Contemplating buying a new home in Cary?
For many people, purchasing a home is a stressful event. However, with a little planning ahead of time, it isn't too complex.
So they'll know exactly what they can expect, I'll provide buyers with an outline of the entire deal.
Here are my nine steps to purchasing a home.
If you have questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy a home
There are several things you'll want to take into account before you start looking for a home.
When you begin your search, you'll probably want to form an index of items you need, get a plan of what neighborhoods you'd like to live in, and start working on your budget.
Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good principle to follow.
Step 2 – Contact a real estate agent
That's where I come in.
I'd love to set up a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Cary area.
I'll also help you start the loan process.
RE/MAX Performance partners with some of Cary's best mortgage professionals, so you can rest assured that you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After our first meeting, I'll start finding available homes on the market that are great for you.
I'll preview most of the homes and remove the duds, and then we'll book appointments to tour the houses whenever it's convenient for you.
As we view homes, I'll identify good features and negative ones. And I'll ask you to point out what things you like and dislike.
It's common for buyers to change their list of must-haves as we tour homes and some items become more substantial than others.
If such is the case, I'll search the listings once more and trim it down to the house of your dreams.
Step 4 – Know the housing market
Your agent's understanding of the Cary housing market is a necessary component in your home search. And I can assure you I'm acquainted with all the neighborhoods and schools, and I can communicate what neighborhoods are "hot" and demand immediate action and some that are "cool" and allow for careful analysis.
As we tour homes, I'll let you know when the asking price has room for negotiation and also when I know the house is "priced to sell."
Every REALTOR in Cary will tell you they know the home market, but be on guard, and be sure to ask your agent a lot of questions.
If things don't add up, call me at (919) 924-4991 or e-mail me at , and I'd be more than happy to answer any questions you have. My knowledge of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
We'll find the house of your dreams in Cary, and when we do, I'll precisely develop your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including several contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
When we submit your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is typically put towards the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer. It's really common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Obtain your loan
Once the contract is complete, you'll begin working with your lender to close the loan.
If you're already pre-qualified, this won't take long at all. But you should to keep in close contact with your lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) outlining closing costs within three days of getting your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of taking your loan application.
The estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will probably occur at a title company or escrow office and will likely be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, make sure you call me at (919) 924-4991 or e-mail me at .