A Comprehensive Guide for Home Buyers
Sarasota County is one of the most diverse and competitive real estate markets, and we understand that making the decision to buy a home here can be a particularly overwhelming experience. From mastering the difference between condos and co-ops to planning for closing costs to approaching the board approval process, there’s a lot to learn.
That’s why we’ve created this buyer’s guide— to set you on the right course to owning a Sarasota County home of your own.
Look for a licensed real estate agent who is knowledgeable about the neighborhoods you’re considering and ca help guide your search.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home). Your Compass Agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you, which will help you determine the price range for your search.
Attend viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home’s accessibility and amenities.
Reach an agreement with the seller on price and terms. Once you have seen a home you like, your Compass agent can submit an offer on your behalf, which is a non-binding agreement to pay a certain price for the home. If your offer is lower than the list price, the seller will likely return with a “counter offer” price, which you can choose to accept, reject, or make another offer. Your agent will provide advice on pricing throughout.
Analyze the contract of sale, building financials, and board minutes with your attorney. It’s best to work with an attorney who specializes in Sarasota co-op and condo sales. Your attorney’s job is vital to protecting your interests and they have an incredible amount of paperwork to review on your behalf. Therefore, you want to select an attorney who is familiar with these transactions.
Sign the contract and put down a deposit. The deposit is normally 10% of the purchase price.
As we approach the finish line, we coordinate with lenders, title companies, and attorneys to prepare for a smooth closing.
The keys are yours! Celebrate and settle into your new home. And remember, we're always here if you need any post-purchase assistance.
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