Home Buying Guide
Thinking About Purchasing A Home In The Orlando Area? We Can Help You Learn The Process And Guide You In Achieving Your Real Estate Goals!
Purchasing a home be it your first home, your 5th, or as an investment property can be a challenging task. Our goal in this process is to help you at any stage in the buying process. We work hard to educate our buyers on what’s going on in the current market, the buying process, and a variety of other areas related to your home purchase. Take a look below at a general overview of the home purchase process and enter your information to get your FREE buyer’s guide and action plan.
Step 1: Decide to Buy
The question of timing is an important aspect of your real estate purchase. Many factors play a role in this decision including:
Financial Stability – Can you afford a monthly mortgage payment? Have you had consistent employment over the last two years? Have you saved money for a down payment and closing costs? Are you currently renting and looking to purchase?Â
These are all important questions to begin asking yourself on the journey to homeownership.
Step 2. Finding Your Agent
As your buyer agent, We…
- Educate you about the market.
- Analyze your wants and needs.
- Steer you to homes that fit your criteria.
- Coordinate the work of other professionals.
- Negotiate on your behalf.
6. Solve any problems that may arise.
Step 3: Secure Financing
Once you have reviewed the benefits and drawbacks of purchasing a home the next most important step is to get pre-approved for a mortgage.
To be pre-approved for a mortgage means that you have provided a bank or lender documentation and through their analysis of your financial history they have determined you would be a suitable candidate for a mortgage. This does not mean you are approved for a loan but it is the first step to determining what your financial outlook is and how much you could afford as you look to purchase a home.
A pre-approval is generally requested by sellers agents for any offers put in for a home.
Click here for more information on the pre-approval process, different types of financing, and general lending information.
Step 4: Identify Your Criteria
Once you have your pre-approval we can now begin working on a search for your dream home. Things to consider are:
What kind of home do you want? (Single Family home, Townhouse, Condo?)
How many bedrooms and bathrooms do you need?
What aspects are most important to you? The typical items most important to home buyers are Location, Price, Features of the home/community, the Timing.
Click here for more information on searching for your dream home.
Step 5: Finding Your Home
4 Step Process
1.Determine what houses you want to see.
2.Check out homes that match your criteria.
3.Create a rating system.
Decide to make an offer
Step 6: Make and Offer
Price: Offer must reflect the true market value of the home
Terms: Six basic categories address timing and financial considerations.
Contingencies: Often referred to as “conditions” they allow you to opt-out of a deal if the home has a problem.
Step 7: Preform Due Diligence
Once you have found your home and your offer is accepted you are now under contract. Once under contract, many actions occur:
- Escrow Deposits
- Home Inspections
- Reviewing Property Disclosures
- Ordering the Appraisal
- Securing Financing
- Survey of the Home
- Title Work
Click here for detailed information on the under contract process, timing, and your responsibilities as a buyer.
Step 8: Close!
Once your loan is approved, title work, and the property steps have been completed you are getting ready to close. Closing encompasses:
The final walkthrough
Scheduling Utility start date
Scheduling the move
Paying final down payment and closing costs
Signing home purchase documents
Getting your keys to your new home!
Step 9: Move in and Protect Your Investment
1.Maintain – perform routine maintenance on your home’s systems, depending on their age and style.
2.Keep an eye on it – watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.
3.Keep a file of receipts for your repairs.
Warranty – consider a home warranty.