Orlando, Florida Home Buyer Guide

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Services for Real Estate Pros with InboundREM

Home Buyer Guide for Orlando, FL

Orlando is a major metropolitan city and county seat of Orange County in the heart of Central Florida. The city is known for its many theme parks, golf clubs, and various tourist-friendly attractions. The over 2.5 million residents of the region makes Orlando the 23rd most populous city in the country. There are numerous residential neighborhoods and developments throughout the city that provide families and individuals with several options of great places to stay if they plan to move into the area. This post offers a comprehensive guide on things home buyers should consider when planning to purchase a property in Orlando.

Image of city skyline in Orlando, Florida

Check out our original blog post at https://www.orlandofloridahomesales.com/. 

 

Infographic Showing the Steps in Purchasing a Home in Orlando, Florida

Hire a Real Estate Professional

Hiring an experienced realtor who is familiar with the region where you plan to buy a home will make the process a lot easier for any home buyer. A real estate professional can help schedule home visits and walk you through the best properties in the city as well as match houses that best suit your budget and needs. Our team has helped customers buy and sell real estate throughout Orlando and would be happy to help you acquire the perfect home for your family.

Start your Property Search

Once you have a realtor you're comfortable with you can discuss the particulars of the type of home you are looking to buy. The best way to start your property search is by checking out various real estate websites that showcase the many housing options throughout Orlando. You can identify for yourself which properties best fit your budget.

Get Pre-Approved for a Mortgage

Unless you plan to pay in cash, you'll want to get in touch with various loan companies, so you have a clear idea of your purchasing power. Get in touch with different mortgage companies in the city and find a deal that you think would be the best for you. If you start a talk with a seller who has a pre-approved mortgage, you'll likely be prioritized if there are several offers on the table.

Front View of a Home for Sale in Orlando, Florida

Check out our original blog post at https://www.orlandofloridahomesales.com/.

Make an Offer

When you find a home that you're happy with and would like to proceed with the purchase you should take the initiative and make an offer. If you're working with a realtor, they usually provide a verbal agreement with the seller before formal contracts are written.

Pay a Deposit

Once your offer is accepted, you will need to pay the earnest money - a small amount or deposit that demonstrates your commitment to buying the property. Depending on the terms specified on your contract this deposit is usually non-refundable should you decide to back out of the purchase.

Create a Purchase Contract

Things that your contract should include:

  • The price being offered by the buyer.
  • The percentage or value of the earnest money that the buyer will put down, as well as the value of the full deposit due at the end of due diligence.
  • Response time to the offer by the seller.
  • Proposed closing date. In Florida, most closings occur within 30 to 45 days of going to contract.
  • The number of days allotted for due diligence. The default amount in the standard contract is 15 days.
  • Repair limits. This is only applicable if you’re drawing a standard purchase contract.
  • Financing contingency and time frame. The contract should specify that the sale will only go through if the buyer’s mortgage is approved. The contract should also indicate the maximum interest and the terms of the mortgage that is acceptable to the buyer.
  • Inventory of items included in the purchase.

Sign all the Necessary Paperwork

Closing the deal is the final step when executing a real estate transaction in Florida. You'll have to attend a closing meeting with an agent and attorney. The meeting will include the final contract signing of all necessary paperwork, transfer of funds from escrow, and you get the keys to your new home.

A Woman's Hand Holding a Pen and Signing a Home Purchase Contract

Check out our original blog post at https://www.orlandofloridahomesales.com/.

Orlando, FL Neighborhood Report

  • Population: 277,198 (2016)
  • Estimated median household income: $46,761 (2016)
  • Estimated median house value: $224,600 (2016)

Orlando, FL Market Report

  • Median Listing Price: $245,000
  • Price per square foot: $147
  • Median Closing Price: $240,000

If you would like to receive a FREE Competitive Market Analysis, contact me today.

Let Me Help You Find Your Home!

If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at (407) 388-4427.

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POSTED BY
James Tima
400 East Highway 50
Clermont, FL 34711
(407) 388-4427
jxtima@gmail.com
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Topic:
Real Estate Best Practices
Location:
Florida Orange County Orlando
Tags:
orlando
orange county
home buyer
home buying
home buyers guide
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