Home Buyers
Step 1 - Determine What Your Monthly Mortgage Payment will be:
Depending on the type of loan you acquire, You may qualify for as little as 3% – 20% down payment . Most Veteran’s qualify for 0% down payment.
Usually it’s best to start with a lender at the financial institution you have a relationship with. There are many mortgage brokers that specialize in certain assets and may have access to competitive discount programs, event grants.
Contact us to learn more.
Step 2 - Make a list:
While getting your financial ‘ducks in a row’, start preparing a list items or features in a home that you need and another list of those items you desire.
(e.g. Need 2-car garage w/additional parking, prefer 3-car garage)
Step 3 – Whether your buying a home cash or need a loan, You will need to provide documentation; Pre-approval letter/Proof-of-funds:
These documents will be instrumental when presenting your offer to purchase the property. The seller will be more apt to look over a prepared offer, than one without. It tells them that your lender/financial institution has done their due diligence with you, the buyer, in order to fulfill the financial obligation.
Step 4 – Responsive Real Estate Agent:
First-time home buyers usually contact us as their first step, which is completely fine, because real estate agents are important partners when you’re buying or selling a home. We can provide you with helpful information on homes, income property and neighborhoods that are not easily accessible to the public.
Black Marlin’s Coastal Properties’ brokers/agents are knowledgeable of the home buying process, negotiating skills, and familiarity with the area you desire to live in. These attributes are extremely valuable. Best of all, typically it doesn’t cost you anything to use an agent.
Step 5 – Home touring:
Take good notes! As you start the touring process it would be helpful to take notes and pictures (with expressed permission) that would help you remember certain valued features of each home you visited.
Black Marlin Coastal Properties provides buyers with a touring package which includes a checklist that may help manage the touring process.
Here’s a few things you may want to take note of:
Plumbing – run the shower to see how strong the water pressure is and how long it takes to get hot water. Test the electrical system by turning switches on & off. Open and close the windows and doors to see if they work properly.
Other things to consider:
Are neighboring homes maintained?
Parking availability for visitors?
Centrally located to schools, shopping, public transportation?
If located in a P.U.D., What amenities are included in the H.O.A.’s?
(Planned Unit Development, Homeowner’s Association)
We advise buyers to have a home inspection completed during escrow as part of their due diligence process. A detailed report will be provided for you to review thoroughly.
Step 6 – Start the Clock! Once your offer has been accepted, the race begins:
Black Marlin Coastal Properties’ brokers/agents work tirelessly with you and for you as we partner with your lender in making sure all your docs are tip-top, the appraiser in making sure the market value of the property is fair value, title companies to make sure there’s a clean title, inspections are performed in a timely manner…then there’s the myriad of disclosures that need to be completed and signed properly.
But don’t worry, that’s what we’re here for. To get you through this process: one step at a time, calmly and professionally.
Step 7 – Get ready to Move: (Yay!)
At closing, you will also be signing your loan documents (when applicable). It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the funds are delivered to the seller and we receive confirmation from the county that it’s been recorded… Congratulations! You are the new owner of your new home, ready to be moved into!