Buying your new home in Durham with Seagroves Realty
Purchasing a home is stressful for a lot of people. However, with a bit of planning ahead of time, it isn't very confusing.
So they know exactly what they can expect, I like to supply buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Prepare to buy a home
There are many things you'll want to contemplate prior to beginning your home search.
When you begin your search, you'll want to put together a checklist of items you want to have, get a feeling for what school districts you want to live in, and start planning your budget.
Ensuring your mortgage payment is around 1/3 of your monthly income is a good rule to follow.
Step 2 – Contact a real estate agent
That's where I come in.
I'd like to book a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Durham area.
I'll also assist you in getting started on your loan.
There are some excellent mortgage professionals in Durham, and I partner with a lot of them, so you're in great hands.
They will assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
Following our initial meeting, I'll start finding houses on the market that best suit you.
I'll get a sneak peek of most of the houses and throw out the duds, and then we'll set up appointments to view the homes whenever it's convenient for you.
As we view homes, I'll show you the positive features, as well as bad ones. I'll even ask you to point out what things you like and don't like.
It's common for buyers to revise their wish list as we tour homes and some items become more necessary than others.
If that's the case, I'll search all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Understand the market
Your agent's knowledge of the Durham market is a necessary agent in your home search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll alert you to which districts are "hot" and require immediate action and some that are "cool" and allow for thoughtful consideration.
As we view houses, I'll make sure to communicate if the list price has room for bargaining or if I believe the home is "priced to sell."
Any REALTOR in Durham will claim to truly know the home market, but keep an eye out, and make sure you ask your agent a lot of questions.
If it appears they don't know everything, just call me at 919-317-1115 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
We'll find your dream home in the Durham area, and when that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies, such as acquiring financing, completing the home inspection, and a clean title.
When we turn in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property. The amount is usually applied to the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer. It's pretty common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your budget. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Secure your loan
Upon signing the deal, you'll start working with your lender to close the loan.
This shouldn't take much time at all if you've been pre-qualified, but you'll need to keep in close contact with your 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 Loan Estimate (LE) of your closing costs from your lender within three days of getting your application.
This estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This should take place at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just call me at 919-317-1115 or e-mail me at .