Are you purchasing your new home in Orlando? Royalty Real Estate Boutique, Inc. can help.
Purchasing a home is intimidating for most people. However, with a bit of planning ahead of time, it isn't very hard.
So they'll understand exactly what to expect, I like to give buyers an overview of the entire deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address any questions you have regarding this information.
Step 1 – Prepare to purchase
There are plenty of things you need to take into account before you look for a home.
When you start your search, you'll want to make a checklist of features you want, plan for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
A good rule to follow is that your mortgage payment should be close to a third of your net monthly income.
Step 2 – Contact a real estate agent in Orlando
This is where Royalty Real Estate Boutique, Inc. comes in.
I'd love to set up a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Orlando area, the mortgage industry, and any other economic factors that could affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
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 will assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Start looking
After our initial meeting, I'll begin finding homes on the market that are great for you.
I'll research most of the houses and throw out the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we tour homes, I'll identify positive features, as well as negative ones. I'll even ask you what things you like and don't like.
Most often, buyers update their list of must-haves as we view houses and some items become far more substantial than others.
If such is the case, I'll look through the listings once more and trim it down to the house you've been waiting for.
Step 4 – Comprehend the housing market
My knowledge of the Orlando housing market is a necessary element in your house search. I'm mindful of all the neighborhoods and school districts, and I'll communicate which districts are "hot" and call for immediate action and others that are "cold" and allow for more consideration.
As we tour houses, I'll let you know if the list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask plenty of questions, as any real estate agent will claim to truly know the home market.
If things don't add up, just call 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 market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I know we'll find your dream home in the Orlando area. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs and the home, including many contingencies. A few examples are acquiring financing, finishing the inspection, and a clean title.
When we present your offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property. The amount is usually applied to the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer. It's very common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and go on.
The state of the market will play a vital role in how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Secure a loan
Upon finishing the contract, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, it won't take long at all, but you need to keep in close contact with your lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy. I'll analyze the estimate and let you know if everything looks good.
Then we'll close on your home. This will probably take place at a title company or escrow office and will most often be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at 407-380-6363 or e-mail me at .