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Julie Ludovico & Elsie Kempsey

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  1. Step 1 - Prequalification or Proof of Funds

The very first thing you need to do when looking for a home to purchase is to apply for financing. A seller will want to see a prequalification letter to go along with your offer to purchase a property so he knows you are able to buy the home. Here is a link to a local lender that provides a free prequalification for home buyers Click Here to Apply for a Mortgage and also has the lowest rates in town. We highly suggest obtaining a preapproval letter before starting your home search. If you are going to purchase your home with cash you will be required, in most cases, to provide a proof of funds (POF) which is simply a print out of a bank account showing you have sufficient funds available to purchase the property. With todays low interest rates, even if you have the cash, it might make more financial sense to finance the purchase of your new home. We suggest talking with a qualified tax professional.

Step 2 - The Home Search

Now that you have been prequalified / pre approved for a mortgage loan, the next step is to locate the home of your dreams. You can do this one of 3 ways on our website. First, look the left hand menu of the site & you will notice a menu link called "Search Listings" - this is a detailed property search that will help you narrow down exactly what you are looking for in your next home. The second way would be to look to the right and use our Quick "Search" which would be more of a broad based property search. The third was is to Fill Out This Short Form which will go directly to one of our buyers agent specialists to assist you in the purchase of your home. The choice is yours...please search for properties to your hearts content & when you have found a home for sale that you are interested in simply fill out the form associated with that property for more information. Never has buying a home been so easy.

Step 3 - Submitting the Offer

Okay, so now you have found a property, have a Realtor, and are preapproved for a mortgage. The next step is to have your real estate agent write up a purchase contract or offer on the property. The offer price will be up to you but your Realtor will be happy to pull up some "comps" which are comparable properties similar to the one you are buying. They can do this easily on the MLS and this should give you an idea of market value of the home and should help you determine a fair offer price. Your agent will submit the offer along with your prequalification or proof of funds to the agent working with the seller. This is usually done through email or fax so your real estate agent will be able to get written confirmation your offer has been submitted to the seller.

Step 4 - Negotiations and Acceptance

I can tell you for sure that every real estate transaction is different. Every buyer and seller have different wants and needs. There is no "set" amount a buyer should offer on the property. I have seen properties sell for half of the asking price as well as twice the asking price. The perfect price for the property you are buying is the one you are willing to pay & the one the seller is willing to accept. In real estate this is called the negotiation process. Once your offer has been presented to the home seller the seller will then review your offer along with their Realtor. They will look at the price, the closing date, whether the offer is cash or financing, the terms, any special clauses or requests, any inspection contingencies, whether or not the offer is AS IS or if the buyer is asking the seller to make repairs, etc. The list goes on and on. The seller has 3 choices at this point. The seller can either accept the offer, reject the offer, or make a counter offer. If the seller wants to change terms of the offer he would "counter" the offer & send it back to the buyer to review. The offer would then to back and forth until both parties either agree or move on. If both parties agree there is an accepted offer and you are now "under contract" and ready to take the next step.

Step 5 - Inspections

Once you have an accepted offer and are under contract to purchase your home we would highly recommend home inspections. Please review the left hand menu under "service providers" to see a list of my recommended Hernando County Fl inspectors and vendors. There is a time limit in the sales contract to get your home inspections completed. Please refer to your real estate purchase and sale contract to determine what the time frame is for your inspections as they vary based upon negotiations. The first inspection would be a home inspection. Once the home inspection is complete the home inspector will let you know if there are any issues with the house or if he would recommend additional inspections from qualified contractors. Some of these additional inspections include septic, plumbing, electrical, and roof. If you are satisfied with the condition of the home you can then accept the home in its current condition and move on to closing. If you are not satisfied with the condition of the home after inspections please consult with your Realtor. Depending on whether or not the home is being purchased in AS IS condition would determine the steps your real estate agent will need to take. This could very well open up a second round of negotiations or could also terminate the purchase and sale contract.

Step 6 - The Closing

Well, congratulations! You have made it to the closing table. In Florida, we use a Title Company to close most home purchases.

Your Plan

1.  Find the right representative

Even if you’re not quite ready to buy, your buyer’s agent can be an absolute wealth of information, and can often offer ‘scoops’ on local developments you might not have know about otherwise.  Speak to your agent first and he or she can be helping to guide you right from the start.

2.  Find out what your price range is
Online mortgage calculators are a good place to start, but as you get closer to being ready to buy, there is no substitute for a written mortgage pre-approval.  Just speaking to your lender is an extremely worthwhile venture – this is the only way to really get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating).

3.  Find out what your local market looks like
The internet can be incredibly valuable in doing preparatory research.  Start with your agent – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are).

4.  Find out what your true needs and wants are
Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent.

5.  Find your dream home!
Once you’re ready to act, you may be surprised by how quickly you can make a decision.  Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your real estate agent, hit the pavement, and when you see ‘the house’, put in an offer. 

With the right team behind you, it really can be that easy!

Your Calculator

Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Required Fields
Estimate Insurance to of Cost
Estimate Tax to of Cost
Optional Fields
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Your Monthly Payments
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
Cost of House = [(Monthly income x Debt Ratio) –
monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %

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Julie Ludovico & Elsie Kempsey

3441 Deltona Blvd.
Spring Hill, Florida, 34606
United States


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