Buying a new home in Mount Dora
For most people, buying a home is a stressful event. But with a bit of planning ahead of time, it's not very complicated.
So you know exactly what to expect, we like to supply our buyers with a road map of the whole deal.
These are our nine steps to buying a home.
When you're ready to get started, you can contact us here or send us e-mail
. We're happy to address questions you have about this information.
Step 1 – Get ready to buy
There are many things you'll want to do prior to commencing your home search.
When you start your search, you'll probably want to create a check list of must-have features, get a plan of what school districts you want to live in, and start planning your budget.
Ensuring your mortgage payment is around 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent in Mount Dora
That's where we can help.
We'll arrange a time to get together so we can 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 Mount Dora area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
We'll also help you get started on your loan.
There are some very good mortgage professionals in Mount Dora, and we partner with a lot of them, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our initial meeting, we'll begin looking for houses on the market that best suit you.
We'll preview most of the houses and remove the duds, and then we'll book appointments to view the homes at a time that's convenient for you.
As we view homes, we'll show you the positive features and bad ones. And we'll ask you what things you like and don't like.
Generally, buyers revise their list of must-haves as we view homes and some items become far more substantial than others.
If that's the situation, we'll search all the listings again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
Our knowledge of the Mount Dora market is a valuable asset in your search. We're familiar with all the neighborhoods and schools, and we'll will let you know which areas are "hot" and call for prompt action and the ones that are "cool" and allow for cautiousness.
As we view houses, we'll let you know if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask plenty of questions, as every real estate agent will convince you they comprehend the housing market.
If things don't add up, just call us at 352-267-6546 or e-mail us at Tom@davelowerealty.com, and we'd be glad to answer any questions you have. Our understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
We're positive we'll find the house of your dreams in Mount Dora, and when we do, we'll thoroughly develop your purchase offer. The offer will be tailored to suit your needs. Whenever necessary, We never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property. The amount is often put towards the cost of closing. If the offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer, and it's very common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing constraints. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Get a loan
After the contract is signed, you'll begin working with your mortgage lender to close the loan.
This won't be a long process at all if you're already pre-approved, but you'll need to keep in close contact with your lender.
And we'll handle 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 lender within three days of accepting your application.
The estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a close range of accuracy. we'll study the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and will likely be a smooth and pleasant occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, be sure to call us at 352-267-6546 or send us an e-mail.