For most people, purchasing a home can be a stressful event. But with some planning ahead of time, it isn't that difficult. I like to provide buyers with a road map of the whole deal so they'll understand exactly what they can expect. Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
Before you commence your home search, there are many things you'll want to take into account. When you begin your search, you'll probably want to assemble a check list of features you want to have, get a feel for what school districts you'd like to live in, and start planning around your budget. Ensuring your mortgage payment is less than or around 30 percent of your net monthly income is a good guideline to adhere to.
Step 2 – Get in touch with a real estate agent in Clermont
That's where we can help. We would be happy to set up a time to meet with you and talk about your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, school districts in the Clermont area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process. Rightmove Orlando Real Estate partners with some of the finest mortgage professionals in Clermont, so you're in great hands. They will assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll start finding homes on the market that are a good fit for you. I'll research most of the homes and eliminate the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
When we tour houses, I'll show you the good features and bad ones. I'll also ask you to talk about things you like and don't like. It's widely common for buyers to amend their wish list as we view homes and some features become more substantial than others. If that happens, I'll search the listings again and trim it down to the home you've been waiting for.
Step 4 – Understand the housing market
Your agent's understanding of the Clermont market is a crucial element in your house search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I will communicate what areas are "hot" and warrant immediate action and others that are "cold" and allow for thoughtful analysis.
As we tour homes, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be on guard and be sure to ask lots of questions, as every REALTOR® will claim to truly know the home market. If it appears they don't know everything, call me at 863-588-1680 or e-mail me at jeff@rightmoveorlando.com, and I'd be happy to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream house in the Clermont area. When that happens, I'll carefully create your home purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
When turning in your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property. The amount is usually applied to the cost of closing. If the offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer – it's widely common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market conditions will play a part in how aggressively we negotiate the contract. In addition, we'll work within your budget. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Obtain financing
Once the deal is signed, you'll start working with your mortgage lender to close the loan. If you're pre-qualified, it shouldn't take long at all. However, you need to keep in close contact with your mortgage lender. And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of getting your loan application. The estimate rests on the loan amount. RESPA requirements require that it has to include all closing costs and fall within a close range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then we'll close on your house. This should take place at a title company or escrow office and will probably be a smooth and relaxed affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply call me at 863-588-1680 or send me an e-mail.
