Purchasing your home in Orlando with Royalty Real Estate Boutique, Inc.
Purchasing a home is a stressful event for many people, but with some up-front planning, it's not too confusing.
I like to furnish buyers with a road map of the entire deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
If you have any questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
Before you begin searching for a home, there are many things you should take into account.
When you begin your search, you'll probably want to assemble an index of must-have features, get a plan of what neighborhoods and school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good principle to follow.
Step 2 – Speak with a real estate agent in Orlando
This is where I can help.
I'd be happy to schedule a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Orlando area.
I can also assist you with getting started on your loan.
There are some excellent mortgage professionals in Orlando, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
After our first meeting, I'll begin looking for houses on the market that are great for you.
I'll research most of the homes and remove the duds, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
As we view the homes, I'll show you the positive features, as well as negative ones. And I'll ask you to tell us about things you like and dislike.
It's pretty common for buyers to change their wish list as we tour houses and some features become more substantial than others.
If that's the case, I'll search the listings once again and narrow it down to the home of your dreams.
Step 4 – Understand the housing market
Your agent's awareness of the Orlando market is a necessary agent in your house search. And I can assure you I'm acquainted with all the neighborhoods and schools, and I can alert you to certain districts are "hot" and warrant immediate action and others that are "cool" and allow for cautiousness.
When we tour houses, I'll let you know when the seller's asking price has room for bargaining and also when I think the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions, as any real estate agent in Orlando will claim to know the 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 knowledge of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream house in Orlando. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are getting financing, finishing the home inspection, and a clear title.
When we present your offer, you'll probably want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property and is often put towards the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions will play a vital role 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 create a deal that works well for you.
Step 7 – Obtain your loan
After the contract is finished, you'll start working with your lender to close the loan.
If you're already pre-approved, this shouldn't be a long process at all. But you'll want to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender needs 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 application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if it all looks good.
Then we'll close on your house. This will probably take place at a title company or escrow office and is often a smooth and pleasant affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 407-380-6363 or e-mail me at .