Buying or selling a home? Masonboro Realty, Inc. can help.
For a lot of people, purchasing a home is a stressful event. But with some up-front planning, it isn't all that complicated.
I like to supply buyers with a road map of the whole deal so they'll understand exactly what to expect.
These are my nine steps to buying a home.
Should you have any questions about 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
There are a lot of things you'll want to do before you search for a home.
It's likely that you'll want to assemble an outline of features you need to have, get a feel for what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good rule to follow.
Step 2 – Communicate with a real estate agent
This is where Masonboro Realty, Inc. comes in.
We'll arrange a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Wilmington area, the mortgage and housing industries, and any additional economic factors that might affect your buying decision today or in the future.
I can also assist you with getting started on your loan.
There are some great mortgage professionals in Wilmington, and I work with a lot of them, so you'll be in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
Following our first meeting, I'll begin searching for houses on the market that are a good fit for you.
I'll preview many of the homes and exclude the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we tour houses, I'll show you the good features, as well as negative ones. I'll also ask you to point out what things you like and dislike.
It's widely common for buyers to revise their wish list as we tour homes and some items become more crucial than others.
If such is the case, I'll go back through the listings another time and trim it down to the house you've been waiting for.
Step 4 – Comprehend the market
Your agent's knowledge of the Wilmington market is an essential agent in your house search. And I assure you I'm acquainted with all the neighborhoods and schools, and I will let you know what areas are "hot" and warrant immediate action and the ones that are "cool" and allow for more consideration.
As we view houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Trust your instincts and make sure you ask your agent plenty of questions, as every REALTOR will claim to know the market.
If it appears they don't know everything, just call me at (910) 200-6268 or e-mail me at , and I'll 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 your dream house
We'll find your dream home in the Wilmington area, and when that happens, I'll precisely create your real estate purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clear title.
Upon submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property and is typically applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer – it's extremely common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a part in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Obtain a loan
Once we sign the final sales contract, you'll begin working with your lender to close the loan.
This won't take long at all if you're already pre-qualified, but you'll want to stay in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) detailing your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of accepting your loan application.
The estimate depends on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll go over the estimate and let you know if it all looks good.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will most likely be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, just contact me at (910) 200-6268 or e-mail me at .