We need to complete your "team" that will assure that your home buying experience is an easy one.
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CONGRATULATIONS... NOW WHAT?
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Select an Attorney - Or Not…
In Florida you are not required to hire an attorney to represent you in a real estate transaction. A majority of residential buyers do not use attorneys. The benefits of having an attorney come at a cost: legal fees. An attorney will review the Real Estate Sales Contract and make any necessary legal modifications. They can not make changes to the dates or the price on the contract. An attorney will make sure that every legal aspect of the purchase process is followed. They will also attend the closing and explain all of the closing documents.
Please understand that realtors are not attorneys. If you feel that you need an attorney to represent your interest I would advise you to please hire one.
Selecting a Home Inspector
Most contracts give you up to 10 days to have the home inspected. A home inspection should run you $250 - $400. You can expect the home inspection to last anywhere from 1 to 4 hours depending on the size of the home and the condition. The inspector will check out all the major components of the home. They will create a report listing any problems with the home.
If any major problems are found we can go back to the seller request that either the item be repaired or a reduction in the selling price. Some buyers look at the home inspection as an opportunity to renegotiate and want everything fixed as if the property were new. This train of thought is not realistic. Generally any post inspection negotiations focus on items of a substantive nature concerning either health or safety that were not disclosed or were not apparent when the offer was made.
Selecting a Termite Inspector
In Florida it is necessary to have the home inspected for termites. A termite inspection should run you $50. If termites are found do not panic. While they can cause considerable damage, if found and treated your home should be termite free and the damage minimal.
Contact Your Mortgage Loan Officer
This should be easy if you obtained a pre-approval letter. You will need to schedule a meeting to fill out the loan application. This needs to be done as soon as possible because there are time limits in securing your loan. Your loan officer will give you a good faith estimate of the closing cost associated with the mortgage.
Your loan officer will more than likely need the following:
- 2 most recent paycheck stubs
- W2s for the last 2 years - If you are self-employed 1040s
- Last 2 months bank statements
- Credit card information
- Divorce decree (if applicable) and child support payments
- Auto loan information
- Installment debt
- Proof of funds for your down payment
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