Purchasing a home intimidates many people, but it's not all that confusing with a bit of up-front planning.
I like to supply buyers with a road map of the whole deal so they'll understand exactly what to expect.
Here are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
Before you start looking for a home, there are a lot of things you need to contemplate.
You'll probably want to put together a checklist of features you want to have, get a feeling for what neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than or around 1/3 of your monthly income is a good rule to go by.
Step 2 – Get in touch with a real estate agent
This is where John Hayton comes in.
I'd love to set up a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future.
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.
There are some very good mortgage professionals in Orlando, and I partner with a lot of them, so you'll be in great hands.
They'll help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After our first meeting, I'll start searching for available houses on the market that best suit you.
I'll research most of the houses and ignore the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
When we tour the houses, I'll identify good features and negative ones. And I'll ask you about things you like and dislike.
Usually, buyers update their wish list as we view houses and some items become more essential than others.
If that's the situation, I'll go back through all the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Get a grasp of the market
Your agent's understanding of the Orlando housing market is a crucial aspect in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I can alert you to which districts are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful consideration.
When we tour houses, I'll let you know if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions, as any real estate agent will claim to truly know the market.
If it doesn't seem like they know everything, just call me at 4076909949 or e-mail me at britishrealtor30@yahoo.com, and I'd be more than happy to answer any questions you may have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home of your dreams
I know we'll find your dream home in the Orlando area. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as acquiring financing, completing the inspection, and a clear title.
Upon sending in your offer, you'll probably need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer, and it's extremely common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Obtain a loan
After we sign the final sales contract, you'll start working with your lender to close the loan.
If you're pre-qualified, it won't be a long process at all, but you'll need to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage 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 lender within three days of getting your loan application.
The estimate is based on the loan amount. RESPA requirements order that it has to include all closing costs and be within a tight range of accuracy, and I'll study the estimate and let you know if it all looks okay.
Then we'll close on your home. This will probably take place at a title company or escrow office and will probably be a smooth and easygoing event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at 4076909949 or send me an e-mail.
