Buying a home is a stressful event for a lot of people, but it's not too difficult with a little planning ahead of time.
I like to furnish buyers with a road map of the entire deal so they understand exactly what to expect.
These are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to info@wilkinsoncoastal.com. I'm happy to address any questions you have about this information.
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Step 1 – Get ready to purchase a home
There are many things you'll want to do before beginning your home search.
You'll most likely want to create an index of items you want to have, get an idea of what school districts and neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than or around 1/3 of your monthly income is a good principle to go by.
Step 2 – Contact a real estate agent in Wilmington
That's where I come in.
I'd love to book a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Wilmington area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
Wilkinson & Associates partners with some of the finest mortgage professionals in Wilmington, so you can rest assured that you're in great hands.
They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
After our initial meeting, I'll begin finding available houses on the market that best suit you.
I'll get a sneak peek of most of the houses and remove the duds, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
As we view houses, I'll call attention to good features, as well as negative ones. I'll also ask you what things you like and dislike.
Generally, buyers change their wish list as we tour homes and some features become more essential than others.
If that's the case, I'll look through the listings once more and trim it down to the home of your dreams.
Step 4 – Get a feel for the housing market
My awareness of the Wilmington market is a necessary asset in your home search. I'm acquainted with all the neighborhoods and schools, and I'll communicate certain districts are "hot" and call for prompt action and others that are "cool" and allow for more consideration.
As we view homes, I'll be sure to tell you when the seller's asking price has room for negotiation and when I know the home is "priced to sell."
Any REALTOR® will convince you they comprehend the market, but take note, and be sure to ask your agent plenty of questions.
If things don't add up, call me at 9107993533 or e-mail me at info@wilkinsoncoastal.com, and I'd be more than happy to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
I know we'll find the house of your dreams in the Wilmington area. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
When submitting your offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is typically put towards the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer, and it's very common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Secure financing
Once we sign the final deal, you'll begin working with your lender to close the loan.
It shouldn't take long at all if you're pre-approved, but you need to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of getting your application.
The estimate rests on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy, and I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your home. This will likely occur at a title company or escrow office and will most often be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to call me at 9107993533 or send me an e-mail.