Contemplating purchasing a new home in Winston-Salem? John-Mark Mitchell's Realty Group can help.
With some up-front planning, purchasing a home isn't too hard, but the event is intimidating for a lot of people.
So they understand exactly what to expect, I like to furnish buyers with an overview of the whole deal.
These are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address any questions you have about this information.
Step 1 – Get ready to buy
There are several things you'll want to contemplate before commencing your home search.
When you begin your search, you'll want to put together a check list of must-have features, get a feel for what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good rule of thumb to follow.
Step 2 – Speak with a real estate agent
This is where I can help.
I'd like to schedule a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Winston-Salem area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I can also help you get started on your loan.
There are some great mortgage professionals in Winston-Salem, and I partner with a lot of them, so you'll be in great hands.
They will assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking
Following our initial meeting, I'll begin looking for houses on the market that are good for you.
I'll preview most of the homes and ignore the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
When we tour the houses, I'll call attention to good features, as well as bad ones. I'll even ask you to tell us about things you like and don't like.
It's widely common for buyers to change their must-have list as we view houses and some items become more necessary than others.
If that happens, I'll look through all the listings one more time and trim it down to the home you've been dreaming about.
Step 4 – Comprehend the housing market
Your agent's understanding of the Winston-Salem market is an essential component in your home search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I can communicate certain areas are "hot" and warrant prompt action and the ones that are "cool" and allow for careful examination.
When we view homes, I'll let you know when the list price has room for negotiation and 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, as every real estate agent in Winston-Salem will tell you they truly know the home market.
If it appears they don't know everything, contact me at (336) 722-9911 or e-mail me at , and I'll be more than happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream home
We'll find your dream home in Winston-Salem, and when that happens, I'll meticulously create your purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies, such as getting financing, carrying out the home inspection, and a clear title.
When presenting your offer, you'll want to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property. The amount is most often put towards the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the beginning offer. It's very common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Secure financing
After the deal is signed, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it won't be a long process at all, but you should to stay in close contact with your lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) of closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then we'll close on your house. This should occur at a title company or escrow office and will likely be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (336) 722-9911 or e-mail me at .