Advantages to purchasing your new home in Central Florida with Commercial, Homes and Land, Inc.
Purchasing a home can be a stressful event for a lot of people. However, with a bit of up-front planning, it isn't very confusing. The CHL team offers years of experience to help you navigate your home purchase, So you'll know exactly what to expect, we like to provide our buyers with a road map of the entire deal. Here are our nine steps to buying a home.
When you're ready to get started, just contact us here or send us e-mail
. We're happy to answer questions you have about this information.
Step 1 – Prepare to purchase a home
Before you begin looking for a home, there are a lot of things you'll want to take into account. It's likely that you'll want to form a list of items you want, get an idea of what neighborhoods and school districts you want to live in, and begin working on your budget. A good principle to adhere to is that your mortgage payment should be no more than 30 percent of your net monthly income. However, there are different scenarios, depending on whether you are a First Time Home Buyer or planning to purchase with all cash, VA, FHA or a Conventional Mortgage.
Step 2 – Contact a real estate agent in Central Florida
This is where Commercial, Homes and Land, Inc. comes in. We'd be more than happy to arrange a time to get together with you and give you an opportunity to share with us your real estate needs and desires. We'll talk about the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as convenient neighborhoods and school districts in the Central Florida area.
We'll also assist you with getting started on your loan. Commercial, Homes and Land, Inc. works with some of the finest mortgage professionals in Central Florida, so you can rest assured that you're in great hands. They can assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our first meeting, we'll start searching for available houses on the market that are good for you. We'll research most of the houses and remove the duds, and then we'll book appointments to tour the houses whenever it's convenient for you.
As we view houses, we'll point out positive features, as well as negative ones. We'll also ask you to tell us about things you like and dislike. For the most part, buyers update their must-have list as we view houses and some features become more essential than others. If that's the situation, we'll search all the listings in your price range another time and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the housing market
Our awareness of the Central Florida home market is a valuable resource in your home search. We are conscious of home Owner Associations versus no home Owner Associations, gated communities, proximity to schools, shopping, employment and medical facilities.
As we tour houses, we'll be sure to tell you if the list price is a bit high or if we believe the house is "priced to sell." Any REALTOR® in Central Florida will tell you they know the market, but keep an eye out, and be sure to ask your agent a lot of questions. If it seems as if they don't have all the answers, just call us at (407)366-1333 or e-mail us at Canada_c@bellsouth.net and we'd be more than happy to answer any questions you have. Our market expertise will keep you a step ahead throughout the entire transaction.
Step 5 – Find the home you've been looking for
We'll find the home of your dreams in the Central Florida area. When that happens, we'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs, including any contingencies. A few examples are getting financing, carrying out the inspection, and a clear title.
When we present your purchase offer, most likely you'll need to present "earnest money," a deposit which is held in Escrow and is credited to you at closing as part of your down payment. This is a cash deposit made to a home seller to secure an offer to purchase the property and is typically applied to the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing and inspection period .
Step 6 – Negotiate the deal
Part of negotiation involves presenting proof of cash funds or a letter from a lender stating that you are pre-approved or at the very least, pre-qualified. Unfortunately many offers are not immediately accepted. It's widely common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on. Also, in a Sellers' market, you might lose out to another offer, since there is a great amount of competition. We'll help you to "put your best foot forward" when presenting an offer.
How aggressively we negotiate the deal depends on the state of the market and how to position your offer to be looked upon favorably. In addition, we'll work within your financing limits. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Obtain financing
Upon acceptance of your offer, you'll start working with your lender to close the loan. It shouldn't take long at all if you're already pre-qualified or pre-approved, but you should to keep in close contact with your mortgage lender. And we'll help manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you an estimate of closing costs within three days of receiving your loan application. The estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy. We'll review the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will probably be a smooth and pleasant occurrence.
Step 9 – Move in
Success! Now you can move into your new house. You will receive your recorded deed and Title insurance policy in the mail within four to six weeks. If this home is your primary residence, you will want to make certain that you apply for Homestead Exemption. Enjoy it your new home! And if you have any questions, make sure you call us at (407)366-1333 or send us an e-mail.