Buying a home is a stressful event for many people, but it's not too complex with a little planning ahead of time.
I like to supply buyers with an overview of the whole deal so they'll understand exactly what to expect.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to afrench@fmrealty.com. I'm happy to address any questions you have regarding this information.
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Step 1 – Get ready to purchase a home
Before you begin looking for a home, there are a lot of things you should consider.
You'll most likely want to form an outline of items you want to have, plan for what school districts and neighborhoods you'd like to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Talk to a real estate agent
That's where I can help.
We can arrange a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Cary area, the mortgage industry, and any other economic factors that might affect your purchase today or in the future.
In addition, I'll help you start the loan process.
There are some excellent mortgage professionals in Cary, and I work with a lot of them, so you'll be in great hands.
They'll help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our first meeting, I'll start looking for available houses on the market that meet your needs.
I'll research many of the houses and eliminate the bad ones, and then we'll schedule appointments to view the houses when it's most convenient for you.
When we tour the houses, I'll call attention to positive features, as well as negative ones. I'll even ask you to talk about things you like and don't like.
It's widely common for buyers to change their must-have list as we tour houses and some things become far more important than others.
If that's the situation, I'll look through the listings once again and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
An agent's understanding of the Cary market is a fundamental agent in your house search. And I can assure you I'm conscious of all the school districts and neighborhoods, and I will communicate which areas are "hot" and warrant prompt action and others that are "cold" and allow for more analysis.
When we view homes, I'll make sure to communicate when the asking price has room for negotiation and also when I know the house is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Any REALTOR® in Cary will convince you they know the market.
If things don't add up, contact me at 919.854.5782 or e-mail me at afrench@fmrealty.com, and I'd be more than happy to answer your questions. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream home in the Cary area, and when that happens, I'll thoroughly create your purchase offer. The offer will be tailored keeping your needs in mind. 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 offer, most likely you'll need to present "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property and is often applied to the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer. It's pretty common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Get your loan
Upon finalizing the contract, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't be a long process at all. However, you need 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 provide you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a precise range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This should occur at a title company or escrow office and should be a smooth and relaxed event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at 919.854.5782 or send me an e-mail.
