Home Buying Process
If you‘re looking to purchase a home in Central Florida, Dream Realty Group can help make your dream a reality. We utilize a wide variety of services to make the home buying process easier, from finding the perfect home to negotiating the best price. Our experienced agents will guide you through the entire process, from selecting a home to closing. We will make sure you understand all the paperwork and legal documents associated with purchasing a home. With Dream Realty Group‘s expertise and commitment to customer service, you can rest assured that the home buying process will be smooth and successful.
Steps to Home Ownership
1. BUYER'S CONSULTATION
- Meet with your Dream Realty Group agent.
- Sign the Buyer’s Information Disclosure provided by your agent.
- Discuss your method for paying for your home (ex: Cash or Financing) If you are financing your agent will discuss with you the different loan types and refer you to a Lender to begin work on a Pre-Approval Letter. During this process your agent will discuss with you down payment requirements and explain Buyer’s side closing costs so that you understand the Cash to Close required to purchase.
- Discuss with your agent your “Musts” and “Wants” in a home so that your agent can begin a search of properties that fit your needs.
2. PROOF OF FUNDS OR PRE-APPROVAL LETTER
- You will show proof of funds to your agent via a bank letter from your financial institution who is holding your funds to purchase. OR
- Once you and your chosen Lender have worked out the details of a Pre-Approval Letter you will provide this to your agent.
- Most Sellers will require one or the other to allow you to view their home.
3. PROPERTY SEARCH AND VISITS
- Your agent will set up a search of the MLS for properties based on your purchase amount and criteria you provided the agent.
- As properties of interest become available you and your agent will communicate on days and times that work for both of you to visit the property. Most Sellers require a notice of showing request so its important to be flexible.
- Your agent will provide you with any documentation on the listing such as a Seller’s Disclosure or other information.
4. MAKING THE OFFER
- Once you have viewed and found a property that you are interested in making an offer on, your agent will review comps and advise you on how to make the best offer.
- Your agent will prepare all the documents required (ex: contract and disclosures) for the offer package and send them to you via a secure link to electronically sign OR meet you in person if you feel more comfortable.
- Once you have signed the offer package, your agent will send to the Seller’s agent for Seller review and begin negotiations.
5. ACCEPTED OFFER
- Once you have an accepted offer, the process begins and your agent will send the executed offer package to you, the title/closing company, and your Lender if applicable.
- Your agent will send you instructions including a timeline of what needs to take place by certain deadlines written in the contract. The flow is usually in the following order: give deposit, make full loan application, complete all inspections desired, appraisal, review title commitment, call for and bind property insurance, loan approval given, property survey obtained, final walk through and closing.
6. INITIAL DEPOSIT
- Place initial deposit with title/closing company.
7. FULL LOAN APPLICATION
- Contact your Lender and complete full loan application.
- Provide your Lender with all documentation they may ask for in a timely manner.
- Do not do anything that could result in changing your credit score until after you close without speaking to your Lender FIRST.
- Your agent will provide you with some recommendations for inspections and inspectors to call. You will interview inspectors and set up your own inspections.
- Once you have day and times for inspections your agent will coordinate with the Seller’s agent for access approval.
9. APPRAISAL (IF FINANCING)
- Once you are satisfied with inspection results and any negotiations, your Lender will order an appraisal of the property.
10. TITLE COMMITMENT
- The title company will provide you with a title commitment for review which will show the required items to be issued a clear title for the property.
11. PROPERTY INSURANCE
- All properties that are financed require property insurance and for cash purchases it is highly recommended.
- You will contact insurance companies for insurance quotes and secure insurance which is paid for at closing. Your agent can assist you with recommendations for an insurance agent if needed.
- Once you have chosen an insurance company to work with you will need to ask them to send your Lender a BINDER of INSURANCE for closing.
12. FINAL LOAN APPROVAL
- Once your Lender has reviewed your application and satisfied all conditions of your loan approval a Clear to Close will be issued.
- Your agent will review the final settlement statements to ensure the contractual agreements are met.
- Your agent will work with you and the closing company to schedule your closing.
- It is now time to call and have utilities scheduled to transfer to your name.
13. FINAL WALK THROUGH AND CLOSING DAY
- Your agent will schedule a final walk through of the property preferably on closing day just before you go to sign the paperwork.
- You will make arrangements with the closing company to get the remainder of your closing funds to them before you go there to sign.
- Your agent will meet you at closing and provide support if needed and once it is all finished, they will hand you the KEYS! Congratulations you are ALL DONE!