The Home-Buying Experience

The following are the basic steps you will take on the process of owning your own home.

1. Choose a Real Estate Agent. The following are just a few of the reasons to use a REALTOR® (Please also refer to "Why you should work with the Thomas Group" for more information).

Pre-selecting homes that are within your price range and meet your requirements for size, location, etc.
Scheduling appointments for you to see homes, even when the oweners are not there.
Giving you current selling prices for houses similar to the ones you are considering.
Getting up-to-date information about taxes, school districts, and conditions in the areas that interest you.
Handling negotiations over the price and terms of your offer.
Arranging for a home inspection, a necessary step in home buying.
Coordinating the closing with the Closing Agent and recommending other professionals to look out for you best interest.
Remember that the Real Estate Commissions are paid for by the Seller.

Matt Thomas - REALTOR®
The Thomas Group Realty
5341 SW 91st Terrace, Suite A
Gainesville, FL 32608
(o) 352.226.8228
MThomas@ThomasGroupRealty.com

2. Choose a lender. The following are 2 lenders that I recommend;

Becky Bessinger - Alarion Bank
(o) 352.240.2694
becky.bessinger@alarionbank.com

or

Mackenzie Curtis - Wells Fargo
(o) 352.692.4272
mackenzie.k.curtis@wellsfargo.com

3. Get preapproved. To get preapproved, you provide the same paperwork you will be asked for when you make a formal loan application. This will probably include your credit history, employment, and down payment funds, all of which will be verified. Once it's time to make an offer, the preapproval is submitted to the Seller at the same time to prove your creditability.

4. Decide on the type of home that you want and the features you want in your home. The following is a list of questions that may assist you with deciding what type of home you want.

What is your price range?
What areas do you like? (ie: NW, SW, specific communities, etc.)
Do you need a certain School Zone?
What size and how many rooms do you need? (ie: BD, BA, Study, Dining, etc.)
What is your timeframe?
What other features are you looking for? (ie: Pool, Large Lot, Community Center, etc.)

5. Start house hunting. Once you've determined the type of home you want and your price range, The Thomas Group will compile a list of possibilities with you and arrange a time to tour them.

6. Make and offer in writing. Once you decide on a house that you want and can afford, your next step is to negotiate about what to include in the offer or purchase commitment. Your REALTOR® will go over the Purchase Agreement and related forms with you that are needed to submit an offer. Your REALTOR® will also assist you with the most strategic way to get you the best deal. The following are just a few of the items that your REALTOR® will research with you prior to making an offer;

Get recent selling prices of similar homes in the area to justify your offer price.
Do a background check on the property. How long has it been on the market? Why is it being sold? What are its good and bad points? How much debt is on the property?
Consider the home's resale value.

Once your offer has been submitted, the Seller will respond by either accepting, rejecting, or countering your offer.

7. When your offer is accepted, find an inspector. After the offer is accepted, your loan application will be reviewed. At the same time, these steps must be taken, usually during a one to two week inspection period defined and agreed to in the contract.

The Inspection: An evaluation of the property to find out if there are any problems with it that could change its value. The inspection also helps you decide if there are any items that you want the seller to repair depending on how repairs were agreed to be handled within the contract. The inspector is expected to carefully examine the entire home, inside and out. The he or she writes up a detailed report that indicates any problems found. The following are three inspectors that I recommend;

Matt Peck - Housemaster
(c) 352.870.0414
matt.peck@housemaster.com

Gordon Harpe - Paradise Home Inspections
(c) 352.222.8307
grharpe@yahoo.com

Josh Hellstrom - Hellstrom Home Inspection Services
(c) 352.870.0475
jkhellstrom@msn.com

The appraisal: An evaluation of the property's value. The appraiser visits the property and reviews recent selling prices of similar properties in the area. You will probably pay the appraisal fee at closing or before. Your lender will order the appraisal. Contact The Thomas Group for a recommendation.

8. Find a lawyer if you feel you need one. It is not required that you use a real estate attorney to represent you in the transaction but it is recommended. Depending on the transaction, the general cost is $350-$400.

9. Obtain homeowner's insurance. The following is an insurance agent that we recommend;

Bo Greene - Bo Greene Insurance
(o) 352.333.1123
bo@bogreeneinsurance.com

10. Meet with Closing Agent to sign final documents. The actual closing is when papers change hands and the home officially becomes yours. You must pay for the rest of your closing costs and down payment upon the signing of final documents. Payment should be by a certified or cashier's check rather than a personal check. The following is a "Before Closing Checklist";

Review all loan and closing documents with your real estate agent, lawyer, and/or accountant.
Do a final "walk through" inspection a few days prior to closing to allow for remedies, if necessary. Make sure that all repairs have been made and no items in your agreement have not been changed or removed from the house.