First Time Home Buyers - Some tips and pointers

Homes are generally the largest purchase made by a family. It is important to understand the home buying process. First time homebuyers are surrounded by experts and non experts and sometimes the process  is a little confusing. For many it may bring back memories of a first day at a new job.

Always ask questions. The Realtor, the mortgage broker, the title company have been through this process many times and they should be able to give you the guidance you need throughout the process. 

Space or Location?

What is more important for you? Space or location? It is something to be clear about before you start your house search. Don’t buy a house because of the square footage if you feel that will mean you have to endure an unreasonably long commute to work. Not much point in that extra space if you are too tired to enjoy it.

Don’t Rush, but be ready

There are always deals out there but don’t be rushed in to making the wrong decision. Conversely don’t snooze. Get pre qualified with a lender and be ready to sign on the dotted line when you see the home that you like most.

Buying a home is a huge commitment. If your rent is $900 and your mortgage is $1200 without taxes and housing expenses this is a choice you need to budget for. However it will be your own place and you will have more freedom to make the home your own.

Who pays the Realtor?

The Realtor is generally paid by the seller. If you are a buyer find a Realtor who you think will take care of you and stick with them. The MLS Multiple Listing Service is a data bank of all the property available on the market so your Realtor has time available when you do, the right full time Realtor will be able to show you all the listings you want. Feel free to interview Realtors and find one who has sold several homes and has a broker qualification or has taken 

additional designations from the board. A well connected and networked agent can make a considerable difference in your transaction. There are lot’s of agents out there who may simply have a license. Look for Realtors who have sold homes.

School District- don't overlook the importance

The school district will affect how much someone is prepared to pay for  property. If you buy in a good school district this will generally make the home more desirable to more buyer and possibly increase the value over a home in a different school district.

New or Resale?

This is a personal choice. Some buyers like the idea of moving in to a new home and not having any maintenance in the first few years. Others prefer to move in and renovate a home and gain “Sweat equity”. There is no right or wrong answer here, just figure out what you want and ask your Realtor to show you some options.

Down Payment

A down payment is a solid foundation. It lowers your monthly payment and can make you feel more secure. This is money which is invested in your home and brings you that little closer to having paid your home off sometime in the future.

It can make your offer strong and allow you to negotiate from a position of more strength.

Ready to talk real estate solutions reach out to the LR Group.

Tel: 407-593-8234

Veterans - Thank you for your Service but did you hear about the VA LOAN?

Millions of Veterans and their families have been able to enjoy the benefits of the ZERO down VA mortgage. However millions of other  veterans are either unaware of or missing out on this great benefit.

Only about 10% of the country's 22 million veterans have a VA-backed loan. One third of Veteran’s buying homes don’t even know about their home loan benefit, according to survey data from the Department of Veterans Affairs. 

As a Realtor I want to ensure that the Veteran’s I meet are aware of their benefits. I have collaborated with Veteran’s united and will always ask if a customer has served and if he or she is aware of the VA loan. It is not always the best fit, but it is a great option for many Veteran home buyers.

The VA loan was instigated by the government as part of the GI Bill after World War II. The idea was to make homeowner ship possible for returning Veterans.

Decades later the same loans are still helping Veterans purchase homes. The VA insures a portion of the loan on behalf of eligible veterans and service members. Because of this the risk for the lender is reduced and the ZERO down benefit is extended to the Veteran. There are also exemptions to fees etc. should a veteran have a specific degree of disability.

A licensed mortgage broker can advise on the actual details and how the loan works, as a Realtor I am happy to give my customers but leave the details to the mortgage broker and concentrate on my job of selling homes.

The inspection of a VA loan is pretty strict. However this is also a benefit for the future residents as the home is thoroughly checked and inspected before any financing is approved.

For veterans and service members, just knowing VA loans are an option is important. It is always necessary to talk about and compare the costs of different loans. However if the loan office doesn't know you served he or she often just won't ask. Generally a mortgage broker will be able to explain the pros and cons of a particular loan type. Ultimately it comes back to how log someone is planning to live ij a home and on the individual purchaser’s financial situation.

The LR Group embraces Veterans and whether you are looking to buy a new home or move in to a resale property we are her to assist. Thank you for your service.

If you are interested in Buying or Selling 

Text LBV1Q3Y to 87778 from your mobile device to receive your  mobile app!

Considering Purchasing a Short Sale? Here is some basic information

Thinking about purchasing a short sale in the Orlando area? Compared to South Florida where the supply has been almost exhausted, there are still some opportunities in the South Florida area. As a potential buyers you are going to have questions. Feel free to visit our website to start a search, or call us directly and we can assist you 407-593-8234

Buying a short sale is not for the faint at heart. Typically the purchase of a Short Sale takes significantly longer to close than a traditional Sale. There are however some advantages for the buyer of a  short sale.

• Short Sales and Foreclosures are normally priced lower  than the current regular inventory in a market.
• The lower price makes a larger home or a home in a different neighborhood easier to afford.  With a little luck you might get a home which would otherwise have been your dream home.
• Lenders would prefer to avoid going through the foreclosure process. They do not want to own Foreclosures and if a home can be sold  as a short for a price that will be financially beneficial to them, they will be open to the short sale.
• Short Sales can be financed and I have experience working with buyers and lenders who have financed short sales. Lower prices equate to lower actual down payments. This can mean better affordability.
• Sellers who want to sell are motivated. The final decision is with the bank as to how much they will accept for a short sale. There may be a second phase of negotiations to get through. The sellers  will likely want to move quickly before their situation deteriorates more and they have to face foreclosure. 
• Short Sale Listing agents are working diligently to get properties priced right by banks in order to expedite the sale process and attract the right buyers.

I have had short sales which were very time consuming and difficult, however it is the job of a professional Realtor to accompany a customer through the process and I have done this well.

If you should be looking for a short sale please ensure that you are working with a full time Realtor as the Realtor needs to be available during regular office hours to ensure that the sale is completed.

The LR Team based out of Lake Nona and serving the Orlando/Kissimme St Cloud area can assist you with every step of the process. Let's Talk!