Purchasing a home is intimidating for many people, but it's not all that complex with a bit of planning ahead of time.
I like to give buyers an outline of the whole deal so they'll understand exactly what they can expect.
These are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to ashley@davelowerealty.com. I'm happy to address any questions you have regarding this information.
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Step 1 – Prepare to buy a home
There are many things you should do prior to starting your home search.
When you begin your search, you'll want to make a check list of features you want, get an idea of what school districts you'd like to live in, and begin working on your budget.
A good principle to adhere to is that your mortgage payment should be less than or around 30 percent of your monthly income.
Step 2 – Contact a real estate agent
That's where I come in.
I'd be more than happy to set up 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 discuss everything from neighborhoods, school districts in the Mt Dora area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you start the loan process.
I work with some of the finest mortgage professionals in Mt Dora, so you can rest assured that you're in great hands.
They'll help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
Following our first meeting, I'll begin finding houses on the market that meet your needs.
I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll book appointments to view the houses whenever it's most convenient for you.
When we tour houses, I'll show you the good features, as well as negative ones. I'll even ask you to tell us about things you like and dislike.
It's common for buyers to change their must-have list as we view houses and some features become far more important than others.
If that happens, I'll look through the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the housing market
My knowledge of the Mt Dora market is a fundamental asset in your house search. I am mindful of all the neighborhoods and school districts, and I can let you know certain districts are "hot" and demand immediate action and the ones that are "cool" and allow for more examination.
As we tour homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Be careful and make sure you ask a lot of questions, as every REALTOR® in Mt Dora will convince you they comprehend the home market.
If it seems like they don't know everything, call me at (352) 383-7104 or e-mail me at ashley@davelowerealty.com, and I'd be happy to answer any questions you may have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find the house of your dreams in Mt Dora. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as getting financing, finishing the home inspection, and a clear title.
Upon presenting your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property, and it's typically put towards the closing costs. If the offer is accepted, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer, and it's pretty common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Obtain a loan
After the contract is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, it shouldn't take much time at all. However, you'll need to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) of closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your home. This should take place at a title company or escrow office and will probably be a smooth and comfortable occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, simply call me at (352) 383-7104 or send me an e-mail.
