Closing Statement (HUD-1) and your closing costs, go to Your Closing Costs Explained.
Before closing you want to be certain that all the conditions of the purchase contract have been met. Make certain that all directions given to the closing agent have been performed. Before signing your name to any closing documents, check and double check that everything is correct, interest rate, fees charged, and condition of the property.
For additional resources in other areas, visit the websites of these fine professionals:
Let the Hartanov team help you find a home in the Orange County Real Estate market today!
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