Get pre qualified! ITS FREE! - You can't buy a home if you cant get pre-qualified and you can't put in an offer without a pre-qualification letter. Getting a pre-qualification letter helps you know what price range you can comfortably afford and around how much your monthly payments would be.
Choose your REALTOR®! - All licensed Real Estate Agents can show you -any- property for sale on the MS Gulf Coast, not just their listings. Your REALTOR® should know their market and after getting to know you, can better help you find your perfect dream home! REALTORS® can also show and schedule appointments to view FSBO's (For Sale By Owners). Negotiating without a REALTOR® is a Horrible Idea! Sellers pay REALTOR® fees, so make sure to call your local Real Estate Professional for assistance!
Found Your Dream Home? - REALTORS® don't just open doors! Once you have found your potential dream home, your REALTOR® will suggest a price to offer, based off of properties sold in that area, they will write your offer, negotiate closing cost assistance, negotiate home warranties, organize and schedule inspections and much more.
Put in an offer! - To put in an offer, you will need a valid pre-approval letter ( or proof of cash funds) and Earnest Money. Earnest Money, also called "good faith money", is held by the selling or listing agent from the buyer, for the seller. The seller gets to keep this money if the buyer decides to back out without a legitimate reason. Earnest Money is typically a minimum of $500 or 1% of the contract purchase price and is held until closing day. Earnest money and many other things can be negotiated in an offer. You may ask a seller to assist in paying your closing cost, to paint the house a different color, to provide a home warranty, to leave the refrigerator, or to come down on their price. (Almost everything is negotiable.)
Negotiate Closing Cost and PrePaids - If you purchase with CASH, you have little to no closing cost but if you obtain a mortgage, your closing cost and pre paids can be several thousand dollars. Your REALTOR® will try to negotiate with the sellers agent, to pay your closing cost and maybe all of your pre-paids. Pre-Paid items are lender fees, you can ask your lender for a "fee sheet" of these items.
You're Under Contract! - Once you and the seller have agreed on all terms and all parties have signed the offer, it is now a binding contract. The next step is for your REALTOR® to obtain and deposit the agreed upon Earnest Money.
Insurance - You should shop around for the best possible insurance quotes available for your subject property. Your lender will need the quotes and this can greatly effect your monthly payment. If you can not find proper insurance, you may back out of your contract and obtain your earnest money.
FOR YOUR PROTECTION GET A HOME INSPECTION! - I highly recommend all of my clients to obtain a home inspection. Once you are under contract you have just 10 days to obtain a home inspection & report any issues found. If there are items on the home inspection that you would like the seller to address before you purchase, you and your REALTOR® will simply ask the sellers in writing to fix the items listed in the home inspection report. If the seller refuses to fix these items, you can back out of the contract and retrieve your earnest money from your REALTOR® without penalty. Some sellers may not fix the items on the home inspection report but negotiate to further decrease the purchase price. ( An inspection is typically paid by the buyer, call me to know why!)
- If you do not have a Licensed Home Inspector, I will gladly send you my recommendation!
WDTR - In the state of Mississippi, a Wood Destroying Termite Report must be done prior to closing. You can ask the seller to pay for this fee. If termite damage or active termites are found you can either ask the seller to address the issue or back out without a penalty and obtain your earnest money from you REALTOR®.
- If you do not have a Licensed Termite Inspector, I will gladly send you my recommendation!
Other Inspections - In some transactions, other inspections are required such as pool, well, or septic inspections. If issues are found in these inspections you may ask the seller to address these issues or you can back out and obtain your earnest money.
Final Walk Through - Before closing, your REALTOR® will take you back through the house & make sure nothing negotiated in the contract has been taken or damaged. If all is well, we will proceed to closing.
Closing Day! - If you are obtaining a mortgage, it takes between 45 and 60 days to close a transaction. The sooner your lender receives everything they ask for, the sooner we can close! Before closing, your REALTOR® will send you a "Closing Settlement Statement" from the closing attorney's office. This settlement statement is a payment brake down of everything negotiated in the contract and shows how much you are paying for the house. *** This is the day you finally get the keys to your new HOME! - Congratulations!