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What should your initial offer be if you are buying a Florida home?
Click the video below to find out.
Author: Your Orlando Realty Admin
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The Home Buying Process Explained
Buying a home can be a confusing process, especially if you have not bought a home before. So lets try to explain the home buying process.
The first step a prospective homebuyer wants to do is get pre-approved for a home mortgage and obtain a pre-approval letter from the lender. This letter will tell the buyer how much he can spend on a new home, based on the amount of loan the can borrow.
With the pre-approval letter in hand, the buyer can now work with a Realtor to find homes for sale that meet his criteria. Most buyers will first narrow a list of homes down to the area of town they would like to live in. This may be due to proximity to a job or entertainment, top-rated schools, or other. Then, you can further narrow down based on price, size and features.
Once you have a few homes in mind, your Realtor will schedule some appointments to view these homes. When you find the one you want, the Realtor will put your offer down on an official contract and present to the seller. If accepted, then you are under a legal contract to buy the home. Of course, the seller can always reject your offer and make a counter offer.
Once you have a contract, you will then be required to pay a small good faith escrow deposit to the title company who is conducting the closing. This can be as low as $2000 or $3000. The title company is an independent party who is responsible for putting together all the paperwork to transfer title. It normally takes 30 to 45 days to close the purchase.
During this period, there is actually a lot that gets done. The title company will search the public records to determine whether there are any liens on the property or clouds on title. If so, they will work with the seller to clear them. The buyer also has work to do – work with the lender to provide any documents necessary to get the loan and inspect the property for problems.
The pre-approval letter that the buyer received in the beginning was just a general statement from the lender saying that a loan would be provided based on the accuracy of the basic information given. Now, the buyer must support his original statements with bank statements, employee records, tax returns, and so on.
The buyer will also want to have a home inspector do a complete inspection of the property soon after the contract is signed. He will check the plumbing, electrical system, AC, roof, water leaks, structural integrity, and more. If there are any problems, then buyer must bring this to seller’s attention and request seller to fix the problems or re-negotiate the purchase price due to the needed repairs. Most purchase contracts give the buyer a due diligence period of at least 15 days, in which buyer can cancel the contract for any reason. This is why the home inspection must be done soon.
But if all is well with the inspection and the lender approves the loan, then it’s time for the closing. Typically, the parties will meet at the title company offices, sign documents and then buyer gets a deed and keys. That’s it!
Of course, there are frequently other issues that arise during the process. For this reason, it’s a good idea to have a real estate attorney assist you through the process. And if your Realtor is also an attorney then the attorney may not cost you a dime!
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Search for Your Dream Home!
Hey central Florida residents, is your dream home something that you thought didn’t exist in the Orlando/Kissimmee/Clermont area?
Well, our dream home finder program is a totally free service where we invest our own money and time to go out and find properties that match exactly what you’re looking for. Hi, I’m real estate broker and attorney at law David Dowell.
I know there’s not a lot of inventory on the market right now, but that doesn’t mean there aren’t many houses available to buy. You see, there are a lot of people who don’t want to publicly list their house for sale, but they’re telling their realtor “Maybe I’ll sell if you can find me the right buyer”. These are sometimes called pocket listings and many realtors have these.
Also, once I know what you are looking for, and in what specific neighborhoods, I can reach out to these ideal homeowners to let them know I have a prospective buyer. We may be able to find one that says, “You know what, I’ll sell”.
So send me a message now to find out how I can help you find the home of YOUR dreams.
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FREE Real Estate Legal Questions?
Hey central Florida residents – and those of you wanting to move here. You ever have any real estate or legal questions about buying or selling real estate that, your realtor just can’t answer? I can answer them for FREE.
What happens to buyer’s escrow deposit if the seller defaults? Or if buyer backs out?
What happens if the property’s appraisal value is low and doesn’t meet the sale price?
What if the seller has liens on the property?
Who pays the state transfer taxes on sale the property?
What if you find out the house is not structurally sound?
Can deed restrictions or HOA rules prevent you from modifying your house?
I’m real estate broker and attorney David Dowell. I’ve been selling homes here in the Orlando area for over 10 years and have actively practiced real estate law for nearly 20. So I’ve pretty much seen it all. If you have any questions about buying or selling a home, or about any step from contract to the closing process, let me help.
For a FREE, no obligation response to any real estate question you have, feel free to text or email me any time. Or, fill out and submit the question form at the link below. I’ll respond within 24 hours. Even if you already have a realtor, I’m happy to provide this FREE assistance.
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What is Your Central Florida Home Worth?
Hey central Florida homeowners, the real estate market has been crazy. Up, down, up again. In fact, in the last 12 months we’ve been all over the place. Even if you got your home value updated in the last 3 months, it’s probably already out of date.
Click the button below & go to my website to get a FREE estimate & find out how much equity you’re sitting on in your property now. I’m real estate broker and attorney David Dowell.
You know we’ve seen an increase in inventory over the last 30 days, not to the point where it’s not a sellers’ market. We’re still seeing properties selling competitively over asking price, but the benefit is if you’ve been somebody whose been on the fence thinking about selling for a long time, but have been scratching your head thinking “well, where would I go buy, there’s nothing to go buy”.
Now may be that perfect opportunity to list your home, get maximum value for it, and still be able to find the one you actually want to move in to.
So, again, if you’re curious, call, text, or email me and let’s get the conversation started.
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Real Estate and Legal Questions?
Hey central Florida residents – and those of you wanting to move here. You ever have any real estate or legal questions about buying or selling real estate that, your realtor just can’t answer? I can answer them for FREE.
What happens to buyer’s escrow deposit if the seller defaults? Or if buyer backs out?
What happens if the property’s appraisal value is low and doesn’t meet the sale price?
What if the seller has liens on the property?
Who pays the state transfer taxes on sale the property?
What if you find out the house is not structurally sound?
Can deed restrictions or HOA rules prevent you from modifying your house?
I’m real estate broker and attorney David Dowell. I’ve been selling homes here in the Orlando area for over 10 years and have actively practiced real estate law for nearly 20. So I’ve pretty much seen it all. If you have any questions about buying or selling a home, or about any step from contract to the closing process, let me help.
For a FREE, no obligation response to any real estate question you have, feel free to text or email me any time. Or, fill out and submit the question form at the link below. I’ll respond within 24 hours. Even if you already have a realtor, I’m happy to provide this FREE assistance.
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Dr. Phillips’ Restaurant Row
Dr. Phillips’ Restaurant Row has become the new jewel of upscale Orlando. Sand Lake Road in the Dr. Phillips area of Southwest Orlando is a great example of the exciting growth that the Orlando area has seen over the last several years. The one mile stretch of road between Interstate 4 and Apopka Vineland Road, commonly referred to as Restaurant Row, has a concentration of some of the highest quality and upscale restaurants that you will see anywhere in the United States.
Most of the tourist action is concentrated near International Drive and Disney’s Lake Buena Vista area, so Dr. Phillips retains a friendly, local flavor. Restaurant Row, and it’s many retail shops, is primarily comprised of five shopping centers – The Fountains, The Rialto, Plaza Venezia, The Dr. Phillips Marketplace, and Dellagio.
The Fountains includes top restaurants such as Ruth’s Chris, Moonfish, Vines The Melting Pot and Raga. Plaza Venezia includes Rocco’s Tacos, Eddie V’s, Bonefish Grill, Roy’s Hawaiian, Cedar’s, Seasons 52 and Amura. The Marketplace has favorites like Chatham’s Place, Morton’s of Chicago, Christini’s and Cariera’s by Castelli. At Dellagio you will find Bravo, Cantina Laredo, Flemings, Big Fin and Dragonfly. At the Rialto is Ocean Prime and Bar Louie.
Of course, you will also find casual favorites such as Panera Bread, Einstein Bagels, Starbucks, Chick-Fil-A, and others. So no matter what type of food or atmosphere you are looking for, Dr. Phillips’ Restaurant Row is sure to offer you many choices.
If you are looking to find a home near Dr. Phillips’ Restaurant Row, or need someone to answer a few questions about this great area, please contact Realtor and Attorney at Law David Dowell by phone/text at (407) 864-2265, or email at david@yourorlandorealty.com
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Homes for Sale in Dr. Phillips’ Bay Vista Estates, Orlando, Florida
Looking for a home for sale in Dr. Phillips’ Bay Vista Estates, Orlando, Florida? Bay Vista Estates is a beautiful community of luxury single-family homes in the Dr. Phillips area of Orlando, Florida, and is located about 12 miles southwest of downtown Orlando off Apopka Vineland Road – about a mile south of Sand Lake Road.
The Bay Vista Estates subdivision has about 240 homes, ranging in size from between 2000 and 6000 square feet. The subdivision was established in 1984, and homes were built from then until 2002. Many homes have beautiful lake front views. Bay Vista Estates sits on Big Sand Lake, part of the beautiful Butler Chain of Lakes. The community’s amenities include basketball and tennis courts, water access for skiing and boating on Big Sand Lake, a community boat slip, dock, picnic areas, and community events for its residences by the lake.
Interested in homes for sale in Bay Vista Estates?
Click here to find all the currently available homes for sale in Dr. Phillips’ Bay Vista Estates, Orlando, Florida.
What’s to do near the Bay Vista Estates neighborhood?
The Dr. Phillips community of Bay Vista Estates is located about 3 miles north of the Walt Disney World resort and is within close proximity to the Universal Studios and Sea World parks, world-class shopping at the Mall at Millenia, world famous International Drive, upscale dining in Dr. Phillips’ Restaurant Row, various parks and recreational activities, and Orlando area hospitals. Bay Vista Estates residents don’t need to travel far to enjoy all of Central Florida’s finest boating, fishing, water sports, and golf activities.
What schools will the kids attend?
The Bay Vista community is served by the Orange County Public School System and has some of the best rated schools in the state.
Bay Meadows Elementary School
Southwest Middle School
Dr. Phillips High School
Now you really want to find a home in Bay Vista Estates, right?
I hope you found this article about homes for sale in Dr. Phillips’ Bay Vista Estates, Orlando, Florida, helpful. If you are interested in the current homes for sale in the Bay Vista Estates neighborhood in Dr. Phillips, Orlando, click here to view all the available homes. Our property search engine is a direct feed from the local Orlando MLS and is updated daily.
If you are looking to find a Dr. Phillips area real estate agent to help you buy or sell a Bay Vista Estates home, please contact Realtor and Attorney at Law David Dowell by phone/text at (407) 864-2265, or email at david@yourorlandorealty.com