A Guide for First-Time Home Buyers

by | Aug 12, 2019 | Real estate investment

Foreclosures around Orlando
Is this your first time purchasing a home? If so, there are probably many questions you have about the process and where to begin. Luckily you are not alone. Here at Orlando REO Professionals 1, Inc., our team of real estate agents near me is here to let you know of the best tips and tricks. We have a guide for first-time buyers from the best real agents near me. We specialize in home buyers and foreclosures Orlando residents. 

 

Check Out Our Tips!

  1. Pay Off All Debt and Build an Emergency Fund
    1. When you get into a home with no payments (besides the mortgage) and have a nice big emergency fund, you’ll have the cash to pay for huge expenses that suddenly come your way. 
  2. Determine How Much House You Can Afford
    1. You need to leave room in your budget for other things, so make sure your monthly housing costs are going to be no more than 25% of your monthly take-home pay.
  3. Save a Down Payment
    1. If saving up to pay cash for the total price of a house isn’t reasonable for your family’s timeline, at least save for a down payment of 20% or more.
  4. Save for Closing Costs
    1. On average, closing costs are about 3–4% of the purchase price of your home.
  5. Get Preapproved for a Loan
    1. Get pre-qualified for a loan and take the extra time to get a preapproval letter before you start your home search. 
  6. Find a Home for Sale in Your Price Range
    1. Find homes you like online and send them to your real estate agent, so they have a good idea of what you’re looking for. 
  7. Research Neighborhoods for Best Fit
    1. Ask your real estate agent for information on crime rates and the quality of schools around your prospective neighborhoods.
  8. Attend Open Houses and Think Long Term
    1. Once you’ve narrowed down the neighborhoods, attend a few open houses. Looking at homes that are for sale—even if they’re not a perfect fit for you—is a great way to learn more about the area.
  9. Make a Competitive Offer (That’s Within Your Budget!)
    1.  If you’re a first-time homebuyer, it may be hard to know how much you should offer. That’s when you can rely on the expertise of your real estate agent.
  10. Prepare for Closing
    1. The average closing process takes 43 days, which gives you plenty of time to tackle closing items

 

Trust Our Real Estate Agents Near Me

Your first home is a big purchase—maybe even the biggest one you’ll have ever made up to this point in your life! Because of that, you don’t want to risk messing this up. A real estate professional will take the weight off your shoulders by helping you to find a home, negotiate a deal, and see the process through until closing. That is where we come in. 

 

We Are Here To Help!

Orlando REO Professionals I, Inc: Serving the greater Central Florida area. We are a group of REO listing specialists, covering: Orange, Osceola, Seminole, Polk, Lake & Volusia counties. Every one of the listing specialists has a minimum of 7 years of REO experience. Together with added up, a total of over 75 years of real estate experience. Orlando REO Professionals I, Inc. prides itself on having the best inspection and BPO grades every month. We are experts in providing top-notch investment property advice and wealth management. We have several clients and millions of dollars in properties, pooled into hedge funds and other property investment portfolios.

 

Call Us For Foreclosures Orlando Residents

We are the leaders when it comes to bank-owned homes for sale. You can trust Orlando REO Professionals I, Inc. when it comes to the best advice to get money quick with foreclosures Orlando! Let our real estate agents near me help you today. We have various resources to help get you moving forward. Check out some of the very informative books we featured in our life. Call or visit us today for more information at 407-247-0849. We are the best in Orlando!