Orlando First Time Home Buyers this is your guide to everything real estate related and where to begin. The firs parts of this series discussed if purchasing a home is right for you and how to finance your first home, the second part discussed why you need an Orlando Buyer's Agent. Thirdly went over How to Make an Offer on your First Home. This blog will discuss what can go wrong while under contract.
You worked hard, did your due diligence getting a preapproval, finding the perfect Orlando Buyer's Agent, found the right house and made a good offer on it. Now your under contract and sailing into home base, right? Wrong! There are many issues which can arise while you are under contract on your first home. There are 3 contingencies in a FAR/BAR AS-IS contract that lets you legitimately get out of a contract. 1) Inspections - You can have inspections on this magnificent first home and find out it's riddled with issues, termites, plumbing leaks, old and deteriorating roof you name it. During this time period you have the right to walk away at your sole discretion. This is probably the least surprising and most expected where issues arise. Now lets discuss some other problems.
In today's market Appraisals are a #1 killer of a lot of deals. With the declining market and appraisers under the magnifying glass they have been devaluing property. When a home doesnt appraise that means the bank will not lend you the money above the appraised value. So unless you have or want to pay cash to bridge the difference between the purchase price and appraised value you will need to walk away from the deal or potentially renegotiate with the seller.
Next there are things that you as a buyer can do to hurt your chances of closing on a home a few of those items but not limited too, opening new lines of credit, purchasing large items like appliances, furniture on credit or a new car. Not continuing to pay your bills on time, not filing tax returns this list can go on but while you dont see the big deal the underwriter can kill a deal in the last hour. Meaning you dont get to purchase a home.
There are many issues that can go wrong and this just skims the surface, this is just to make you aware that just because you are under contract does not mean it's smooth sailing. My motto to First time home buyers in Orlando is "You cant get excited until the keys are in your hand."
You now have all the keys of how to successful purchase your first home. In the next blog, I will discuss the closing process. If you are a first time home buyer in Orlando make sure to check out our Half Million Dollar Challenge where you can get up $12,000 free money!
Heather Joubran, GRI, NRBA, CLHMS, CDPE
RE/MAX Central Realty
www.HeatherTheRealtor.com (407) 810-6304
Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties
Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden
Anything that can go wrong may go wwrong...especially when yyou least expect it.
Thanks for the blog on these potential problems which may occur.
Hows the market in Orlando these days.
All the best.
Bill Merrell www.merrellinstitute.com
Bill market here for first time home buyers is moving like hot cakes we are transitioning and not a total buyers market. It's a great time to buy here .