So, you’ve fallen in love with Anna Maria Island and want to call it home…we can’t blame you, that’s how most of us ended up here too! But what’s your next step in making our paradise your new home?
Step 1: Start with Island Real Estate. As soon as you can, call Island Real Estate and one of our professional local Realtors will share with you island market trends and current listings.
Step 2: Determine the budget of your investment. Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt. But you should make this determination based on your own financial situation. Each listing has a mortgage calculator on IslandReal.com to help you!
Step 3: Unless you are paying Cash or have a 1031 Tax Deferred Exchange, get Prequalified for Your Mortgage. Island Real Estate can introduce you to proven successful lenders in our area so you can get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to your mortgage banker, such as your income and the amount of savings and investments you have. They will review this information and tell you how much they can lend you.
Step 4: Shop for Your Home and Make an Offer You and your Island Real Estate Realtor will start touring homes in your price range. You may see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home. Your Realtor will also provide details on each listing.
Step 5: Get a Home Inspection Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your Island Real Estate agent will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.
Step 6: Have the Home Appraised. Your lender will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.
Step 7: Purchase required Insurances. Every area has their own unique set of required insurances. Your local Island Real Estate Realtor is very knowledgeable with the flood and wind insurance needs for our island.
Step 8: Coordinate the Title Insurance. As you can imagine, there is a lot of paperwork involved in buying a house. Your Island Real Estate Realtor will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.
Step 9: Close the Sale – Congratulations! At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. Island Real Estate will be with you and ensure everything goes according to plan and to make sure you receive all the necessary keys, etc. needed so you can celebrate your new purchase!