Here are some of the basic steps to buying a home in Orlando:
- Get Pre-approved
If you are planning to apply for a mortgage the very first thing you will need to do is to find out how much home you can actually afford. This is very easy to do by sitting down with the lender and discussing your financial situation and determining a price range in which to look. A good lender will also offer you a letter of preapproval to present the sellers when you’re submitting an offer. This shows you are a serious buyer ready to purchase the property.
- Submit an offer
As your dedicated Orlando buyer’s agent is my job to write up a solid offer with minimal contingencies and your best interest at heart. You are the ultimate decision-maker and as your buyer’s agent I can offer you tips and advice along the way.
- Once accepted your offer move to pending and your earnest money is deposited
Only after mutual acceptance is your earnest money actually deposited typically with the brokerage bank or with your title and escrow company. From here the transaction moves on to status “pending” in which the listing is removed from the market and we move on to inspection.
- Conduct a professional inspection
Because this is one of the biggest investments you probably ever make, it’s vital to have a professional inspector look over the home and write a report of any repairs or hazardous issues that need attention. At this point you can either terminate the transaction or negotiate for money off the purchase price or repairs from the seller.
Related: Home Buying Success Tips
- Proceed to closing
Once the inspection has been passed the transaction moves on to closing. During this time title and escrow will do their job collecting the right documents and doing research to be sure that the seller has the right to sell the property. Also during this time you’ll find it’s a little quiet for the buyer. But don’t worry, dozens of people are working together to make sure this transaction closes on time.
- Signing and closing
Your escrow or buyer’s agent will call you in for a signing. This is where the buyer and seller both sign all the final documents to close on the property. Only after this time are you allowed to have the keys from your agent to your new Orlando home.