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Buying

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We’ll Help you Sell Your Florida Home Today

Purchasing a home is one of the biggest financial decisions you will ever make in your lifetime. Whether you are a first-time or experienced home buyer, I recognize this is a very important decision that must be made carefully. To alleviate some of the stress and uncertainty when selecting a Realtor to represent you and to protect your interests when purchasing a home, I provide my buyers with my “Buyers Performance Guarantee”. If I don’t save you $5,000 on the purchase of your property, I’ll pay you $1,500 cash! If at any time prior to signing a purchase agreement on a home or property and you are not completely satisfied with my services, you can fire me as your Buyers’ agent and I will void our Buyers’ Agreement at no cost to you!  (Call me for details on my Home Buyer’s Performance Guarantee – Some restrictions may apply.)

Buying a home requires a close working partnership and I’ll present my performance guarantee up-front and in-writing as a show of confidence and good faith that I’ll negotiate the best price on your home purchase.

Deciding to Buy

Before you buy a home, Let’s be sure that you are clear on your Intentions, Motivations, and Priorities for your Home.

Have your home needs changed necessitating a larger or smaller home? Are you relocating to a new area? Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Are you looking for a rental or investment properties? Would you like to live in a waterfront home or in a golf course community? Would you rather live in a different area? Are you striving to shorten your work commute? Having a clear sense of your reasons for buying and your priorities for price range (min and max), home age, home size, number of bedrooms, pool/no pool, school district, location, proximity to work/home/shopping, waterfront, golf course lot, garage, pet friendly, or other amenities you desire in your home. Be clear on what items are “must-have” vs. “like-to-have”, or items that just don’t matter will help you choose your perfect home.

HAS YOUR INCOME GROWN?

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your investment.

The Home Buying Process

Prior to beginning your home buying journey, it is in your best interest to identify a mortgage lender and get pre-approved (better yet, pre-qualified) for a mortgage loan. This help you determine the amount of mortgage that you may qualify for. In today’s hot real estate market, you will be in an even stronger negotiations position if you are already pre-qualified by a lending institution prior to extending a purchase offer. When home sellers compare offers, there is a lot of value to the homeowner to not have a contingency relating to loan qualifications in the purchase agreement. This will also give you significant peace-of-mind in knowing exactly how much you’ve been pre-approved for. In addition to the peace-of-mind, being pre-approved can shorten the time required to close on your new home. For more information about this process, please read the following article:http://www.bankrate.com/finance/mortgages/do-you-need-mortgage-preapproval.aspx

  1. SELECTING ME AS YOUR REALTOR

    I am a full-time, professional REALTOR® with an M.B.A, prior corporate experience in a variety of executive level positions, extensive experience in the negotiations process and extensive market knowledge. My real estate designations include; GRI, ePRO, and PSA.

  2. INITIAL CONSULTATION WITH ME TO EVALUATE YOUR NEEDS, PREFERENCES AND RESOURCES

    We will meet to discuss your needs, prioritize your preferences and analyze your resources. If you don’t yet have a letter of pre-approval or pre-qualification, I can provide you with a variety of options to meet with some mortgage loan officers so that you can get the best financing available.

  3. FINDING YOU THE PERFECT HOME

    I will show you homes based upon the criteria that we have established together. The more precise and direct you are with me, the more successful our search will be. Once we get into a regular cadence, you’ll find that only those homes that specifically meet your defined criteria will be sent to you for preview. This will save you considerable time so that you only focus on those homes which match your criteria.

  4. DETERMINE THE SELLER’S MOTIVATION

    Once we have found the home that you want to purchase, I will do the necessary market research to help structure a competitive and successful offer price. The more we know about the seller’s motivation for selling, the better your chances of acquiring the property at the right price and terms acceptable to the seller.

  5. WRITE THE PURCHASE OFFER

    I will draft the “Purchase Agreement” for you, advising you on protective contingencies, customary practices, and local regulations. At this time you will need to provide a check for “earnest money”. The amount of deposit can vary depending on circumstances. We will discuss an appropriate strategy when an offer to purchase is made. Your deposit check is not cashed until your offer has been accepted by the seller.

  6. PRESENT THE OFFER

    I will present your offer to the seller’s real estate agent. The sellers have four options; (1) they can accept your offer, (2) they can counter your offer, (3) they can reject your offer, or (4) No response – Do nothing (this is essentially rejecting your offer). My knowledge of your needs, resources and qualifications will enable me to represent you in the best way possible to the sellers and the seller’s real estate agent.

  7. SELLER RESPONDS.

    I will work closely with the seller’s real estate agent to fully understand the seller’s response and will review the seller’s response with you. My keen negotiating skills and knowledge will benefit you in reaching a final agreement.

  8. OPEN ESCROW.

    When the purchase agreement is accepted and signed by all parties, I will open escrow for you. At this time your earnest money will be deposited. The escrow company will receive, hold and disburse all funds associated with your transaction.
    (Escrow is a procedure in which a third-party acts as a stakeholder for both the buyer and the seller, carrying out both parties’ instructions and assuming responsibility for handling all the paperwork and distribution of funds)

  9. THE CONTINGENCY PERIOD

    This is the time allowed per your purchase agreement to obtain financing, perform inspections, and satisfy any other contingencies to which your purchase is subject. It is critical to ensure we understand all of the contingency dates and perform to the requirements of the Purchase Agreement. I’ll stay on top of these dates to ensure we don’t miss any of these critical dates.

    TYPICAL CONTINGENCIES INCLUDE:

    • Approval of the seller’s transfer disclosure statement.
    • Approval of the preliminary report from the title company.
    • Loan approval, including an appraisal of the property.
    • Physical inspections of the property.
    • Pest inspection and certification.
  10. OBTAIN HOMEOWNER’S INSURANCE

    I will work with your insurance agent and escrow office to make sure your policy is in effect at the close of escrow.

  11. MAKING YOUR DOWN PAYMENT

    You will need a cashier’s check or money wire transfer for your down payment several days prior to the closing date of escrow.

  12. CLOSE ESCROW

    When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs into escrow and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Records office and you will take ownership of your new home!

The Life Of An Escrow

  • Buyer and Seller sign purchase and sale agreement.
  • Buyer submits earnest money deposit check with offer.
  • Buyer or Seller’s agent /broker opens escrow.
  • Escrow holder orders Preliminary Title Report from Title Company.
  • Escrow prepares instructions and documents.
  • Escrow holder and agent/broker review preliminary report.
  • Buyer and Seller sign and return escrow supplemental documents.
  • Escrow holder forward the “Statement of Identity” to title officer to clear title under General Index
  • Escrow holder calls lender for Status and Conditions.
  • Escrow holder obtain loan approval, check terms, order loan documents.
  • Escrow holder reviews file and verifies all conditions have been met including: completion of termite reports, new insurance, homeowner’s association information, data on liens, prepare additional documents if needed.
  • Escrow holder receives loan documents.
  • Buyer’s loan documents are signed and returned to escrow holder with remainder of funds.
  • Escrow holder reviews buyer and seller file, verifying that documents are properly executed, notarized, and funds are good and all conditions have been met.
  • Escrow holder requests funds from lender.
  • Escrow holder and Title Company review the title insurance requirements.
  • Escrow holder receives funds from lender.
  • Record Deed, close file, prepare statements, disburse funds and prepare 1099 report.

Courses of Events During Escrow

  • Buyer and Seller sign purchase and sale agreement.
  • Buyer submits earnest money deposit check with offer.
  • Buyer or Seller’s agent /broker opens escrow.
  • Escrow holder orders Preliminary Title Report from Title Company.
  • Escrow prepares instructions and documents.
  • Escrow holder and agent/broker review preliminary report.
  • Buyer and Seller sign and return escrow supplemental documents.
  • Escrow holder forward the “Statement of Identity” to title officer to clear title under General Index.
  • Escrow holder calls lender for Status and Conditions.
  • Escrow holder obtain loan approval, check terms, order loan documents.
  • Escrow holder reviews file and verifies all conditions have been met including: completion of termite reports, new insurance, homeowner’s association information, data on liens, prepare additional documents if needed.
  • Escrow holder receives loan documents.
  • Buyer’s loan documents are signed and returned to escrow holder with remainder of funds.
  • Escrow holder reviews buyer and seller file, verifying that documents are properly executed, notarized, and funds are good and all conditions have been met.
  • Escrow holder requests funds from lender.
  • Escrow holder and Title Company review the title insurance requirements.
  • Escrow holder receives funds from lender.
  • Record Deed, close file, prepare statements, disburse funds and prepare 1099 report.

The Inspection Process

WHEN YOU MAKE A PURCHASE OFFER

Your Purchase Contract will contain provisions allowing you to perform various inspections of the property. The purpose of these inspections is to educate you as to the physical condition of the property you are purchasing. While these inspections do not provide guarantees of the condition of the property, they do provide valuable information to you. It is important to remember that your Purchase Contract may provide for withdrawal from the contract if the results of these reports are unsatisfactory to you. However, inspections should not be considered an open-door to renegotiate the purchase price.

STRUCTURAL PEST CONTROL INSPECTION

Often referred to as a “Termite Report,” the Structural Pest Control Inspection is conducted by a licensed inspector. In addition to actual termite damage, the Pest Report will indicate any type of wood destroying organisms that may be present, including Fungi (sometimes called “dry rot”), which generally results from excessive moisture.

  1. SECTION I CONDITIONS

    Most Pest Reports classify conditions as Section 1 or Section 2 items. Section 1 conditions are those which are “active,” or currently causing damage to the property. Generally, Section 1 items need to be corrected before a lender will make a loan on a home.

  2. SECTION II CONDITIONS

    These are conditions which are not currently causing damage, but are likely to, if left unattended. A typical Section 2 item is a plumbing leak where the moisture has not yet caused fungus decay.

WHO PAYS?

Your Purchase Contract will specify who is responsible for the cost of the inspection and making these corrections. This is a negotiable item and should be considered carefully.

PHYSICAL INSPECTION

The Physical Inspection clause in your Purchase Contract, allows you the right to have the property thoroughly inspected. This is usually done through a licensed home inspector, licensed structural engineer, licensed WDO inspectors. The inspection and the resulting report provide you with an overall assessment of the present condition of the property so that you can make well-informed decisions.

WHAT IS INSPECTED?

The Home Inspection covers items such as exterior siding, paint, flooring, appliances, water heater, furnace, electrical service, plumbing, and other visible features of the property. This is a general inspection and may also include additional inspections by specific trades, such as; roof, HVAC, plumbing, pool, or electrical inspections.

ADDITIONAL INSPECTIONS

If conditions warrant, the Home Inspector may recommend a Structural Engineer’s Report. Such a report would identify structural failures and detail recommended corrections. If you are purchasing a home with a pool or dock, you may want to have separate inspections performed on these items

WHO PAYS FOR INSPECTIONS?

Typically, since the benefit is for the buyer, it is paid for by the Buyer.

Who Pays, and What Items?

THE SELLER CUSTOMARILY PAYS FOR:

  • Real estate commission.
  • Document preparation fee for Deed.
  • Documentary transfer tax – The tax stamp rates are the same in each county (.70 per $100, except for Miami-Dade which is .60 per $100).
  • Any loan fees required by buyer’s lender.
  • Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer).
  • Interest accrued to lender being paid.
  • Statement Fees, Reconveyance Fees and any Prepayment Penalties.
  • Home Warranty (according to contract).
  • Any judgments, tax liens, etc., against the seller.
  • Tax proration (for any taxes unpaid at Transfer of Title).
  • Any unpaid Homeowner’s Association dues.
  • Recording charges to clear all record against seller.
  • Any bonds or assessments (according to contract).
  • Any and all delinquent taxes.
  • Notary Fees.
  • Escrow Fee.
  • Title Insurance Premium (Palm Beach County, not for real estate located in Miami-Dade and Broward County).

THE BUYER CUSTOMARILY PAYS FOR:

  • Title Insurance Premium (Miami-Dade and Broward County only, not Palm Beach County).
  • Escrow Fee.
  • Notary Fees.
  • Document preparation (if applicable).
  • Recording charges for all documents in buyer(s) names (according to contract).
  • Homeowner’s transfer fee.
  • All new loan charges (except those required by lender for seller to pay).
  • Tax proration (from date of acquisition).
  • Interest on new loan from date of funding to 30 days prior the first payment date.
  • Assumption/Change of Records fees for takeover of existing loan.
  • Beneficiary Statement Fee for existing loan.
  • Inspection Fees (roofing, property inspection, geological, etc.)
  • Home Warranty (according to contract).

PROPERTY – WILL IT BE YOURS OR THEIRS?

THE PERSONAL VS. REAL PROPERTY DILEMMA

The distinction between personal property and real property can be the source of difficulties in many real estate transactions. A purchase contract is normally written to include all real property; that is, all aspects of the property that are fastened down or an integral part of the structure. For example, this would include light fixtures, drapery rods, attached mirrors, trees and shrubs in the ground. It would not include potted plants, free-standing refrigerators, washer/dryers, televisions, bookcases, swag lamps, etc.
If there is any uncertainty whether an item is included in the sale or not, these particular items should be addressed and outlined in the purchase agreement as being included or excluded in the contract.

Homebuyer’s Performace Guarantee

Purchasing a home is one of the biggest financial decisions you will ever make in your lifetime. Whether you are a first-time or experienced homebuyer, I recognize this is a very important decision that must be made carefully. To alleviate some of the stress and uncertainty when selecting a REALTOR to represent YOU and to protect YOUR interests when purchasing a home, I provide my buyers with my “Buyers Performance Guarantee”. If I don’t save you $5,000 on the purchase of your property, there are significant consequences to my pocketbook. Buying a home requires a close working partnership and I’ll present my performance guarantee up-front and in-writing as a show of confidence and good faith that I’ll negotiate the best price on your home purchase.

  1. WHEN YOU BECOME A VIP HOME BUYER WITH ME, I GUARANTEE TO SAVE YOU $5,000 ON YOUR HOME PURCHASE OR I’LL PAY YOU $1,500 CASH! GUARANTEED*!
  2. IF AT ANY TIME PRIOR TO SIGNING A PURCHASE AGREEMENT ON A HOME OR PROPERTY AND YOU ARE NOT COMPLETELY SATISFIED WITH MY SERVICES, YOU CAN FIRE ME AS YOUR BUYER’S AGENT AND I WILL VOID OUR BUYER’S AGREEMENT AT NO COST TO YOU! GUARANTEED*!