A Guide for Home Buyers


Get preapproved for a mortgage

Some homes for sale in Ocala feature a beautiful, ultra contemporary bathroom.

Homes listed for sale in Ocala, Florida are in short supply. Make sure you have a mortgage preapproval before going house hunting. It puts your offer in the strongest negotiating position. A preapproval is a essentially a full mortgage approval subject to your contracting to buy a qualifying home. On the other hand, a prequalification represents that you are expected to qualify for a mortgage if the information you provided can be verified. Since Sellers want to be as certain as possible that buyers are able to close before taking their home off the market, to put yourself in the strongest position to compete with other offers, you would be wise to obtain a full preapproval.

Be represented by a buyer’s agent

Make sure you are working with a buyer’s agent because you need someone to represent your interests. Don’t be afraid to ask if your Realtor is a buyer’s, seller’s or transactional agent. A buyer’s agent represents you, a seller’s agent represents the property owner, and a transactional agent facilitates the transaction. He does not represent either party.

Determining offer price

Obtaining a CMA, an analysis of the fair market value of the home you are considering submitting an offer on, is recommended. Since it is an estimate of value, it serves as a useful guide during the offer and negotiation phases of a transaction.

Ask for seller disclosures

Make sure you ask for a signed seller disclosures form in your offer. Do this because the form lists all home defects that the seller is aware of and provides other useful information.

Order a thorough inspection

Hire a reputable inspection company that will do a thorough house inspection and provide a report detailing the home’s condition. Specifically look for the date roofing permits were pulled, the age of the AC system and all reports require by insurers. Also, order a wood destroying organism inspection separately. Buying a home may be the most expensive investment you will make in your lifetime. So saving a few dollars on the inspection is seldom a wise decision. Finally, be careful to take note of the deadline for completing inspections specified in the contract and adhere to it. Missing the deadline can void the contingency and put your deposit at risk.

The Mortgage Process

Your mortgage preapproval will usually satisfy the contract requirement that you apply for a mortgage within a specified time period. But prioritize providing all documents and information requested by the mortgage lender as soon as possible. Also, adhere to the deadline for final mortgage approval. Lastly, think before you act. Save actions like buying a new car or using your credit card to book a world cruise until after closing. Remember that a major financial commitment after preapproval may change your ability to qualify for a mortgage.

Homes for sale in Ocala Florida

There are many sources of information about homes for sale in Ocala, Florida. The tools we provide in our Ocala MLS section offer the most current information and the most search flexibility available. Search with the same tools used by professional Realtors and get your answers efficiently and easily.

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