Mary Smith, Realtor

PH: (407) 555- 1212

First Time Home Buyer Guide For Orlando, Florida And The Surrounding Area

Orlando Has A Lot To Offer:

Orlando is a city in Florida with a population of 280,832. It is in Orange County and is one of the best places to live in Florida. Living in Orlando offers residents an urban suburban mix feel and most residents rent their homes. In Orlando there are a lot of bars, restaurants, coffee shops, and parks. Many families and young professionals live in there and residents tend to lean liberal. The public schools in there are above average.

The 10-Step Home Buying Process

1. Mortgage Pre-Approval
2. Find A Real Estate Agent
3. Buyer Consultation
4. Home Search
5. View Homes
6. Make An Offer To Purchase With Deposit
7. Home Inspection
8. Loan Underwriting, Appraisal, And Final Approval
9. Close On Your Home
10. Move In

1) Mortgage Pre-Approval

This is the first step in the home buying process. It is important that you know the loan amount that you qualify for and how much home you can afford before you start looking for a home.

Pre-approval for a mortgage involves your lender doing a credit check, verifying your income and employment, reviewing your financial statements, and having a look at your assets to ensure you fall within their lending guidelines.

It’s important to remember that you don’t have to borrow the full amount that you've been pre-approved for. It's also essential that you make sure the mortgage you're looking at is within your financial means.

2) Find A Real Estate Agent

Let's face it, when was the last time you dealt with negotiating contracts, insurance, appraisals, home inspections, property lines, and state laws. Probably not at all right

That's why finding a great Real Estate Agent is a critical part of the home buying process to ensure that the transaction goes smoothly, and that any challenges are dealt with quickly. Fortunately, you've found me. And perhaps the best part of all is that my services come at no cost to you.

Buying a home is a life changing experience, and you deserve to know the step-by-step process. You can count on me to guide you safely through the entire home buying process from start to finish. I'm here to answer all your questions, and give you the guidance you deserve.

3) Buyer Consultation

The buyer consultation is the time where you discuss with your Real Estate Agent exactly what you want in your new home, and also what to expect during the entire home buying process.

The listing agent is working for the seller, and they are not interested in getting you the best price possible. But that's why I am here to represent you, and to look out for your best interest.

During the consultation, we will clearly identify the things you absolutely "must have" in your home, the things that you would "like to have", and the things you could care less about. We'll discuss how we will communicate with each other, and what you can expect from me in terms of consistent follow up. In addition, we'll discuss the timeline and different milestones of the home buying journey so you'll know exactly where we are at every stage.

4) Home Search

At this stage in the home buying process I will search the MLS for homes that meet your criteria based upon the information you shared during the consultation. I'll find several homes that meet your specific criteria, and forward them to you for your review.

Doing my search, I always consider the following characteristics listed below that generally define a good neighborhood to live in.

With your approval, we'll move to the next step which is to schedule a time to view the homes.

1. Access to Essential Areas

No one enjoys long commutes to work, school, or shopping centers. While you don’t need to choose a home right on top of these things, you still want it to be relatively easy to get where you need to be.

2. Good Schools

Good schools are very important to house hunting families. Most states provide school testing scores online. Be sure to do your research on the schools in the neighborhoods that you’re shopping

3. Neighborhood Reputation

Crime rate and home maintenance are two key factors that influence a neighborhood’s reputation. A quick drive through town will give you a picture of how well residents are maintaining their homes. And crime statistics are available online.

4. Growth Potential

Be sure to buy a home in an area that people are going to want to move to in the future. Have a look to see if new homes are being built in your prospective neighborhood. That’s usually a positive indicator for future growth.

5) View Homes

The fun begins! It's time to take the list of homes I found from the MLS search and go see them up close. I will schedule a showing time that works best for you.

6) Make An Offer To Purchase With Deposit

Once we find the home that you want, we'll make a good offer to purchase. However, before we make the offer, I will strategize and make sure the offer we make keeps us in a strong negotiating position.

The seller rarely accepts the initial offer. They’ll usually counteroffer and change the terms of the offer. But that's where I will come in and submit a counteroffer that keeps your best interest in mind.

Once the offer is accepted, you will be under contract to purchase your first home.

7) Home Inspection

At this point you are under contract to purchase. However, we want to make sure that the home does not have damage that would prevent you from completing the purchase, and that the home is worth at least what you are contracted to pay for it or more.

A home inspection is a cost you have to pay out of pocket, and generally costs anywhere from $400 to $600.

Note: This cost range can vary depending on the area and the property itself.

8) Loan Underwriting, Appraisal, And Final Approval

At this stage in the process, the lender may have various conditions that need to be met in order to put the final stamp of approval on your loan. One of the key items that is required during underwriting is an appraisal so that the lender can verify the value of the property.

The lender will order the appraisal, but you will have to pay for it. The appraisal cost anywhere from $300 to $500.

Note: Just the like the inspection, this cost range can vary depending on the area and the property itself.

Once the appraisal is obtained and found to be acceptable, you will then be on your way to final loan approval pending any final loan conditions that need to be met, such as additional documentation or verification of certain items relevant to your loan application.

9) Close On Your Home

It's time to sign your loan and mortgage paperwork from the lender, and for the seller to sign the deed that officially makes you the new home owner.

10) Move In

This is what you've been waiting for! Once all the paperwork is signed at closing, you will be handed the keys to your new home.