Purchasing a home intimidates many people. However, with a little up-front planning, it isn't very hard.
I like to give buyers an outline of the whole deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are several things you should do before you search for a home.
When you begin your search, you'll want to make an outline of items you need, get an idea of what school districts you want to live in, and start planning your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent
That's where I can help.
We can plan a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Altamonte Springs area.
I can also help you facilitate the loan process.
UpTown Realty Group, Inc partners with some of Altamonte Springs's finest mortgage professionals, so you can rest assured that you're in great hands.
They will assist you with determining which kind of loan is best for you and help you get approved.
Step 3 – Start your search
After our initial meeting, I'll start searching for homes on the market that are a good fit for you.
I'll get a sneak peek of many of the homes and throw out the bad ones, and then we'll schedule appointments to tour the houses when it's most convenient for you.
When we tour homes, I'll show you the positive features and negative ones. I'll also ask you about things you like and dislike.
Oftentimes, buyers update their wish list as we tour homes and some things become far more crucial than others.
If such is the case, I'll go back through all the listings once more and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the Altamonte Springs housing market is a necessary asset in your home search. I'm informed of all the school districts and neighborhoods, and I will communicate which districts are "hot" and warrant prompt action and the ones that are "cold" and allow for careful examination.
As we tour homes, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask plenty of questions. Every REALTOR® will convince you they know the home market.
If it appears they don't know everything, call me at 407-215-9467 or e-mail me at uptownrealtygroup@gmail.com, and I'd be more than happy to answer any questions you may have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
I'm sure we'll find the home of your dreams in the Altamonte Springs area. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are getting financing, carrying out the home inspection, and a clean title.
Upon sending in your offer, you'll likely want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property. The amount is usually applied to the cost of closing. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer. It's pretty common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Get financing
After the contract is finalized, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this won't take much time at all. But you should to keep in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application.
This estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a strict range of accuracy. I'll review the estimate and let you know if everything looks good.
Then it's time to close on your house. This will likely happen at a title company or escrow office and will probably be a smooth and easygoing occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, just call me at 407-215-9467 or send me an e-mail.
