Are you purchasing your home in Wilmington? The BARBARA PUGH Real Estate Team can help.
Buying a home is a stressful event for most people. However, with a bit of up-front planning, it isn't that difficult.
We like to supply buyers with an outline of the entire deal so they'll understand exactly what they can expect.
Here are our nine steps to buying a home.
Step 1 – Prepare to buy
Prior to starting your home search, there are a lot of things you should take into account.
It's likely that you'll want to form a check list of features you want, get a plan of what school districts and neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than a third of your net monthly income is a good rule to follow.
Step 2 – Speak with a real estate agent
That's where we come in.
We'd like to schedule a time to meet with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Wilmington area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
We can also assist you in getting started on your loan.
There are some very good mortgage professionals in Wilmington, and we partner with a lot of them, so you can rest assured that you're in great hands.
They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
Following our first meeting, we'll begin finding houses on the market that are a good fit for you.
We'll preview most of the houses and reject the bad ones, and then we'll schedule appointments to view the homes at a time that's convenient for you.
When we view the houses, we'll identify good features and negative ones. And we'll ask you to tell us about things you like and dislike.
It's common for buyers to amend their wish list as we tour houses and some features become more essential than others.
If that's the case, we'll look through the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the market
An agent's awareness of the Wilmington housing market is an imperative agent in your house search. And we assure you we're very familiar with all the neighborhoods and school districts, and we'll communicate certain neighborhoods are "hot" and warrant immediate action and the rest that are "cool" and allow for more examination.
As we view houses, we'll make sure to communicate if the 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 a lot of questions, as every real estate agent will claim to know the home market.
If things don't add up, call us at 910-520-2945 or e-mail us at email@example.com, and we'd be more than happy to answer any questions you may have. Our market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
We're certain we'll find the house of your dreams in Wilmington, and when that happens, we'll carefully develop your home purchase offer. The offer will be made exactly to your needs. Whenever necessary, We never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon submitting your offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property. The amount is typically applied to the cost of closing. If the seller accepts the offer, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the initial offer, and it's extremely common to receive a counter offer. Don't let it intimidate you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Secure your loan
Once the contract is finalized, you'll start working with your lender to close the loan.
This won't take very long at all if you're pre-approved, but you need to stay in close contact with your lender.
And we'll take care of all the property information your lender needs to close the loan.>
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) of your closing costs within three days of receiving your application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a tight range of accuracy. we'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often happen at a title company or escrow office and is often a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call us at 910-520-2945 or send us an e-mail.