Are you contemplating purchasing a home in Wilmington?
Purchasing a home can be stressful for most people, but it's not that hard with some planning ahead of time.
I like to supply buyers with an overview of the entire deal so they'll understand exactly what they can expect.
Below are my nine steps to buying a home.
Should you have any questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
There are plenty of things you need to take into account before you search for a home.
You'll most likely want to make a list of items you want to have, plan for what neighborhoods and school districts you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is no more than 1/3 of your net monthly income is a good principle to follow.
Step 2 – Connect with a real estate agent
This is where I come in.
We'll 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 upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Wilmington area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
There are some excellent mortgage professionals in Wilmington, and I work with a lot of them, so you're in great hands.
They will assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin your home search
After we meet for the first time, I'll begin finding available homes on the market that are good for you.
I'll get a sneak peek of many of the homes and throw out the duds, and then we'll set up appointments to tour the homes when it's most convenient for you.
When we tour homes, 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 don't like.
It's widely common for buyers to revise their wish list as we view houses and some items become far more necessary than others.
If that's the situation, I'll go back through all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Know the market
My awareness of the Wilmington home market is a crucial factor in your house search. I'm conscious of all the neighborhoods and school districts, and I'll communicate which areas are "hot" and warrant prompt action and the ones that are "cool" and allow for thoughtful consideration.
As we view houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell."
Be careful and be sure to ask plenty of questions, as any REALTOR in Wilmington will claim to understand the home market.
If things don't add up, contact me at 9102006268 or e-mail me at , and I'll be more than happy to answer your questions. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
We'll find the home of your dreams in Wilmington, and when that happens, I'll thoroughly create your purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies, such as obtaining financing, completing the inspection, and a clean title.
Upon turning in your offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property, and it's often applied to the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer. It's really common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Secure a loan
After the deal is signed, you'll begin working with your lender to close the loan.
If you've been pre-approved, it won't be a long process at all. But you'll want to keep in close contact with your lender.
And I'll handle all the property information your mortgage lender will need 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 accepting your application.
This estimate is formed from the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will most often take place at a title company or escrow office and should be a smooth and comfortable event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at 9102006268 or e-mail me at .