Buyer Tips

Buyer Tip: Permits & Surveys

The title company checks for open permits, if you so request it. If you do not, the responsibility passes to you at time of purchase. Some sellers do not even realize there are open permits for work supposedly completed years ago! A good example of this is a new pool install, and the final inspection was never completed. Hopefully, it is fine but that is why you have it inspected through a permit. If you are getting a loan, the lender will require a survey. Be sure to look at it closely for neighbor encroachments, your own encroachments, and that all easements are honored. Any of these could turn into a potential problem for you.

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Buyer Tip: Future Credit Changes

If you are getting a loan, DO NOT make any changes at all to your credit without first consulting your lender. Things like opening or closing accounts, paying down credit cards, eliminating debt, changing checking accounts, buying a car, buying furniture, etc. have the potential to stop your loan.

Did today's tips spark a question? Think I might be the right Realtor for you? Give me a call and let's talk!

David Shippey - Xcellence Realty
863-521-4517
Unforgettable Service | Undeniable Results

Buyer Tip: Inspections

We always suggest a full home inspection, termite inspection, and septic inspection (if the home is not on a sewer). The results of these inspections give you a good picture of the condition of the home.

Spoiler alert: the home inspection report WILL NOT be blank. Inspectors list all minor and major issues, and that is exactly what you want to see. Sellers typically do not fix cosmetic items, but that is OK. This gives you a list of items to slowly tackle once the home is yours.

If the home is not new, I recommend a four-point inspection and wind mitigation report for insurance purposes. Bonus: The wind mitigation report may give you a better rate on your insurance pre...

Buyer Tip: Money out of Pocket

The first expense will be your escrow deposit or earnest money as it is sometimes called. It is usually 1% to 2% of the purchase price. This is within a few short days after you execute sales contract.

During the first phase you met with a lender to get preapproved. Part of that process will tell you how much you need for a down payment based on your loan program and desires. Some loans allow 3.5%, 5%, 10%, and 20% of the purchase price. The down payment is paid at closing and takes into account your deposit.

Inspections are the next expense. Depending on the inspections chosen, they can amount to $1,000 paid at time of inspection.

Most lenders ask you to ...

Buyer Tip: Comparative Market Analysis

If you've followed the previous steps, you found a home that will work for you. Woohoo!

Next, make sure that the purchase price is reasonable for the market and community.

Ask your Realtor to perform a comparative market analysis to make sure the asking price is sound.

This will help you make an educated offer on the home.

Did today's tip spark a question? Give me a call!

David Shippey | Xcellence Realty
863-521-4517
Unforgettable Service | Undeniable Results
Serving Central Florida Home Buyers and Sellers Since 2005

Buyer Tip: Deed Restrictions

Ask for a copy of the deed restrictions, then review what the community allows. Make sure it matches your lifestyle!

How much are the homeowner's association fees, and when are they due?

Also, look for capital contributions when joining the community. These are amounts charged by the homeowner's association to join the community which are paid at closing.

Did today's tip spark a question? Give me a call!

David Shippey | Xcellence Realty
863-521-4517
Unforgettable Service | Undeniable Results
Serving Central Florida Home Buyers and Sellers Since 2005

Buyer Tip: Location, Location, Location

So many elements go into this one! How long of a commute are you willing to make? Does the neighborhood need to fall within a specific school zone? Are grocery stores and restaurants close by? Do they need to be, or are you content with more secluded areas? Do you spend a lot of time at the home of friends or family? Consider that drive time too!

Think about the overall community's location too! Are you happy with the neighbor's property maintenance? Does the community offer amenities that are important to you? Is it located in an area that you qualify as safe?

I recommend driving by any potential house BEFORE scheduling a showing. No need to waste yo...

Buyer Tip: Max Purchase Price

You already found a good Realtor, know your loan pre-approval amount, and made a list of needs and wants.

Next up -- decide how much you are willing to spend for a home that matches your list of needs.

Pro tip: if you're pre-approved for $300,000 but want to stay between $200,000 to $250,000, let your Realtor know. This will help them better curate the potential home list they share with you.

Did today's tip spark a question? Think I might be the right Realtor for you? Give me a call and let's talk!

David Shippey | Xcellence Realty
863-521-4517
Unforgettable Service | Undeniable Results
Serving Central Florida Home Buyers and Sellers Since 2005

Home Features

Determine what you NEED in your next home. How many bedrooms? How many baths? How many people will be living in the home? Do you need a garage? If yes, for how many vehicles?

Does the laundry room need to be inside, or is a laundry hookup the garage ok? Do you need extra rooms like a home office, craft area, or bonus room?

Do you need a kitchen with a lot of countertop or cabinet space? What about an outdoor space -- acreage, screened porch, large yard?

Make a list of your WANTS too! Having separate lists of needs vs wants will help you quickly identify "deal breaker" items.

Share those lists with your Realtor to keep your home search moving in the right direction.

Did...

Pre-Approve NOT Pre-Qualify!

What is the difference between being pre-approved and pre-qualified? Quite a bit actually!

Pre-qualified means the lender checked your credit scores and asked how much income you make each year.

Pre-approved means the lender looked at your credit scores, pay stubs, funds available, bank statements, income tax returns, w2 or 1099, investments, debt/income ratio, and verified employment!

In short, being pre-approved ensures your approval for financing is strong and less likely to fall through before closing.

Not sure which lender to choose for the pre-approval process? Ask your Realtor! He/She will be happy to give you a recommendation.

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Home Buyer's Tip: Find your Realtor!

If you are considering a home purchase, the very first thing you should do as a buyer is find the right Realtor for YOU. How do you do that? Ask family and friends about the Realtor they used. What did they like? What did they not like? How many years of experience does he/she have in real estate? How does his/her type of service match up to your lifestyle? Also, make sure to look at the Realtor's reviews from previous buyers. Look for common themes and get a feel for his/her work ethic. Every Realtor is a bit different from the next. Ultimately, find someone you can trust!

Did today's tip spark a question? Think I might be the right Realtor for you?...