Steps to Owning a Home in South Florida
South Florida,
especially Broward County, is one of the most coveted locations in the world!
Real Estate investment has proven over time that it does well here.
Owning a
home is a significant milestone in many people's lives. Here are the general
steps to guide you through the process:
Assess Your Finances
Determine
your budget and financial readiness for homeownership. Calculate how much you
can afford for a down payment, monthly mortgage payments, property taxes,
insurance, and maintenance costs.
Save for a Down Payment
Start saving for a down payment, typically ranging from 3% to 20% of the home's purchase price, depending on the type of mortgage you choose.
Check Your Credit Score
A good credit score is crucial for getting a favorable mortgage rate. Check your credit report for any errors and work on improving your credit score if necessary.
Get Pre-approved for a Mortgage
Visit multiple lenders or mortgage brokers to get pre-approved for a mortgage loan. Pre-approval will give you an idea of how much you can borrow and show sellers that you're a serious buyer.
Start House Hunting
Work with a real estate agent to search for homes that meet your criteria. Consider factors such as location, size, amenities, and price.
Make an Offer
Once you find a home you like, work with your
real estate agent to make an offer to the seller. Your offer should be based on
market research, comparable home sales, and your budget.
I’ll insert
some special wording in the offer to protect you.
Negotiate Terms
Be prepared to negotiate with the seller on price, contingencies, and other terms of the sale. Your real estate agent can help you navigate this process.
Have the Home Inspected
Hire a
professional home inspector to thoroughly examine the property for any issues
or defects. Use the inspection report to negotiate repairs or request a price
reduction if necessary.
I know of a Home Inspection company that provides the Home inspection and a free 4-point inspection that you will need for you insurance.
Finalize Your Mortgage
Work with
your lender to finalize your mortgage loan. Provide any additional
documentation they require and complete the underwriting process.
I have an excellent Mortgage Broker on my team that will be happy to provide you with a PQ or Prequalification Letter in a matter of hours. Contact me and I will send you the contact information.
Close on the Property
Once your mortgage is approved, you'll schedule a closing date with the seller and your lender. At the closing, you'll sign all the necessary paperwork, pay closing costs, and officially take ownership of the property.
How Real Estate is Sold in Florida – What
I can Do for You:
There is a "Listing Agent" and
a "Buyer's Agent", all offers are presented to the Listing Agent by
the Buyer's Agent, and he must present all offers to the Sellers.
Sometimes the listing agent is looking out for the interests of the Sellers, this is especially true at open houses, while I will be looking out for yours.
I'll insert special wording in your Offer to Purchase with your protection in mind, I want to make your Home Buying Journey as easy and enjoyable as possible.
When closing on your home the title
company asks for your driver license as an ID it is important that that is the
name that appears on the Offer to Purchase and ultimately on the deed.
Now days the Offer to Purchase and all
related documents are signed electronically, it's convenient and efficient this
way.
The E-sign Act of June 2000 Granted
Electronic Signatures the same Legal Status as Handwritten Signatures
throughout the US.
How Much will my Fort Lauderdale Home be worth in 10 years?
In the period of time from 2018 to 2023 Residential Real Estate Prices increased by a whopping 20% per year or close to 100% by 2023.
Is as though the world has taken notice and every one wants to move to Fort Lauderdale and nearby cities!
Going with a very conservative appreciation rate for Homes of 3.5% per year you can expect a $500K Home to appreciate to:
5 years $594K
10 years $706K
20 years $1 Million
Due to low interest rates and other issues home values in Broward County FL increased by at least 20% in 2021, so as you can see this is a conservative estimate of future value, we might get another interest rate decrease soon, we’ll have to wait to see how the home market will react, it is impossible to predict the future, we can only look back.
Move In
Congratulations!
Once the closing process is complete, you can move into your new home and start
making it your own.
See Details, I will Contribute 10% of my Professional Fee toward your Closing Costs!
How to Get Ready to Buy:
Change the Price Range if you need to.
Click Here to See Fort Lauderdale Homes for Sale
Thank you for the trust placed in me,
Antonio Ortega, LLC
Click Here to Contact Us
