Buying a home is an intimidating event for many people, but it isn't very difficult with some planning ahead of time.
I like to furnish buyers with an outline of the entire deal so they'll know exactly what to expect.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are a lot of things you'll want to contemplate prior to beginning your home search.
It's likely that you'll want to create a list of items you need to have, plan for what neighborhoods you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than 1/3 of your monthly income is a good rule of thumb to follow.
Step 2 – Get with a real estate agent in Charlotte
That's where I come in.
We can set up a time to get together so we can talk 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 Charlotte area, the mortgage and housing industries, and any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
There are some great mortgage professionals in Charlotte, and I work with a lot of them, so you'll be in great hands.
They will assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After we meet for the first time, I'll begin looking for available houses on the market that are good for you.
I'll research most of the homes and ignore the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we view homes, I'll point out positive features and bad ones. I'll also ask you what things you like and dislike.
Oftentimes, buyers amend their wish list as we view homes and some features become more substantial than others.
If such is the case, I'll go back through all the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Know the housing market
An agent's awareness of the Charlotte housing market is a crucial agent in your home search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I'll let you know which areas are "hot" and require prompt action and some that are "cool" and allow for more examination.
When we view houses, I'll be sure to tell you if the list price has room for negotiation or if I believe the home is "priced to sell."
Be on guard and make sure you ask your agent plenty of questions, as any real estate agent in Charlotte will convince you they truly understand the housing market.
If it seems like they don't know everything, call me at (704) 953-2228 or e-mail me at rgibson@homeswithheart.com, and I'll be happy to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream home in the Charlotte area. When that happens, I'll carefully develop your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, carrying out the inspection, and a clear title.
Upon submitting your purchase offer, you'll likely need to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property. The amount is typically applied to the cost of closing. If your offer is accepted, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer. It's pretty common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Obtain your loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it shouldn't take very long at all, but you should to keep in close contact with your mortgage lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy. I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your home. This should take place at a title company or escrow office and should be a smooth and easygoing event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you call me at (704) 953-2228 or send me an e-mail.
