Buying a home is intimidating for many people, but it isn't too difficult with a little up-front planning.
So you understand exactly what to expect, I like to furnish my buyers with an outline of the entire deal.
These are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
Before you begin looking for a home, there are a lot of things you'll want to contemplate.
When you start your search, you'll probably want to assemble a check list of features you want to have, get a feel for what neighborhoods you want to live in, and start planning around your budget.
A good guideline to follow is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Get with a real estate agent
This is where Five Star Realty Group LLC can help.
I'd love to schedule a time to meet with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about 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'll 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 can rest assured that you're in great hands.
They'll assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After we meet, I'll start searching for available houses on the market that best suit you.
I'll preview many of the houses and reject the bad ones, and then we'll book appointments to view the homes at a time that's convenient for you.
When we view homes, I'll identify positive features, as well as bad ones. And I'll ask you to talk about things you like and don't like.
Frequently, buyers amend their list of must-haves as we view houses and some features become more important than others.
If that's the case, I'll search all the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the Orlando home market is an indispensable resource in your home search. I'm conscious of all the neighborhoods and school districts, and I'll let you know which neighborhoods are "hot" and call for immediate action and others that are "cool" and allow for careful analysis.
When we tour houses, I'll let you know if the asking price has room for negotiation or if I believe the house is "priced to sell."
Every REALTOR® will tell you they comprehend the home market, but beware, and be sure to ask your agent lots of questions.
If things don't add up, call me at (407) 781-4442 or e-mail me at kevin@kmcfall.com, and I'd be happy to answer any questions you may have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm certain we'll find your dream home in Orlando. When we do, I'll carefully develop your purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When submitting your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property. The amount is most often applied to the closing costs. If the seller accepts your offer, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer, and it's really common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Secure your loan
Once the contract is finalized, you'll begin working with your lender to close the loan.
If you've been pre-approved, this won't be a long process at all, but you'll want to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) outlining closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your application.
The estimate is based on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a close range of accuracy. I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will likely happen at a title company or escrow office and should be a smooth and easygoing event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call me at (407) 781-4442 or send me an e-mail.
