The Retiree Buying Process
Q: I haven’t bought a home in a long time, what’s the best way to start?
A: First you need to decide if you’re paying cash or taking a mortgage to buy the home. If you’re getting a mortgage you will want to talk to a lender before you do anything else. They can help you determine how much you can spend on your next home. There’s nothing worse than falling in love with a home you can’t afford - nothing else will look as good after that one. Next you will want to reach out to one of us, your agents.
You will undoubtedly save a lot of time by consulting with a REALTOR that you can trust to help guide you through this process.
Q: Once I find a home, how long will it take to close the deal?
A: If you’re paying cash, you can close in roughly 2-3 weeks. If you are getting a mortgage, it will require you to do an appraisal and you will be more so at the mercy of your lending institution and the appraisers schedule. For mortgage closing’s I would suggest you plan for 30-60 days.
Q: Do you do the contract or do I need to hire someone? Do you charge to do this?
A: Our team of realtors has been highly trained in writing contracts. The local board of realtors provides us with a standard contract and addendums to use as needed for each individual client and transaction. We are careful to always have your best interest at heart and cover all the bases when writing out the contracts for our clients. You do not need an attorney. However, you’re always welcome to consult your attorney if that makes you feel most comfortable.
In Florida, the seller typically pays the commission so the great news is there is nothing to pay your agent for his/her services, although a referral now and then would be great!
Q: How does it get to the seller? How fast will I get an answer?
A: Once an offer is signed by the buyer it will be emailed or faxed to the seller’s agent for them to present. In the past agents used to present to the seller but with the advent of buyer agency the listing agent does not like them talking to the seller directly if possible.
If the offer is presented to the owner or bank (if bank owned) you should have an answer within 1-4 days.
Contact one of our agents for more info!