You may have heard the saying, "All real estate is local." In fact, the National Association of Realtors has used this catchy phrase as part of one of their advertising campaigns.

In truth, all real estate IS local. What this means is that what a home is worth in Dallas, TX, has no bearing on what a similar home is worth in Pensacola, Florida.

Home values are influenced by many factors; chief among them is supply and demand. In general, as the inventory of available homes for sale in a market declines, the price for the remaining homes rises. Employment opportunities, the economy, cost of construction and the desirability of an area are all factors that impact home prices.

Another meaning to the phrase "All real estate is local," is that each area has its own set of usual and customary closing costs for buyers and sellers as well as a usual and customary process for purchasing.

Beginning the Process

The first step in the Pensacola home buying process is to speak with a local lender to determine the limit of your purchasing power. If you have not purchased a home in a few years (Like most of us!) you may be surprised at the changes that we have seen in the lending climate. Don't assume that because you were approved for a loan at a certain amount in the past you will be approved for that same amount today, or approved at all. The best way to avoid a shock once you have found a home that you want to make an offer on is to get the pre-approval process out of the way before beginning to actively look at homes.

As part of the pre-approval process your ender will give you a Good Faith Estimate of your closing costs and monthly payments. This information is invaluable in helping you prepare for the closing.

Getting the pre-approval in hand while you are looking at Pensacola homes on the internet and either driving around to see what neighborhoods appeal to you, or if you are out of town, relying on an experienced Pensacola Realtor to match your needs with available housing inventory, will allow you to be ready to go when you find the perfect home.

Our search function for Pensacola real estate can be accessed from our home page through either the Search Homes button or the Search MLS button. Our search tool allows you to search ALL active homes for sale in the Greater Pensacola Bay area. You can save the homes you like as you FAVORITES which allows our buyer's representatives to see them on our site. This way we can provide you with additional information and get a better idea of what you are looking for in a Pensacola home so that we can make suggestions.

Making an Offer - What's Next?

Once you have identified some Pensacola homes online and talked with our buyer's representatives we will begin setting appointments and looking at homes. Our Pensacola buyer's representatives make sure we are looking in the appropriate price range and are taking into account the criteria you have provided (single family home or condo, proximity to work, shopping, specific area, schools, etc.)

Once you identify a home to make an offer on, we provide you with a comprehensive analysis (commonly called a comp) of the specific Pensacola neighborhood. This will give you a good idea of the price per square foot that similar homes in the neighborhood have sold for in the recent past. This is our basis for beginning a negotiating strategy. It is crucial that we have a good idea of what price the home will appraise at as this is the basis of your loan. Most conventional loans today are at 80% of appraised value. VA and FHA loans can go to 100 percent of appraised value.

At this point, armed with up-to-date information, we draw up an offer and present it to the seller's Realtor. We make sure to include contingencies for a home inspection, an appraisal at or above the offer price and for insurance that is affordable to you. We work to get all of these inspections and estimates out of the way as quickly as possible so we can remove the contingencies from the contract and move to closing.

Escrow Deposit or Earnest Money

An offer must be backed up with "valuable consideration," or what is most commonly called earnest money. This is most often one to two percent of the offer price. This money is held by an escrow agent, generally an attorney or a title company, until closing when it is applied toward the closing costs.

Inspections, Appraisals, Surveys and Insurance Estimates

Once we get to a negotiated contract, usually within a few days, we begin setting up inspections for you. Your lender will order an appraisal which is usually paid for up front. We give you a list of qualified home inspectors to speak with so you can select the inspector that you are most comfortable working with. Likewise, we will provide a list of insurance agents.

Other inspections we will work with you to obtain are termite and wood destroying organism inspections. If there are specific concerns we will order targeted inspections. Unless a recent, accurate survey exists, we will need to order a new survey and perhaps an elevation certificate.

Opening Title

Once inspections are out of the way and contingencies are lifted we will open title with a Pensacola title company. Their job is to make sure that you are purchasing a home free of liens or "title clouds," so that you are assured there are no prior claims to the property you are purchasing. The title company provides title insurance as well as prepares the HUD-1 Settlement Statement given the information provided by county records, a thorough title search and information from your lender. The title company also files your deed with the county so an official record of your ownership is recorded in either Escambia or Santa Rosa Counties.

Your Realtor

Throughout this process we are coordinating all appointments and keeping track of time sensitive inspection reports and deadlines. We are keeping the seller's Realtor, the title company, the lender, the appraiser, the inspectors and you informed of what is taking place and what needs to be done. Consider us the General Contractors or, as one client described us, the Air Traffic Controllers, of your Pensacola real estate purchase. Our role is to keep you on track toward a smooth landing in your new home!

Closing Day - What to Expect

In the Pensacola real estate market closings generally take place in an attorney's office or at a title company. Sometimes your closing will be done via overnight mail, in which case you will need to have a notary available.

The title agent, or attorney's representative, and your Realtor are your guides through the paperwork drill on closing day. You should allow about an hour for closing. We work hard to streamline the process. It's worth the work as the reward is a new set of keys at the end of the day. And, perhaps some well deserved champagne!

Your Pensacola Home Buying Resource

When it comes time to search for homes for sale here along the Emerald Coast there is no greater search tool than our Pensacola MLS search and no greater source of area information than Pensacola for you, and the experienced team at Robin Sherman Realtors.

In fact, this website was built with your Pensacola, Gulf Breeze, Perdido Key, Pace and Navarre home buying needs in mind. You will find plenty of information on properties for sale in Escambia and Santa Rosa Counites. We do our best to make it easy for you to find the perfect real estate.

Buying Tools and Resources For Homes in the Pensacola Area

• Search For Homes In Pensacola
• View our Featured Properties
• Request Your Pensacola Home Buying Guide
• Information on Northwest Florida Real Estate
• Request Your Pensacola Relocation Package

Pensacola Home Buying Specialists

Your Pensacola area home buying needs are unique. Our team of seasoned agents are both knowledgeble and patient. No doubt, every agent you meet will tell you they are experienced, ethical, and professional but shouldn't all real estate agents possess those qualities?

So before you sign a buyers' agreement with just any agent, contact me and I'll explain why you can expect a different home buying experience - an experience focused on protecting your interest and making your real estate buying transaction successful.

Or read what some of our past clients have had to say on our Pensacola real estate agent reviews page.

Your Pensacola Home Buying Hotline!

This new and innovative approach to helping you buy your next Pensacola area home will help you save time, money, and reduce the stress associated with your next Pensacola home purchase. Simply contact us through phone or e-mail to begin receiving instant notifications when homes meeting your search criteria hit the market. Would you like more information on how you can put the power of this system to work for you? Contact me now or call Pensacola Home Buying Hotline today!