Buying Process | Process

Buying Process

From decision to closing, review the timeine of you purchase

Know what you expect the new place to do for you

  • When you own the new property......what will you be able to do that you couldn't do before?
  • What will it mean to you once you finally have it?

Determine & confirm “where” factors

  • Determine the most important factors related to where you will move to.
  • If you have school age children you want to review our school guide (use the search tool and enter the text "school"), visit the campuses, and speak with a few teachers and parents before you decide where you will buy
  • Use our decision tools to help you figure this out yourself

Purchase Preparation

  • Get pre-approved for any financing
  • Get an authoritative letter for any portion that is cash
  • Get a copy of the Pre-approval and/or letter
  • Determine the single factor in which you are willing to be most flexible:
    1. Condition (pristine to poor)
    2. Location (more preferred vs. less preferred)
    3. Price (cheaper vs more expensive)
  • Document the desired features of your ideal target home using our target home profile tool so that you can clearly express and also share what you are looking for
  • Pick a full-time agent who respects your investment and can actually negotiate better than yourself
  • Sign a "Loyalty Agreement" or "Buyer Broker Agreement" to protect the agent you will be working with from unscrupulous actions from other agents

Search for Property

Consumer websites

Zillow, Trulia and Realtor.com only allow Buyers to enter basic search parameters:
  • Cities/Zipcodes
  • # Bedrooms
  • Square feet
  • Price Range $X to $Y

Agent's search tools provide Buyers with additional options

Filter and require or remove additional features such as:
  • Country club communities with mandatory equity fees
  • Condo-hotels
  • Adult communities that restrict by age
  • If the home you are interested in is under contract(may fall out of contract)
  • Association fees less than $X
  • Within specific school zones
  • In a building with an elevator
  • In a building with greater than or less than X stories
  • # of floors
  • # of units in building
  • On a lake, bay, intracoastal, or beach/ocean
  • gated/non-gated
  • community amenities

Set your expectations

  • Be strict with your criteria
  • Get a realistic appreciation for what you can buy today in your price range
  • You can always change it

Visit Property

  • Try to schedule several showings in a day because Many wont work out for a variety of reasons
  • Use our Home Evaluator tool

Submit, Negotiate, & Execute Offers

  • This is not the time to be reserved - its all timing
  • Typical offers have a backout period, so you can safely make multiple offers and just back out
  • Negotiate and Execute offers

Know your key contract dates/deadlines

There will be a series of deadlines that the parties to the transaction will have to meet
  • inspection period - after which buyer cannot back out
  • financing - when buyer secures financing
  • deposits - a series of small deposits representing increasing commitment
  • appraisal and survey - valuation of the home and official definition of property limits
  • association and/or club application and approval - if the community requires
  • insurance - secure policy prior to closing
  • clear title - evidence and verification of transferable ownership
  • preliminary closing statement - closing costs. Usually commission + 1.5% for sellers and just 1.5% for buyers
  • closing - date, time and place

Resolve Pending Items

Wait for results of
  • "contingency period" - initial period during which the buyer can back out
  • Bank appraisal and survey - Buyer gets bank approval for mortgage
  • Any application for HOA/Club - buyer approval by the community if required
  • Title clearance - proving there are no doubts that question the current ownership
  • Buyer gets insurance
  • Preliminary ATLAS closing costs confirmed by all parties
  • Buyer transfers remaining cash required
  • Walkthrough

Closing on your new place

The closing DOES NOT HAVE TO BE IN PERSON. You can pre-sign from a distance! Otherwise you can show up in person and:
  • Bring 2 forms of Identification
  • Provide closing agent with your bank routing information
  • Sign legal and bank documents
  • Get keys, codes, and clickers
RealPlaces - Keller Williams - Jonathan Asbell
2424 N Federal Highway Boca Raton, FL 33431
561.247.5650 |
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