Buying a home is an intimidating event for most people, but it isn't that difficult with some planning ahead of time.
So you understand exactly what to expect, I like to provide my buyers with an overview of the whole deal.
These are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to caridas101@mindspring.com. I'm happy to address any questions you have regarding this information.
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Step 1 – Prepare to purchase
There are several things you should consider before starting your home search.
You'll probably want to form a check list of features you need to have, get a plan of what school districts and neighborhoods you want to live in, and start planning your budget.
Ensuring your mortgage payment is around 30 percent of your net monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
This is where I come in.
We'll arrange a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Orlando area.
I can also help you begin 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 decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After we meet for the first time, I'll begin looking for homes on the market that are great for you.
I'll preview many of the houses and eliminate the bad ones, and then we'll book appointments to view the houses whenever it's most convenient for you.
As we view houses, I'll show you the positive features and negative ones. I'll even ask you to point out what things you like and dislike.
It's widely common for buyers to change their must-have list as we tour houses and some features become more important than others.
If that's the situation, I'll look through all the listings again and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
My understanding of the Orlando market is a crucial asset in your home search. I am familiar with all the schools and neighborhoods, and I can communicate which districts are "hot" and warrant prompt action and some that are "cold" and allow for more consideration.
When we view homes, I'll make sure to communicate if the asking price has room for negotiation or if I believe the home is "priced to sell."
Be mindful and be sure to ask lots of questions, as any REALTOR® will claim to know the home market.
If things don't add up, call me at (407) 299-6942 or e-mail me at caridas101@mindspring.com, and I'll be more than happy to answer any questions you may have. My market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find the home you've been looking for
I'm confident we'll find the house of your dreams in the Orlando area. When we do, I'll precisely develop your home purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as acquiring financing, finishing the inspection, and a clear title.
When sending in your offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property. The amount is often applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the beginning offer – it's extremely common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Secure your loan
Upon finishing the deal, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take very long at all, but you'll want to stay in close contact with your mortgage lender.
And I'll manage 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 Good Faith Estimate (GFE) outlining your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of taking your application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy, and I'll go over the estimate and let you know if it all looks good.
Then we'll close on your house. This will most likely take place at a title company or escrow office and will probably be a smooth and hassle-free affair.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at (407) 299-6942 or send me an e-mail.
