Buying a home intimidates a lot of people. However, with a little planning ahead of time, it's not too hard.
I like to give buyers a road map of the whole deal so they'll know exactly what they can expect.
These are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are several things you'll want to consider before beginning your home search.
When you begin your search, you'll want to make a check list of features you need, get an idea of what school districts and neighborhoods you'd like to live in, and begin planning your budget.
A good rule of thumb to go by is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Speak with a real estate agent in Orlando
This is where Kohler Realty, LLC. can help.
We can book a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Orlando area, the mortgage and housing industries, and any other economic factors that may affect your buying decision today or in the future.
In addition, I'll help you begin the loan process.
There are some excellent mortgage professionals in Orlando, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our first meeting, I'll start finding homes on the market that best suit you.
I'll research most of the houses and throw out the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we tour the houses, I'll call attention to positive features, as well as negative ones. I'll even ask you about things you like and don't like.
Generally, buyers update their list of must-haves as we view houses and some items become more important than others.
If that happens, I'll go back through all the listings once more and trim it down to the home you've been waiting for.
Step 4 – Understand the market
My understanding of the Orlando home market is an essential asset in your home search. I'm familiar with all the schools and neighborhoods, and I can let you know what areas are "hot" and warrant prompt action and others that are "cool" and allow for careful examination.
As we tour homes, I'll let you know if the seller's asking 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 a lot of questions, as every real estate agent in Orlando will tell you they understand the housing market.
If things don't add up, just call me at (407) 929-2913 or e-mail me at kohlerrealty@bellsouth.net, and I'd be happy to answer any questions you might have. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find your dream house
We'll find the home of your dreams in the Orlando area, and when we do, I'll thoroughly develop your home purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we turn in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property. The amount is most often applied to the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer, and it's extremely common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your budget. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Obtain your loan
Once the contract is finalized, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all, but you should to keep in close contact with your mortgage lender.
And I'll take care of 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) outlining your closing costs from your lender within three days of accepting your application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy. I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will likely occur at a title company or escrow office and will probably be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (407) 929-2913 or send me an e-mail.
