The presidential election is around the corner, November 5th is only 9 days away as of this writing. Voting may end on that day, but there is still time to find, purchase and close on a home in central Florida. Let’s break it down for potential home buyers.
Get your financial ducks in a row
If you would like to close on a home before the end of the year 2024, it is essential to get your mortgage loan pre-approval now - they are often valid for 90 days. Before you start, get your paystubs, bank statements, retirement account statements, tax returns and W2’s on hand - this will make the application process go much more quickly. Contact me online today to get started with your pre-approval process.
Get your home search criteria ducks in the row
It will save you a lot of time, energy and gas money by getting your home search criteria defined as much as possible. Here are some simple questions to ask yourself:
- What are the minimum number of bedrooms and bathrooms that suit your lifestyle?
- What is your preferred housing type? Duplex? Condo? Townhome? Single family home?
- What is your required price range based on your pre-approval AND the monthly total payment you with which you are most comfortable?
- What is your pre-approved mortgage loan type? Not all homes qualify for FHA and VA loans.
- What is your desired location or zip codes? Are there any areas you prefer to avoid?
- Is a garage or carport important to you?
- Are homes located in an HOA acceptable?
- Is there a minimum square footage that is necessary for your family size?
- What is the acreage requirement? Do you need more land because you have RVs or trailers to store?
- If you are 55 years or older, would you prefer a maintenance-free, 55 plus community?
- Is a private swimming pool important to you?
- What else is important for you and your desired lifestyle?
Call or text me at 863.640.2246 with your preferences and I can send you a list of homes that might fit your needs. Until then, browse homes online here with a simple search filter.
Plan ahead with your Realtor to schedule home showings
At this stage of the year, and frankly whenever you are searching to buy a home, it’s best to stick to your preferred search criteria and only spend the time and effort to see homes on which you may want to submit an offer. What I mean by this is the following: complete your online search, make a list of which homes are most interesting, request showings for homes that you love online, then go see the homes to confirm that you like them as much in person as you do online. If you love a home online, then see the home in person and still love it, and, it is within your financial comfort zone, go for it and submit an offer with your Realtor. Contact me online now to request a complimentary buyer consultation. We can go over the entire process together and get your started on a fast-track to home ownership.
What is a realistic time line? When do I need to be under contract?
If you are financing the purchase of your next home, it would be great to be under contract by about Friday November 15th to ensure that you will close by the end of the year? Why more than 30 days? The Thanksgiving and Christmas Holiday breaks can really cause a hold up in the closing process - many vendors take an entire week off, and the banks and title companies take some time off also. Take in mind that the home you are purchasing may need repairs after your inspections and you will need time to get those repairs completed as well. Having said all this, if you get under contract by Monday Novemeber 25th, there are no repairs required after your inspections, and your employment, income and assests have already been verified by your lender, it is possible to close by the end of the year for an experienced lender partner.
If you are paying cash for your home purchase, and you forego inspections all together, and the sellers can move out very quickly, I have been able to close a new purchase contract within a week or two. This means that you could feasibly be under contract by Tuesday December 17th and close comfortably by December 31st.
Remember, a lot of closing can be crammed onto the last day of the year, so if it is possible, schedule your closing with the title company before then - even if it is just the prior day.
I hope these few discussion items help you if you are looking to get into a home this year. Call or text me with your questions and to go over the buying process together. My info is below.
Written by
Jared Weggeland
Realtor
863.640.2246
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