Buying or selling a home in Wilmington? Masonboro Realty, Inc. can help.
For a lot of people, buying a home can be a stressful event. However, with some up-front planning, it isn't that complex.
I like to furnish buyers with an overview of the entire deal so they'll know exactly what to expect.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer questions you have about this information.
Step 1 – Prepare to buy
Before you begin searching for a home, there are many things you need to do.
You'll probably want to put together a checklist of items you want, plan for what school districts and neighborhoods you want to live in, and begin planning your budget.
A good rule to follow is that your mortgage payment should be less than a third of your net monthly income.
Step 2 – Communicate with a real estate agent in Wilmington
That's where I come 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 future plans.
We'll discuss the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Wilmington area.
I'll 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 can rest assured that you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After our initial meeting, I'll start finding available homes on the market that are good for you.
I'll get a sneak peek of many of the houses and eliminate the bad ones, and then we'll book appointments to view the homes when it's most convenient for you.
As we tour houses, I'll call attention to good features and negative ones. I'll even ask you to talk about things you like and dislike.
Usually, buyers amend their must-have list as we view houses and some items become more essential than others.
If such is the case, I'll go back through all the listings once more and trim it down to the house you've been waiting for.
Step 4 – Comprehend the market
Your agent's understanding of the Wilmington market is a necessary aspect in your home search. And I assure you I'm familiar with all the neighborhoods and schools, and I can alert you to some areas are "hot" and require prompt action and some that are "cold" and allow for more consideration.
When we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Every real estate agent in Wilmington will convince you they know the housing market, but take notice, and make sure you ask your agent a lot of questions.
If things don't add up, just call me at 9102006268 or e-mail me at , and I'll be glad to answer your questions. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
We'll find your dream home in the Wilmington area, and when that happens, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
Upon submitting your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property. The amount is typically put towards the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing limits. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Obtain your loan
Once we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it won't take much time at all. However, you need to stay in close contact with your mortgage lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) outlining closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of accepting your application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks good.
Then it's time to close on your house. This will most often happen at a title company or escrow office and should be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, be sure to contact me at 9102006268 or e-mail me at .