Are you buying a home in Wilmington? Masonboro Realty, Inc. can help.
With some planning ahead of time, purchasing a home isn't too confusing, but the event is intimidating for many people.
I like to furnish buyers with a road map of the whole deal so they know exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address questions you have regarding this information.
Step 1 – Prepare to buy
There are plenty of things you'll want to contemplate before you look for a home.
When you begin your search, you'll want to create an outline of items you need, get a plan of what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good guideline to adhere to.
Step 2 – Connect with a real estate agent
This is where I can help.
I'd love to schedule a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the Wilmington area, the mortgage industry, and any other economic factors that may affect your purchase today or in the future.
I can also help you begin the loan process.
Masonboro Realty, Inc. partners with some of the finest mortgage professionals in Wilmington, so you'll be in great hands.
They can help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our first meeting, I'll begin searching for houses on the market that are good for you.
I'll research many of the houses and ignore the duds, and then we'll book appointments to view the homes at a time that's convenient for you.
When we tour homes, I'll show you the positive features, as well as bad ones. I'll also ask you about things you like and dislike.
Frequently, buyers change their must-have list as we tour houses and some features become more important than others.
If that's the case, I'll look through the listings another time and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
My knowledge of the Wilmington home market is a necessary aspect in your house search. I am acquainted with all the schools and neighborhoods, and I will let you know what areas are "hot" and call for prompt action and some that are "cold" and allow for more examination.
As we tour homes, I'll be sure to tell you when the seller's asking price has room for negotiation and also when I think the house is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions, as every REALTOR will convince you they comprehend the housing market.
If it seems like they don't know everything, contact me at (910) 200-6268 or e-mail me at , and I'll be more than happy to answer any questions you have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm sure we'll find the house of your dreams in the Wilmington area. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
When presenting your offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property. The amount is usually put towards the cost of closing. If the offer is accepted, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the first offer – it's really common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Get a loan
After we sign the final contract, you'll start working with your lender to close the loan.
It shouldn't be a long process at all if you're pre-approved, but you'll need to stay in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of receiving your application.
This estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy, and I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will likely occur at a title company or escrow office and will most likely be a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at (910) 200-6268 or e-mail me at .