Before you step foot outside the house to visit a real estate agent, we suggest that you do your research. While the agent will do all the work for you, you still need to know about the steps involved in the process of buying a house. Buyers become prey to many pitfalls that impact them financially. Moreover, time is quite valuable and if you don’t have a professional representing you, a seller might not even entertain your offer.
With an Orlando buyer’s agent on your side, you can get through this process completely stress-free. We still advise you not to take any hasty decisions because sooner or later, they will come back to haunt you. So, are you ready to find out what mistakes you need to avoid when shopping for a house?
1. Not Getting the Pre-Approval Letter
A pre-approval letter shows the seller that you are a serious buyer and have the monetary means to afford a house. You can get this from a lender through the reference your Downtown Orlando realtor provided. This letter makes you the first choice of the seller, compared to the buyers who don’t have one.
2. Discounting the Future
No one likes to think about where they would be financially in the next few years. We do have dreams of making a 6 figure salary, having a family and the house but have you ever planned this all out?
- Do you have a stable job? (Factor in the monthly payments, if you lose the job)
- Is there a promotion with a raise in your future? (Will you be able to build equity?)
- Are you planning on proposing to your girlfriend? (A smaller house will create problems)
- Can things lead to a marriage and a family? (You might have to sell the house because the area doesn’t have good schools)
These are some of the basic questions you should be asking yourself before approaching an Orlando realtor.
3. Leaving Out the Home Inspection
Conducting a home inspection is the most important part of the home buying process. Appearances can be deceiving and by that we mean: you never know what problems the interior of the house has. A home inspection is just for $200, so do get a reference for a trained inspector from your Orlando realtor.
4. Dismissing the Market Value
Well, there goes your future sale of the house! As said earlier, in order to build equity on a house whose value appreciates over time, you need to look at the Orlando real estate market value to determine where the housing market is going. Ask your agent to look at comps and then present you with the complete proposal.
5. Forgetting the Extra Costs
Legalizing the documents, home inspection fees, notarization, escrow, down payment, real estate agent fee (7% of the sale price) and more… these are just some of the extra costs that you will have to pay throughout the process. So, don’t go all in with your savings. Set some aside for these payments, so that there’s no hiccup in the process.
The best way to have the keys to your new house in just 45 days is to hire an Orlando realtor. You will be surprised how focused an Orlando buyer’s agent is on you, as compared to a local real estate agent. And this is because they work in your favor. Looking for a licensed Orlando buyer’s agent? Visit Megan Dowdy Realty to have a great first home buying experience. To get in touch with them, call at 407-509-9279.