Brevard County Realtors of HomeJoy Space Coast saves Buyers time and money. Driving neighborhoods and calling "For Sale" signs is costly and time consuming. Plus many homes are on the market without "For Sale" signs. With HomeJoy's Team using state of the art computers we can select all the properties that meet your requirements and price range within minutes.

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How do you go about buying a home?

Start by creating a prioritized list of features you want in your next home and the reasons why. Use it as your search guide, but remember that depending on your funding, you will probably need to make some compromises. In addition, talk to your real estate professional about where you want to live. Location is a huge part of any move. HomeJoy Real Estate professionals are trained to help you narrow down your choices by sharing market trends and local information like neighborhood statistics and community information.

Now that you know what you want, it's time to see what you can afford. This process can often be performed quickly and it accomplishes two important goals. First, it will tell you how much house you can afford and what your monthly payments would be. Second, it tells the seller that you can afford to buy their home.

By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property. Many times a buyer can use this pre-approved status as leverage during the negotiation process.

Once you know what community you'd like to live in and have an idea of how much house you can afford, its time to start checking out actual properties. Beginning this search online can help save you time since it can help you target homes that meet your search criteria.

Next, begin visiting homes in person with our local real estate professionals who will arrange visits and attend open houses that are in your target area and price range. When comparing homes, make sure to look at all aspects of the property. Is the property tax approximately the same? Are both the houses renovated? Do they both have the same amount of bedrooms and bathrooms? Are both houses located on the same or similar streets? Does either house have any encumbrances? Remember to keep an open mind when you are looking at homes.

Once you find the home you want, you need to make an offer for the house. Typically this is a very difficult and trying time since both parties have totally different goals. A real estate professional is your best bet to negotiate the offer. If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations.

This might also be a good time to consider purchasing a home protection plan. These insurance policies can be purchased by the buyer or seller and help protect against unexpected costs or home repairs during the listing period or in the initial years after a home has been purchased.

After your offer is accepted you will need to set up, coordinate and interpret various inspections, including insect, building quality, title, etc. You will also need to arrange for homeowners insurance and finalize the mortgage. This is where HomeJoy Real Estate professionals can save you many hours of worry and stress.

This is a major step in the buying process and there are many potential problems that can be discovered during this period. These might include a leaky roof, termite damage, a foundation problem, and wall cracks, to name a few. These problems happen all the time. The difference between closing on your dream home and starting the process all over again is what occurs during the negotiations between you and the seller.

Your HomeJoy Real Estate professional will help make these discussions go more smoothly. And you will also be required to have a "walk through" before the closing. You and your HomeJoy professional will make sure that all of the items that you have agreed upon were completed to your satisfaction.

Before you arrive at the closing, make sure all the necessary paper work and deposits have been completed. Your HomeJoy professional will tell you what you need for the actual closing. Once you close, it's official - you own the house! But there might be a few things you want to do before you lay out the welcome mat. These include arranging for an alarm system, turning on the electricity, subscribing to the local paper, cleaning or replacing the carpet, arranging for lawn services, etc. This could also be a good time to make some needed renovations.

Be sure to turn to your HomeJoy real estate professional for guidance and information throughout this home buying process.

What are the advantages of owning a home?

Among the most appealing: you own it, which gives you, instead of a landlord, control of your living space. Other benefits stem from potential tax savings and the build up of equity as your property likely appreciates in price over time. Equity can be used to help put children through college, purchase a second home, or make home improvements. The mortgage interest paid on a home loan is tax deductible, as is the local property tax. If you get a fixed-rate home mortgage loan, you also can invest more wisely knowing your monthly mortgage payment, unlike rent, will not change substantially.

What is the first step to buying a home?

Make sure you are ready - psychologically and financially. Ask yourself the following questions: Do I have steady income? Is my debt lower than my total income? Do I have enough money to pay for the down payment and closing costs? Am I working hard enough to improve bad credit? A house needs constant care and attention. Also ask yourself if your budget will allow for unexpected repairs and upkeep. Once you can honestly answer "yes" to these questions, you are several steps ahead of the game and that much closer to becoming a homeowner.

How much can you afford?

The general rule of thumb is that you can buy a home that costs about two-and-one-half times your annual salary. Have our agent work with a lender to determine how much you can afford and estimate the maximum monthly payment based on the loan amount, taxes, insurance and other expenses.

Is it best to save for the ultimate dream home or begin with a less expensive starter home?

It can take a long time to save for that perfect dream home. Meanwhile, the market has been flooded with some of the most favorable mortgage interest rates in years. Low rates make housing more affordable, which is why so many buyers have jumped on the home buying bandwagon. Home-price appreciation has also been strong, making very solid gains in communities across the country. In fact, home prices are expected to increase 2.5 percent to 3 percent annually over the next five years. If you purchase a starter home today, you can potentially begin to build value that can lead to the purchase of a larger, or more desirable, trade-up home in the future.

How do you determine how much a home is worth?

A home is ultimately worth what is paid for it. Everything else is really an estimate of value. Take, for example, a hot seller’s market when demand for housing is high but the inventory of available homes for sale is low. During this time, homes can sell above and beyond the asking price as buyers bid up the price. The fair market value, or worth, is established when “a meeting of the minds” between the buyer and the seller takes place.

A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home's value. A HomeJoy real estate agent can provide a comparative market analysis based on the recent selling price of similar neighborhood properties. Reviewing comparable homes that have sold within the past year along with the listing, or asking, price on current homes for sale should prevent you from overpaying. A certified appraiser can provide an appraisal of a home. After visiting the home to check such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home. Lenders normally require an appraisal – which run between $200 to $300 – before they will approve a mortgage loan. This protects the lender by ensuring the home is worth the money you want to borrow.

What is the difference between list price and sales price?

The list price is a seller's advertised price, or asking price, for a home. It is a rough estimate of what the seller wants to complete a home sale. Your HomeJoy Real Estate professional will help you determine if the list price is a fair one by looking at the sales prices of similar homes that have recently sold in the area.

What are appraised value and market value?

A certified appraiser who is trained to provide the estimated value of a home determines its appraised value whis is based on comparable sales, the condition of the property, and several other factors. Market value is the price the house will bring at a given point in time, once the buyer and seller establish a “meeting of the minds” on price

What does a home inspector do?

A home inspector is a paid professional – often a contractor or an engineer – who checks the safety of a home by searching for defects or other problems. They focus particularly on the home’s structure, construction, and mechanical systems. Your HomeJoy Realtor will strongly suggest you have a home inspection after your purchase contract between the buyer and seller has been signed.

What does homeowners’ insurance cover?

A standard policy insures the home, as well as your possessions against disasters – whether natural, manmade or mechanical. Because this insurance is packaged, it covers liability for any harm, loss, and property damage that you or your family members cause others. And it includes additional living expenses in case you are temporarily displaced because of damage from a fire or other insured disaster. While you are not legally required to have homeowners’ insurance, mortgage lenders will stipulate that you do. It protects their investment in the home in case of a natural disaster or catastrophic event.

What about title insurance?

Title insurance protects the lender against unclear title to the property you are buying -a requirement for closing on a home. If you desire coverage as well, buy an owner’s policy, which will protect you against any title-search errors and losses that arise from disputes over property ownership. The cost of title insurance is usually a set value per thousand of dollars of the total loan amount.

Is private mortgage insurance necessary?

Lenders require private mortgage insurance (PMI) on most conventional loans with less than a 20 percent down payment. The buyer pays this insurance, usually a small fee at the outset and a percentage of the face amount of the loan that is added to the monthly payment. What most homeowners do not realize is that the insurance is usually no longer necessary after enough equity has built up in the property. Contact your lender if you meet this requirement and want to drop PMI. A precaution: do not confuse PMI with mortgage life insurance. The latter pays all, or a portion, of your mortgage in the event of your death.

Are low-ball offers a good idea?

Any offer can be presented, but a low-ball one that is extremely less than the asking price can dampen a prospective sale and prevent the seller from negotiating at all. Unless the home is overpriced to begin with the offer will probably be rejected. Your HomeJoy Realtor will compare prices of recently sold homes and new listings in the neighborhood. A lower price with a speedy closing, for example, might motivate a seller who must move, has another house under contract, or must sell quickly for other reasons.

What are some negotiating tips?

• Be flexible. Never say, “take it or leave it.” That can sour negotiations and ruin the deal.
• Never show your hand or reveal your next step.
• Each time you increase your offering price ask for something in return, such as repairs, appliances, even lawn furniture.
• If you plan to pay cash or have a tentative commitment for a loan, use your strong financial position as a negotiating tool.
• Don’t let emotions such as pride, fear, love, and anger get in the way of negotiating the best deal. Leave irrational feelings at home.

Let your agent do the negotiating to avoid "showing your hand."

What contingencies should appear in the offer?

When you look to purchase a home, anticipate potential problems. But protect against them so that if something does go wrong, you can cancel the contract without penalty. This is what contingencies allow you to do. Your HomeJoy agent will include these in any offer you present to buy a home. Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on your ability to obtain a loan commitment from a lender, and an inspection contingency, which allows you to have a professional inspect the property. Without contingencies, a buyer could forfeit his deposit under certain circumstances if he backs out of a deal. The purchase contract also should include the seller's responsibilities, such as passing clear title, maintaining the property in its present condition until closing, and making any agreed-upon repairs.

Does the seller take the furnishings once the home is sold?

Normally. This is because the fixtures – personal property that is permanently attached to a home, such as built-in bookcases or a furnace – automatically stay with the house unless noted otherwise in the sales contract. Anything that is not nailed down is negotiable, including appliances that are not built in, such as washers and dryers.

What are closing costs?

Closing, or settlement, costs are expenses over and above the price of the property. Both the buyer and seller incur some of these expenses when transferring ownership of a property. Who actually pays, however, often depends on local custom and what the buyer or seller negotiates. Closing costs normally include title insurance, loan points, escrow or closing day charges, property taxes, and document fees. Your HomeJoy agent will provide an estimate of closing costs for prospective homebuyers.

Is there anything you should know about closing day?

The following to-do list can help save you a few headaches and keep the closing on track: • Keep extra money in your account. Something unexpected can pop up during the closing that will require more money out of your pocket. Take your checkbook.

You will be required to do a before-closing inspection - to walk through the property to make a list of any problems.

Take your personal ID. A driver’s license or other personal identification will do.

Your HomeJoy agent will be working with the title company"s closing agent, the loan company and the seller's agent during the entire negotiations and should accompany you to the closing. He will be verifying your loan approval and your contract to purchase during the closing

Utilities. Arrange in advance to have the water and electric meters read on closing day and the service switched to your name to prevent interrupted service.

Things to Consider:

While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use a HomeJoy Real Estate agent. We bring value to the entire process: he/she is available to analyze data, answer questions, share professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction.

By law, HomeJoy Real Estate agents may not discriminate on the basis of race, color, religion, sex, disability, familial status, or national origin and we cannot follow spoken or implied directives from the home seller to discriminate. It's commonly thought that ALL agents ultimately work for the seller but Florida law states that an agent must represent the seller, the buyer OR the transaction. He cannot represent BOTH the buyer and seller simultaneously.

If you are considering purchasing a home from a "new home community," it is essential to be represented by an agent since people who "man" the new home office work solely for the builder. You can use a HomeJoy professional to help negotiate the price and upgrades on a new home. An agent can be particularly valuable directing you to newly built developments that match your needs, as well as helping you select reputable builders who are financially sound and respond promptly to buyers’ concerns. Builders normally require an agent to be present on your first visit to the site. This is a sensible procedure that allows the agent to be paid a commission should you decide to buy. Otherwise, if you find a development on your own, make a first visit without the agent, and later make a purchase, the builder may refuse to pay the commission – even if, at some point, the agent became involved in the process - unless you insist to the builder that the agent be included before you sign.

For familities with children, choosing a new home often means choosing the right school district. Empty-nesters and seniors suspect that the district can effect home values. Experts say there are 8 ways to evaluate public schools: 1) Look at the test scores; 2) Look beyond the numbers by evaluating what each school does for child enrichment or special needs, class size, school population, athletic programs, fine arts, language studies; 3) Investigate tax referendums in relation to tax funding since a cut in taxes could mean a cut in school programs, etc.; 4) Ask about awards a district has won; 5) A new school with no history the two factors to investigate are the experience of the school administration and the sources of school funding; 6) visit the schools once you've whittled down your list to 2-3 homes; 7) For those buyers without children checking out school scores and tax referendum issues should be enough; 8) Ask your HomeJoy Realtor to help you gather this information.

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