HomeBusinessThe fun and not-so-fun...

The fun and not-so-fun of buying a home

Labor Day has just passed and in some parts of the country, that signals the end of summer – but not in Florida. We still have plenty of hot weather and hurricane threats, think Irma, but September does signal the beginning of buying season or at least the beginning of the thought process of buying a home.

Looking for a new home is fun with a capital F. Who doesn’t love HGTV, online home listing websites and going to open houses? It’s getting to the actual making of an offer and getting it accepted that is the not-so-much-fun part.

Choosing a realtor to purchase a home may not seem as important as choosing one to sell a home, but it is every bit as important. You want someone who has the proper sales credentials in the area of your choice, who understands the values and what’s been on the market and for how long. You want someone who can guide you in applying for a mortgage, recommend an attorney and tell you which schools are in the area.

But most of all, you want someone you connect with and who will communicate with you on a regular basis, especially one who has their pulse on the market and is keyed into new listings as soon as they hit. Keep in mind that this person may not be your best friend or your brother-in-law in spite of how much you love them.

Once you’ve found the perfect home, you will complete the offer-to-purchase form with your broker or with an attorney. In addition to the actual dollar offer, other details will be the amount of financing, if any, the down payment upon contract or earnest money; the requirement to have the home inspected; closing date and whether or not you plan on employing an attorney. The earnest money is kept in a broker’s escrow account and is returned to the buyer if the transaction does not close.

All of the above are considered contingencies to the contract and have specific guidelines. For example, if you’re applying for a mortgage you will have a specific number of days to obtain a mortgage commitment after contract. Usually property sales that involve financing are contingent on the buyer getting a mortgage commitment; no commitment, no contract. A bank appraisal will be required prior to a mortgage commitment, and if the appraisal is below the agreed-upon price, the deal is off unless the buyer and seller come to different terms. Other contingencies also are a home inspection within a specific number of days, clean termite inspection, well and septic tests.

Generally, after an initial offer, there is a counteroffer. Counteroffers can be in the form of a higher sale price, removal of some of the contingencies, a different closing date and even personal property within the home. This is a negotiation process, and all parties to the transaction should attempt to work with an offer, even if at first it appears to be unworkable.

Finally, you’re in contract, all inspections are good to go, your mortgage commitment is in and the movers are booked. There is one more final and very important step – the final walkthrough. Just prior to closing, usually the day of or the day before, the buyers will do a final inspection of the property to verify that there haven’t been any major changes since the last time they were there. If repairs were required, check to make sure they have been made satisfactorily and that the property is broom clean except for personal items or furniture that both buyer and seller agreed to leave.

That’s it. You did it; you bought a home. Now wasn’t that fun?

Related coverage

The challenges of inheriting a house

How to determine the truth about home flooding

It’s all about the kitchen

Most Popular

More from Author

Declutter, depersonalize, clean

After perusing what I like to consider my very organized database...

Winter of the big freeze

You should have warmed up from the unusually cold Florida winter....

Are mortgage rates really going down?

Did we ever think this day would arrive? Those in the...

Insurance premiums painful

There are few things related to the real estate industry that...

Mangrove jurisdiction differs by county

ANNA MARIA – The outcome of the removal of 116 feet of mangroves to build a seawall at a Gull Drive home may have been different if the property had been located in Sarasota County instead of Manatee County. A contractor removed some of the mangroves prior to...

Bunny & Pirates Bazaar to close soon

CORTEZ – The closing of Bunny & Pirates Bazaar is imminent, but not by the choice of owners Elizabeth Shore and Jeffrey O’Connell. The news of the closing was announced by the two business owners on Facebook on March 16, two days after a notice to vacate was...

Anna Maria responds to county consolidation option

ANNA MARIA – The city of Anna Maria has responded to a March 5 request for information from OPPAGA regarding the potential consolidation and annexation of the city into Manatee County. The cities of Holmes Beach and Bradenton Beach received similar requests from the Office of Program Policy...

Jewelry Sale offers great deals for a great cause

HOLMES BEACH - For the second year in a row, the Anna Maria Island community has shown incredible support for the Island Branch Library. The Friends of the Island Library (FIL), a group of volunteers dedicated to fundraising and support for the library, held their second annual...

Ellen Scott celebrated

BRADENTON BEACH – Family and friends joyously celebrated the life and legacy of longtime Braden­ton Beach resident and honorary Privateer Ellen Scott at the Drift In on Saturday, March 16. Ellen passed away on March 1 at the age of 85. Ellen’s son, Bob Slicker, thanked those in...

Anna Maria increasing vacation rental registration fees

ANNA MARIA – The city is increasing its occupancy-based annual vacation rental registration fee from $84.17 to $93.92 per occupant allowed by the local vacation rental ordinance. The annual registration fee is estab­lished each year by the adoption of a city commission-approved resolution. The increased fees were established...

City Park renamed Jan Vosburgh Park

BRADENTON BEACH – The park across the street from city hall, referred to only as City Park, will be renamed after longtime City Commissioner Jan Vosburgh. The discussion of the naming of the beach access park just south of the Beach House parking lot was introduced at the...

Bird Tips

During bird nesting season, March through August, please follow these tips: Never touch a shorebird chick, even if it’s wandering outside a staked nesting area. Teach kids not to chase birds – if they’re disturbed, bird parents may abandon nests. Don’t feed birds – our food is...

Government calendar

Anna Maria 10005 Gulf Drive For information, call 941-708-6130 Please visit www.cityofannamaria.com or contact city hall for more information. March 21, 1 p.m. – Charter Review meeting March 28, 6 p.m. – City Commission meeting March 29, all day – City offices closed, Good Friday   Bradenton Beach 107 Gulf Drive N. For information, call 941-778-1005 Please visit...

Beach Nutz

       

Events

Wednesday, March 20 Creative Aging: Figure Drawing, Island Branch Library, 5701 Marina Drive, Holmes Beach, 10 a.m. Holy Yoga, Roser Church outdoor stage, 512 Pine Ave., Anna Maria, 11:30 a.m. Nature Art, Robinson Preserve Mosaic Nest, 840 99th St. N.W., Bradenton, 1 p.m., $10 Coral Reef Science with Mote, Island Branch...