Are You Thinking About Buying a Home in Spanish Fort?
Here's What to Do Right Now
Get Financing
It's imperative to knock this step out as soon as you can and preferably before you get serious about looking for new homes. Buying a new home is a lot of fun but it can turn stressful really quick if you fall in love with a property then find out that you can't afford it.
The very first step is to get pre-qualified or pre-approved, which doesn't take very long at all. A good, solid pre-approval should put you in position where you feel safe to look at properties in your price range. If you are buying in Spanish Fort and don't have a lender yet, I can give you a few recommendations.
Call a Realtor
There really isn't a good reason not to use a Realtor when buying a home. If you're a first time buyer or haven't bought in awhile, you'll be glad to know that you can hire your own buyer's agent to represent your best interests at no cost to you. That's because all commissions are paid by the seller.
Spanish Fort is a hot market and you'll need a Realtor with a lot of experience who will get you the best price. With 13 years experience and hundreds of closings, I can do this for you. There are many moving parts when buying a home and I can orchestrate it all, at no cost to you.
Must Haves Vs Nice to Haves
Sure we all want "everything": 5 bedrooms, 3,500 square feet, the best school district, a 2 acre lot, and swimming pool with hot tub. Some people can have everything they want in a house but most of us have to buy a home based on our budget.
I think that many home buyers overspend and this is mainly because they don't identify their needs and wants which is also referred to as musts and lusts. If you actually take time to sit down and write out on paper in 2 columns what you have to have and what would be nice to have, you should be able to save a substantial amount of money for your next Spanish Fort home.
Get Your Price Point
After you've talked with your lender and determined what you need in a home, you should have a solid home price to target. Remember your lender and even your Realtor can give you the best idea of what your total mortgage payment will be so you know what you can afford.
Online mortgage calculators are great but they don't tell you everything. These calculators only give you principal and interest but they don't include taxes and insurance. Yearly taxes and insurance costs vastly differ depending on where you are in the country so not knowing this information can give you sticker shock on closing day.
Go House Hunting
By using this guide you're not putting the "horse before the cart". At this point you know exactly what you're qualified for, you know what you need, and what you can afford. Now you're perfectly ready to start house hunting and find your new Spanish Fort home.
Get together with your Realtor to lay out all of the specifics and search criteria that you need like:
- Price point range
- School district
- Number of bedrooms
- Number of baths
- Neighborhood
- Layout and style
Looking through hundreds of Spanish Fort listings can be overwhelming so I like to input exactly what you need and come up with the best 5 or 6 properties to see in person.
Make an Offer
Once you've found the perfect place for you, it's time for your Realtor to write your offer or Purchase Agreement. If you're buying in Spanish Fort, I will research how well the seller priced their home and advise you on what kind of offer you should give them based on our current real estate market.
Your Purchase Agreement will include the offer price, financing terms, inspection contingencies, an appraisal contingency, any other provisions, and a closing date.
Contract to Closing
Once you have a ratified contract, meaning all parties have signed and agreed on the terms, it's time to fulfill all of the elements of the contract. A typical time in Spanish Fort from contract to closing is around 30-45 days but the time frame is totally up to the buyer and seller.
There is a lot of work that goes into this time period. The buyer will have to give their lender all required documentation to become fully approved. There will be a home inspection and termite/moisture inspection. Repairs may need to be negotiated. Title work will be completed.
Buying a home in Spanish Fort is exciting and this list is a condensed version of actionable steps to take right now.
If you're in the market to purchase your next home in Spanish Fort please contact me. I will look after your best interests and work hard to get you the best possible price and terms.
Jeff Nelson
eXp Realty Southern Branch
251-654-2523
jeff@livegulfshoreslocal.com
