How to Navigate Housing Lotteries

Jun - 12 | | No comments. | Dr Phillips real estate, Improving Housing Market, Parkside in Dr Phillips, West Orange

The housing market in Orlando is witnessing the resurgence of housing lotteries.  This tells us that in some areas there is high demand and low inventory.  The lottery affords the successfully selected participant an opportunity to purchase a lot/home.  It is conducted by the builders and, ‘no you do not win a home’ but it gives everyone interested a fair chance to be selected to purchase a home.

To have a stake in the lottery you need to be an entrant but there is a process for doing so.  Of the several keys to successfully navigate housing lotteries, I believe the following four are paramount to your success.  In my opinion, the first is to get yourself a real estate agent who will work alongside you and seek your interest while navigating the process.  Your agent will arrange a showing of the model homes and should be able to provide you with copies of plans and elevations for the homes.

The second key is to be registered with the builder.  Ask your agent to assist you with that.  The third key is to be pre-qualified/pre-approved by your mortgage company.  Builders, however, are also requesting that you be pre-qualified by their lenders to determine entry into their lotteries.  Although you may have your own lender and may not have plans to use the builder’s lender, pre-qualification by the builder’s lender affords you entry into the lottery.

A fourth step is to be ready with the required deposit if you are selected by the lottery.  Some developers require the deposti at the time you are selected or shortly thereafter.  Be ready because if you are not, backup buyers are also selected at the drawing and they will replace you.

The best advice I can give is to call your agent to guide you through the process.  I do it for my clients.

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