Buying or selling a home in Wilmington? Masonboro Realty, Inc. can help.
For a lot of people, purchasing a home is a stressful event. However, with a little planning ahead of time, it's not that hard.
So they know exactly what to expect, I like to provide buyers with an overview of the whole deal.
Below are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer questions you have regarding this information.
Step 1 – Prepare to buy
There are many things you should do before you look for a home.
When you start your search, you'll probably want to assemble an outline of features you need, get a feel for what neighborhoods you'd like to live in, and start planning around your budget.
A good principle to go by is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Talk to a real estate agent
This is where Masonboro Realty, Inc. comes in.
I'd love to plan 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 the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Wilmington area.
I'll also assist you with getting started on your loan.
Masonboro Realty, Inc. works with some of the finest mortgage professionals in Wilmington, so you're in great hands.
They will assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our initial meeting, I'll begin searching for houses on the market that are great for you.
I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
As we view the homes, I'll identify positive features, as well as bad ones. I'll also ask you about things you like and don't like.
It's pretty common for buyers to revise their must-have list as we tour homes and some things become far more important than others.
If that's the situation, I'll search all the listings one more time and trim it down to the home of your dreams.
Step 4 – Understand the market
An agent's awareness of the Wilmington housing market is a fundamental component in your house search. And I can assure you I'm informed of all the schools and neighborhoods, and I can communicate what neighborhoods are "hot" and call for prompt action and others that are "cool" and allow for cautiousness.
When we view homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions. Every real estate agent in Wilmington will claim to know the market.
If it seems like they don't know everything, call me at (910) 200-6268 or e-mail me at , and I'd be glad to answer your questions. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
We'll find the home of your dreams in the Wilmington area, and when that happens, I'll meticulously develop your purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies, such as getting financing, completing the home inspection, and a clear title.
When we submit your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is usually applied to the closing costs. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer. It's really common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Get a loan
Once we sign the final contract, you'll begin working with your lender to close the loan.
If you're already pre-qualified, this won't take much time at all. But you should to keep in close contact with your mortgage lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if it all looks okay.
Then we'll close on your house. This will probably occur at a title company or escrow office and should be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call me at (910) 200-6268 or e-mail me at .