Home Buying Process
The iHouse Orlando Team guides you through the steps to buying your home. In listening to you and what your needs and desires are in your house they are able to help you find the home you want in the time frame that works best. Here is a brief overview of the home buying process.
Step 1: Contact A Mortgage Broker Or Bank To Obtain Loan Pre-Approval
For Cash Purchases Proof Of Funds Is Needed. This can be a letter from your financial planner or accountant.
Benefits of being approved
* You are comfortable with the monthly payments
* You are able to focus your home search in your price range
* Gives you the ability to make a strong offer by giving the seller's added confidence
Working with a great lender is crucial. The stories of financing not working out at the last minute are heart breaking. Our lender partner has done an amazing job of getting our clients to the closing table.
Step 2: Initial Consultation
We will meet at our office and get to know each other. This is a partnership and we want to all be on the same page. At iHouse Orlando our goal is to always Put YOU First!
Step 3: Home Search
Our team at iHouse Orlando will take the time to find out what features are important in your new home. Once that is established you will receiving new listings each morning that match your criteria.
Availability - We understand the importance of seeing homes as your earliest availability and do our best to accommodate those times. Many times appointments for viewing homes need to be made 24 hours in advance with the sellers.
9 to 5? We realize there may be times when questions come up in the evenings and on weekends. Best way to reach us after hours is by text. We will do our best to get back to you quickly. Wende likes to say if she is up and about then she will reply right away.
In looking at resale homes buyer's often want to repaint and replace flooring. This is completely normal.
Take good notes - After looking at a few houses it can be confusing. We have found by giving the houses nicknames it can help you remember features you like about that particular house.
Time at each house - Our Buyer's Specialist will be mindful of appointment times.
Follow your intuition - Time after time we have seen that Buyer's have great intuition. You will know right away when you like the neighborhood and the home. Allow yourself to go with your gut. Our team will help you run the numbers so you know you are also getting the home for the best price possible.
Buyer's Market vs. Seller's Market will be discussed at your initial appointment. In strong seller's markets multiple offers are possible and you will be asked for your highest and best offer.
Step 4: Making An Offer
Well you found the home you like and now it is time to make an offer. You will be given the market statistics to make an educated offer. We LOVE negotiating!
Once the offer is received your escrow (down payment) is due within 3 business days.
Step 5: Home Inspections
Congratulations you are now under contract!!! It's time to hire a certified home inspector to inspect the home. They are checking the major "bones" of the house. You normally have the report within 24 hours.
Step 6: Work On The Mortgage
Inspections are all done and now you focus on getting all of your documents to your lender. This can be a little frustrating as it is a lot of paperwork. Hang in there, your hard work with reap great rewards. Your lender will also ask you to secure insurance for the day of closing.
Step 7: Prepare For Closing
Utilities at your new home need to be in your name the day of closing. Now you will focus on packing boxes and arranging movers or moving helpers.
***Do NOT make any large purchases during this time.*** This means no furniture, no appliances, no new cars (yes that has happened). The lender run a credit check prior to closing to be sure the numbers are the same.
Step 8: Closing Time
You will have an amount from your lender to wire to the closing company. Keys are not released until all funds have been received.
Either the day prior to or day of closing you will have the opportunity to do a "walk through" to be sure the home is in the same or better condition as the day of contract. Give yourself about a half an hour.
Hi Ho, Hi Ho, Off To Closing We Go (It's the Disney In Me). At closing you will need to provide 2 legal forms of ID. Be prepared there is usually a lot of papers to sign. 1 to 1 1/2 hours is the average time frame at closing. Again, once all funds have been received the keys are yours and your new adventure begins.
Congratulations on purchasing your home!