Purchasing a home is a stressful event for a lot of people, but it's not all that confusing with some up-front planning. So you'll know exactly what to expect, I like to give my buyers a road map of the entire deal. Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
Before you start searching for a home, there are several things you need to consider. When you start your search, you'll probably want to create an outline of features you need, get an idea of what neighborhoods you want to live in, and begin planning your budget. A good rule to adhere to is that your mortgage payment should be no more than 30 percent of your net monthly income.
Step 2 – Talk to a real estate agent
This is where I can help. I'd love to schedule a time to meet with you and communicate with you about why you want to buy a home and get an idea of your future plans. We'll talk about the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Clayton area.
In addition, I'll help you get started on your loan. I partner with some of the finest mortgage professionals in Clayton, so you'll be in great hands. They will help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After our first meeting, I'll start searching for houses on the market that are good for you. I'll preview many of the homes and exclude the bad ones, and then we'll set up appointments to tour the houses when it's most convenient for you.
As we view houses, I'll show you the positive features, as well as negative ones. I'll even ask you about things you like and dislike. Usually, buyers update their wish list as we tour homes and some items become more crucial than others. If such is the case, I'll search the listings again and trim it down to the home you've been waiting for.
Step 4 – Get a feel for the market
My knowledge of the Clayton home market is a fundamental asset in your search. I'm conscious of all the neighborhoods and school districts, and I will let you know which districts are "hot" and require prompt action and some that are "cold" and allow for cautiousness.
When we view homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be careful and be sure to ask plenty of questions, as every REALTOR® will convince you they know the home market. If it seems like they don't know everything, just call me at 9193592131 or e-mail me at depilkington@gmail.com, and I'd be happy to answer any questions you might have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
We'll find the house of your dreams in the Clayton area, and when that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property, and it's often applied to the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the initial offer. It's widely common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal. We'll also work within your financing budget. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Get your loan
Upon completing the deal, you'll start working with your lender to close the loan. This shouldn't be a long process at all if you're already pre-qualified, but you should to keep in close contact with your mortgage lender. And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of receiving your loan application. This estimate is formed from the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This should take place at a title company or escrow office and will most likely be a smooth and calm occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at 9193592131 or send me an e-mail.
10007 US HWY 70 WEST, CLAYTON, NC 27520
