EPR Buyer Guide 2023

Buyer Guide

T A B L E

Welcome to

BUYER GUIDE

As Realtors® it's our pleasure to guide you through the process of finding your home. Whether you're a first-time homebuyer, relocating, or looking for an investment property, we are here to help. With access to the latest listings, market trends, and industry insights, we have the expertise and resources to provide you with the highest level of service and support.

S T A Y C O N N E C T E D

tipsto findthe right home

4927 Emilee Grace Ln St. Cloud, FL 34771

5290 Mill Stream Dr St. Cloud, FL 34771

1809 Charles Ct St. Cloud, FL 34771

6831 Bass Hwy St. Cloud, FL 34771

4451 Kissimmee Park Rd St. Cloud, FL 34772

3125 Burberry Pl St. Cloud, FL 34772

BeforeYouBuy

HOW'S YOUR FINANCIAL HEALTH?

An important first step on your journey to success is to be fully aware of your personal financial situation. Understanding your personal financial situation will guarantee your long term success in this process. It will ultimately confirm your financial eligibility & readiness for the purchase and long term maintenance costs that come with purchasing a home.

LOOK AT YOUR SAVINGS

It is always recommended that you come prepared when purchasing a home It is highly important to have available sufficient emergency cash to cover critical expenses A great rule of thumb is to have a minimum of three to six months set aside for expenses And let's not forget the major upfront expenses such as cash down, closing and moving costs

REVIEW YOUR SPENDING

You need to know where your money is presently going every month to better understand and plan for this future purchase. How much money is going to bills or necessities vs how much is going towards extras. Knowing your spending limits helps towards an ultimate successful purchase.

CHECK YOUR CREDIT WHAT DO YOU WANT IN A HOME

Lowering your debt to credit ratio and credit reliability are among some of the main criteria for approval lenders are tasked to evaluate and interpret.

Knowing what you are happy with when you are heading towards purchasing a property is key to long term happiness With so many types of homes available to the consumer, it is advantageous to become familiar with ALL of your options

MakeanOffer

MAKE AN OFFER

Once you are at the point where you feel like it is time to present an offer, we will guide you as to how much to offer at first, along with specifying any conditions you would like to negotiate for. We then will proceed with the official offer submission to the sellers agent. If all goes in your favour, they will accept. Fingers crossed! In the event that they refuse the initial offer, they will most likely come back with a counteroffer.

AGREEMENT

Once a middle ground is reached that pleases both parties, the next step is a deposit to lock in the deal while the property goes into Escrow. Escrows are usually 30 days unless otherwise pre specified and negotiated by the real estate agents.

HOME BUYING

STEP 1: STEP 5:

PREAPPROVAL-

Determine your buying power

STEP 3: STEP 2:

PROPERTYSEARCHWhat are you looking for in a home

SHOWINGSWe will set up and view homes you are interested in

STEP 4:

OFFER -

ESCROW -

Deposit escrow and complete loan application within time frame of the contract

After finding the right home, we will put in a strong offer and negotiate the terms of the contract

TIMELINE

FINANCINGOrder appraisal and obtain homeowners insurance

STEP 7: STEP 8:

INSPECTIONS -

Schedule inspections and negotiate any repair requests and issues from inspection

CLEARTOCLOSERECEIVE FINAL APPROVAL FROM LENDER

LASTSTEPSFinal walkthrough and closing scheduled

STEP 9: STEP 6:

STEP 10:

CLOSINGGet your key and celebrate buying your home!

BUYERChecklist

nd how much of a afford ent documents

d what

Determine Any act and provide ssible

d Issues Are isal

COMMON MORTGAGE LOAN STEPS

PRE-QUALIFICATION

LOAN APPLICATION

LOAN ESTIMATE

PRICING & LOCKING

LOAN PROCESSING

UNDERWRITING

FINAL LOAN APPROVAL

CLOSING DISCLOSURE

LOAN CLOSING

Between your accepted offer and loan closing, DON'T:

BUY BIG TICKET ITEMS - CAR, BOAT, ETC

QUIT OR SWITCH JOBS

OPEN OR CLOSE ANY LINES OF CREDIT

PAY BILLS LATE

MAKE LARGE DEPOSITS OR WITHDRAWS

IGNORE QUESTIONS FROM YOUR LENDER

LET SOMEONE RUN A CREDIT CHECK ON YOU

CHANGE BANK ACCOUNTS COSIGN A LOAN WITH ANYONE

Our Promise to You

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W e p r o m i s e t o t e l l y o u t h e t r u t h a b o u t y o u r p r o p e r t y .

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W e p r o m i s e t o r e s p e c t y o u r c o n f i d e n c e s .

W e p r o m i s e t o g i v e y o u g o o d a d v i c e .

W e p r o m i s e t h a t y o u w i l l u n d e r s t a n d w h a t y o u ’ r e s i g n i n g .

W e p r o m i s e t o f o l l o w t h r o u g h a n d f o l l o w u p .

to the buyer...

We understand the decision to buy a home is not made lightly. The relationship between home buyers and Realtors must be based on trust, mutual goals and understanding – this is why we will always keep your interests first and foremost. The real estate process requires negotiation of complex issues. We are committed to working in your best interests and will help you secure the best possible price, with the most favorable terms, in the shortest period of time.

The Central Florida market is large and complex and moves very quickly; trying to navigate it on your own is a formidable challenge. Brokers live and breathe the market – the experience and knowledge they bring is invaluable and impossible to get elsewhere.

Working with a real estate broker whom you trust and with whom you are comfortable, you will give yourself a competitive advantage over those who are not using a broker. Once you have a good idea of what you want, your first goal in finding the perfect home needs to be finding the right broker. Understanding this, one of the key services of East Park Realty.

KEY TERMS

Appraisal

A professional analysis used to assign the market value of a home. A necessary step in validating a home's worth to you and your lender as you secure financing

Closing Cost

The fees required to complete the real estate transaction. Paid at closing, they include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed

Contingencies

A clause in a real estate contract that states there are certain conditions that must be met by either the buyer or seller in order to continue to the next step in the contract. Commonly for financing, inspections, and appraisal.

Down Payment

Cash requirement of 3-20% of the purchase price of the home. Some 0% down programs are also available.

Debt-to-Income

Your monthly debt payments divided by your gross monthly income.

Earnest Money

A deposit made to a seller that represents a buyer's good faith to buy a home. This money is applied to your down-payment at closing.

KEY TERMS

Loan Commitment

A lender's promise to offer a loan or credit of a specified amount to a borrower that also includes all of the terms and conditions of the loan.

Underwriting

The process by which real estate borrowers are evaluated to determine their viability and potential to repay a mortgage.

Walkthrough

Mortgage Rate

The interest rate you pay to borrow money to buy a home. The lower the rate, the better

The last milestone prior to closing where the buyer inspects the property to ensure they are buying is in the same condition as when they made their offer.

Pre-Approval Letter

A letter from a lender indicating you qualify for a mortgage of a specific amount

Survey

The process of locating and measuring a property's boundary lines to determine the exact area of land that a homeowner owns.

Title/Title Insurance

Document that shows legal ownership to a property. A lender required insurance policy that guarantees that the seller has the right to sell you the property, and you alone own it after closing.

Office: 407-374-4271

1401 Budinger Ave. Ste. B, St. Cloud, FL