Central Florida Real Estate with Jen McCarty

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Your Orlando Real Estate Offer has been Declined. Now What?

If you've put in an offer on real estate in Orlando, FL and that offer is rejected, it can be unsettling. This is particularly true if you are a first-time home buyer. It's easy to take the rejection personally. This is a time where buyers and sellers both are susceptible to making big mistakes in negotiating and where the steady hand of a real estate professional can help. If your offer has been rejected outright and no counter proposal has been made, your buyer's agent should be able to communicate with the seller's agent to determine the reason. Sure, it may simply be the original offer was too low, but now is the time to find out exactly why the offer was rejected. You can then determine if you are, or are not, willing to resubmit your bid based on the information your agent has received. If your offer has been met with a counter offer, that should be viewed as a hopeful sign. They are saying, in essence, “Let's get together on something we both can mut...

What to Expect After Submitting an Offer

The most exciting, and some would say nerve-wracking period of buying a home is the time immediately following the submission of your offer. This is the period in which having a buyer's agent can be so very valuable. Once you determine the amount of your offer, you and your agent should determine how much time you would like to give the seller to consider whether to accept it or not. Usually, two or three days is sufficient. After you submit your offer, you can expect one of four things to happen. Your offer is accepted as submitted. This is your best outcome, as the buyer has agreed to sell you the home for the price you offered. Your offer is rejected. In some cases, especially if the seller views your offer as far too low, they will simply reject the offer. I will discuss offer rejections in my next blog post. Your offer is countered. The buyer is technically rejecting your offer, but at the same time is countering it with a proposal of their o...

6 "Must-Knows" Before Putting in an Offer for a Florida Home

You've got your credit in shape, know your budget and you are pre-qualified for a mortgage. You have a buyer's agent working for you and you've found a house that meets your criteria. Now it's game time. It is time to put in an offer. Here are some valuable pieces of information that can help you structure that offer. How long has the house been on the market? Sellers of a house that has recently been listed is probably less likely to take an offer significantly less than the asking price. A seller whose house has been on the market for a long time may be more eager to negotiate. Why is the seller moving? If they are transferring to a new job or need to sell to buy their next home, it can give you leverage. If they are just thinking about moving back North, they may be more firm in their price. How long have they lived in the home? The longer they have lived in the home the less money they may owe on the property. This too may mean they can be more flexible on...

Quick Tips for First Time Home Buyers

This blog is specifically for first-time home buyers who want some tips on buying a home without having to do a massive amount of research. If you are considering entering the housing market in Central Florida for the first time, here are five quick tips to help. 1. Seek the services of a buyer's agent. Most buyers don't realize if they call a real estate agent to look at a property for sale, that agent is most likely working on behalf of the seller. By acquiring the services of a buyer's agent, you are assured your real estate agent is working in your best interest. 2. Get pre-approved or pre-qualified for a mortgage. Getting pre-qualified lets you, your agent and the potential seller know you are serious and are qualified to get a loan. This is very valuable in moving the process along smoothly and can help you in negotiating. 3. Know what you want, and don't want, in a house. Create a list of what you do and don't want in a property and know what...

Find an Agent

One of the most important decisions you will make in your search for the perfect Central Florida home is your choice of a real estate agent. Let me start by telling you something you probably already know. You don't need someone to “sell” you a home. What you really want is someone who understands what your goals and desires are. You need someone who can help you cut through the clutter and zero in on homes that fit your lifestyle, budget and desires. If you are interested in purchasing a home in the Orlando area, here are some practical tips to help you choose the agent perfect for you. Find someone you can relate to. Yes, I know you are going to see tips on finding real estate agents that stress experience. If you don't relate to an agent, however, no amount of experience will help you “connect”. Choose an agent who will listen. There are plenty of real estate agents who will spend hours telling you about themselves. I find it more important to listen to people. I w...

Get Pre-Qualified

If you want to save the most possible money on your Orlando home purchase, it can be very valuable to get pre-qualified for a loan from a mortgage company or bank. Pre-qualification differs from pre-approval in that a pre-approval is actually only an estimate of your ability to get a loan. Pre-qualification means a prospective homeowner has actually filled out an application and has qualified for a loan amount. A Few Words About Loan Qualification You should keep in mind that the amount you pre-qualify for is the maximum a lender will give you toward the purchase of a home. It may not necessarily be the wisest amount you should spend on a home. Many people find themselves “house poor” because they borrowed the maximum to get their home. They may leave no room for improvements, repairs, insurance, taxes, utilities and other property-related expenses. You may be best served to be conservative in the home price-range you are looking into. How Pre-Qualification Can Hel...

Rates vs. Price

Most real estate agents have experienced the frustration of seeing a buyer miss out on a home they loved because the buyer tried to negotiate $5,000 or $10,000 too much off of the price of a home. Of course, price is important, and no one will negotiate on your behalf harder than I when it comes time to buying a home in the Orlando area. But I also want you to know how significant the rate you pay on your mortgage has on your bottom line. It can demonstrate why rates are as important as price when buying a home. Let's say, for example, you offer $190,000 for a home listed for $200,000. and your offer is accepted. Congratulations, you just saved $10,000. Let's say you are able to get a $190,000 mortgage at a rate of 4.25% for 30 years. Your monthly payments would be about $935. Over the 30 years of that loan, you would pay back a total of $336,600. Now, if you could get the same loan at just .5% less at 3.75%, monthly payments would be about $880 per month. While that $...

Preparing to Buy a Home

In my initial blog post I mentioned how much I love helping people find the perfect home, especially first-time buyers. Here, I am beginning a series that will take you through the entire home buying process, from where you are today to closing on your home. Even if you are months, or a year away from purchasing a home in Central Florida, there are steps you can take now to better prepare. Here's a look at how you can “get ready to get ready”. Get your credit in order. Look up your credit score and check it for errors. Focus on making all your payments on time. A credit score of 580 or more can qualify you for a lower rate on a FHA loan . For our US veterans, a VA home loan may be available and most VA lenders will look for a credit score of 620+. A majority of home buyers will receive a conventional home loan and will need a credit score of 750 or higher. Do not make any major investments or purchases. A lender will look at the bank statements for every applicable...

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