Buying Palm Beach Real Estate
If you were thinking about buying a home in Palm Beach County, now is the perfect time. With the help of Debra Miller Real Estate, we make it easy for you to find exceptional homes in your idea community such as Boca Raton, Delray Beach, Boynton Beach, Wellington and many more.
Debra Miller Real Estate provides you with numerous MLS listings in and around Palm Beach County. For your convenience, we have also compiled helpful information for each community.
Real Estate Buyers
Find the right agent – Finding the right real estate agent to represent you in your search for your ideal property is one of the most important first steps for buyers. Don’t meet your buyer’s representative by accident. Research and interview your agent to ensure that you have a person you feel comfortable with, someone who will answer your questions honestly and quickly. Your time is valuable; real estate is one of the most expensive investments you will make. Here are some questions you should ask your realtor.
1. What separates you from your competitors?
2. Are you a full time realtor?
3. How long have you been in business?
4. What services will you provide to me?
5. Do you have a website, blog?
6. How to you communicate with me?
7. How do you handle multiple offer?
8. What educational designations do you have?
9. How many agents are in your office?
10. What areas are you most familiar with?
Communicate your Criteria - Now you have decided on an agent, it’s important for you to be committed to your agent as well. Communicate with your agent; let them know if your criteria has changed. Speak with them if you have concerns or issues.
1. What are you looking for?
2. What is your criteria? Location, Price, number of bedrooms, bathrooms, sq. footage, pool, garage, a fixer upper, turn-key, neighborhood, Schools, style of house, condo.
3. What is your timeframe? How soon are you looking to purchase?
4. Determining the Price.
Price - What will you pay for the property? Look at recent sales of similar homes in the area, comparable sales. Comparable sales must compare closely to the home you are looking to purchase in square footage, number of bedrooms and bathrooms, garage space, lot size and type of construction. This information is in the public records and the Multiple Listing Service.
Making the offer – Once an offer price is established your agent will write the offer to present to the seller’s agent and seller. The offer will include details of the purchase including how the property will be financed. It will also include details on the down payment, who will pay what part of closing costs, inspection details, timelines, what personal property is included in the purchase price, repairs to be performed and who will perform them, when physical possession of the property and how to settle contractual disputes.
Contingencies – Offers will include contingencies. In a real estate transaction there may be issues or conditions that arise that cannot be satisfied. Contingencies are conditions that must be met or the buyer may cancel the contract without penalty.
Financing issues
Pending sales of existing properties
Appraisal Contingencies
Inspection Contingencies
Earnest Money Deposit – with your offer an earnest money deposit is required to show the seller you are serious. Initial deposit may be a minimal amount and an additional deposit may be required once the seller signs and executes the offer. A 10% deposit is a standard deposit. Your deposit will also depend on your financing of the property. This money is held in an escrow account with your agent’s escrow until the closing. Funds must be paid in advance to be cleared funds in time for the closing.
Property Disclosures - the seller is required to disclose any adverse condition that may have a substantial impact on your decision to purchase the property. This would include any problem with the house, whether the property is in a flood zone, a noise zone, or any other kind of hazardous area. A property disclosure is not usually available if you are purchasing a bank owned property.
Home Inspections– Home inspections are recommended and are bound by a timeframe. You usually have 10 days to have a professional inspector go through the house and seek out potential problems. A separate termite inspection is also recommended. Once the inspection is completed review the report and your agent will negotiate with the sellers on which repairs should be performed and who should pay for those repairs.
Closing Date- the closing date is the date that you will take possession of the property. This date must take into consideration your financing, title work and lien searches. For cash transactions can be scheduled within 2 weeks, a financed closing will take longer. A normal schedule is usually 30 days after the execution of the contract.
Walk-thru–before the closing you will walk through the property to insure that it is in the condition you bought the property in and the items included in the sale are in place.
Take possession of the home – this is usually done after the deed has been recorded. This is on the day of closing.
Debra Miller Real Estate understands that purchasing your home can be the biggest investment you make. It's important that when you're ready to sell your home you seek the help of a professional realtor. If you would like to learn more about selling your next home please contact us at your convenience.
