Purchasing a home is intimidating for many people, but it isn't that complex with a little planning ahead of time.
So you understand exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Below are my nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, just contact me here or send e-mail to brewsterm@hpw.com. I'm glad to address any questions you have about this information.
|
|
|
|
|
Step 1 – Get ready to purchase a home
Before you begin searching for a home, there are many things you'll want to contemplate.
When you begin your search, you'll want to form an index of must-have features, get a plan of what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good rule to go by.
Step 2 – Get in touch with a real estate agent in Raleigh
This is where Mark Brewster - Coldwell Banker Howard Perry & Walston can help.
We can book a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the Raleigh area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
I work with some of Raleigh's finest mortgage professionals, so you'll be in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
After our first meeting, I'll start finding available homes on the market that best suit you.
I'll preview many of the houses and exclude the duds, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
When we view the houses, I'll identify good features, as well as negative ones. I'll also ask you to talk about things you like and don't like.
It's widely common for buyers to amend their must-have list as we view houses and some things become more important than others.
If that's the case, I'll search all the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Understand the housing market
My awareness of the Raleigh home market is a necessary asset in your search. I am conscious of all the neighborhoods and schools, and I can alert you to what neighborhoods are "hot" and require prompt action and some that are "cold" and allow for cautiousness.
As we tour homes, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions, as any REALTOR® will tell you they know the home market.
If it seems like they don't know everything, just call me at 919-645-8686 or e-mail me at brewsterm@hpw.com, and I'd be happy to answer any questions you have. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find your dream home
I'm positive we'll find the home of your dreams in Raleigh. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as acquiring financing, completing the inspection, and a clean title.
When submitting your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property. The amount is typically applied to the cost of closing. If your offer is accepted, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer. It's widely common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Get financing
Upon finishing the contract, you'll begin working with your lender to close the loan.
It won't take much time at all if you're already pre-approved, but you'll want to keep in close contact with your lender.
And I'll take care of all the property information your 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 lender within three days of receiving your application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a close range of accuracy. I'll study the estimate and let you know if it all looks all right.
Then we'll close on your house. This will likely take place at a title company or escrow office and will likely be a smooth and hassle-free occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 919-645-8686 or send me an e-mail.
