The process of buying a home or investment generally
starts with determining your buying power; that is, your financial reserves plus
your borrowing capacity. If you give a Boca Raton Florida real estate agent some basic information
about your available savings, income and current debt, he or she can refer you
to lenders best qualified to help you. Most lenders -- banks and mortgage
companies -- offer limited choices.
Once you know how much you can and want to invest, the next step is to
find the properties that most nearly fit your needs. This is the time to choose
a real estate licensee. When picking a Boca Raton Florida real estate agent look for one who is
also a realtor. A realtor is a member of the NATIONAL ASSOCIATION OF realtors, a real estate trade association, and all members agree to abide by a
17 article Code of Ethics. A realtor has many resources to assist you in your
search. Sometimes the Boca Raton Florida property you are seeking is available but not actively
advertised in the market. It will take some investigation by your Boca Raton Florida real estate agent to find
all available properties.
Choosing a property
Your job is to make the final selection of the right Boca Raton Florida property
for you. This is when excitement and emotion run high. Your Boca Raton Florida real estate agent
can assist you in the selection process by providing objective information about
each property. Agents who are realtors have access to a variety of
informational resources. realtors can provide local community information on
utilities, zoning, schools, etc. There are two things you'll want to know.
First, will the Boca Raton Florida property provide the environment I want for a home or
investment? Second, will the Boca Raton Florida property have resale value when I am ready to sell?
There are myriad negotiating factors, including but not limited to price,
financing, terms, date of possession and often the inclusion or exclusion of
repairs and furnishings or equipment. The purchase agreement should provide a
period of time for you to complete appropriate inspections and investigations of
the Boca Raton Florida property before you are bound to complete the purchase. Your Boca Raton Florida real estate agent can
advise you as to which investigations and inspections are recommended or
With a negotiated agreement in hand, it is time to complete the
evaluation of the property. Depending on the area and property, this could
include inspections for termites, dry rot, asbestos, faulty structure, roof
condition, septic tank and well tests, just to name a few. Your Boca Raton Florida real estate agent can assist
you in finding qualified responsible professionals to do most of these
investigations and provide you with written reports. You will also want to see a
preliminary report on the title of the property. Title indicates ownership of
property. The title to most properties will have some limitations; for example,
easements (access rights) for utilities. Your agent, title company or attorney
can help you resolve issues that might cause problems at a later date.
As soon as you are reasonably sure the Boca Raton Florida property is right for you, the
process of obtaining financing begins. Your Boca Raton Florida real estate agent can help you in understanding
different financing options and in identifying qualified lenders.
Closing or settlement
Finally, there is the closing, or settlement, as it is known
in different parts of the country. Every area has its own unique customs. In
some areas, the title or escrow company will handle this process. In other parts
of the country, an attorney does it all. Again, your Boca Raton Florida real estate agent can guide
you through this process and make sure everything flows together
Why use a realtor?
All real estate licensees are not the same. Only real estate
licensees who are members of the NATIONAL ASSOCIATION OF realtors are properly called realtors. They proudly display the
REALTOR "®" logo on their business cards or other marketing and sales
literature. realtors are committed to treat all parties in a transaction
honestly. realtors subscribe to a strict code of ethics and are expected to
maintain a high level of knowledge of the process of buying and selling real
estate. An independent survey reports that 84% of home buyers would use the same
You be the judge
Real estate transactions involve one of the biggest financial investments
most people experience in their lifetime. Transactions today usually exceed
$100,000. If you had a $100,000 income tax problem, would you attempt to deal
with it without the help of a CPA? If you had a $100,000 legal question, would
you deal with it without the help of an attorney? Considering the small upside
cost and the large downside risk, it would be foolish to consider a deal in real
estate without the professional assistance of a realtor.