Buying a home can be stressful for many people, but with a bit of planning ahead of time, it isn't very difficult. I like to supply buyers with a road map of the whole deal so they'll know exactly what to expect. Here are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to jerilynn@themcmillengroup.com. I'm glad to address any questions you have about this information. |
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Step 1 – Prepare to purchase a home
There are many things you should do before beginning your home search. When you start your search, you'll want to create a check list of items you want to have, plan for what school districts and neighborhoods you want to live in, and begin working on your budget. Keeping your mortgage payment less than a third of your net monthly income is a good guideline to go by.
Step 2 – Get with a real estate agent in Goldsboro
That's where I come in. I'd like to schedule a time to meet with you and speak with you regarding your real estate needs and get an idea of your future plans. We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Goldsboro area.
I'll also help you start the loan process. Prudential The McMillen Real Estate Group works with some of Goldsboro's best mortgage professionals, so you'll be in great hands. They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
Following our initial meeting, I'll begin searching for houses on the market that meet your needs. I'll research many of the homes and ignore the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
As we tour houses, I'll show you the good features and negative ones. I'll also ask you what things you like and don't like. Generally, buyers revise their must-have list as we tour houses and some items become far more necessary than others. If such is the case, I'll go back through the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
My knowledge of the Goldsboro housing market is a necessary advantage in your house search. I am familiar with all the neighborhoods and schools, and I will communicate which districts are "hot" and call for prompt action and the ones that are "cold" and allow for thoughtful consideration.
When we view homes, I'll make sure to communicate if the list price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask plenty of questions, as every REALTOR® will claim to know the home market. If things don't add up, contact me at (919) 920-8633 or e-mail me at jerilynn@themcmillengroup.com, and I'd be happy to answer your questions. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I know we'll find your dream house in the Goldsboro area. When we do, I'll precisely develop your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
Upon presenting your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property and is usually applied to the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer – it's widely common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract. We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Obtain financing
After we sign the final contract, you'll begin working with your lender to close the loan. It won't take very long at all if you've been pre-qualified, but you should to stay in close contact with your mortgage lender. And I'll care for 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 lender within three days of accepting your loan application. This estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if it all looks okay.
Then we'll close on your home. This will probably take place at a title company or escrow office and will most often be a smooth and relaxing occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to call me at (919) 920-8633 or send me an e-mail.
