Buying or selling a home? Royalty Real Estate Boutique, Inc. can help.
For most people, purchasing a home is a stressful event. However, with some up-front planning, it isn't very difficult.
I like to give buyers an outline of the entire deal so they'll understand exactly what they can expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Prepare to purchase
Before you begin your home search, there are many things you need to consider.
When you start your search, you'll want to form an index of features you need, get an idea of what school districts and neighborhoods you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or around 1/3 of your monthly income is a good guideline to adhere to.
Step 2 – Speak with a real estate agent in Orlando
This is where Royalty Real Estate Boutique, Inc. can help.
I'd love to set up a time to get together with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Orlando area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Orlando, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
After our initial meeting, I'll start finding homes on the market that are great for you.
I'll research most of the homes and throw out the duds, and then we'll book appointments to tour the houses whenever it's convenient for you.
When we view houses, I'll show you the good features, as well as negative ones. I'll also ask you about things you like and don't like.
For the most part, buyers update their list of must-haves as we tour homes and some things become far more essential than others.
If that's the case, I'll go back through all the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
An agent's knowledge of the Orlando market is a fundamental factor in your home search. And I can assure you I'm familiar with all the neighborhoods and school districts, and I'll alert you to what districts are "hot" and demand immediate action and some that are "cool" and allow for more consideration.
As we tour houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions, as every REALTOR in Orlando will tell you they truly understand the home market.
If it doesn't seem like they know everything, contact me at 407-380-6363 or e-mail me at , and I'll be more than happy to answer any questions you might have. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home you've been waiting for
We'll find your dream home in the Orlando area, and when that happens, I'll carefully create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies. A few examples are getting financing, finishing the home inspection, and a clear title.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property. The amount is usually put towards the cost of closing. If your offer is accepted, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Obtain your loan
Upon finishing the deal, you'll begin working with your lender to close the loan.
This won't take long at all if you're pre-approved, but you should to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) of closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of taking your application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a tight range of accuracy, and I'll study the estimate and let you know if it all looks okay.
Then we'll close on your house. This will most likely occur at a title company or escrow office and should be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 407-380-6363 or e-mail me at .