Buying a home is stressful for most people. However, with some up-front planning, it isn't very difficult.
So you know exactly what to expect, I like to provide my buyers with an overview of the entire deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are plenty of things you should contemplate prior to starting your home search.
You'll probably want to make a checklist of features you need, get a feeling for what neighborhoods you'd like to live in, and begin planning your budget.
A good guideline to adhere to is that your mortgage payment should be around a third of your net monthly income.
Step 2 – Contact a real estate agent
This is where I come in.
I'd be happy to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Orlando area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
There are some excellent mortgage professionals in Orlando, and I partner with a lot of them, so you'll be in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After we meet, I'll begin searching for homes on the market that are good for you.
I'll preview many of the houses and reject the bad ones, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
When we tour homes, I'll point out positive features and bad ones. I'll also ask you to tell us about things you like and dislike.
It's widely common for buyers to amend their must-have list as we view homes and some features become far more important than others.
If that happens, I'll search the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
My awareness of the Orlando market is an indispensable asset in your search. I'm mindful of all the school districts and neighborhoods, and I'll alert you to what districts are "hot" and call for immediate action and some that are "cool" and allow for careful consideration.
As we view houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell."
Any REALTOR® in Orlando will convince you they comprehend the home market, but beware, and be sure to ask a lot of questions.
If things don't add up, contact me at 321.293.2170 or e-mail me at info@movingorlando.com, and I'll be more than happy to answer any questions you have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find your dream house
I'm positive we'll find your dream home in Orlando. When we do, I'll precisely develop your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as acquiring financing, completing the home inspection, and a clear title.
When we submit your offer, you'll likely want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property. The amount is typically applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the first offer, and it's very common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Secure financing
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, this won't take long at all. However, you should to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and fall within a tight range of accuracy, and I'll examine the estimate and let you know if it all looks good.
Then it's time to close on your house. This will likely take place at a title company or escrow office and is often a smooth and easygoing occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 321.293.2170 or send me an e-mail.
