Buying or selling a home in Durham?
For many people, buying a home is a stressful event. However, with a bit of planning ahead of time, it's not all that complicated.
So they understand exactly what they can expect, I like to give buyers an outline of the whole deal.
Below are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address questions you have about this information.
Step 1 – Get ready to purchase
There are a lot of things you should consider prior to beginning your home search.
You'll want to make an outline of must-haves, plan for what neighborhoods and school districts you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or around a third of your monthly income is a good principle to adhere to.
Step 2 – Get in touch with a real estate agent in Durham
This is where Seagroves Realty comes in.
We'll set up a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, schools in the Durham area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
There are some very good mortgage professionals in Durham, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a home
After our initial meeting, I'll start finding available homes on the market that are a good fit for you.
I'll preview many of the houses and reject the bad ones, and then we'll set up appointments to view the homes whenever it's convenient for you.
When we view the homes, I'll identify 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 amend their must-have list as we view houses and some features become more important than others.
If that's the situation, I'll search the listings once more and trim it down to the home you've been waiting for.
Step 4 – Know the market
My understanding of the Durham housing market is an imperative agent in your house search. I am conscious of all the neighborhoods and schools, and I can alert you to certain districts are "hot" and call for prompt action and some that are "cold" and allow for thoughtful examination.
When we view homes, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Be careful and make sure you ask a lot of questions, as any REALTOR will tell you they understand the 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 any questions you might have. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
I'm certain we'll find the home of your dreams in Durham. When we do, I'll thoroughly 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, finishing the inspection, and a clear title.
When we submit your offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property, and it's usually put towards the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer, and it's pretty common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Get a loan
Upon finalizing the deal, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all, but you should to stay in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of accepting your application.
The estimate is formed from the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a tight range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then we'll close on your house. This will probably take place at a title company or escrow office and should be a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you contact me at 919-317-1115 or e-mail me at .