Closing Costs First Time Buyers 9 Steps to Owning Home

Are you purchasing your new home in Naples? Downing-Frye Realty can help.

Buying a home is an intimidating event for most people, but it's not all that confusing with a bit of up-front planning. So you'll understand exactly what to expect, I like to supply my buyers with a road map of the entire deal. Below are my nine steps to buying a home.

Shopping for homes? Click here to see my homes, or contact me today to get you more information on any home in the area.

Step 1 – Get ready to buy
Before you begin your home search, there are plenty of things you need to do. When you begin your search, you'll want to make a checklist of features you want, get a feel for what neighborhoods you want to live in, and begin planning around your budget. Keeping your mortgage payment less than or close to a third of your monthly income is a good principle to adhere to.

Step 2 – Get with a real estate agent
That's where I come in. I'd love to set up a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future. We'll discuss everything from neighborhoods, school districts in the Naples area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.

I'll also help you begin the loan process. There are some great mortgage professionals in Naples, and I work with a lot of them, so you can rest assured that you're in great hands. They'll help you figure out which kind of loan is best for you, as well as help you get approved.

Step 3 – Begin looking for a house
After we meet, I'll start looking for houses on the market that are a good fit for you. I'll preview most of the homes and ignore the bad ones, and then we'll set up appointments to tour the homes when it's most convenient for you.

As we view the houses, I'll point out good features and negative ones. And I'll ask you what things you like and don't like. Usually, buyers revise their wish list as we tour homes and some things become far more essential than others. If that's the situation, I'll look through the listings once more and narrow it down to the house you've been waiting for.

Step 4 – Get a feel for the housing market
Your agent's understanding of the Naples market is an imperative agent in your house search. And I can assure you I'm conscious of all the school districts and neighborhoods, and I will alert you to certain neighborhoods are "hot" and call for immediate action and the others that are "cold" and allow for more examination.

When we tour houses, I'll make sure to communicate when the list price has room for negotiation and also when I know the house is "priced to sell." When working with an agent, be careful and make sure you ask lots of questions, as any REALTOR® will tell you they comprehend the housing market. If it seems like they don't know everything, contact me at 239-261-2244 x 650 or e-mail me at info@dfryerealty.com, and I'll be more than happy to answer any questions you have. My knowledge of the market will help you stay a step above the rest through the entire deal.

Step 5 – Find the home of your dreams
I'm confident we'll find the house of your dreams in the Naples area, and when we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.

Let Downing-Frye Realty guide you through finding your dream home in Naples Upon presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property and is most often applied to the cost of closing. If your offer is accepted, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.

Step 6 – Negotiate
A lot of deals don't close on the initial offer. It's really common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.

Market conditions determine how aggressively we negotiate the contract. We'll also work within your financing budget. And at the end of the day, we'll put together a deal that is best for you.

Step 7 – Secure your loan
After the contract is finalized, you'll begin working with your lender to close the loan. If you're pre-qualified, it shouldn't take very long at all. But you'll want to keep in close contact with your mortgage lender. And I'll handle all the property information your lender needs to close the loan.>

Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your loan application. This estimate depends on the loan amount, and RESPA requirements order that it has to include all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if everything looks all right.

Then it's time to close on your home. This will probably occur at a title company or escrow office and will probably be a smooth and stress-free occasion.

Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at 239-261-2244 x 650 or send me an e-mail.