Buying a home is a stressful event for a lot of people, but with a little planning ahead of time, it's not very complicated. So you'll know exactly what to expect, I like to provide my buyers with an overview of the entire deal. Here 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 p.stewart@yahoo.com. I'm happy to address questions you have regarding this information. |
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Step 1 – Get ready to purchase a home
There are plenty of things you'll want to take into account before beginning your home search. When you start your search, you'll probably want to put together an outline of features you need, get a plan of what school districts and neighborhoods you want to live in, and begin planning your budget. Keeping your mortgage payment around 1/3 of your net monthly income is a good guideline to go by.
Step 2 – Get in touch with a real estate agent in Winter Park
This is where Pamela K. Stewart P.A. comes in. We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, school districts in the Winter Park area, the mortgage industry, and any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you facilitate the loan process. I partner with some of Winter Park's finest mortgage professionals, so you'll be in great hands. They will help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
After our initial meeting, I'll start finding houses on the market that suit your needs. I'll research many of the homes and eliminate the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
As we view the homes, I'll call attention to good features and negative ones. I'll even ask you to tell us about things you like and dislike. Most often, buyers update their list of must-haves as we view houses and some features become more necessary than others. If that's the case, I'll go back through all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the market
An agent's awareness of the Winter Park home market is a leading component in your home search. And I can assure you I'm conscious of all the school districts and neighborhoods, and I'll let you know certain neighborhoods are "hot" and require immediate action and the ones that are "cold" and allow for careful consideration.
As we view homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, be careful and be sure to ask plenty of questions, as any REALTOR® will tell you they understand the market. If things don't add up, call me at 407-923-2999 or e-mail me at p.stewart@yahoo.com, and I'd be glad to answer any questions you might have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
We'll find your dream home in the Winter Park area, and when we do, I'll precisely develop your home purchase offer. The offer will be tailored with your needs in mind. 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 given to a seller to secure the offer to purchase the property, and it's typically put towards the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the beginning offer – it's really common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. In addition, we'll work within your financing constraints. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure financing
After the contract is finished, you'll start working with your lender to close the loan. If you're pre-approved, this shouldn't take long at all, but you'll want to keep in close contact with your lender. And I'll deal with 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) detailing your closing costs from your lender within three days of accepting your application. This estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will likely take place at a title company or escrow office and will most often be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at 407-923-2999 or send me an e-mail.
