I Want to Buy a House in Florida: Where Do I Start?

 Posted on August 10, 2020 in Real Estate

Despite COVID-19’s impact on the U.S. economy, the housing market has not come to a stop. Since a high number of Floridians have lost their jobs or taken a pay cut in the last six months, many of these individuals are looking to downsize and reduce their mortgage payments. Additionally, some Floridians have begun to recognize the risks that large cities can pose on its inhabitants, choosing to move outside of these urban areas and avoid forced close quarters. And for those who refuse to let COVID-19 put their life on pause, there is no time like the present to start fresh. Regardless of the reasoning behind moving or deciding to purchase your first home, making such a large purchase can be exciting and intimidating. The home buying process involves much more than simply finding the right type of floors or cabinets. From finding a property to completing the closing process, working with a real estate attorney is your best way to be prepared every step of the way.

Find the Right Professionals

It is never advisable to take on the house hunt and legal home buying process without the help of reputable professionals. Your first step is to find a real estate agent who understands what you are looking for and is familiar with the area in which you are looking to move. A well-experienced real estate agent will be able to help you find a property that fits your financial and personal needs in a reasonable amount of time. A mistake that many first-time homebuyers make is attempting to find a property on their own, spending months or up to one year looking for places to live. Although it is helpful to see a number of properties before deciding on one, the process can sometimes make homebuyers feel overwhelmed. Once you have found a property that you are interested in, hire a reputable real estate attorney to help you with the remainder of the legal process.

Get a Home Inspection

You never know what you may find behind pretty paint colors and high ceilings. You should always request that a professional home inspection be performed before drafting a contract or making an offer on a house. It is important that you know what you are getting into and are aware of any additional renovation costs that may be required to get the home up to code. A home inspector will pick up on any structural issues, mold, pest infestations, electrical issues, plumbing problems, and more. 

Mortgage Pre-Approval

Rarely are couples able to purchase a home fully in cash, which is why mortgages are so common. Once you have had the inspection performed and determined the approximate total cost of the home, you will need to consider the implications of a mortgage. Regardless of how badly you want to live at this house, it is never advisable to take on a mortgage that exceeds your budget. This can commonly leave homeowners susceptible to foreclosure or filing for bankruptcy to avoid foreclosure. You will need to obtain a pre-approval letter if you intend on obtaining a mortgage. The approval is contingent upon your credit score as well as your history with finances.

Make an Offer

When you come to the point where you can finally make an offer, you will need to draft a formal contract that outlines the requirements and terms agreed upon by both you and the seller. It is imperative that you draft this with an experienced real estate attorney and review all of the terms before submitting it. If the seller agrees to the terms of your offer, they will accept the offer and you will move forward with the closing.

Closing

During the closing, your real estate lawyer will draw up a purchase contract that includes all of the details of the transaction. The contract will then be signed by both parties, a closing meeting will be held to verify that everything is in place, and the final purchase will be made. You will finally be handed the keys to your new home and the funds of the purchase will be transferred.

Contact a Fort Lauderdale Real Estate Lawyer

Making the decision to purchase a home is never taken lightly. Perhaps you just got married and you and your spouse are looking for your first home or maybe you and your family had already started looking for a new home when the pandemic hit. Elliot Legal Group, P.A. assists clients through every step of the home buying process so that they are aware of the terms of the contract and avoid making a purchase that they will regret. From placing your first offer to standing by your side during your closing meeting, Attorney Gavin Elliot is here to assist you. Contact our Broward County real estate attorney at 754-332-2101 for help with this major endeavor.

Sources:

https://investmentsinflorida.com/buying-property-in-florida/7-step-guide-to-buying-property-in-florida/

https://dreamhomeinsp.com/home-buying/7-steps-to-buying-a-house-in-florida/