Purchasing a new home in Orlando?
Purchasing a home is intimidating for most people. However, with some planning ahead of time, it isn't that confusing.
I like to give buyers an overview of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Prepare to buy a home
Before you start looking for a home, there are many things you should take into account.
You'll want to make a check list of items you want, get an idea of what neighborhoods you'd like to live in, and start planning your budget.
Keeping your mortgage payment around a third of your net monthly income is a good principle to adhere to.
Step 2 – Communicate with a real estate agent in Orlando
This is where I can help.
I'd like to plan a time to get together with you and speak with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that may affect your purchase 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.
Royalty Real Estate Boutique, Inc. works with some of Orlando's best mortgage professionals, so you can rest assured that you're in great hands.
They can help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our initial meeting, I'll start searching for houses on the market that suit your needs.
I'll get a sneak peek of most of the houses and throw out the duds, and then we'll schedule appointments to view the homes when it's convenient for you.
When we tour the houses, I'll show you the positive features, as well as negative ones. I'll even ask you to talk about things you like and don't like.
It's pretty common for buyers to amend their list of must-haves as we tour houses and some features become far more essential than others.
If that's the case, I'll go back through the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Understand the housing market
Your agent's awareness of the Orlando housing market is an imperative factor in your home search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I'll communicate what areas are "hot" and demand prompt action and the ones that are "cool" and allow for careful analysis.
When we view houses, I'll be sure to tell you when the seller's list price has room for negotiation and when I think the house is "priced to sell."
Be on guard and be sure to ask a lot of questions, as any real estate agent will tell you they comprehend the housing market.
If it doesn't seem like they know everything, just call me at 407-380-6363 or e-mail me at , and I'd be more than happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
We'll find the house of your dreams in the Orlando area, and when that happens, I'll meticulously create your purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, carrying out the inspection, and a clear title.
When presenting your offer, you'll probably need to present "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property. The amount is most often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the beginning offer. It's really common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a big part in how aggressively we negotiate the contract.
We'll also work within your budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Get your loan
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, this won't be a long process at all, but you'll want 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
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of receiving your application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your house. This should take place at a title company or escrow office and will most often be a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at 407-380-6363 or e-mail me at .