Steps to buying a house in Florida

VIVIENNE
Your Preferred Real Estate Broker
Serving Central Florida and Global.

I am part of The Caribbean Team servicing those that are ready to make
Florida that home away from home.
In 1980, we moved to Florida and have made it my home ever since. I
have made Real Estate my passion for over 11 years and through my
years of experience I have had the opportunity to help change lives
though home ownership, helping people take the next step in their lives
to also call Florida home.
When you work with The Caribbean Team you are working with a
dedicated team that truly understands the meaning of “setting down
new roots”. I am extremely excited to help you take that next step in
your life by finding the right home for you.
The Caribbean Team, is dedicated to helping make your real estate
dreams come true!
Welcome!
SELLING THE AMERICAN DREAM!

VIVIENNE
CUNNINGHAM (321) 231-8487 | homesearchcentralflorida.com | thecaribbeanteam@gmail.com
Finding a
Property
Finding a home that can
suit your current or future
lifestyle and budget.
02
Your Finances
Developing good habits
and reprogramming the
mind in a positive
direction.
01
Mortgage
Approvals
Obtaining a pre-approval letter,
which states that you’re
provisionally approved for a
mortgage loan up to a certain
dollar amount.
04
Making an Offer
Signing a purchase offer, purchase
agreement or letter of intent to
purchase, is a legal document that
outlines the price you’re willing to pay
for the home and the terms and
conditions.
03
Closing Sale
Understanding the “final”
approval process where the
lender will release the funds,
purchase of insurance, signing
documents and getting the key.
05
The Process of Buying a Home
3

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Developing good habits
and reprogramming the
mind in a positive
direction.
Your
Finances
4
ASSESS YOUR FINANCES AND CURRENT
LIFESTYLE.
UNDERSTANDING YOUR MOTIVATIONS AND
YOUR “WHYS”.
CREATING GOOD CONTINUOUS
HABITS.
EDUCATE YOURSELF BY DOING YOUR
RESEARCH.
Understanding where you are financially to find out if
your are really ready to own a home.
Assessing your lifestyle and adjustments you can
make in order to be ready for such a large financial
commitment.
If you have not already, get into the habit of paying your
bills on time because this will look good to the lender.
Paying down your debts approximately 30%.
Checking your credit score regularly and finding out how
you can improve your credit score.
Asking yourself why is it important to buy a home and
motivate your mindset to prepare for your purchase.
When you focus on your motives and your “whys” this
will stimulate the power of thinking things into
existence.
There are great books, Podcasts and YouTube
channels that will help with the information you need
to know.
Asking friends and loved ones about their
experiences.
Take a First Time Home Buyer class.

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Finding a home that can
suit your current or future
lifestyle and budget.
Finding a
Property
5
3. BUDGET.
Buying a home is exciting. It’s also a big financial
commitment. Before you start looking at houses, set a
budget and stick to it.
To figure that out what your budget should be, consider
getting pre-approved for a mortgage. But when you do,
remember that the lender is making a mathematical
calculation and will go by your income to debt..
Remember your mortgage payment isn’t the only expense
you’re responsible for.
1. TYPE OF HOME.
Style — Ranch, Colonial, Cape Cod, Victorian.
There’re a lot of different home styles to choose from.
Single-family home, Townhouse, Condo or Apartment
4. LOCATION.
What locations characteristics are important to you?
City. The proximity to shopping, restaurants, grocery stores,
entertainment and public transportation.
Suburbs. The middle ground. Trade in the hustle and bustle
of the city for quieter neighborhoods and more space.
Rural. Ah, the country life. The peace, quiet, and space! The
lower real estate prices! What’s not to like? Well, there’s the
huge lawn to mow, the critters running through the property,
and the time it takes to drive to the grocery store.
2. NEIGHBOURHOOD.
Safety. Some websites will offer crime statistics by
area or check with the local police department.
School district. Homes in good school districts
typically have higher property values. Look up ratings
of schools in the area and check out online reviews or
talk to parents in your preferred area.
Activities. The proximity to parks, trails, playgrounds,
pools or playing fields.
Setting your budget and deciding where
you want to live is just the beginning
when it comes to choosing a home.

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Signing a purchase offer,
purchase agreement or letter of
intent to purchase, is a legal
document that outlines the price
you’re willing to pay for the
home and the terms and
conditions.
Making
an Offer
6
OR
PURCHASE AND SALE AGREEMENT LETTER OF INTENT
You can’t buy a house without first making an offer on it. A purchase offer, also known
as a purchase agreement or letter of intent to purchase, is a legal document that
outlines the price you’re willing to pay for the home, the terms and condition, how you
intend to pay for it, and other key terms of the transaction.

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conditions.
Making
an Offer
7
PURCHASE PRICE
DESCRIPTION (INCL. FIXTURES & APPLIANCES)
EARNEST MONEY
CONTINGENCY
BUYERS ACCESS AT CLOSING
This outlines the total price the buyer is willing to pay for the property, the down payment (cash at closing) amount, the
amount to be financed, and the financing method (such as a conventional, USDA,VA or FHA mortgage).
The earnest money deposit shows that the buyer is serious about purchasing the house. The amount, usually about 1%
of the total offer price, is spelled out in the offer and in the form of a personal check ,cashier’s check or a wire. If the
transaction closes successfully, the earnest money is credited at closing (reducing total closing costs). If the transaction
falls through, the earnest money may or may not be refundable, depending on state law and whether the offer includes
specific language about when the deposit must be refunded.
This section describes any and all fixtures, appliances, mechanical items, personal property, and other “appurtenances”
to be included in the property’s sale at no additional cost. Common examples include kitchen appliances, HVAC
equipment, outbuildings, garden plants, smoke detectors, and light fixtures.
A contingency clause is attached to an offer to purchase a property. This would include financing and negotiating the
right to an inspection and appraisal. Essentially, a contingency clause gives parties the right to back out of the contract
under certain circumstances that must be negotiated between the buyer and seller.
This section stipulates the closing date, or the day the transaction is finalized. It also stipulates when the home is to be
delivered by the seller to the buyer – in other words, when the buyer can move in. Most often, the closing and delivery
dates are identical. Both dates can be pushed back if loan approval, property modifications, or other transaction
components take longer than expected.

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conditions.
Making
an Offer
8
YOU SHOULD FULLY UNDERSTAND
THE FOLLOWING:
1
2
3
4
5
6
7
8
9
10
The components of your purchase offer you
agent can help to guide you.
You should always have contingencies on
the contract.
How to craft a strong offer within the
constraints of your local real estate market
and personal situation.
Key Components of a Purchase Offer.
Order a Comparative Market Analysis.
How to respond to any counteroffers by the
seller.
Consider Time on Market and Other Market
Indicators.
The Seller’s Motivations.
Are There Other Offers On The Property.
Consideration Window.

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Obtaining a pre-approval letter,
which states that you’re
provisionally approved for a
mortgage loan up to a certain
dollar amount.
Mortgage
Approval
9
PRE-APPROVAL
CREDIT REPORT
LOAN APPROVAL LOAN ESTIMATE (LE)
MORTGAGE UNDERWRITER
COMMITMENT LETTER
PRE-CLOSING
APPROVAL
PROCESS Increases the likelihood that your
loan application will be approved.
You will need to provide evidence
of your ability and willingness to
repay debts.
An approval is a lender deciding
that, based on the financial
information you provide, you’re a
good candidate for a mortgage.
The Loan Estimate is the lender's
best estimate of your closing
costs.
Your lender creates a loan file with
all required information and passes
that file on to an underwriter.
To ensure all loan requirements are
met.
A promise from the lender to the
borrower that the loan will be
honored.
The final step once the loan is
approved.

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Understanding the “final”
approval process where the
lender will release the funds,
purchase of insurance, signing
documents and getting the key.
Closing
Sale
10
PURCHASE INSURANCE
RELEASE OF FUNDS
GET THE KEY
MOVING IN
Before the closing is
scheduled, you will order
homeowners insurance,
which covers for
damages or losses
caused by things like
theft, fire, vandalism or
wind.
At the closing, your
lender will release the
funds you borrowed to
purchase the property
and you will send
additional funds by a
wire to cover the
balance of the down
payment and the closing
costs.
When the balance of
your loan is fully
funded, you can get
your keys.
The loan is officially
closed – and you
move into your new
home!

@VCunningham1
@Vivienne.Cunningham_realtor
@vivcunningham
@Vivienne Cunningham
VIVIENNE
CUNNINGHAM
(321) 231-8487 | homesearchcentralflorida.com | thecaribbeanteam@gmail.com
in @viviennecunningham

Steps to buying a house in Florida

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