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Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice we said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Our goal is to provide you with the most personalized service that is designed to help you buy your dream home.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). We will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

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Working with Susan was a pleasure. We didn’t know the area, so her expertise helped us find a very nice home to spend the winter months in Florida. She was very helpful in getting everything done for a successful closing. Would...
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Although my wife and I haven't used Susan's professional real estate services as of yet, it's always reassuring to know she is a Realtor who shares our love and enthusiasm for the Greater Sarasota area.
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My wife and I would highly recommend Susan as a Realtor. Using Susan's New Home Source program, my wife and I identified no less than 10 different communities/developments with 15 different styles of new homes we were intereste...
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Mary L.

Susan is wonderful. We never would have found a place without her! She returns emails and phone calls immediately. She is very knowledgeable about the Sarasota area. She listened to what we wanted, and she made it happen. Thank...
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Barbara E.

Barbara E.

Susan helped me with the purchase of a home. She was my “boots on the ground” since I lived out of state. Had lots of fun touring model homes with Susan, but due to time constraints, I ended up purchasing a resale.
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Mildred C.

Susan Phelps is dedicated to giving her best to her clients. She makes the process of finding a new home easier to handle.
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Mark R.

Mark R.

My husband and I are in the process of selecting the community, and Susan has been extremely helpful in navigating this complicated process. Susan returns our calls and answers our emails immediately, as she provides us with up...
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Gareth C.

Susan is amazing! We were making an international move back to the US and only had a couple of days to view houses. Susan made those couple of days a priority for us and went above and beyond in helping us find a home. Not only...
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Eduard T.

Susan's expertise in locating a new construction home/community, while we lived out of state, was invaluable. After watching Susan's informative videos about the Sarasota housing market, she impressed us as a realtor who would ...
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Jen G.

Jen G.

Susan helped my husband and me purchase our very first home this year! She was incredibly knowledgeable about the area, the current market conditions, and factors that we should consider across each option we looked at (such as...
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Yan H.

Yan H.

Susan is very professional. She knows the houses in the Sarasota area well. She understands the needs of people who are 55+ and from out-of-state. We got some very valuable suggestions from her when we selected the new house op...
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Raphael C.

Best businesswoman ever, I have no words to describe her; she just left me speechless!
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Tina L.

Susan was great. She helped us narrow down the wide variety of choices in new home construction and helped us find the neighborhood and home that were perfect for our needs!
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Craig A.

Craig A.

Susan helped us with both the purchase and the sale of a house in Sarasota. She is very knowledgeable about the real estate market in the Sarasota area. Since we live in Massachusetts, her help was critical for both transaction...
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Jane I.

Jane I.

Susan is a business-wise realtor who is persistent. Her job is full time plus and she takes it seriously. I highly recommend her.
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Marty M.

Susan is such a lovely lady with so much knowledge about the Venice/Sarasota/Bradenton area. She really got to know me and my likes/dislikes of homes, community, and area. I am fortunate to have her as my realtor and look forwa...
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R. A. Salamone

We highly recommend Susan if you are looking for a home in Sarasota. She knows the area very well and has many years of professional experience. We found her a few years ago via her YouTube videos, and that helped us narrow dow...
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Lisa & Mike

My husband and I were so fortunate to find Susan Phelps from her informative YouTube videos on the Sarasota area. Being from out of State, Susan took the time to listen to what we wanted for our new home. We flew down, and she ...
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Whether you're buying, selling, relocating, or building a custom home, Susan Phelps provides the local expertise and personalized guidance to help you navigate Sarasota and Manatee County with confidence. With decades of local knowledge and a commitment to exceptional service, she is dedicated to making every real estate experience seamless and rewarding.

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