Buying a home intimidates most people. However, with a bit of up-front planning, it isn't all that complicated.
So you'll understand exactly what to expect, I like to provide my buyers with an overview of the entire deal.
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 alan@carolina.rr.com. I'm glad to address questions you have regarding this information.
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Step 1 – Prepare to buy a home
Before you begin searching for a home, there are several things you need to do.
You'll probably want to create an outline of features you want, get a feeling for what school districts and neighborhoods you'd like to live in, and begin planning your budget.
A good rule of thumb to go by is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Talk to a real estate agent in CHARLOTTE
That's where I come in.
I'd be happy to plan a time to get together with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the CHARLOTTE area, the mortgage industry, and any other economic factors that might affect your purchase today or in the future.
I'll also help you get started on your loan.
There are some excellent mortgage professionals in CHARLOTTE, and I work with a lot of them, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our first meeting, I'll begin looking for available homes on the market that suit your needs.
I'll preview most of the homes and remove the bad ones, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we view homes, I'll point out good features and negative ones. And I'll ask you to point out what things you like and dislike.
Frequently, buyers revise their must-have list as we tour homes and some things become far more substantial than others.
If that's the case, I'll look through the listings once again and narrow it down to the home of your dreams.
Step 4 – Get a feel for the market
An agent's knowledge of the CHARLOTTE market is a leading component in your house search. And I can assure you I'm familiar with all the neighborhoods and school districts, and I'll let you know some areas are "hot" and warrant prompt action and others that are "cold" and allow for more consideration.
When we tour houses, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Any REALTOR® in CHARLOTTE will convince you they comprehend the housing market.
If things don't add up, just call me at 704-444-9996 or e-mail me at alan@carolina.rr.com, and I'll be more than happy to answer your questions. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream house in CHARLOTTE, and when we do, I'll thoroughly develop your real estate purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we send in your offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property. The amount is most often applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the first offer, and it's extremely common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Get a loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, this won't take very long at all, but you should to stay in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender will need 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 taking your application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a precise range of accuracy, and I'll review the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and is often a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at 704-444-9996 or send me an e-mail.