Get Pre-Approved, Not Pre-Qualified

Make sure you are in the strongest negotiating position possible. Get a full approval from a lender, conditioned only upon a contract and satisfactory appraisal. This differs from a prequalification in that the information you are submitting to the lender is verified and underwritten. I've seen pre-approval make the difference many times when multiple offers are submitted on a property, even if that pre-approved buyer was offering less money for the home. Sellers feel much more comfortable knowing that financing will not be an issue. Pre-approval can be obtained in just a few hours (in rare cases a few days) and is a powerful weapon all buyers should have in their negotiating arsenal.

Don't Get Pushed Into A House

Look at several houses. This may sound strange coming from someone who stands to benefit from your looking at as few homes as possible, but you should look at a number of homes to get a feel for the community and the values therein. Don't make a decision on a home until you feel you've seen enough to pick the best one. You will never find the absolutely perfect home, but at least try.

Sell First, Then Buy

If you have a house for sale, sell it before selecting a home to buy. Contingency contracts rarely work in the Orlando real estate market. At least get a contract on your current home, so you can make the contingency on the closing of your current home, not the sale. If you do make a contingency offer, you will likely end up paying more for the home than without that contingency and you will feel pressured to accept a lower price for your current home. This can end up costing you tens of thousands of dollars. You are much better off selling your current home first.

Look Beyond The Surface

Consider the basics and the cosmetics. The basics are the things you can't change, like location, view, lot size, neighborhood, school district, and floor plan. The cosmetics are things that can be easily changed, like carpet, wallpaper, and paint color. Don't let the seller's decorating skills, or lack thereof, be the basis for your decision.

Stop Calling Ads!

Agents create real estate ads solely to make the phone ring. The most popular real estate magazine in the Orlando market's production time runs almost a month behind. Thus, many of the homes appearing in the book are already sold. Also, remember the agent who wrote the ad represents the seller, not you. A buyer's agent will critique the property with an eye toward how well it meets your needs and will point out any drawbacks you should know about. Many homes are sold without a sign ever going up or an ad ever put in the newspaper or homes magazine. These great finds go to those people who are committed to working with a buyer's agent. We can let you know about great homes coming on the market before the rest of the world gets to them.