For most people, buying a home can be an intimidating event. But with a little up-front planning, it's not very confusing.
I like to give buyers an outline of the whole deal so they'll know exactly what to expect.
Here are my nine steps to purchasing a home.
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If you have questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at pcsbragghomes4sale@gmail.com.
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Step 1 – Get ready to purchase a home
There are several things you need to do before commencing your home search.
It's likely that you'll want to form a list of items you want, get a plan of what school districts you'd like to live in, and start planning your budget.
A good rule of thumb to follow is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Fayetteville
This is where StageCoach Realty can help.
I'd be happy to schedule a time to meet with you and speak with you 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 may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Fayetteville area.
In addition, I'll help you begin the loan process.
There are some very good mortgage professionals in Fayetteville, and I work with a lot of them, so you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After we meet, I'll begin 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 ignore the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
As we tour houses, I'll call attention to good features, as well as negative ones. I'll even ask you about things you like and dislike.
For the most part, buyers revise their list of must-haves as we view homes and some features become more important than others.
If that happens, I'll search the listings one more time and narrow it down to the house of your dreams.
Step 4 – Understand the market
Your agent's understanding of the Fayetteville housing market is a necessary component in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I will let you know which neighborhoods are "hot" and warrant immediate action and some that are "cool" and allow for careful consideration.
As we tour houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell."
Be careful and be sure to ask your agent a lot of questions, as any real estate agent will convince you they truly know the market.
If things don't add up, call me at 910-273-2484 or e-mail me at pcsbragghomes4sale@gmail.com, and I'll be happy to answer your questions. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream home
I'm certain we'll find your dream house in the Fayetteville area. When that happens, I'll meticulously develop your home purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
Upon sending in your offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property, and it's usually applied to the cost of closing. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer – it's extremely common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing limits. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Obtain a loan
Upon completing the contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this won't take much time at all, but you'll want to keep in close contact with your mortgage lender.
And I'll manage 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) of closing costs from your lender within three days of accepting your application.
The estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your house. This will most often take place at a title company or escrow office and will probably be a smooth and relaxing occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at 910-273-2484 or send me an e-mail.
