June 6th, 2014 9:47 AM by Carolyn Canada
Buying a home is intimidating for most people, but with a little up-front planning, it isn't that complicated. So you'll know exactly what to expect, I like to provide my buyers with a road map of the whole deal. These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or send me e-mail. I'm happy to answer questions you have about this information.
Step 1 – Get ready to purchase a homePrior to starting your home search, there are many things you need to do. It's likely that you'll want to put together a list of items you need, get a feeling for what neighborhoods you'd like to live in, and begin planning your budget. A good rule to adhere to is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Get with a real estate agent in Seminole or Orange County This is where I can help. I can arrange a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in Seminole and Orange Counties, the mortgage industry, and any additional economic factors that might affect your purchase today or in the future.
I can also help you start the loan process. There are some very good mortgage professionals in Central Florida, and I partner with a lot of them, so you'll be in great hands. They will assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a houseAfter our first meeting, I'll start searching for homes on the market that are a good fit for you. I'll research many of the houses and eliminate the bad ones, and then we'll set up appointments to view the houses whenever it's convenient for you.When we tour houses, I'll point out positive features, as well as negative ones. I'll even ask you to tell me about things you like and dislike. Generally, buyers update their must-have list as we tour houses and some features become far more substantial than others. If such is the case, I'll look through all the listings again and narrow it down to the house you've been waiting for.
Step 4 – Know the marketMy awareness of the Seminole and Orange County market is a valuable advantage in your home search. I am conscious of all the schools and neighborhoods, and I can alert you to certain neighborhoods are "hot" and call for prompt action and the ones that are "cold" and allow for thoughtful examination.
As we tour homes, I'll make sure to communicate when the asking price has room for negotiation and when I trust the house is "priced to sell." Be mindful and be sure to ask your agent lots of questions, as every REALTOR® in the area will claim to truly understand the housing market. If it seems like they don't know everything, call me at (407)366-1333 or e-mail me at email@example.com, and I'll be happy to answer any questions you may have. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreamsI'm certain we'll find your dream house in the Central Florida area, and when that happens, I'll thoroughly create your purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we present your offer, you'll need to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property. The amount is often put towards the cost of closing. If the offer is accepted, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – NegotiateUnfortunately most deals don't close on the beginning offer, and it's really common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions. We'll also work within your financing constraints. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Obtain your loanAfter we sign the final contract, you'll begin working with your mortgage lender to close the loan. If you're pre-approved, this won't take long at all. But you'll want to keep in close contact with your mortgage lender. And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal Your mortgage lender will supply you with a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your application. The estimate depends on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks all right.
Then we'll close on your house. This should take place at a title company or escrow office and will most often be a smooth and relaxing affair.
Step 9 – Move inSuccess! Now you can move into your new house. Enjoy it. And if you have any questions, just call me at (407)366-1333 or send me an e-mail.