Orlando Real Estate Buyers Tips
As difficult as finding a new home may seem, there are strategies you can employ to make the process as easy and pain-free as possible. The following tips will guide you towards the right decisions throughout every step of the buying process.
Define a time line
Make a wish list
Educate yourself about financing options
Look for a neighborhood first
Bring a digital Camera when looking at properties
Be prepared to preview new property listings quickly
View your top choices a second time
What have comparable properties sold for in the last 6 months?
Minimize or eliminate contingencies
Know when to quit
Choose a Realtor that is easily accessible
Define a time line
How long do you have to buy your home? How long do you want to look at homes before deciding to buy? Remember to consider the time it will take to secure your mortgage and close on the home when defining your time line.
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Make a wish list:
Whether you are going to open houses on your own or using a real estate agent, make up a list of what you would most like in a new home and prioritize it so you can determine what is most important and which items you are comfortable sacrificing. Communicate with your Agent and let him/her know your necessities are so the Agent can only show you relevant properties.
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Educate yourself about financing options
There are many different options when retaining a mortgage. Look carefully at all of your choices and find the one that is best for you.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say five to seven years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
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Look for a neighborhood first:
A great home in an undesirable neighborhood (for any of several reasons) is not very worthwhile from a quality of life or from a home value perspective. Learn as much as you can about the neighborhood (online, from visits or at local libraries) and make sure your needs are met.
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Bring a digital camera when looking at properties
After looking at several properties in a day things tend to become blurred. Having a digital camera when looking at properties will be helpful when you get home to review what you have seen. Digital cameras are nice because you can take as many pictures as you like and you can don’t have to wait for pictures to get developed to review what you have seen during the day. Be sure to take pictures of every aspect of the home, even things that you may not have liked about the property. Having these photos will help you narrow down your search.
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Be prepared to preview new property listings quickly
Typically the biggest “buzz” on a property is when it is first listed. Be prepared to view these new listings when they first come out, otherwise you may be to late.
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View your top choices a second time
Buying a home is one of the biggest decisions you will ever make. Go back a second time to look at the home. Drive around the neighborhood and make sure that the area is what you are looking for.
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What have comparable properties sold for in the last 6 months?
When you find your dream home have your Realtor check comparable sales in the area for similar houses. You may find that the home is over-priced or, if you are lucky, under-priced. Have your Realtor check pending transactions in the neighborhood. Although you will not know what the final sales price is on a pending transaction will be, you can still gain valuable information on knowing what the listing price was when the sale became pending.
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Minimize or eliminate contingencies:
When making an offer on a home try to minimize any contingencies you make when placing an offer on the property. Home sellers are more likely to take an offer that does not contain a lot of contingencies.
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Know when to quit
Act on reason rather than emotion otherwise you may end up paying too much money and have buyers remorse. This happens many times when you find a home that you fall in love with and start fantasizing about how great it would be to live there. Other times there may be more than one interested buyer and you start a bidding war on the home. Always try to balance emotion and reason.
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Choose a Realtor that is easily accessible:
As your real estate agent, Jeffrey will be sure to keep in constant contact with you and I will always call you back when you need assistance. Jeffrey is accessible to you via office phone, voice mail, fax, and cellular phone.
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