Tuesday, September 20, 2016

Home Buyer Tips: How Long Does It Take To Buy a Home in Florida?

While holding an open house recently I had a visitor remark they "were buying a house in a couple of months."

My follow up conversation brought to light three red flags.  
  1. The lack of understanding about how long the purchase process takes; 
  2. No effort was made to obtain mortgage pre-approval or pre-qualification; 
  3. Friend who does mortgages.
Why are these red flags?

First, this is a first time home-buyer who really had not been educated on the process.    Since he had no real estate agent that is quite understandable.

The first step in the home buying process?  Get a local knowledgeable real estate agent you can trust.   Here is a quick summary of the home purchase process in Florida - Contract to Closing in Twenty Steps!  Who pays for the buyer's real estate agent?  The seller. 

Secondly, a seller (and a real estate estate) wants to have some confidence of a prospective buyer's ability to pay.  Seller's do not want to take their home off the market without confidence the transaction will close.  Real estate agents get paid only after a deal is closed.

Unless paying cash, it is critical a prospective buyer know what they can afford (including acquisition costs).   If a buyer can't afford a property everyone is just spinning their wheels!

Lastly,  buying a home is very often the largest financial decision many buyers make.  Trusting a "fiend," relative, or anyone without an understanding of their experience is a major risk.

Take a look at these home buyer articles.