Purchasing a home in Orlando with David Welch and RE/MAX 200 Realty
For a lot of people, buying a home is a stressful event. However, with some planning ahead of time, it's not too hard. I like to give buyers an overview of the entire deal so they'll know exactly what to expect. Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are plenty of things you need to consider prior to starting your home search. You'll probably want to make a checklist of items you want to have, get an idea of what school districts you'd like to live in, and start planning your budget. Keeping your mortgage payment around a third of your net monthly income is a good guideline to follow.
Step 2 – Get with David Welch, REALTOR.
That's where I can help. I'll set up a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Orlando area.
I'll also help you begin the loan process. There are some excellent mortgage professionals in Orlando, and I work with a lot of them, so you can rest assured that you're in great hands. They can assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Start looking for a house
After our first meeting, I'll begin looking for available homes on the market that meet your needs. I'll research many of the homes and throw out the bad ones, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
As we tour houses, I'll point out good features and negative ones. And I'll ask you to talk about things you like and dislike. Usually, buyers amend their wish list as we tour homes and some things become more crucial than others. If that's the situation, I'll search all the listings another time and narrow it down to the house you've been waiting for.
Step 4 – Know the market
My understanding of the Orlando home market is a necessary advantage in your search. I am informed of all the neighborhoods and schools, and I'll let you know which neighborhoods are "hot" and require immediate action and the others that are "cold" and allow for cautiousness.
As we tour houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell." I'll always be happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find your dream house
I'm confident we'll find your dream home in Orlando. When that happens, I'll carefully develop your purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we send in your offer, you'll want to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property. The amount is usually applied to the closing costs. If the seller accepts the offer, we should close about 30 to 45 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer, and it's widely common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the deal. We'll also work within your financing constraints. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Get a loan
Once the deal is finalized, you'll begin working with your mortgage lender to close the loan. If you're pre-approved, this won't take much time at all. However, you'll want to stay in close contact with your lender. And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a good faith estimate outlining your closing costs from your mortgage lender within three days of getting your loan application. This estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a tight range of accuracy, and I'll review the estimate with you and let you know if it all looks adequate.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will likely be a smooth and exciting occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, just call me at 407-924-7670 or send me an e-mail.
by David Welch
Orlando Real Estate