With some planning ahead of time, purchasing a home isn't too difficult, but the event is stressful for a lot of people.
So you'll know exactly what to expect, I like to supply my buyers with an outline of the whole deal.
These are my nine steps to buying a home.
 |
 |
 |
When you're ready to get started, simply contact me here or send e-mail to katherine@southport-realty.com. I'm happy to address any questions you have regarding this information.
|
|
|
|
|
Step 1 – Get ready to purchase a home
There are plenty of things you'll want to take into account before commencing your home search.
When you begin your search, you'll want to assemble a checklist of items you need to have, get a plan of what neighborhoods and school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than a third of your net monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent in Southport
This is where I can help.
We'll plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Southport area.
I can also assist you in getting started on your loan.
I partner with some of Southport's best mortgage professionals, so you're in great hands.
They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
Following our first meeting, I'll start looking for available homes on the market that are a good fit for you.
I'll get a sneak peek of most of the homes and throw out the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we view the 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 common for buyers to change their list of must-haves as we view houses and some things become far more important than others.
If that's the case, I'll look through the listings again and narrow it down to the home of your dreams.
Step 4 – Know the housing market
An agent's awareness of the Southport home market is an essential component in your home search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I can let you know which neighborhoods are "hot" and require immediate action and some that are "cold" and allow for thoughtful examination.
As we tour homes, I'll be sure to tell you when the list price has room for bargaining and also when I believe the home is "priced to sell."
Be careful and make sure you ask your agent plenty of questions, as any real estate agent will tell you they truly understand the market.
If it doesn't seem like they know everything, contact me at 910-457-7676 or e-mail me at katherine@southport-realty.com, and I'll be more than happy to answer your questions. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream house in the Southport area. When we do, I'll thoroughly develop your home purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
Upon sending in your purchase offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property, and it's usually put towards the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the initial offer – it's really common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a part in how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Obtain financing
Once the contract is finalized, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it shouldn't be a long process at all, but you'll need to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of getting your loan application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most often occur at a title company or escrow office and will most often be a smooth and easygoing 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 910-457-7676 or send me an e-mail.