Why should I use a PURE Coastal Real Estate agent to purchase my home or investment property?
Our agents can help you in many ways. First, the seller or builder pays for the services provided by the agent in the purchase of your new home, making these service fees transparent to the homebuyer. Second, we help ensure a smoother transaction by providing assistance in understanding the process and paperwork involved in home buying. Third, with our agents’ local market expertise, finding the right home in the right location is made simple. We do the research for you and show you homes in your area of interest that meet the criteria you specify.
In what area should I purchase a home or second home?
There are many factors to consider when looking for an area to purchase a home. Most people choose areas based on their lifestyle and/or life stage. Families may search for an area with good schools and communities that are abundant with children, while others may search for an area in which they want to retire. Some may be looking for an area close to the workplace allowing for a short commute or may be ready to purchase an investment property that will produce cash flow for reinvestment in the market later. Whatever your choice, a home is one of the largest investments you will ever make, therefore you want to be sure to choose wisely and explore all of your options. Our user-friendly website has an abundance of information on properties along the Emerald Coast where you can begin your search.
How can I determine my housing needs before I begin the search?
Your home should fit the way you live, with spaces and features that appeal to the entire family. Before you begin looking at homes, make a list of your priorities: location, size, lot, amenities, etc. Establish a set of minimum requirements and a "wish list". Minimum requirements are things that a house must have for you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.
How early should a Buyer apply for a mortgage when looking for a house?
It doesn’t hurt to meet with lenders, whether it is a bank, mortgage broker or mortgage banker, before you enter into a real estate contract. In fact, educating yourself about the costs of financing a home often may help you determine how much of a house you can afford.
Should I get pre-approved or pre-qualified for a mortgage?
Before spending time running around looking at property, you'll want to know that you're able to buy a house or condo in the price range in which you’re interested. The best way to ensure that you're on the right track is to contact a mortgage broker or lender's loan officer. This is commonly done with a brief phone conversation during which you provide the loan officer information about your income & debts and authorize a credit check. In a matter of minutes, you can be 'pre-qualified' for a mortgage amount subject to verification of the information given. Pure Coastal Real Estate has established relationships with local lenders who can effortlessly guide you through this process.
What are Closing Costs?
When you get a mortgage, you will need to pay closing costs, which are fees – charged by lenders and third parties related to the purchase of the home. In addition to owing the lender the down payment on the home and the principal and interest related to the mortgage, you will also owe the lender and third parties closing costs, which you usually pay at the time that you close on your mortgage. Most of the time, it is the homebuyer who pays the closing costs, rather than the seller, though on some loans such VA loans, the seller pays a portion of these costs.
What is a CMA?
CMA = Comparative Market Analysis A CMA is typically created by a Realtor using data from the MLS (Multiple Listing Service) to show a seller or buyer similar properties for sale, recently sold, or under contract to be sold as a means of establishing the market value of a property. The format may be brief or detailed or a combination of summary and details. It is commonly used to give sellers what they need to price their property properly. It's also useful for buyers who want to ensure that they're not over paying for a property.
What is an appraisal?
An appraisal is a certified document prepared by a certified real estate appraiser and is used by mortgage lenders to ensure they're loaning money on a property that is worth the price being paid. It's also used when refinancing an existing mortgage for the same reason. When you have a contract to buy a property and you're getting a mortgage to buy, the lender will order an appraisal. If the appraised value comes in lower than the contract price, the buyer may cancel the contract or re-negotiate the price with the seller.