Looking to purchase your new home in Wilmington? Masonboro Realty, Inc. can help.
With a little planning ahead of time, buying a home isn't that complex, but the event intimidates a lot of people.
So they understand exactly what they can expect, I will supply buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
Should you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy
Before you start looking for a home, there are many things you should contemplate.
You'll most likely want to make a check list of must-have features, get a feeling for what school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to follow.
Step 2 – Connect with a real estate agent in Wilmington
That's where I can help.
I'd love to schedule a time to get together with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Wilmington area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some very good mortgage professionals in Wilmington, and I work with a lot of them, so you can rest assured that you're in great hands.
They will help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
After we meet, I'll begin searching for homes on the market that are great for you.
I'll get a sneak peek of most of the houses and eliminate the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
When we tour the homes, I'll identify good features and bad ones. And I'll ask you to point out what things you like and don't like.
For the most part, buyers amend their must-have list as we view houses and some items become far more important than others.
If that's the case, 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
Your agent's knowledge of the Wilmington market is a leading factor in your house search. And I can assure you I'm familiar with all the schools and neighborhoods, and I'll alert you to some neighborhoods are "hot" and warrant prompt action and others that are "cold" and allow for more analysis.
When we view homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Be mindful and make sure you ask a lot of questions, as every real estate agent will claim to truly understand the market.
If things don't add up, just call me at (910) 200-6268 or e-mail me at , and I'll be more than 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 you've been looking for
I'm confident we'll find the house of your dreams in the Wilmington area. When that happens, I'll carefully develop your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
Upon sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property. The amount is typically applied to 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
Unfortunately most contracts don't close on the first offer. It's extremely common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Secure financing
After we sign the final deal, you'll start working with your mortgage lender to close the loan.
It won't be a long process at all if you're already pre-approved, but you'll need to stay in close contact with your lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) detailing closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of receiving your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a close range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will likely take place at a title company or escrow office and is often a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (910) 200-6268 or e-mail me at .