Are you looking to buy a home in Durham? Seagroves Realty can help.
With some planning ahead of time, buying a home isn't very confusing, but the event can be stressful for a lot of people.
I like to furnish buyers with a road map of the entire deal so they understand exactly what they can expect.
Here are my nine steps to purchasing 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 regarding this information.
Step 1 – Get ready to purchase
There are several things you need to do before starting your home search.
You'll want to assemble an index of features you need, get a feeling for what neighborhoods you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good principle to go by.
Step 2 – Get in touch with a real estate agent in Durham
This is where Seagroves Realty can help.
I'd be more than happy to set up a time to meet with you and talk about your real estate needs and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Durham area, the mortgage and housing industries, and any other economic factors that may affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
Seagroves Realty partners with some of the best mortgage professionals in Durham, so you'll be in great hands.
They'll help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After we meet for the first time, I'll begin looking for available houses on the market that suit your needs.
I'll research most of the homes and exclude the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
As we view the homes, I'll point out good features and negative ones. And I'll ask you to tell us about things you like and dislike.
It's pretty common for buyers to change their list of must-haves as we view houses and some items become far more crucial than others.
If that's the situation, I'll search all the listings another time and trim it down to the house of your dreams.
Step 4 – Know the housing market
My knowledge of the Durham market is an essential element in your home search. I am mindful of all the school districts and neighborhoods, and I can communicate certain areas are "hot" and require prompt action and the ones that are "cool" and allow for careful examination.
When we tour homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Trust your instincts and make sure you ask a lot of questions, as every REALTOR in Durham will claim to know the home market.
If things don't add up, contact me at 919-317-1115 or e-mail me at , and I'll be more than happy to answer your questions. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
We'll find your dream house in Durham, and when we do, I'll carefully develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
When we present your purchase offer, you'll probably need to present "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property, and it's typically put towards the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer – it's really common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing budget. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Get a loan
After we sign the final deal, you'll begin working with your lender to close the loan.
If you're pre-approved, it 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 lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) of closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount. RESPA requirements order that it has to contain all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your home. This will probably happen at a title company or escrow office and will likely be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at 919-317-1115 or e-mail me at .