Purchasing a home in Durham with Seagroves Realty
Buying a home is stressful for many people, but with a little up-front planning, it isn't that difficult.
So they understand exactly what they can expect, I like to provide buyers with a road map of the entire deal.
Below are my nine steps to buying a home.
Should you have questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are plenty of things you'll want to consider before beginning your home search.
You'll most likely want to make a check list of features you want, get a feeling for what neighborhoods and school districts you want to live in, and start planning your budget.
Ensuring your mortgage payment is no more than a third of your monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
This is where I come in.
I'd love to set up a time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, school districts in the Durham area, the mortgage and housing industries, and any other economic factors that may affect your purchase today or in the future.
I can 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 can rest assured that you're in great hands.
They will assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
After our initial meeting, I'll start finding available houses on the market that are good for you.
I'll preview most of the houses and eliminate the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
As we view the homes, I'll point out good features, as well as bad ones. And I'll ask you to tell us about things you like and don't like.
It's common for buyers to change their wish list as we tour homes and some items become more essential than others.
If that's the situation, I'll go back through the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
My awareness of the Durham market is a necessary agent in your home search. I'm familiar with all the neighborhoods and schools, and I will alert you to certain areas are "hot" and demand prompt action and some that are "cool" and allow for more examination.
As we view houses, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Be mindful and make sure you ask plenty of questions, as any real estate agent in Durham will tell you they truly understand the home market.
If it seems like they don't know everything, call me at 919-317-1115 or e-mail me at , and I'll be glad to answer any questions you may have. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream home in the Durham area. When we do, I'll carefully create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When presenting your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property, and it's most often 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 after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer – it's really common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a contract that is best for you.
Step 7 – Obtain your loan
Upon signing the deal, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't be a long process at all. However, you need to keep in close contact with your lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of getting your application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy. I'll examine the estimate and let you know if it all looks good.
Then we'll close on your home. This will likely take place at a title company or escrow office and will most often be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to call me at 919-317-1115 or e-mail me at .