Buying your home in Wilmington with Masonboro Realty, Inc.
With a little planning ahead of time, purchasing a home isn't very hard, but the event is stressful for a lot of people.
I like to supply buyers with a road map of the whole deal so they understand exactly what to expect.
These are my nine steps to buying a home.
Should you have questions about this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are plenty of things you need to consider before you start looking for a home.
You'll most likely want to create a checklist of features you need to have, get a feel for what school districts and neighborhoods you'd like to live in, and start planning your budget.
A good rule to go by is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Talk to a real estate agent in Wilmington
This is where I come in.
We can schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Wilmington area.
I'll also help you start the loan process.
Masonboro Realty, Inc. works with some of the finest mortgage professionals in Wilmington, so you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After we meet for the first time, I'll begin looking for available houses on the market that best suit you.
I'll get a sneak peek of many of the houses and ignore 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 what things you like and don't like.
It's widely common for buyers to revise their must-have list as we tour houses and some things become far more important than others.
If that happens, I'll go back through the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Comprehend the housing market
Your agent's knowledge of the Wilmington housing market is an imperative component in your house search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I can let you know certain areas are "hot" and warrant immediate action and some that are "cold" and allow for more consideration.
When we view homes, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions, as every real estate agent will convince you they understand the home 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 happy to answer your questions. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find the house of your dreams in the Wilmington area. When we do, I'll carefully create your purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When submitting your offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property and is most often put towards the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of 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 accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions will play a large 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 compose a contract that works well for you.
Step 7 – Obtain a loan
Upon completion of the deal, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, it won't take much time at all, but you'll want to keep in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) of closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of receiving your loan application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a strict range of accuracy. I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most often occur at a title company or escrow office and should be a smooth and stress-free affair.
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 (910) 200-6268 or e-mail me at .