Purchasing a home is a stressful event for a lot of people. However, with a bit of planning ahead of time, it isn't that difficult.
So you understand exactly what to expect, I like to provide my buyers with a road map of the whole deal.
These are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
Before you begin looking for a home, there are several things you should consider.
You'll probably want to assemble an outline of items you need, plan for what school districts you want to live in, and begin working on your budget.
Ensuring your mortgage payment is around 30 percent of your monthly income is a good guideline to go by.
Step 2 – Get in touch with a real estate agent in Raleigh
This is where Only Way Realty comes in.
I'd love to book a time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, schools in the Raleigh area, the mortgage industry, and any other economic factors that may affect your buying decision today or in the future.
I'll also help you get started on your loan.
There are some very good mortgage professionals in Raleigh, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking
After we meet for the first time, I'll begin searching for available homes on the market that meet your needs.
I'll get a sneak peek of most of the homes and ignore the duds, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
When we tour the houses, I'll call attention to good features and negative ones. I'll even ask you what things you like and don't like.
Frequently, buyers update their list of must-haves as we tour houses and some features become far more necessary than others.
If such is the case, I'll search all the listings again and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the housing market
My knowledge of the Raleigh housing market is a fundamental benefit in your home search. I'm acquainted with all the neighborhoods and school districts, and I'll let you know some districts are "hot" and demand prompt action and the ones that are "cold" and allow for careful analysis.
When we tour houses, I'll let you know when the seller's asking price has room for bargaining and also when I think the house is "priced to sell."
Any real estate agent will claim to comprehend the home market, but take note, and make sure you ask your agent plenty of questions.
If things don't add up, call me at 919-412-2617 or e-mail me at cstallings@triangle-dreams.com, and I'd be more than happy to answer any questions you might have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
We'll find the house of your dreams in Raleigh, and when we do, I'll precisely create your home purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When turning in your offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's typically applied to the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer. It's very common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your budget. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Get your loan
Upon signing the contract, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, this won't be a long process at all. However, you need to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of taking your application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most likely occur at a title company or escrow office and is often a smooth and relaxed occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 919-412-2617 or send me an e-mail.
