The time has come to begin the steps of buying your first home and looking around the internet and other real estate-related media, you’re finding there’s a lot more to know than finding a house, getting a loan, and signing papers.  There are some key words that can be unfamiliar to a first-time home buyer, so familiarize yourself with these lesser-known terms so you’ll have fewer questions and stumbles along the way: 

• In order to be certain that the home is worth the amount of the loan, there will be a home appraisal performed by an unbiased inspector of the lender’s choosing. 
• At the final paper-signing, the buyer is required to pay closing costs, which normally include attorney fees, surveyors, inspections, and title insurance, among other things.  Be prepared to have 2-5 percent of the purchase price for closing costs. 
• If you’d like to pay less interest over the time of your loan, you can purchase discount or mortgage points.  To learn more about this option, check out these tips from the Nerd Wallet website. 

• Earnest money is money that will be paid to the seller to show good faith of the buyer towards the home purchase.  It will be applied to your down payment. 
• When you have funds in escrow, you will have given funds to a third party to hold until they have verified that inspections, disclosures or any disputes have been resolved.  Keeping it in escrow protects your deposit before you sign the final contract to buy your new home. 
• Pre-approval is very important and differs from being pre-qualified.  If you’re pre-approved for a loan amount, you have a realistic expectation of what you can buy. 
• If your down payment is less than twenty percent of the purchase price, you will pay private mortgage insurance typically until that amount reaches twenty percent of the loan or home value. 
• Your lender will require the purchase of title insurance, which protects real estate owners and lenders against any property loss or damage for whatever reason.  Learn more about what title insurance is and what it covers from the CFPB. 

There are other terms and abbreviations you may find in your search for a house in their descriptions and about real estate in general that you won’t be familiar with.  Here’s a longer, more comprehensive list from realtor.comⓇ.  The more you know before you get started, the smoother the home-buying process will be!

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Dec. 3, 2018 – Buyers often anxiously await closing so they can enter their new home. In some cases, however, they ask if they can move a few things in early so they can hit the ground running. In other cases, the buyers may have a time gap between closing on an old home and moving into their new one.

As a result, it’s not uncommon for a buyer to ask a seller if they can move a few things in early, either possessions or themselves.

Nice sellers often try to accommodate nice buyers, but there are dangers to allowing someone to move in early. According to Cara Ameer, a broker associate with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida, who writes for Inman News, there are six good reasons for a seller to say, “No, I’m sorry you can’t,” when a buyer asks for early access to a home.

1. Who broke it?
A buyer moves in early, and the sink plumbing springs a leak. Will the buyer now fix it – should the buyer fix it? What if the buyer somehow thought the sink could support a grown adult and sat on it? Who pays?

2. Liability
If the buyer and seller have not signed any kind of pre-occupancy or lease agreement, what happens if something worse than leaky plumbing occurs, such as a major injury? The seller may be liable. In addition, what happens if wooden floors get scratched as movers drag new furniture across a room? What if a hurricane destroys everything the buyers stored in the garage?

Even with proof that the buyer caused damage, it could become a new negotiating point the buyers use to request further concessions from the seller.

3. “I didn’t notice this before …”
Most houses have a small chipped something or temperamental item. If buyers move in early, it’s like a “never-ending walkthrough,” Ameer writes. Buyers could discover minor problems and try to “renegotiate issues that were never raised as a result of inspections or repairs.”

4. Early repairs
Buyers who move into a new home often feel as if they own it, even if money has not yet switched hands, and start to think: “Why wait another week to start tearing out the kitchen cabinets?”

Ameer says the “list of what-if scenarios is endless.” Paint can spill, contractors can fall and lawn people can break sprinkler heads. Overall, there’s a great chance that the seller – or his insurance company – will be responsible for any pre-closing damages to both people and properties.

5. Buyer’s remorse
During a showing, a house can be the American Dream, but that feeling can fade once buyers realize it’s also a lot of work. Or perhaps the buyers continue to look at new homes that come onto the market, and one is a bit dreamier than the American Dream they’re preparing to buy.

If a situation arises where the seller can also lose a deposit, they’ve lost time and money pulling their home off the market while waiting for the buyers to change their mind.

6. A loan falls through

Perhaps a buyer, once inside “their” new home, buys furniture and dings their credit score – or maybe something else happens, including things like wire fraud that sends the buyers’ mortgage money to a criminal organization in Siberia.

Sellers want to get their home on the market quickly if a deal falls through, but this creates a whole set of other possible problems, especially if the buyer has no immediate place to go. In addition, a ready-to-show home that has been lived in for three weeks might need to be cleaned again.

While there may be a good reason to allow buyers access to a listing before closing, good-hearted sellers who say, “Sure, go ahead,” as soon as their buyer asks for early access should at least take a few minutes first to consider all the possibilities.

“In the event you have sellers willing to allow buyers in early, you should recommend, in writing, that the parties get a pre-occupancy agreement – preferably one drafted by an attorney – in place before moving forward,” recommends Meredith Caruso, Florida Realtors’ manager of member legal communications.

Source: Inman News, Cara Ameer, broker associate with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida

© 2018 Florida Realtors®

https://www.floridarealtors.org/NewsAndEvents/article.cfm?id=374444

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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CHARLOTTE, N.C. – Nov. 5, 2018 – LendingTree’s latest State Migration Study discovered that 12.1 percent of homebuyers across the country plan to change states and most plan to head south – and the largest number prefer Florida. It’s the top destination for residents of 15 out of 50 U.S. states, most of which are located up and down the East Coast.

To do the study, LendingTree reviewed more than 2 million new-purchase mortgage loan requests for primary residences in all 50 states in 2018 through mid-November to find what percentage of all requests were from residents looking to move outside of their current state and where their destination would be. The results details the most popular new locations for homeowners in each state, along with the states with the highest percentage of requests to move to other parts of the country.

Of all purchase mortgage requests during the study’s period, 9.1 percent were for Florida, LendingTree reports. For out-of-state movers, 12.4 percent of requests were for Florida. The Sunshine State has a long history of bringing in visitors and new residents, particularly retirees.

Texas residents love the Lone Star State. Texas had the fewest percentage of residents looking to move out of state – only 6.6 percent – but Florida was also the top destination for the few considering a longer ride in a moving van. Texas was also the top move-to state for residents of six other states.

However, Florida also had fewer residents looking to move away. After Texas, only 8.6% of Michigan residents are considering such a move – but again, their top choice is Florida.

For the 8.9 percent of Florida residents considering an out-of-state move, it won’t be a long drive: 13.8 percent listed their top preferred state as Georgia.

Alaska has the most residents looking to move away – 24.8 percent. The top destination out of Alaska was Washington state.

Most people looking to move out of state don’t want to go far – more than half of them chose a state next door. But if they are looking to move cross-country, chances are it’s to Florida. Of the 20 states where the residents’ most popular new location doesn’t border their current state, 13 were Florida.

States that list Fla. as their No. 1 move-to destination

1. New York: 21.3% want to move; 21.5% of them prefer Florida
2. New Jersey: 17.5% want to move; 21.8% of them prefer Florida
3. Connecticut: 17.3% want to move; 23.9% of them prefer Florida
4. Vermont: 17.2% want to move; 19.6% of them prefer Florida
5. Illinois: 14.2% want to move; 14.2% of them prefer Florida
6. .Maine: 11.3% want to move; 21.0% of them prefer Florida
7. Wisconsin: 10.6% want to move; 15.6% of them prefer Florida
8. 8.Kentucky: 10.5% want to move; 15.4% of them prefer Florida
9. Tennessee: 10.5% want to move; 15.8% of them prefer Florida
10. Indiana: 10.0% want to move; 15.8% of them prefer Florida
11. Alabama: 9.3% want to move; 22.4% of them prefer Florida
12. Georgia: 9.2% want to move; 26.5% of them prefer Florida
13. Ohio: 9.1% want to move; 20.7% of them prefer Florida
14. Michigan: 8.6% want to move; 22.0% of them prefer Florida
15. Texas: 6.6% want to move; 10.1% of them prefer Florida

© 2018 Florida Realtors®

https://www.floridarealtors.org/NewsAndEvents/article.cfm?id=374913

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Bigger is better almost all of the time, except when it comes to the amount you’re spending on a new home.  There are certain things that we should look for in a new house, but also things we shouldn’t.  If this is your first time buying a home, and you know the budget will be tight, plan well enough, and you’ll better manage the expense of being a homeowner.   

• Decide before you start house hunting how much you can spend.  We can’t say it enough:  plan a budget and stick to it. 
• Just because you are approved for a certain loan amount, it doesn’t have to be spent. If you can find a house that you love for less than the approval limit, then go with it.   
• If you do find a house at a “great price,” find out why it’s priced to sell.  Talk to neighbors, do some internet sleuthing, and make sure you’re making the right decision to buy it when everyone says it’s a “steal.”   

• Getting a house in a great school district is wonderful, but if you don’t have children, or will likely move once you do, don’t spend the extra to move into an area that is probably higher priced because of the quality of local education. 
• When it comes to the kids, do they really need a play or media room?  If your children are involved in after-school activities and spending a lot of time at practices, rehearsals and lessons, then the extra space won’t be used often.  The extra cost in the purchase price–not to mention the utilities to heat and cool the rooms–will be money wasted. 
• That same thinking goes hand-in-hand with living in a bigger house, period.  Larger houses will cost more in insurance, taxes, and utilities.  Even if your mortgage payments will likely be cheaper than your current rent, the extra costs can hurt your wallet once you move. 
• If you’re not the type that likes to do yard work, or if you don’t want to spend your time off work mowing, raking, weeding and trimming, then a large beautiful yard isn’t worth the money.   
• A house that needs simple cosmetic updates is great for those who have the time and money to perform these jobs themselves, but if you buy a house that’s within your budget with the intent to do extensive work, it may cost you much more in the end. 

The wisest thing to do during the home-buying process is take your time and think practically.  Have your needs at the top of your house-hunting list, and your wants further down. Falling in love with an amazing house can cloud our home-buying decision.  You don’t want to spend your days in an amazing house worrying about how you’ll pay for it.  Buy what you can afford, and what you’ll truly live in and enjoy.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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The Windermere Real Estate Market Trends Report shows the average sales price was $557,315 in October 2018 compared to $691,795 in October 2017. Homes were on the market for an average of 74 days, down from 82 days last year. Homes sold for 97% of the list price.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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The Kissimmee Real Estate Market Trends Report for 34741 shows 46 homes sold in October 2018 up from 45 in October 2017. The average sales price was $192,568 compared to $174,158 in October 2017 and homes were on the market an average of 47 days, equal to 47 days in October 2017.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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The mortgage-lending process has several steps, and one of them is the appraisal.  Lenders require an unbiased valuation of the home that’s being sold, and the appraiser will not only look at sales of similar homes in the area, they’ll look at the property itself. Here are several things sellers can do to get ready for the process, and maybe even improve the appraisal value of the property. 

Outside 

• Start your once-over outside, and make sure your front and back yards are neat and clean of debris.  Check fencing for any damaged places and repair them.   
• Small improvements are best for the look of your landscaping:  fresh mulch, some new plants, and a recent mow and trim work. 

• The siding of the house should look great:  no peeling paint, no broken or missing vinyl siding, no rotting wood.  
• Check condition walkways and steps, making sure nothing is in disrepair or needs replacing. 
• Make certain windows are in good working order, with no rotting sills, cracked glass or peeling paint. 
• Decking and porches should be in safe condition. 
• Check the roofing for missing shingles or bad spots. If your roof has had any recent repairs, have that information ready for the appraiser to take note of.   

Inside 

• Walls should look great–no permanent marks or cracks.  If you see a problem that needs repair, have the work done, or you’ll need to allow the buyer to have a credit to make the repair. 
• Flooring that’s worn, soft, cracked, scratched or stained won’t make a good impression.  Clean the carpets, and make repairs to any hardwood, tile or linoleum. 
• Bathroom fixtures should be clean and in good working order. 

• In the kitchen, that sagging cabinet door needs to be set right, and faucets and plumbing should be in good shape. 
• Odors can signify a problem:  pet odor can be taken care of with some elbow grease and deodorizing cleaners, and if mold is an issue, have that erased by a mold-cleaning specialist.  If it’s just general bathroom mold, there are plenty of household cleaners to remedy that. 
• Ceiling stains can be a sign of a leak.  If you’ve had that repaired, have that information available for the appraiser, and paint the ceiling. 

The appraiser will be looking at general things, but if something costs $500 or less to repair, take the chance that it will improve the value of the property.  Don’t go replacing a working 10-year-old HVAC unit that you’ve kept maintained, as that won’t necessarily add to the appraisal value.  Have other major repair paperwork ready for the appraisal appointment and allow the expert to walk around and do their assessment.  The buyer already likes your house well enough to make an offer, and you’ve likely already done the work to make your home sell.  Maintain your house during the showing process, and it will benefit you come appraisal time.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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In today’s instant gratification society, finding out just how much time the home-buying process can take surprises some first-time home buyers.  Patience is a virtue when it comes to buying a home, and mistakes can be made, slowing the process down.  These tips should help you avoid common errors a home buyer can make: 

• It may sound like it should be worn out by now, but make sure your credit is in good standing. 
• Don’t overestimate how much you can afford.  If you’re just able to scrape the rent payment together every month, don’t look at homes where your loan payment will be equal to or more than the rent. 
• Be certain you have enough for your down payment saved, as well as other up-front costs.   

• Get pre-approved, not pre-qualified, for a home loan.  Talk to different lenders to line up the best deal for you. 
• Speaking of loans, there are plenty of programs to assist first-time home buyers in paying a lower than 20% down payment, as well as those with credit issues, and lower income.  Go to realtor.comⓇ for a list of the different programs. 
• Once you’ve applied for a mortgage, don’t apply for any other credit:  applying for a loan for a new car, credit cards, or even new furniture to go in your new home can hurt your credit score in the mortgage process. 
• Don’t underestimate open houses in the area you’re wanting to relocate to.  It can give you a good idea of what’s available, get a look at different neighborhoods, as well as the home prices.  You may even find your new home! 
• Look at more than one house, unless it’s a family home, or other special situation.  Upon visiting each house, keep a record of the ones you like, and a list of the pros and cons of each one.   

• Think ahead; if you have children leaving home soon, or if your parents will need to move in with you, look for a home with what room you’ll need then, not just for now. 

One of the most important things you can do is get your own buyer’s agent.  They have knowledge you don’t have about the market, and what’s available.  Ask your RealtorⓇ for a copy of the current market information, so you’ll be able to familiarize yourself with the home-buying process, and so there won’t be any surprises.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Photo credit: ActiveRain

Whether your offer on an older home has been accepted, or you’re buying brand-new construction, it’s highly recommended that you have the house inspected.  Yes, it’s an added expense to the home-buying process, but it could save you money and heartache in the end.  Get the most out of the inspection by following these tips: 

• Ask your RealtorⓇ for a list of qualified inspectors in the area.  Be sure to check reviews, and ask other recent home buyers for recommendations. 
• Call at least three different inspectors for price, experience, and whether your state requires a license and bonding or not, ask about these anyway.  A top certification they could have is one by ASHI (American Society of Home Inspectors). 
• Once you choose an inspector, choose a date for the inspection when you can accompany them.  If they have a problem with you being there, find another inspector. 

• Ask the seller if you can go in the house on your own before the official inspection to get an idea of the condition of the property for your own satisfaction.  Popular Mechanics offers a thorough list of things to look for in your new prospective home. 
• While you’re in the house, look for cosmetic things like paint and patching that could be covering bigger issues. 
• The inspector will have a process of their own, complete with checklist, but make one for yourself so you can have a record of your own for issues they show you as you walk through the house. 
• Don’t be afraid to ask questions during the inspection–a reputable inspector welcomes questions, plus, you’re paying them for their knowledge.  Getting answers before you get their final report will help you understand it better. 
• If you’re not quite sure of how to change the hot water heater temperature, how to work the circuit breaker box, or where the water shut-off is, the inspector can help you become more familiar and knowledgeable about the house.  Use your smartphone to take photos and video as they give you a how-to lesson, so you’ll have it in case you need it. 

Once you get your report, go over it carefully.  If there are major repairs that need to be made, ask the seller to make the repairs or offer you a credit or reduction in selling price.  Being as knowledgeable as you can be during this process can mean more money saved.  Just be sure to hire a good inspector, and stay involved in the process. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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The Windermere Real Estate Market Trends Report shows the average sales price was $600,632 in July 2018 compared to $584,461 in July 2017. Homes were on the market for an average of 74 days, down from 82 days last year. Homes sold for 97% of the list price.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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