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Jim Ruddy Team
Gold Key Certification, REALTOR®, SRES, U.S. Military on the Move Certified Military Specialist
(407) 718-0984
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Prepare, Prepare, Prepare that’s what you do...



1st-Find out what your credit score is.  You qualify for a free credit report each year but that does not tell you what your score is. Clark Howard my favorite talk radio guy provides a link for your report below: https://clark.com/credit/free-credit-report/

You can get your score at MyFico. They also provide you with some great tools to show you how much money a good credit score can save you.

OR you can contact a lender and get them to pull your credit score. Great thing about that is they can tell you what actions will improve your credit score and you can go to work on that right away.  Move your credit score by more than 50 points could save you over a $100 a month for the next 30 years.  That’s a lot of cash.

  

2nd-Do not acquire any more debt.  Reduce your credit card debt.  Credit companies like to see you using less than 40% of your available debt.  So, if you have a credit limit of $1,000 on a credit card you should not have an ongoing balance of more than $400 on the card.

  

3rd-Save additional monies for your inspections.  Every buyer should have two inspections completed.  Home inspection run around $300 to $450 and a WDO or Termite inspection is around $150.  If you home has a septic or well.... Septic Inspection under $400 but can save you $5,000, and Water test is around $100.  These inspections will usually save you that much and more, so they are worth your money.

  

4th-Prepare for your Escrow Deposit.  At the time you write an offer to purchase you will be required to place what is known as "good faith money" in an escrow account it will be held by Realtor Office or a Title Company.  This money means you will live up to your end of the contract and purchase the house according to the provisions of the contract.  This money will come back to you as a credit at your closing but if you do not purchase the house, you could lose it.  Normal escrow amounts are 1% of Sales Price.  i.e.  $200,000 home escrow should be $2,000.

  

5th-Begin shopping online to get a sense of what homes are going for.  Now is a good time to look for a Realtor to work with.  They can feed you properties in your target area.

Find a few homes you like and watch the sales cycle.  How long did it take to get a contract on it (go pending in real estate terms).  How long did it take to close.  What did it actually sell for.  Did it have multiple offers on it.  Your Realtor should be able to provide you with that info.

  

6th-Monitor your credit report and challenge those items that are negatively affecting you score. This should be a lifelong process. At this time…get with a lender and have them generate the Pre-Qual Letter. This is saying how much the lender will lend you. We have seven on our website. They will talk to you live or provide you a link to input all your information then pull your credit, email your pre qual to you, and your Realtor. At that point you are ready to go looking at homes.

Also, ask the lender for their fee's...Appraisal fee normally around $450, Lender Fees range from $3,000-$4,000. That is not including how much you need to put down, meaning lenders do not 100% finance. The least amount you can put down is 3.5% and to not have private mortgage insurance 20% is required.

 

7th-Closing costs will also have some prepaids that provide the Bank enough money to pay your home Insurance and Taxes so you should have that put away or negotiate it into the contract if possible.

  

Doing those 7 things will prepare you for a successful home hunt.  Good luck! Call/Message Us if we can help.

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 10/06/2022. The listing information on this page last changed on 10/06/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of GAMLS (last updated Thu 10/06/2022 8:54:31 AM EST) or Stellar MLS (last updated Thu 10/06/2022 12:03:07 AM EST) or SPC MLS (last updated Thu 10/06/2022 8:52:23 AM EST) or Martin MLS (last updated Thu 10/06/2022 8:56:10 AM EST) or Indian River MLS (last updated Thu 10/06/2022 8:29:59 AM EST) or Daytona MLS (last updated Thu 10/06/2022 8:55:19 AM EST) or New Smyrna MLS (last updated Thu 10/06/2022 8:55:11 AM EST) or Northeast Florida MLS (last updated Thu 10/06/2022 8:52:45 AM EST) or Beaches MLS (last updated Thu 10/06/2022 8:47:24 AM EST) or BORMLS (last updated Thu 10/06/2022 8:53:30 AM EST) or Golden Isles MLS (last updated Thu 10/06/2022 8:56:03 AM EST) or Gainesville MLS (last updated Wed 10/06/2021 8:39:37 PM EST) or Amelia/Nassau MLS (last updated Thu 10/06/2022 8:55:13 AM EST) or Dixie Gilchrist Levy MLS (last updated Thu 10/06/2022 8:52:14 AM EST). Real estate listings held by brokerage firms other than Watson Realty Corp. REALTORS may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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