For a lot of people, buying a home can be an intimidating event. But with a bit of planning ahead of time, it isn't all that complicated.
So you'll understand exactly what to expect, I like to give my buyers an overview of the whole deal.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
Before you start looking for a home, there are many things you'll want to take into account.
You'll want to assemble a list of items you want to have, get a feeling for what school districts you want to live in, and start planning your budget.
A good guideline to adhere to is that your mortgage payment should be close to 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent
That's where I can help.
I'd be more than happy to set up a time to meet with you and speak with you about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Wilmington area.
In addition, I'll help you begin the loan process.
There are some great mortgage professionals in Wilmington, and I work with a lot of them, so you'll be in great hands.
They can assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin your search
After we meet, I'll begin searching for houses on the market that are a great fit for you.
I'll research most of the houses and reject the bad ones, and then we'll book appointments to tour the houses whenever it's most convenient for you.
When we tour the houses, I'll identify positive features, as well as bad ones. And I'll ask you to talk about things you like and dislike.
It's pretty common for buyers to revise their must-have list as we view houses and some things become more substantial than others.
If such is the case, I'll search all the listings one more time and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
An agent's knowledge of the Wilmington housing market is a necessary agent in your home search. And I can assure you I'm familiar with all the schools and neighborhoods, and I'll let you know certain districts are "hot" and demand immediate action and others that are "cold" and allow for thoughtful analysis.
When we tour homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Every real estate agent in Wilmington will convince you they comprehend the market, but take notice, and be sure to ask lots of questions.
If things don't add up, contact me at 9102568171 or e-mail me at patrickg@hightiderealty.com, and I'll be happy to answer your questions. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream home in the Wilmington area, and when we do, I'll thoroughly develop your home purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon turning in your offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property. The amount is typically put towards the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer, and it's extremely common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a vital role in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Get financing
Upon completion of the deal, you'll begin working with your mortgage lender to close the loan.
This won't take much time at all if you're pre-approved, but you'll need to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of accepting your application.
This estimate rests on the loan amount. RESPA requirements order that it has to include all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will likely happen at a title company or escrow office and will most likely be a smooth and comfortable event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just call me at 9102568171 or send me an e-mail.
