Buying a home is one of the biggest financial decisions you will ever make. If you find the home you want with a low interest rate, it is wise to make an offer. These tips will help you get the home of your dreams.
Tips to Success When Buying a Home
You have found a home within your budget with a low interest rate and must figure out a way to make it yours. Making a strong offer can help you land the home of your dreams and this guide will tell you what you need to know about offers, down payments, and escrow to make the house you want, yours.
You want your offer to be strong enough to distract other buyers, but you want to stay within your budget.
Tips For Making a Strong Offer:
- Knowing how the home offer process works and what to expect will give you the upper hand.Your offer will be sent to the seller. The seller can accept, decline, or counteroffer. If there is a counteroffer, you can decide to accept, decline, or counter as well. There may be more negotiating until an agreement is reached.
- You should learn about the homes you are wanting to buy, how long it has been on the market, research the neighborhoods the houses are located in before submitting an offer.
- Choose a starting price that fits your budget, the local market, and the condition of the house.
- Decide which contingencies you wanted added to the contact when making an offer and before signing a purchase agreement. Adding a home inspection and appraisal are common to add to protect you against hidden issues.
- The amount of money you choose to put down as a deposit will show how serious you are about purchasing the home. Decide how much money to put into escrow. Typical deposits are between one and three percent of the purchase price. Your deposit is put into an escrow account when your offer is accepted and the bank will hold the money. Neither you nor the seller can access the money until the deposit is deducted from what you owe the seller at the closing.
- Schedule a home inspection before you purchase a home to ensure there are no unsafe conditions or expensive repairs. It is essential to ensure the plumbing, roofing, electricity, and structural integrity are all intact.
- Once your offer or counteroffer is accepted, you will sign the purchase agreement. You’re now under contract. This period of time is called the contingency period, and any inspections, appraisals, or other contingencies will take place.
Florida National Title Services
Florida National Title Services works under the supervision of attorneys Michele Lewis and Richard S. Weinstein, experienced real estate attorneys. They work to ensure the title of the home you desire is clear and marketable and that title insurance policies are properly issued.
Florida National Title Services provides expert title services. When you are renting, we can help with every step of the way. Florida National Title has years of experience guiding Florida homebuyers through the real estate purchase and refinance experience and have helped them solve the problems that come up in the process. We will decipher the “legalese” and explain what we need and why we need it each step of the way. The blogs to follow will address specific issues to guide buyers to understand the process better and to help them avoid many of the pitfalls. Call us at (561) 408-0729 or visit our website.
Florida National Title Services, LLC
250 S. Central Blvd., Suite 101
Jupiter, Florida 33458
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