Decide What You Want
Before you start looking, make a list of what you want and assign each item a priority. Some areas to consider are the location, type of home, and age of the home.
Know What You Can Afford
Most loans require a down payment. The amount varies, but 20% of the purchase price is typical. If you’re a first-time buyer or fall below certain income thresholds, you may qualify for affordable-housing programs. Generally, a higher down payment means better loan terms and a lower interest expense on the mortgage.
Qualifying for a loan: A lender will determine how much he thinks you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt. Check your credit report before the lender does to clear up any problems.
Your comfort level: You don’t have to spend $200,000 on a home just because the lender says you can afford a $200,000 home. Do some math and determine what you’re comfortable spending.
Make an Offer
You’ve figured out your home-search criteria and what you can afford. Now find a house and make an offer. Your REALTOR® is an invaluable part of this process. He or she will help you prepare a contract, negotiate, juggle inspections and option periods, and more.
Unless you’re paying cash for the home, you’ll need a loan. Keep in mind the true price of financing goes beyond the interest rate alone. Consider items such as points, total lender fees, term of the loan, and penalties for early payment. The lender will likely require an appraisal to verify that the home is worth the cost of the loan as well as a physical survey. Repairs may be required. Insurance must be purchased. All these conditions and others must be satisfied before a transaction can close.
Close the Deal
After weeks or even months of research and decision-making, you close the transaction, usually at the title company’s office. The title agent ask you to sign many, many documents and will explain each one. You’ll present a cashier’s check to the seller, sign another document that itemizes closing costs (the lender will have given you an estimate in advance), and pay your share of the closing costs. In return, you will receive a deed, transferring ownership rights to you.
Buy with Confidence
Steve Warren, founding partner and CEO of Pineapple Realty Group, is a real estate veteran with a long record of successfully guiding local, national, and multi-national clients in their real estate acquisitions, asset reposition and dispositions.
His previous experience as a Title Insurance Executive and Mortgage Loan Originator, coupled with his active Property Management and Real Estate Investing experience, offer clients a uniquely valuable advantage, of which garner results that consistently exceed the goals of his clients.
An expert in digital marketing, I will help owners develop a sustainable online marketing strategy delivering maximum property exposure and listing performance across all booking channels. When it is time to sell your property, you will receive the full service in which to ensure you are connected to your customers looking to purchase your property.
Real Estate Investor
If you are going to invest in real estate, trust someone who has been successful investing in real estate. We can back up our talk with tangible numbers and revenue data so that you know what is possible with our advice. We know the ins and outs of Real Estate investing and we can be a valuable asset to your team.
BUY WITH CONFIDENCE
Steve specializes in all facets of the Real Estate business, whether it is navigating the way for first timers, trying to score that perfect distressed property, providing help in the luxury market, selling a property, or helping investors find properties that maximize ROI, he knows and has experienced it all.
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