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With a little planning ahead of time, purchasing a home isn't too complicated, but the event can be stressful for many people. So you'll know exactly what to expect, I like to furnish my buyers with an overview of the whole deal. These are my nine steps to buying a home.
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Step 1 – Get ready to purchase
There are many things you need to contemplate before beginning your home search. When you begin your search, you'll want to put together a check list of features you want to have, get a feeling for what neighborhoods and school districts you want to live in, and start planning your budget. Ensuring your mortgage payment is no more than a third of your monthly income is a good guideline to go by.
Step 2 – Communicate with a real estate agent in the Outer Banks area
That's where I come in. I'd be happy to set up a time to get together with you and speak with you regarding your real estate needs and get an idea of your upcoming plans. We'll talk about the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the the Outer Banks area area.
I can also help you facilitate the loan process. There are some excellent mortgage professionals in the Outer Banks area, and I work with a lot of them, so you can rest assured that you're in great hands. They'll assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll start searching for houses on the market that are good for you. I'll preview most of the houses and exclude the duds, and then we'll set up appointments to view the houses when it's convenient for you.
As we tour homes, I'll identify good features, as well as bad ones. I'll also ask you what things you like and dislike. It's widely common for buyers to change their must-have list as we tour houses and some things become far more crucial than others. If such is the case, I'll look through the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Understand the market
My understanding of the the Outer Banks area market is an indispensable asset in your home search. I'm mindful of all the school districts and neighborhoods, and I'll let you know what areas are "hot" and call for prompt action and the ones that are "cold" and allow for more examination.
As we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and when I trust the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask plenty of questions, as any real estate agent in the Outer Banks area will claim to truly know the home market. If things don't add up, contact me at 252-305-5255 or e-mail me, and I'd be glad to answer any questions you have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm positive we'll find the house of your dreams in the Outer Banks area, and when that happens, I'll carefully develop your real estate purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we turn in your offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property, and it's often put towards the cost of closing. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer, and it's really common to receive a counter offer. But don't let this intimidate 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.
How aggressively we negotiate the contract depends on the state of the market. In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Obtain financing
Once the contract is signed, you'll start working with your mortgage lender to close the loan. It won't take very long at all if you've been pre-approved, but you need 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) outlining your closing costs from your lender within three days of receiving your loan application. The estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if everything looks okay. Then we'll close on your house. This will most likely occur at a title company or escrow office and will likely be a smooth and hassle-free occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 252-305-5255 or send me an e-mail.
9 STEPS TO OWNING
Ken Baittinger: 3732 N. Croatan Hwy Kitty Hawk, NC 27949-9208
Phone: 252-305-5255 Fax: 252-255-1226 E-mail: firstname.lastname@example.org
Copyright © 2017 KEN BAITTINGER, REALTOR
All rate, payment, and area information are estimates and approximations only.