Let Masonboro Realty, Inc. assist you in purchasing a home in Wilmington
Buying a home can be stressful for a lot of people, but with a bit of planning ahead of time, it isn't very complicated.
I like to give buyers an outline of the whole deal so they know exactly what to expect.
Here are my nine steps to purchasing a home.
Should you have any questions about this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
There are a lot of things you need to consider prior to starting your home search.
When you begin your search, you'll want to form an outline of features you need, get a plan of what neighborhoods you'd like to live in, and start working on your budget.
A good rule of thumb to go by is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Connect with a real estate agent
This is where I can help.
I'd be more than happy to schedule a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Wilmington area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll assist you with getting started on your loan.
There are some very good mortgage professionals in Wilmington, and I partner with a lot of them, so you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll begin searching for available houses on the market that are great for you.
I'll get a sneak peek of many of the houses and reject the bad ones, and then we'll set up appointments to tour the homes when it's convenient for you.
As we view the homes, I'll call attention to positive features and bad ones. And I'll ask you to point out what things you like and don't like.
Generally, buyers change their must-have list as we view houses and some items become far more essential than others.
If that's the situation, I'll search all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My awareness of the Wilmington housing market is an essential element in your house search. I'm mindful of all the neighborhoods and schools, and I will let you know which districts are "hot" and warrant immediate action and the ones that are "cold" and allow for more examination.
When we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and also when I trust the house is "priced to sell."
Every REALTOR will tell you they truly understand the home market, but take note, and make sure you ask a lot of questions.
If things don't add up, contact me at (910) 200-6268 or e-mail me at , and I'll be happy to answer any questions you might have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
I'm certain we'll find the home of your dreams in the Wilmington area. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including some contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When presenting your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property and is typically put towards the cost of closing. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer, and it's very common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing constraints. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Secure your loan
Once the contract is finished, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, this shouldn't be a long process at all. However, you need to stay in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Loan Estimate (LE) outlining closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of accepting your application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will probably take place at a title company or escrow office and is often a smooth and relaxing affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (910) 200-6268 or e-mail me at .