Buying A Home In Eleven Steps

Follow this guide line to purchase a home in eleven steps:

1.A pre-approved mortgage can be arranged in as little as 30 minutes and can help you greatly when finding a property to purchase. It is much easier to know how much you have to spend before you try to spend it. Every deal will require a down payment and this can vary but generally condominium apartments require 10% down payment whilst cooperatives require at least 25%.

2.Now as you know how much you can spend; it is time to find an apartment. This may take from as little as few weeks to several months. On average people tend to look at about 20 apartments before they commit to buying one. The more you view, the more you will see what you can get for your money. But do not forget that you can search apartments online to save time and headaches.

3.When you have found your apartment, it is time to make an offer. This is not the time to be shy. When making your offer, do not forget that apartments should be delivered clean. Also, negotiate on fixtures and fittings. Typically negotiations can take up to two weeks.

4.The next step involves signing a contract. Jupiter, Florida real estate attorneys will represent the buyers and sellers. The sellers attorney will draw up a contract which will then be passed to the buyers attorney; which in turn will be signed by the buyer and returned with a 10% deposit. The board will need to review the application and contracts becomes binding only after all parties have signed.

5.Now is the time to apply for your mortgage, which can take from one day to a whole month. Once approved, you will receive a commitment letter from the lender. If the apartment is being financed, the board will require this commitment letter but it is usually the last item to complete a board package or condo application.

6.Board approval is required for cooperative apartment buildings before closing takes place. This involves submitting various personal information such as employment history, professional and personal reference letters, tax returns, etc. If a buyer does not wish to supply this information, than purchasing a condominium is the answer. The above steps can take between 1-3 weeks

7.The next step is to submit the board package or condo application to the managing agent's desk for review. 6- 10 copies are given to the managing agents who checks to ensure all the required information has been submitted. Once satisfied, it will be given to the board that then decide to interview or reject the applicant.

8.If successful, you will be called to meet the board for an interview, which is usually held for about one hour during a week night. Some boards meet more regularly than others which mean you may have to wait a month or maybe just a week. This interview does not guarantee board approval though.

9.Within a week, you should learn if your interview with the board was successful. The managing agent usually informs the sellers broker when a potential buyer has passed the board.

10.If everything was successful the next step will be the closing of the deal. This could be as little as one week after boards approval. The managing agents, brokers and lawyers set closure dates and co-ordinate with the lender on dates and times.

11.Your final step is the easiest, after having completed the paper work, now you only have to move in!

Good luck!