Home Buyer’s Guide Part 2: Outline of the Process

Welcome to our Home Buyer’s Guide series! Whether you are looking for your first home, your tenth, or you are not even ready to buy yet, this guide is intended to serve as your go-to resource for every step of the process! It is the LORE Team’s goal to make home buying an enjoyable and easy experience. This series will be broken up into multiple parts over the next few weeks, so stay tuned so that you do not miss any important information!

Outline of the Process

Now that you have decided that you will buy a new home and have found a reputable agent to assist you, it’s time to begin the process. First, there are some things to consider including finances. A consultation with your agent will accomplish this! Next, you can begin looking for homes with the assistance of your agent to find some that match all your criteria. Once you have found a home, you must make sure that is good inside and out before beginning the purchase. Assuming everything went smoothly, you can move into your new home!

Before Beginning the Search

Meeting up with your agent for a consultation will get all the details out of the way and ensure that they will help you find a home that you absolutely adore. Before you even begin to look at houses, it is highly recommended that you get pre-approved for your loan. This will save you from wasting time looking at houses that you cannot afford. Having a loan secured can also make your offer much more competitive. Your agent will likely ask you for criteria to assist in the search. Make sure to differentiate between must-have features and nice-to-have features. Considering everything a must-have will only lead to frustration and disappointment when you cannot find what you are looking for. Once your consultation is done and your agent knows what you want, the search can begin!

The Search

Once a potential home has been found, it is important that you look at it as soon as possible. A licensed realtor should be able to give you a tour of any house that is listed. Take note of any potential flaws you might find such as paint chips, stains, or potential structural issues as this can mentally prepare you for any post-purchase expenses. After looking at the house itself, make sure to look at the neighborhood as well. Drive around it a few different times a week and go for a walk to familiarize yourself with it as well as your potential new neighbors! Look at the surrounding areas as well. Are there shopping centers nearby? Is there access to a highway? This is also the time where you should have an inspection done. Your home cannot “pass or fail” an inspection, and your inspector will not tell you whether he/she thinks the home is worth the money you are offering. The inspector’s job is to make you aware of repairs that are recommended or necessary. We highly recommend being present at the inspection so that you can know where the issues are as well as ask any questions.

You’ve Found a Home. Now What?

You have found an amazing home! Now, it’s time to make an offer. You will need to determine what offer you are willing to make for the home. It is important to remember that the more competition there is for the home, the higher the offer should be – sometimes even exceeding the asking price. Remember, Be Realistic. Make offers you want the other party to sign! To communicate your interest in purchasing a home, we will present the listing agent with a written offer. When the seller accepts an offer, it becomes a legal contract. When you write an offer, you should be prepared to pay an earnest money deposit. This is to guarantee that your intention is to purchase the property. After we present your offer to the listing agent it will either be accepted, rejected, or the seller will make a counteroffer. This is when we will negotiate terms of the contract if necessary.

Sealing The Deal and Moving Forward

If the seller accepts your offer, congratulations! Now, it is time to move onto the closing. A closing is where you and your agent meet with some or all of the following individuals: the seller, the seller’s agent, a representative from the lending institution and a representative from the title company, in order to transfer the property title to you. The purchase agreement or contract you signed describes the property, states the purchase price and terms, sets forth the method of payment, and usually names the date and place where the closing or actual transfer of the property title and keys will occur. With the closing done, you can begin the process of moving into your home! You should celebrate with your friends and family as purchasing a home is always an amazing thing regardless of whether it is your first or not. Over the next few weeks, we will go over these parts in detail. Stayed tuned for more information to guide you in your search for a new home! If you are in the market for a home in Central Florida, the Love Orlando Real Estate team is here to help you every step of the way. Our team has years of experience in the field and area as well as tons of knowledge about home construction. Reach out to us today, and we will be in touch as soon as possible!