Are you buying your new home in Orlando?
For most people, purchasing a home can be an intimidating event. However, with some up-front planning, it isn't all that complicated.
So they'll know exactly what to expect, I will provide buyers with an outline of the entire deal.
Below are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address any questions you have about this information.
Step 1 – Get ready to buy a home
There are a lot of things you should contemplate prior to starting your home search.
You'll most likely want to make an index of items you need, get a feeling for what neighborhoods and school districts you'd like to live in, and start working on your budget.
A good rule of thumb to follow is that your mortgage payment should be close to 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Orlando
This is where I can help.
We'll plan a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss 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 school districts in the Orlando area.
I'll also assist you in getting started on your loan.
I work with some of Orlando's finest mortgage professionals, so you'll be in great hands.
They will assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Start looking
After our first meeting, I'll start searching for homes on the market that are great for you.
I'll preview many of the homes and ignore the duds, and then we'll schedule appointments to view the houses whenever it's convenient for you.
As we tour the homes, I'll point out good features, as well as bad ones. I'll even ask you what things you like and don't like.
As a rule, buyers amend their must-have list as we tour houses and some features become more substantial than others.
If that's the case, I'll search the listings again and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
My awareness of the Orlando housing market is a fundamental component in your house search. I am conscious of all the neighborhoods and school districts, and I will communicate certain neighborhoods are "hot" and demand prompt action and the ones that are "cool" and allow for thoughtful consideration.
When we tour houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
Be on guard and make sure you ask plenty of questions, as every REALTOR will convince you they know the market.
If things don't add up, contact me at 407-380-6363 or e-mail me at , and I'll be more than happy to answer your questions. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find the house of your dreams in Orlando. When we do, I'll meticulously create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
When we send in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is usually applied to the closing costs. If your offer is accepted, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer. It's extremely common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Get your loan
After the contract is finished, you'll start working with your lender to close the loan.
This won't take long at all if you've been pre-approved, but you should to stay in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) outlining your closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of getting your loan application.
The estimate is formed from the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often happen at a title company or escrow office and is often a smooth and relaxed affair.
Step 9 – Move in
Congratulations! Now you can 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 .