Purchasing a home is stressful for a lot of people. However, with a bit of planning ahead of time, it isn't too complex.
I like to give buyers an outline of the whole deal so they know exactly what they can expect.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to travis@geckorealtyinc.com. I'm glad to address questions you have about this information.
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Step 1 – Get ready to purchase
There are many things you should do before beginning your home search.
When you start your search, you'll want to create an index of features you need to have, get a plan of what neighborhoods you'd like to live in, and begin working on your budget.
A good rule of thumb to adhere to is that your mortgage payment should be around 1/3 of your monthly income.
Step 2 – Get with a real estate agent in Orlando
This is where Gecko Realty, Inc. can help.
I'd be more than happy to schedule a time to meet with you and talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Orlando area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
I'll also assist you with getting started on your loan.
I partner with some of the best mortgage professionals in Orlando, so you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
After we meet, I'll begin looking for homes on the market that meet your needs.
I'll research most of the houses and throw out the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
When we view the homes, I'll point out positive features and negative ones. I'll also ask you what things you like and don't like.
As a rule, buyers update their list of must-haves as we tour houses and some items become more necessary than others.
If such is the case, I'll look through the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Get a grasp of the housing market
My understanding of the Orlando home market is a crucial asset in your home search. I'm acquainted with all the neighborhoods and schools, and I can communicate which districts are "hot" and call for immediate action and the ones that are "cold" and allow for more analysis.
As we view houses, I'll be sure to tell you when the seller's list price has room for bargaining and when I think the house is "priced to sell."
Be on guard and be sure to ask plenty of questions, as every real estate agent in Orlando will claim to truly understand the housing market.
If things don't add up, call me at 407-852-7787 or e-mail me at travis@geckorealtyinc.com, and I'll be more than happy to answer your questions. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
We'll find your dream house in Orlando, and when that happens, I'll thoroughly create your real estate purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon submitting your 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, and it's typically applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer. It's pretty common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Secure a loan
Upon finishing the deal, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take much time at all. But you should to stay in close contact with your mortgage lender.
And I'll sort out 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) of your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your house. This should happen at a title company or escrow office and is often a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at 407-852-7787 or send me an e-mail.
