Buying a home can be stressful for most people, but it's not too difficult with a little up-front planning.
So you'll understand exactly what to expect, I like to furnish my buyers with an outline of the entire deal.
These are my nine steps to buying a home.
Step 1 – Prepare to buy a home
There are plenty of things you'll want to take into account before you start looking for a home.
You'll most likely want to make a check list of features you need to have, get an idea of what neighborhoods you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to 30 percent of your net monthly income is a good principle to follow.
Step 2 – Speak with a real estate agent
This is where 1st Metro Realty Inc. can help.
I'd be more than happy to plan a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Altamonte Springs area.
In addition, I'll assist you with getting started on your loan.
1st Metro Realty Inc. partners with some of the best mortgage professionals in Altamonte Springs, so you're in great hands.
They can assist you in deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After we meet for the first time, I'll start searching for homes on the market that are a good fit for you.
I'll research many of the houses and eliminate the duds, and then we'll book appointments to tour the houses when it's most convenient for you.
When we view houses, I'll call attention to positive features, as well as negative ones. I'll even ask you to tell us about things you like and dislike.
It's widely common for buyers to change their wish list as we view homes and some things become more important than others.
If that happens, I'll search the listings once more and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's understanding of the Altamonte Springs home market is a leading aspect in your home search. And I assure you I'm familiar with all the schools and neighborhoods, and I'll alert you to some neighborhoods are "hot" and demand prompt action and others that are "cool" and allow for careful consideration.
When we tour houses, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Trust your instincts and make sure you ask a lot of questions, as any real estate agent will convince you they comprehend the housing market.
If it seems like they don't know everything, call me at (407) 844-2455 or e-mail me at kportman@kpainc.com, and I'll be glad to answer any questions you have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
I know we'll find your dream house in Altamonte Springs. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as obtaining financing, completing the home inspection, and a clear title.
Upon turning in your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property, and it's usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer – it's extremely common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a role in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Obtain financing
After the deal is finished, you'll start working with your lender to close the loan.
If you're pre-approved, this shouldn't be a long process at all. But you'll want to stay in close contact with your mortgage lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This should occur at a title company or escrow office and will probably be a smooth and easygoing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at (407) 844-2455 or send me an e-mail.
