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Naples Home Buying Process

The buying process is simple – buyer finds home they like, reach agreement with the seller, and the closing process begins. A buyer only needs to be in the area is to view properties, everything else can be handled by emails and faxes.

It usually takes just a couple of outings for a buyer to make a decision. There are buyers that make a decision after seeing just a couple of properties and other that could not reach a decision after viewing many properties.

Buyers with a higher price range will have a greater selection of possibilities. A buyer for example looking for a condo with a price range up to $500,000 might end up with something costing much less. But a buyer with a price range of $150,000 will have a small list of options.

The most important part of finding a home in Naples, is to work with a knowledgeable Naples real estate agent. The search, buying and transaction process will go much smoother, with the best results.
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Property Search

As experienced Naples agents, we have tools available to us that are many times more sophisticated and powerful than what a buyer uses in online search site. Combine these tools with local knowledge on market dynamics, community differences, preferable features, local preferences, etc. and a buyer will be presented with the best possible choices, meeting their criteria.

The Offer and Pre-Closing Process

Once a buyer has decided on a property, it is then time to find the best matching recent comparable closed sales. Seller list prices can range from aggressively priced, to the laughable.

Once an offer price is determined, the offer is prepared and submitted to the seller’s agent. The seller will either accept, reject or counter. A counter offer from the seller is the most common outcome. 

These items are customary for Naples, but everything is negotiable within reason:

  • An initial deposit with the offer, is usually not required.
  • Upon acceptance somewhere in the area of 10% down is expected.
  • If a cash offer then typically 30 days to close. If a mortgage contingencies then 45 days to close.
  • Buyer has 15 days to complete inspections. Any defective item must be corrected (or credit given) by the seller or the buyer can terminate.
  • Buyer has three days to review homeowner association or condo association documents and financial statements. A buyer can terminate the agreement in their three day review period.

Naples Property Closing Process

  • The buyer does not have to be present for closing. Everything can be done through emails, and express mail.
  • If the property is in a condo association or homeowner association, then it is very likely they will require the buyer to complete an application.
  • The buyer will close through either a title company and/or an attorney who will issue the title insurance. 
  • Closing costs for a cash buyer will be around 1% of the purchase price. If there is a mortgage, then there would be additional cost of approximately 1.5% of the purchase price, plus lender charges.
  • If the property is in a homeowner association with nice amenities, then it is very likely the association has a contribution fee they will collect from the buyer at closing. This can range from $1,000 to $5,000.
  • Prorated expenses will be made between the buyer and seller for such things as property taxes and community fees. For example, if the seller paid association dues for the year equaling $3,000, and the closing is on June 30, then at closing the buyer owes the seller $1,500 for the prepaid fees
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Call Tom at 941-315-4602