Finding and buying your dream home in Fort Lauderdale can be a tall order for one person. Having confidence that your best interests are being protected requires the input of professionals, whose specific areas of expertise will help you through the home buying process. Your best bet is to assemble a home buying team.
Your home buying team will typically be made up of four groups of professionals: mortgage broker, real estate agent, home inspector and title/escrow company.
Home Buying Team
Mortgage Broker – Before beginning your search for a home, it is important to know how much home you can afford. A mortgage broker will advise you on the types of mortgages available, work with you to determine how much money you qualify to borrow, ensure you meet all of the new 2014 mortgage changes and guide you through the maze of required paperwork.
TIP: Have your mortgage broker provide you with a pre-approval letter. This document can prove handy when negotiating the price and terms of your dream home.
Real Estate Agent – Your real estate agent plays a vital role in the home buying process – beyond helping you save time and the frustration that comes with sorting through hundreds or even thousands of homes. A great real estate agent will be able to help negotiate the best price possible for your dream home, coordinate the work of your other home buying team members and help guide you through the home buying process.
TIP: Beware of generic real estate Web portals like Reator.com, Zillow and Trulia, which tend to display outdated information. You are much better off working with an agent who personally knows the area in which you want to buy. Plus, they will have access to the most current information about homes for sale and those that have sold.
Home Inspector – An inspector is your expert when it comes to verifying the quality of the home you want to buy. He or she will inspect the property and prepare a comprehensive report on critical aspects. A thorough home inspection can help you determine if the home is worth its price.
TIP: The price of a home inspection depends on the size and type of home. Ask for pricing and shop around. Your real estate agent should be able to recommend inspectors who have proven their worth.
Title/Escrow Company – Once you have agreed on the price and terms with a fully executed contract, the title/escrow company will help to facilitate the real estate transaction. After inspecting the title of the property to ensure it is free and clear of any claims, the title/escrow company will prepare all legal documents and, via contract, oversee the timing as the home is transferred from the seller to you.
TIP: Some buyers prefer to use a real estate attorney in lieu of a title/escrow company. Weigh your options and choose the professional that is best for you.
DON’T FORGET! Every member of your home buying team should be licensed and in good standing with their respective regulatory agencies. You can check professional licenses at the Florida Department of Business Professional Regulation.
Are you thinking about living your luxury lifestyle in a new home? Contact us! We are your Fort Lauderdale luxury home experts! We can help you assemble the best home buying team.