1. Get Pre-Qualified 

Before you start looking for the right property to buy, you need to know how much home you can afford.  Being pre-qualified helps to narrow down the number of possible properties and saves you time.  Also, you will have an advantage over unqualified buyers when presenting an offer to the Seller.  Offers from pre-qualified buyers are usually stronger and have a higher probability of being accepted than those from unqualified buyers.  When you obtain pre-qualification, you are not obligated to purchase the home. 

2.  Find the Best Mortgage

Make sure you understand all the different mortgage programs.  Based on your desirable monthly payment, number of years you are planning to stay in the new home, down payment and other factors, the mortgage broker will be able to present the best options for you. You should obtain a copy of the prequalification letter which will be needed when presenting your offer to the Seller.  You should also obtain a copy of the good faith estimate, a document listing the estimated costs you will have to pay at or prior to the closing on the house.


3. Find the Right Realtor

It is very important to work with a full-time active Real Estate agent.  Make sure your Realtor is a member of the National Association of Realtors and follows The Code of Ethics.


4. Find the house
Now you are ready to actively look for the right house.  Based on how much house you can afford, the mortgage payment amount you are comfortable with, we will view homes of your interest.  In order to ensure you won't miss out on any good opportunities, it is best to be available to look at new listings right away.  I search the database of available homes daily, so you can be sure that the right house does not slip through your fingers!


5. Offer
Once you have found a home you would like to purchase, you will need to present the seller with an Offer to Purchase or an Agreement to Purchase the property. As your home is usually your biggest investment, it is best to work with your real estate agent and/or an attorney in preparing your offer. If the Offer to Purchase is accepted by the seller, it will form a legally binding contract that holds the buyers and the sellers to certain terms and conditions.


6. Appraisal
Your lender will require you to get an appraisal of the house you want to buy, to make sure it is worth the money that you will be borrowing. You may select your own appraiser, but it is judicious to check with your lender to make certain that they will accept an appraisal from the company you are planning to use.


7. Inspections
When you make an offer on a home, it is generally accepted that you will make your offer contingent on a home inspection, to be conducted by a licensed inspector. You will have to pay for this inspection yourself, but it could keep you safe from buying a house that will cost you far more in repairs down the road.


8. Insurance
Lenders require that you have homeowners insurance, in order to protect both your interests and theirs. Here in Miami, in addition to homeowners insurance, the lender also requires you to purchase windstorm and flood insurance.  Like everything else, be sure to shop around for insurance that fits your needs and wallet. 

9. Closing
Now that you have gone through the whole process, you are finally ready to go to settlement or closing. I know this is an exiting moment, but be sure to read everything you sign!