Purchasing a home is a stressful event for most people, but with some planning ahead of time, it's not all that confusing. So you understand exactly what to expect, I like to supply my buyers with an outline of the whole deal. Below are my nine steps to purchasing a home.
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Step 1 – Prepare to purchase a home
Prior to beginning your home search, there are plenty of things you'll want to take into account. You'll probably want to create a list of items you need to have, get a feel for what neighborhoods you'd like to live in, and start planning your budget. A good guideline to go by is that your mortgage payment should be less than 1/3 of your monthly income.
Step 2 – Get in touch with a real estate agent in Charlotte
That's where I can help. I'd love to book 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 discuss neighborhoods, schools in the Charlotte area, the mortgage industry, and any other economic factors that could affect your buying decision today or in the future.
I can also help you facilitate the loan process. I work with some of the finest mortgage professionals in Charlotte, so you'll be in great hands. They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our first meeting, I'll begin searching for available houses on the market that best suit you. I'll research many of the houses and eliminate the duds, and then we'll schedule appointments to view the homes when it's most convenient for you.
When we tour the houses, I'll call attention to good features and negative ones. And I'll ask you to tell us about things you like and don't like. Oftentimes, buyers revise their list of must-haves as we tour homes and some things become far more essential than others. If such is the case, I'll search all the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
An agent's knowledge of the Charlotte market is a fundamental aspect in your home search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll let you know certain neighborhoods are "hot" and warrant prompt action and the ones that are "cold" and allow for careful analysis.
When we tour houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell." Every REALTOR® in Charlotte will convince you they know the market, but take note, and be sure to ask a lot of questions. If it appears they don't know everything, just call me at (704) 345-5844 or e-mail me at Nancy@NancyWintersLLC.com, and I'll be glad to answer any questions you might have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream house
I'm sure we'll find your dream home in the Charlotte area. When we do, I'll meticulously develop your purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are getting financing, carrying out the home inspection, and a clear title.
When we submit your offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property, and it's usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer, and it's extremely common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances. We'll also work within your financing budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll start working with your lender to close the loan. If you're pre-qualified, this shouldn't take much time at all. But you should to stay in close contact with your lender. And I'll sort out 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) of your closing costs from your lender within three days of accepting your application. This estimate depends on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if it all looks good.
Then we'll close on your home. This will probably take place at a title company or escrow office and is often a smooth and easygoing occurrence.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at (704) 345-5844 or send me an e-mail.