Are you contemplating purchasing your home in Durham?
Buying a home can be stressful for most people, but it's not very complicated with a bit of planning ahead of time.
So they know exactly what they can expect, I'll furnish buyers with an overview of the entire deal.
Below are my nine steps to buying a home.
Should you have questions about this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
Prior to starting your home search, there are several things you should consider.
It's likely that you'll want to put together an outline of must-haves, plan for what school districts and neighborhoods you'd like to live in, and start planning your budget.
A good guideline to adhere to is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Communicate with a real estate agent
This is where Seagroves Realty comes in.
I'd like to set up 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 plans for the future.
We'll discuss everything from neighborhoods, schools in the Durham area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
I work with some of the best mortgage professionals in Durham, so you'll be in great hands.
They'll help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
Following our first meeting, I'll start looking for houses on the market that suit your needs.
I'll research most of the houses and remove the bad ones, and then we'll schedule appointments to view the houses when it's most convenient for you.
When we view houses, I'll point out good features and negative ones. And I'll ask you to point out what things you like and don't like.
Frequently, buyers change their list of must-haves as we tour houses and some things become more crucial than others.
If such is the case, I'll go back through all the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Understand the market
My understanding of the Durham market is a necessary element in your house search. I'm mindful of all the neighborhoods and school districts, and I can communicate which neighborhoods are "hot" and require prompt action and the ones that are "cool" and allow for careful consideration.
As we view homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions, as any REALTOR will tell you they understand the housing market.
If things don't add up, just call me at 919-317-1115 or e-mail me at , and I'll be glad to answer any questions you have. My market knowledge will help you stay a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find your dream home in the Durham area. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies, such as obtaining financing, carrying out the home inspection, and a clear title.
When we submit your offer, you'll probably need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property, and it's typically put towards the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the first offer – it's really common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a deal that works well for you.
Step 7 – Secure your loan
Upon completing the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it shouldn't be a long process at all. But you'll need to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) detailing your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy. I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will likely happen at a title company or escrow office and will most likely be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 919-317-1115 or e-mail me at .