With some up-front planning, purchasing a home isn't very complicated, but the event can be stressful for many people. I like to supply buyers with a road map of the entire deal so they understand exactly what they can expect. Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
Prior to beginning your home search, there are plenty of things you'll want to consider. When you begin your search, you'll want to assemble a list of items you need to have, plan for what neighborhoods and school districts you'd like to live in, and start planning your budget. A good principle to follow is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Get in touch with a real estate agent in Orlando
That's where I come in. I'd like to book a time to meet with you and communicate with you about your real estate needs and get an idea of your upcoming plans. We'll discuss neighborhoods, schools in the Orlando area, the mortgage industry, and any additional economic factors that may affect your purchase today or in the future.
In addition, I'll help you begin the loan process. I partner with some of Orlando's finest mortgage professionals, so you're in great hands. They'll assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
Following our first meeting, I'll start looking for available homes on the market that are a good fit for you. I'll research many of the houses and eliminate the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we tour homes, I'll identify good features and negative ones. And I'll ask you to point out what things you like and don't like. For the most part, buyers amend their wish list as we view houses and some items become far more important than others. If such is the case, I'll go back through the listings again and trim it down to the house you've been waiting for.
Step 4 – Understand the housing market
Your agent's awareness of the Orlando housing market is a necessary factor in your house search. And I can assure you I'm informed of all the neighborhoods and school districts, and I will communicate which districts are "hot" and require immediate action and others that are "cold" and allow for thoughtful examination.
When we view houses, I'll let you know when the list price has room for negotiation and when I believe the house is "priced to sell." Trust your instincts and make sure you ask plenty of questions, as any REALTOR® in Orlando will claim to truly understand the home market. If things don't add up, call me at 407.297.8500 or e-mail me at firstname.lastname@example.org, and I'll be happy to answer any questions you have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I know we'll find your dream house in the Orlando area. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are acquiring financing, finishing the home inspection, and a clean title. When submitting your offer, you'll probably need to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property.
The amount is typically applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer – it's really common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions. In addition, we'll work within your budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Secure your loan
Upon finalizing the deal, you'll begin working with your lender to close the loan. If you're already pre-approved, it won't take long at all. However, you should to stay in close contact with your mortgage lender. And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) outlining closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application. The estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks adequate. Then it's time to close on your home. This should take place at a title company or escrow office and is often a smooth and calm occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at 407.297.8500 or send me an e-mail.