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The Millennial generation refers to those who were born between the early ’80s through the late ’90s. This young group of individuals has already witnessed property values soar to extreme highs only to watch the bottom fall out in the Orlando real estate market as it did for the rest of the country. That’s probably why the majority of them have been reluctant to enter into homeownership.

Many Realtors in Orlando believe that 2015 represents a great opportunity for this generation of young buyers to enter the Orlando housing market as future homeowners.

4 Reasons Why Millennials Are Ready For Home Ownership

• Lower Unemployment Rates- Much lower unemployment rates among this age group are just one of the indicators that they may be ready to buy.
• Moving Out- With the economy getting stronger, more millennials are feeling more confident about moving out of mom and dad’s house and starting a household of their own.
• Low Mortgage Rates- Government programs make it easier for 1st time home buyers by helping with the down payment enabling them to take advantage of some of the lowest mortgage rates in American History.
• They Want To Own A House- ninety-three percent of this group of young adults said that one of their major goals is to own a home in the near future.

Orlando Realtors Need To Educate Young Buyers

It’s our job as Orlando real estate agents to look after our client’s best interests both young and old. However, It’s especially important in dealing with the younger generation, that we as real estate professionals take the time to educate these young buyers on what to expect from homeownership.

Many times the excitement of buying a new home can cloud a buyer’s thinking and things like maintenance expenses, utilities, HOA’s, insurance, and everything else that comes along with owning a home can get overlooked. That’s why it’s so important they are made aware of exactly what they’re getting into.

Orlando Real estate agents have a responsibility to their clients to look out for their best interests in both finding the right house and also helping them through the rest of the process all the way to the closing.

Once the contract has been accepted by the seller, it’s typical for the realtor to provide the buyer with a shortlist of competent homes inspectors in the area. The buyer will usually have two weeks or so to get any inspections done, this is know as the inspection period.

In a standard real estate contract, the seller will be required to fix any issues that are found in the inspection report prior to the sale of the home. However, if the contract is an “As-Is” contract, the buyer may choose to either cancel the contract altogether or negotiate the price with the seller to reflect the necessary repairs.

While the inspections are happening, the title company will be doing things like a title search, getting a payoff letter from the bank, etc. However, just because your title company does the title search and it appears to be clear of liens, you may still end up with a lien on your property even after the transaction closes. A title search will only reveal liens that have been officially recorded with the county where the home is located.

There can be unrecorded charges on a home that can result in a lien such as an unpaid contractor bill, code violations, unpaid building permits, delinquent utility bill, etc.  Although these charges rightfully belong to the seller, they now become the responsibility of the new homeowner.

The Importance Of Municipal Lien Searches

Buyers would be wise to get a municipal lien search done in addition to the title search. A municipal lien search will uncover open permits, unpaid utility bills, code violations as well as any unrecorded liens. By going the extra mile and ordering a municipal lien search in addition to the title search, buyers will know exactly what they’re getting into.