Buying a home in Ocala Florida is a big decision that requires a lot of planning and research. For some people it is the biggest financial transaction they’ll ever make. There’s a lot of complex processes involved in the home buying process, so it can easily get overwhelming. However, if you’ve studied your options beforehand, it can save you a lot of trouble. Brittney Mahaffey of The Fred Franks Team, explain the steps to take Outlined below is all the information that will guide you on ‘How to buy a home in Ocala FL’.
FIRST THINGS FIRST, SORT OUT YOUR FINANCIAL
Before you jump into the purchase, make sure you have the finances to support it.
Your credit score is really important is determine the interest on your loans and mortgages. The FICO credit scores ranges from 300 to 850. The higher you score on this scale, the better rates you’ll get in terms of interest. Now remember an even 0.5% difference in interest rate can translate into thousands of dollars over the life of your loan so make sure you boost up your credit score so you can get a good interest percentage. To strengthen your credit score, you may want to pay credit card bills and resolve any credit disputes you may have. You can easily get a free copy of your credit report here.
Get-Preapproved to know what you can afford
Pre-approved means that the lender is prepared to give you a loan after seeing your finances. It is always advised that you get pre-approved before you go house hunting because this can help you know what you can afford. You don’t want to fall in love with a house that’s out of your budget. Moreover, sellers also love buyers that are pre-approved because a pre-approval adds credibility to the buyer.
Shop for a Mortgage
Many people choose to look for a Florida mortgage after they’ve found the house but we advise otherwise. You should know how much you can afford before you’re searching for your home. Shop for a mortgage to know how much you have in your pocket, make sure you include an estimated down payment in the mortgage calculations as well.
Check out the First Time Buyer’s Program.
Make sure that you check the first time buyer’s program. Even if you’re buying a home for a second or third time, you may still be able to qualify for some of the programs. First Time Buyer’s Programs are available in various counties in the state of Florida. Since these programs usually entail a lot of money, up to $15,000 and less, so they’re worth the extra time you spend in research. There are plenty of First Time Home Buyer Programs in Ocala FL. Be sure to check them out.
FINDING A GOOD HOME
Once you’ve your finances sorted out, you’re now ready to begin your search for a good home.
Get a Good Real Estate Agent
A Real Estate agents Job is to connect buyers and sellers. It’s important to find one that knows their market so you’re able to get a good deal. In Ocala, FL, The Fred Franks Team has over 30 plus years of experience. We’ve an extensive network of homes connected to our team. Moreover, our rates are highly competitive. We’ll help you find the right match. If you are looking for a Ocala real estate agent, don’t hesitate to call us for a free consultation.
Sign up for an MLS service
A multiple Listing service can help you be informed on the market inventory available under your budget. It’s always a good idea to use this service to find a number of properties in your area that may interest you. We also have an MLS service on our website that you can use to search Ocala FL real estate listings and other Central Florida Real Estate Options.
Find a home
Once you’ve searched your options online, it’s time to visit the neighborhoods to see if you can imagine living in that area. You can also have your real estate agent show you the homes that match your criteria. If you’re looking for a perfect home for sale in Ocala FL, call us now. Be sure to outline everything that you’re looking for in a home from the number or bedrooms, bathrooms and a yard to the neighborhood requirements, commute distances and other such factors. The more specific you are the better.
MAKING AN OFFER
Once you’ve found the right house, it is time to negotiate on the price. Depending upon all the variables involved such as a neighborhood, amenities and commute distance, your real estate agent will present an offer to the seller. Here it becomes very important to have an experienced local agent, because a local realtor will be aware of factors that others may be unaware of. They can help you negotiate better price. The offer will go back and forth between buyer and seller until a price is reached that is suitable to both.
FINALIZING THE DEAL
After the offer is finalized ( and you’ve paid the good faith deposit), the house will into Escrow i.e the seller will take It off the market for a short period in the contractual expectation that you will buy the house (provided everything is satisfactory during inspection. During this period, you should have the home inspected by a professional to ensure that everything is okay with the house. Don’t miss out this step, because even though the house looks okay, it may still have some hidden issues. It’s better to be safe then sorry. If something comes up during inspection, you may renegotiate the deal, or withdraw the deal altogether and get back your good faith deposit. Once the inspection is sorted out, it’s finally time to close the deal. There’s a lot of paper work involved but if you have a good agent. It will be sorted out quickly and efficiently. Here pat yourself on the back, because you’re the owner of a new home now. We’ve outlined all the major steps that you’ll pass through when you’re looking to buy a new home in Ocala FL. If you need more details, or you have any specific questions. Feel free to call us anytime. Contact The Fred Franks Team today and you are sure to get the professional service you deserve!