Are you contemplating buying a home in Wilmington?
Purchasing a home is stressful for most people, but with a little planning ahead of time, it isn't all that complicated.
I like to furnish buyers with an outline of the whole deal so they'll understand exactly what to expect.
Below are my nine steps to buying a home.
Should you have any questions about this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
Before you start searching for a home, there are plenty of things you should consider.
You'll probably want to put together a list of items you need, get a feeling for what neighborhoods you'd like to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be less than 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Wilmington
This is where Masonboro Realty, Inc. can help.
I'd be happy 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 upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Wilmington area.
I'll also assist you in getting started on your loan.
There are some very good mortgage professionals in Wilmington, and I work with a lot of them, so you're in great hands.
They'll assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our initial meeting, I'll start finding available homes on the market that are good for you.
I'll research most of the houses and reject the bad ones, and then we'll schedule appointments to view the houses at a time that's convenient for you.
When we view the houses, I'll call attention to good features and bad ones. I'll also ask you about things you like and dislike.
It's common for buyers to revise their must-have list as we tour houses and some items become more crucial than others.
If that's the case, I'll search the listings once more and trim it down to the home of your dreams.
Step 4 – Understand the housing market
My understanding of the Wilmington housing market is an imperative element in your home search. I am familiar with all the schools and neighborhoods, and I can alert you to some districts are "hot" and warrant immediate action and some that are "cold" and allow for careful examination.
As we view homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions, as any REALTOR in Wilmington will tell you they know the market.
If things don't add up, call me at (910) 200-6268 or e-mail me at , and I'd be happy to answer any questions you might have. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find your dream house
We'll find the house of your dreams in the Wilmington area, and when that happens, I'll carefully create your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are getting financing, carrying out the home inspection, and a clean title.
When we submit your offer, most likely you'll want to present "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property and is usually put towards the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer, and it's pretty common to receive a counter offer. Don't let this 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.
The state of the market will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll create a contract that's best for you.
Step 7 – Secure financing
Once we sign the final sales contract, you'll begin working with your lender to close the loan.
If you've been pre-qualified, this shouldn't take much time at all, but you'll want to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of getting your application.
The estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will likely happen at a title company or escrow office and is often a smooth and calm occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at (910) 200-6268 or e-mail me at .