Buying a home is stressful for most people, but with some planning ahead of time, it isn't very complex. I like to furnish buyers with a road map of the entire deal so they understand exactly what to expect. Below are my nine steps to buying a home.
 |
 |
 |
When you're ready to get started, simply contact me here or send e-mail to info@southernrealtyflorida.com. I'm happy to address any questions you have regarding this information. |
|
|
|
|
Step 1 – Get ready to purchase
Before you commence your home search, there are several things you should contemplate. It's likely that you'll want to form a checklist of items you need to have, get an idea of what neighborhoods you'd like to live in, and begin working on your budget. A good principle to go by is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Communicate with a real estate agent in Mount Dora
This is where Southern Realty, LLC comes in. I'd like to set up a time to get together with you and communicate with you about your real estate needs and get an idea of your upcoming plans. We'll discuss the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Mount Dora area.
I'll also help you begin the loan process. Southern Realty, LLC works with some of the finest mortgage professionals in Mount Dora, so you'll be in great hands. They can help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After our first meeting, I'll begin looking for available houses on the market that are great for you. I'll get a sneak peek of many of the homes and ignore the bad ones, and then we'll book appointments to view the homes whenever it's most convenient for you.
When we tour the houses, I'll call attention to good features, as well as negative ones. I'll even ask you what things you like and don't like. It's widely common for buyers to change their list of must-haves as we tour houses and some features become more essential than others. If that's the situation, I'll look through the listings again and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
My knowledge of the Mount Dora home market is a necessary asset in your house search. I'm mindful of all the schools and neighborhoods, and I can let you know certain neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for cautiousness.
As we view 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 be sure to ask plenty of questions. Every REALTOR® in Mount Dora will claim to comprehend the housing market. If things don't add up, contact me at (352) 735-4709 or e-mail me at info@southernrealtyflorida.com, and I'll be more than happy to answer any questions you have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
I know we'll find the home of your dreams in Mount Dora. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as getting financing, finishing the home inspection, and a clear title.
Upon turning in your offer, you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property and is usually applied to the cost of closing. If the offer is accepted, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer. It's very common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Get your loan
After the contract is signed, you'll begin working with your lender to close the loan. If you're pre-approved, it shouldn't take very long at all, but you'll need to stay in close contact with your mortgage lender. And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving your loan application. The estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a precise range of accuracy, and I'll review the estimate and let you know if it all looks good.
Then we'll close on your home. This will likely take place at a title company or escrow office and will probably be a smooth and calm event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at (352) 735-4709 or send me an e-mail.
