Let’s Make “Someday” Today℠
The Process of Buying Real Estate
Buyers
Introduction
As The Angler’s Agent with the backing of Balistreri Real Estate, we pride ourselves on offering the highest level of service to our buyers. We will be with you through every step of the deal. Rest assured, we want to make this a pleasurable experience from the first phone call to closing.
Step 1: Pre-Approval Process
Financing
If you are financing your real estate property, you will need to have a pre-approval letter from your lender. This letter will accompany the offer when the offer is placed.
During the pre-approval process, you will fill out a mortgage application. The lender will request necessary documents and perform a credit and financial background check. Once pre-approved, the lender will issue a pre-approval letter for the loan amount. The pre-approval process is vital to getting under contract. A seller will likely not accept an offer contingent on financing without a pre-approval letter. We coordinate with your lender to make sure we have all necessary documents. Please remember to take into account that closing costs are between 3% and 6% of the loan balance when figuring out your budget. If you are needing a lender, we recommend our in-house mortgage company, 1st Trust Mortgage. John Demming and his team do an exceptional job.
Cash
If you are a cash buyer, you will need to obtain a proof of funds letter from your financial institution. This letter will accompany the offer when the offer is placed.
For either situation, we will request that the pre-approval letter or proof of funds letter to not exceed the offer price.
Step 2: Buyer Interview
Whether you are looking to upsize into a larger single family home to accommodate your growing family or you are ready to buy your dream vacation home, we would love to set up a buyer interview to discuss what are the most important attributes you are looking for in a property. The primary question is, when are you looking to buy?
Ready to Buy in the Next Few Months?
If you are looking to purchase a property in the next few months, go ahead and set up a search subscription with the email update signup for the area where you are looking to buy. This will allow you to see all of the new properties that come on the market that meet your search criteria. This will give you an idea of where the market is for price and inventory. You should also sign up for the monthly market report for your zip code.
Please note, the BeachesMLS selection will cover properties for sale in Palm Beach County, Broward County, and St. Lucie County; meanwhile, the Florida Keys MLS selection will cover properties for sale in the Florida Keys.
Ready to Buy in The Next 30 Days?
This is the part of the process when you are really shopping. If you don’t have a search subscription setup with email update signup, you need to set one up now. You should be narrowing down your search criteria to key in on optimal properties. Once you have identified properties you are interested in that meet your criteria, we will schedule showings.
Other Questions in the Buyer Interview
This is where we will ask basic questions about what you want in a property. These questions include:
- What? Single Family Home, Townhouse, Condo…
- Where? Community, Neighborhood, Building…
- How many? Bedrooms, Bathrooms, Square Footage…
We also would like to talk to you about your lifestyle. These questions include:
- Do you enjoy eating out?
- Are you looking to be close to specific supermarkets?
- Do you enjoy night life?
- Are you looking for more privacy?
- Are you needing to be closer to a school or place of worship?
- Do you need to be closer to an inlet?
- What type of fishing do you prefer?
Finally, we always like to ask the following questions:
- What can you not live with?
- What can you not live without?
The findings from the buyer interview will help us formulate the search criteria, as well as help know where to start looking.
Step 3: Scheduling Showings
Once we have a list of properties you are interested in, we will begin scheduling showings. Requests for showings typically need to be placed 24 hours in advance. If you are coming from out of town, we can try to schedule showings in clusters to accommodate you.
Step 4: The Offer
When you are ready to place an offer, we will discuss strategy on offer price. We like to run a quick analysis on comps to make sure we are close to the market value of the property. We will prepare all applicable paperwork and send it to you electronically for signature. We will submit offer to the listing agent.
Negotiations
The listing agent will take our offer to their seller. The seller will accept, reject, or counter your offer. We will negotiate back and forth until terms are agreeable or both parties decide to walk away from negotiations.
Acceptance of Offer
Once the offer is accepted and both parties, buyer(s) and seller(s) sign the contract, then the contract is executed and that date is the execution date. We will work with the seller’s agent, closing agent, and lender (if applicable) to coordinate a smooth transaction. We will walk you through all of the important dates, such as, but not limited to:
- First Deposit Due
- Second deposit Due
- HOA or Condo Association Application Deadline
- End of Inspection Period
- Loan Commitment
- Clear to Close
- Walk Through
- Closing Date
Title Company
In most counties in Florida, the seller typically pays for title insurance. In Broward County, the buyer typically pays for title insurance. Usually the party paying for title insurance is the one that picks the title company. We recommend using our in-house title company, Integrity Title. Patrick Lombard and his team do an exceptional job.
Step 5: Closing Date
After closing, you will be handed the keys and officially be the owner of your new property. Congratulations! Please tell all of your friends and family about your experience with Ryan Allison, The Angler’s Agent and Balistreri Real Estate. We look forward to serving you for years to come.
Are You Ready To Get Started?
Do you have a question about real estate? Are you looking to buy? Are you ready to sell? Contact Ryan Allison and let’s make “someday” today.
Photo: International Game Fish Association (IGFA) in Dania Beach, Florida
Photo: Colony Hotel & Cabana Club in Delray Beach, Florida
Photo: Alligator Reef Light in Islamorada, Florida
Photo: “Atlantic Harmony” Bridge Project by D.Friel in Pompano Beach, Florida
Photo: Pelagic Gear Deerfield Beach in Deerfield Beach, Florida
