Buying a home is a stressful event for many people. However, with some planning ahead of time, it's not very difficult.
I like to provide buyers with an outline of the whole deal so they understand exactly what to expect.
Here are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to swilson@infionline.net. I'm glad to address any questions you have about this information.
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Step 1 – Get ready to buy
There are plenty of things you need to consider before beginning your home search.
When you begin your search, you'll want to form a check list of items you want, plan for what school districts you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than or around a third of your monthly income is a good rule of thumb to go by.
Step 2 – Communicate with a real estate agent
This is where I can help.
I'd love to plan a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Fayetteville area, the mortgage and housing industries, and any other economic factors that could potentially affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
There are some very good mortgage professionals in Fayetteville, and I partner with a lot of them, so you'll be in great hands.
They can assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
Following our first meeting, I'll begin looking for houses on the market that are good for you.
I'll research most of the homes and throw out the duds, and then we'll set up appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll point out positive features, as well as negative ones. I'll also ask you about things you like and don't like.
Frequently, buyers revise their wish list as we view houses and some items become more necessary than others.
If that's the case, I'll go back through all the listings again and trim it down to the home of your dreams.
Step 4 – Understand the housing market
Your agent's understanding of the Fayetteville market is a necessary component in your home search. And I can assure you I'm conscious of all the school districts and neighborhoods, and I'll communicate which neighborhoods are "hot" and warrant prompt action and others that are "cool" and allow for more analysis.
When we view houses, I'll let you know when the seller's list price has room for bargaining and when I know the home is "priced to sell."
Any REALTOR® will convince you they know the housing market, but beware, and make sure you ask a lot of questions.
If it appears they don't know everything, contact me at 910.483.5353 or e-mail me at swilson@infionline.net, and I'd be happy to answer any questions you may have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm confident we'll find the house of your dreams in Fayetteville, and when we do, I'll carefully create your purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When sending in your purchase offer, you'll want to present "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property and is usually put towards the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer, and it's really common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Secure a loan
Upon signing the deal, you'll begin working with your lender to close the loan.
If you're pre-qualified, this won't be a long process at all, but you should to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your application.
The estimate is based on the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a tight range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then we'll close on your home. This will likely take place at a title company or escrow office and will most likely be a smooth and peaceful occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 910.483.5353 or send me an e-mail.
