Are you contemplating buying a new home in Wilmington? Masonboro Realty, Inc. can help.

Buying a home intimidates a lot of people, but it isn't that hard with some up-front planning. I like to supply buyers with an outline of the entire deal so they'll know exactly what to expect. Below are my nine steps to buying a home. If you have questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at .

Step 1 – Get ready to buy a home
Before you begin looking for a home, there are a lot of things you'll want to consider. It's likely that you'll want to create an outline of items you need to have, plan for what neighborhoods and school districts you'd like to live in, and begin working on your budget. Ensuring your mortgage payment is around 30 percent of your monthly income is a good rule of thumb to follow.

Step 2 – Contact a real estate agent
This is where Masonboro Realty, Inc. can help. We can set up a time to get together so we can talk about why you want to buy a home and get an idea of your future plans. We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Wilmington area.

I'll also help you get started on your loan. I work with some of the best mortgage professionals in Wilmington, so you can rest assured that you're in great hands. They can assist you with figuring out which kind of loan is best for you and help you get qualified.

Step 3 – Begin house-hunting
After we meet for the first time, I'll begin finding homes on the market that best suit you. I'll get a sneak peek of most of the homes and reject the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.

As we tour the homes, I'll point out good features and negative ones. I'll also ask you to point out what things you like and don't like. For the most part, buyers update their must-have list as we view houses and some items become more crucial than others. If such is the case, I'll go back through all the listings one more time and trim it down to the home of your dreams.

Step 4 – Get a grasp of the housing market
My understanding of the Wilmington housing market is an imperative component in your home search. I am informed of all the schools and neighborhoods, and I can alert you to what areas are "hot" and call for immediate action and others that are "cool" and allow for thoughtful consideration.

As we tour houses, I'll let you know when the asking price has room for bargaining and also when I know the house is "priced to sell." Any real estate agent in Wilmington will claim to know the housing market, but be wary, and be sure to ask a lot of questions. If it appears they don't know everything, contact me at (910) 200-6268 or e-mail me at , and I'd be glad to answer your questions. My knowledge of the market will keep you a step above the rest throughout the entire deal.

Step 5 – Find the home of your dreams
We'll find your dream house in the Wilmington area, and when we do, I'll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies. A few examples are getting financing, carrying out the inspection, and a clear title.

Upon sending in your offer, you'll likely want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property. The amount is often put towards the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer – it's really common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.

Market circumstances determine how aggressively we negotiate the contract. We'll also work within your financing budget. And when it's all said and done, we'll assemble a contract that's best for you.

Step 7 – Obtain your loan
Upon finishing the deal, you'll begin working with your lender to close the loan. If you're already pre-qualified, it shouldn't take much time at all. However, you'll need to keep in close contact with your mortgage lender. And I'll look after all the property information your lender needs to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of accepting your loan application. The estimate depends on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a strict range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.

Then we'll close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and stress-free occasion.

Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at (910) 200-6268 or e-mail me at .

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