Buying a home in Orlando
Buying a home is a stressful event for a lot of people, but it isn't all that confusing with some planning ahead of time.
So they understand exactly what they can expect, I'll provide buyers with an outline of the entire deal.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer any questions you have regarding this information.
Step 1 – Prepare to buy
There are many things you should consider before you start searching for a home.
You'll want to put together an index of features you need to have, get an idea of what school districts and neighborhoods you want to live in, and start working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent in Orlando
That's where I can help.
We can arrange a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Orlando area.
I can also help you facilitate the loan process.
Royalty Real Estate Boutique, Inc. works with some of Orlando's best mortgage professionals, so you're in great hands.
They can assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Start looking
Following our first meeting, I'll begin looking for houses on the market that are a great fit for you.
I'll preview most of the homes and eliminate the bad ones, and then we'll set up appointments to tour the houses when it's convenient for you.
As we tour homes, I'll point out good features, as well as negative ones. I'll even ask you to tell us about things you like and dislike.
It's common for buyers to amend their wish list as we view houses and some features become more substantial than others.
If that happens, I'll go back through the listings once more and trim it down to the house of your dreams.
Step 4 – Know the market
An agent's understanding of the Orlando market is an essential aspect in your house search. And I assure you I'm acquainted with all the schools and neighborhoods, and I can communicate what neighborhoods are "hot" and require immediate action and the ones that are "cold" and allow for cautiousness.
When we tour homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions, as every real estate agent will tell you they understand the housing market.
If it doesn't seem like they know everything, call me at 407-380-6363 or e-mail me at , and I'd be glad to answer any questions you have. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I'm positive we'll find the home of your dreams in the Orlando area. When that happens, I'll thoroughly develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as getting financing, finishing the home inspection, and a clean title.
When we present your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property and is most often put towards the cost of closing. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your budget. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Get a loan
Upon completing the deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, it won't take much time at all, but you'll want to stay in close contact with your lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your lender within three days of receiving your loan application.
The estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and be within a precise range of accuracy, and I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and calm occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, just call me at 407-380-6363 or e-mail me at .