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A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.

WHAT OUR CLIENTS SAY

We had an opportunity to work with the Rick and Bannon Group on two occasions. He found a place for us to buy for our granddaughter who was attending Nova University. We also used Rick when we sold that property. Needless to say, both of these experience were fantastic. If he had not guided us through the buying of the property, I am not sure we could have made it on our own. He worked closely with our l...

— Michael & Glenda S.

WHAT OUR CLIENTS SAY

Searching for my new home with Rick was an absolute pleasure. I told him exactly what I was looking for, and that is exactly what he found for me. Certain factors were a must for me and never pressured me to look at any properties that only came close to what I was looking for just to make the sale. He stayed the course and found me the condo that checked off all of my boxes. I was not from the area, so ...

— Kristin D.

WHAT OUR CLIENTS SAY

Rick is an amazing realtor. He really listens to what his clients want and needs and goes above and beyond to make your deal happen. Thank you, Rick, for all that you have done for me, and most importantly, thank you for your service!

— Dawn M.

WHAT OUR CLIENTS SAY

Can't recommend Rick enough! We're first-time buyers and new to Florida. Rick helped us feel super comfortable with the process of finding the right place. He listened to what we wanted and helped us find an amazing home. Rick is incredibly professional, reliable, and patient. He explained everything to us that we needed to know and we walked through submitting an offer and eventually closing. Rick and h...

— Abraham H.

WHAT OUR CLIENTS SAY

When you work with Rick you can be assured that your real estate transaction will be handled with professionalism and fiduciary care. He is extremely knowledgeable of the South Florida real estate market and a great asset while negotiating the contract.

— Mindy H.

WHAT OUR CLIENTS SAY

Rick is one of the best realtors I have worked with. He went the extra mile and is still filling up and helping us as we are still in Phoenix. Thank You, Rick.

— David J.

WHAT OUR CLIENTS SAY

As an immigrant and first-time home buyer, I was very nervous about the process of looking for a house to buy. Rick helped explain every step of the way and answered every question I asked of him. He lined up showings very quickly for my husband and I to go visit. Every time I found a listing online, Rick was on the ball about getting us in as soon as possible. There were a couple houses I fell in love w...

— Soraia M.

WHAT OUR CLIENTS SAY

When looking for an agent in South Florida for my in-laws, Rick was recommended to us. He was quick to respond, knowledgeable, and very friendly. He was very helpful in setting them up a home search weeks before their visit and made himself available to show them properties during their stay. Once under contract he was available to answer all their questions and made them feel very comfortable when buyin...

— Sage L.

WHAT OUR CLIENTS SAY

My wife and I were fortunate to receive a referral for Rick and his agency. Purchasing a home out of state is beyond stressful, but working with Rick and his staff set our minds at ease. Rick was courteous, personable, and professional. He took the time to patiently answer all of our questions and he thoroughly explained the ins and outs of purchasing a home in Florida. He was with us every step of the w...

— Sam & Margo D.

WHAT OUR CLIENTS SAY

Rick was very helpful during the process of finding me a home on short notice. As a first-year player in the NFL, Rick showed his professionalism by going above and beyond to protect my identity and the loved ones who would be staying with me. Taking one less worry away and helping me feel safe and protected in an area I was new to.

— Allen C.

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