For most people, buying a home can be an intimidating event. But with a bit of up-front planning, it's not that hard. So you understand exactly what to expect, I like to supply my buyers with a road map of the entire deal. These are my nine steps to buying a home.
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If you have questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at lenny@investorlandorealty.com. |
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Step 1 – Get ready to buy a home
Before you start your home search, there are a lot of things you should consider. When you begin your search, you'll probably want to put together an index of items you want to have, get a plan of what neighborhoods and school districts you want to live in, and start working on your budget. Keeping your mortgage payment around 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Speak with a real estate agent
This is where Investorlando Realty can help. We'll book a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans. We'll discuss 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 in getting started on your loan. I work with some of the finest mortgage professionals in the area, so you can rest assured that you're in great hands. They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After we meet for the first time, I'll start searching for houses on the market that are great for you. I'll research many of the houses and ignore the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we view the homes, I'll show you the good features and negative ones. And I'll ask you to point out what things you like and dislike. Generally, buyers revise their list of must-haves as we view homes and some items become more crucial than others. If that happens, I'll look through the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the market
Your agent's knowledge of the local market is an essential aspect in your house search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll alert you to some districts are "hot" and warrant prompt action and some that are "cold" and allow for thoughtful analysis.
When we tour homes, I'll let you know when the list price has room for bargaining and when I believe the house is "priced to sell." Be careful and be sure to ask your agent plenty of questions, as every Realtor will convince you they know the home market. If it appears they don't know everything, contact me at 407.937.2200 or e-mail me at lenny@investorlandorealty.com, and I'll be more than happy to answer your questions. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
I'm positive we'll find the house of your dreams. When we do, I'll carefully develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as getting financing, completing the home inspection, and a clear title.
When submitting your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property, and it's often put towards the cost of closing. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's really common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the contract. We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Get your loan
Upon completing the contract, you'll begin working with your mortgage lender to close the loan. This shouldn't take very long at all if you're already pre-approved, but you need to keep in close contact with your mortgage lender. And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of receiving your application. This estimate is based on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a precise range of accuracy, and I'll review the estimate and let you know if it all looks good.
Then it's time to close on your home. This will likely occur at a title company or escrow office and is often a smooth and comfortable affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 407.937.2200 or send me an e-mail.
