Are you contemplating purchasing a home in Orlando?
With some up-front planning, purchasing a home isn't too confusing, but the event intimidates a lot of people.
I like to supply buyers with a road map of the whole deal so they'll understand exactly what they can expect.
Below are my nine steps to purchasing a home.
Should you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy a home
Before you commence your home search, there are plenty of things you should consider.
You'll most likely want to make a list of features you need, get a plan of what school districts you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment around a third of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Communicate with a real estate agent
That's where I can help.
I'd be happy to arrange a time to get together with you and talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Orlando area.
In addition, I'll help you get started on your loan.
Royalty Real Estate Boutique, Inc. partners with some of Orlando's best mortgage professionals, so you can rest assured that you're in great hands.
They'll help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
Following our first meeting, I'll begin searching for available homes on the market that are great for you.
I'll research most of the homes and eliminate the bad ones, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll identify positive features and negative ones. I'll even ask you to talk about things you like and don't like.
Most often, buyers amend their list of must-haves as we view houses and some items become far more necessary than others.
If that's the case, I'll search all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Know the market
My understanding of the Orlando market is a fundamental component in your house search. I am conscious of all the neighborhoods and school districts, and I can communicate which districts are "hot" and require prompt action and some that are "cold" and allow for cautiousness.
As we view homes, I'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions, as any real estate agent in Orlando will convince you they understand the market.
If things don't add up, contact me at 407-380-6363 or e-mail me at , and I'd be glad to answer your questions. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream house in Orlando. When we do, I'll carefully develop your purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as getting financing, carrying out the inspection, and a clear title.
When we present your offer, you'll need to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property. The amount is typically applied to the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer. It's pretty common to receive a counter offer. Don't let it intimidate you. We'll figure out whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Get a loan
Upon signing the contract, you'll begin working with your lender to close the loan.
This won't take much time at all if you're already pre-qualified, but you'll need to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) of your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your house. This will probably take place at a title company or escrow office and will most likely be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just call me at 407-380-6363 or e-mail me at .