Thursday, May 30, 2019
By Stefanie Lattner
Introduction to Home-Buying

Are you aware of all of the misinformation on the public websites?

                                                                                     – you should be!

Here are some extremely common examples:

  1. Incorrect or no HOA fees provided
  2. Homes listed for sale that are either not for sale or were sold already
  3. No information on extra community fees to use the amenities
  4. No indication if the home is located in a 55 community
  5. Homes listed as “pre-foreclosure” when the homeowner is still living in the home and paying their mortgage!
  6. Incorrect rental or pet restrictions
  7. Incorrect or no Information as to what type of financing would be permitted for a specific home
  8. Etc…. (there is a lot!)

 

Here are some of our tricks of the trade to get you started:

ACCURATE INFORMATION:

For real-time information, use one of these methods below: We can answer specific questions on neighborhoods, fees, restrictions, location, your commute to work, what’s nearby, etc…

  1. www.LattnerGlobalGroup.com
  2. Request that we connect you to our Realtor’s network

 BUYING POWER:

Whether you are financing or paying with cash is tackled up front! Why? For several reasons. Since Florida is a very popular vacation destination, Sellers are reluctant to allow their homes to be shown to the general public. They want to ensure that anyone coming to see their home is a “real” buyer who is actually making a purchasing decision rather than someone that is curious or here on vacation checking out properties. If it were your home, you would not want everyone taking a cruise or visiting the beach requesting that you leave so they can view your home if they had no intension of buying yet. You would only want “real” buyers. Because of this you will be requested to provide either a proof-of-funds (if paying cash) or a pre-approval (if using financing), prior to any private showings. This will be in your best interest for other reasons too:

ARM YOURSELF 

  1. Connect with a FL-based mortgage company to identify what type of mortgage would have the most advantages for your situation (in terms of down payment, interest rates, fees, etc. )
  2. It’s important that any Buyer understand the maximum price they should consider when insurance, taxes and HOA fees are included. (all of this affects your monthly payment) The more experienced lenders/mortgage brokers are experts at analyzing this with you.
  3. Providing a pre-approval or proof of funds shows that you are a qualified Buyer which will enable you to see the best homes and will save time when making an offer. We see Buyers lose homes every day because they think they should find the home first, and then get pre-approved. While they are getting pre-approved, someone else gets the home they wanted.
  4. Note: Not all homes accept all mortgages! We can help you screen for homes that accept the type of mortgage you will be using so you are not wasting time considering homes that are not viable options for you.
  5. If paying cash: Obtain a recent proof of funds from your financial institution (bank, investment account, etc). This will be required for most showings and ALL offer.

TIMING

Did you know - it takes about 45 days to close on a house AFTER you are under contract. (For cash deals – it takes about 30 days). So, we recommend that you identify what month you would like to move in and work backwards to identify what month you should be under contract.

BIGGEST MYTH

Many buyers are under the impression that identifying the home they want is the biggest job and then there is some paperwork to fill out. Turns out, finding a suitable home is only about 10-20% of the process (for both you and your Realtor!) Most of the work occurs AFTER you have selected your home and are under contract. There are inspections, an appraisal, survey, insurance, loan activities and moving logistics to take care of. We work with you to build a dedicated team of professionals that have your back every step of the way.

REMEMBER: WHO you work with matters

We’ve got the expertise to power your next move.

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