So how do we actually look into buying... (Oviedo, Lake Mary: real estate, to rent)

[Vellamint]

I am thinking of driving down from LI, NY as soon as school is out which is the last week of June. By myself.....I have a friend that lives in Oviedo who I am sure would have no problem with my using her spare bedroom.

OR

If I wait until the 3rd week of July I would come with my 14 year old daughers and need a place to stay while I look.

I know I need to drive around to actually SEE the areas I would be interested in......which right now seems to be Clermont, Oviedo, Lake Nona, Lake Mary and a few other places that I am not sure of....only zip codes.

I guess I would need a real estate agent but how do I know I will find a "good" one. When I sold a relatives home a few years ago the agent was definitely working for the buyer and thats what I would want of course.

Is there a "how to" guide on this lol. This would be a 2nd home and vacation home that would have us spending more and more time in it as the kids get older and we retire etc.

I have no idea what I would need to do or bring with me .....bids, inspections, real estate attorney, etc. How to determine the "real" monthly cost......how much of a "binder" is necessary.... I have lots of questions before I actually decide this could work and make the drive down there.

[beckycat]

Originally Posted by Vellamint

I am thinking of driving down from LI, NY as soon as school is out which is the last week of June. By myself.....I have a friend that lives in Oviedo who I am sure would have no problem with my using her spare bedroom.

OR

If I wait until the 3rd week of July I would come with my 14 year old daughers and need a place to stay while I look.

I know I need to drive around to actually SEE the areas I would be interested in......which right now seems to be Clermont, Oviedo, Lake Nona, Lake Mary and a few other places that I am not sure of....only zip codes.

I guess I would need a real estate agent but how do I know I will find a "good" one. When I sold a relatives home a few years ago the agent was definitely working for the buyer and thats what I would want of course.

Is there a "how to" guide on this lol. This would be a 2nd home and vacation home that would have us spending more and more time in it as the kids get older and we retire etc.

I have no idea what I would need to do or bring with me .....bids, inspections, real estate attorney, etc. How to determine the "real" monthly cost......how much of a "binder" is necessary.... I have lots of questions before I actually decide this could work and make the drive down there.

How long do you plan to stay? You can visit each area by yourself. Drive around and see what you like. Once you figure it out narrow it down. After that, it won't hurt to talk to a realtor. It's not a bad idea to get pre- approved first, then you'll know what price range youll be in. Write down all the things you'd like in a home. (pool, land, size of house, etc) You can start getting an idea on realtor.com or craigslist. The realtor will pretty much take care of the rest. The realtor will gather a list of homes for you and then you can go look at them to see what you like. The realtor can give you an idea of taxes. This site maybe helpful to you: Property Appraiser Seminole County Florida (http://www.scpafl.org/scpaweb05/index.jsp - broken link) Relax, it's a fun thing and not as difficult as you think. Good luck!

[mawipafl]

First:
There are two distinctions with real estate agents: seller's agent and buyer's agent. I believe that all real estate agents and realtors are obligated to work for the seller -- even if they have a buyer's interests at heart, they are working for the seller UNLESS a buyer hires one as a buyer's agent.

Second:
If it was me, I'd come down by myself in June so that I could concentrate on househunting. Perhaps your daughter is self-sufficient and could keep herself occupied, but that still would be somewhat of a distraction for you. However, if it is your intent to sign on the dotted line on this trip and it's not just a trip for fact-finding, and if you want your daughter's opinion before you sign, then by all means come in July and bring her along.

Third:
If you are planning to buy while on this trip, then you do need to be prequalified/preapproved first and bring that document with you. As for a binder, it all depends. Thus, before making my trip, I would contact a realtor or two and ask questions. They are the ones who will have the answers for you, and not only tell you what to bring, but also help you determine the following for your possible monthly outlay:
Mortgage payment
Real estate taxes and associated fees included
HOA fees if any
What the utilities are and the average cost
Insurance premiums
If it has a yard, what are the lawn service expenses
Pest control expenses

If it's to be a second home, do you plan to rent it or leave it vacant when you're not there?

[Johnny Davis]

Moderator Edit:Advertising
Before I get an agent though, I would get myself pre-approved and see what exactly I can afford. If you are paying cash, you obviously won't need that, you will just need to provide a proof of funds.

[GregTraub]

Originally Posted by mawipafl

First:
There are two distinctions with real estate agents: seller's agent and buyer's agent. I believe that all real estate agents and realtors are obligated to work for the seller -- even if they have a buyer's interests at heart, they are working for the seller UNLESS a buyer hires one as a buyer's agent.

Second:
If it was me, I'd come down by myself in June so that I could concentrate on househunting. Perhaps your daughter is self-sufficient and could keep herself occupied, but that still would be somewhat of a distraction for you. However, if it is your intent to sign on the dotted line on this trip and it's not just a trip for fact-finding, and if you want your daughter's opinion before you sign, then by all means come in July and bring her along.

Third:
If you are planning to buy while on this trip, then you do need to be prequalified/preapproved first and bring that document with you. As for a binder, it all depends. Thus, before making my trip, I would contact a realtor or two and ask questions. They are the ones who will have the answers for you, and not only tell you what to bring, but also help you determine the following for your possible monthly outlay:
Mortgage payment
Real estate taxes and associated fees included
HOA fees if any
What the utilities are and the average cost
Insurance premiums
If it has a yard, what are the lawn service expenses
Pest control expenses

Great advice all around by mawipawfl. You definitely want to hire a buyers agent and make sure it's clear they are 100% working for you, and taking your daughter along with you the first time out will be a judgement call on your part.
Though, even if you are not planning on purchasing the first trip down (I couldn't imagine you being ready that quickly anyway!) you will still need to get yourself a pre-approval in place. Lending criteria has changed so much lately that you may be surprised at what you may or may not approve for. So no point in looking at homes that may be priced over what you can afford, or visa versa.

On a side note to Johnny, I actually cover all the area's mentioned....except Clermont! lol