Law Office of Ryan S. Shipp, PLLC

Tips for success when buying a home in Florida

Shopping, financing and negotiating represent the major aspects of buying a home. A prospective homebuyer should consider every element in terms of meeting current needs and preventing future challenges. Setting a budget marks the first step, and a buyer should pick a figure that does not impose financial hardship. Since a future job loss or pay cut might make high payments impossible, buyers should be somewhat conservative about what they can afford.

Because a trustworthy and knowledgeable real estate agent could make the difference between happiness and financial disaster, buyers should interview several agents until they find someone who meets their criteria. When making an offer on a property, a down payment of at least 20 percent of the value is ideal. A down payment of that size will allow a person to avoid paying costly mortgage insurance, also known as PMI.

As a deal progresses, a mortgage lender will appraise the home. If the appraisal produces a figure much lower than the agreed upon price, the buyer should view this as a red flag indicating that the home is not worth what has been offered. The buyer will likely need to come up with more money to make up for what cannot be borrowed or find a way to back out of the deal.

To gain a fuller understanding of the legal issues involved in a residential real estate transaction, a person could consult an attorney. From explaining the buyer's rights and obligations within a purchase agreement to litigating a dispute after the sale closes, a lawyer could provide vital insights and services.

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Law Office of Ryan S. Shipp, PLLC | 814 W. Lantana Rd., Suite 1 | Lantana, Florida 33462 | Phone: (561) 699-0399 | Map & Directions