Let John-Mark Mitchell's Realty Group assist you with buying your new home in Winston-Salem
For a lot of people, purchasing a home can be a stressful event. But with a little planning ahead of time, it isn't very complicated.
I like to furnish buyers with an overview of the entire deal so they'll know exactly what they can expect.
Below are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to answer questions you have regarding this information.
Step 1 – Prepare to purchase
Before you begin your home search, there are several things you need to take into account.
When you start your search, you'll want to assemble a checklist of features you want, get a plan of what school districts and neighborhoods you'd like to live in, and start working on your budget.
Keeping your mortgage payment less than or around a third of your net monthly income is a good guideline to go by.
Step 2 – Connect with a real estate agent
This is where I come in.
I'd be happy to arrange a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Winston-Salem area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
I'll also help you begin the loan process.
There are some excellent mortgage professionals in Winston-Salem, and I partner with a lot of them, so you'll be in great hands.
They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
After our first meeting, I'll start finding available houses on the market that are a good fit for you.
I'll preview many of the homes and reject the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
When we view houses, I'll show you the positive features and negative ones. I'll also ask you to point out what things you like and dislike.
It's widely common for buyers to revise their list of must-haves as we view homes and some features become more necessary than others.
If that happens, I'll search all the listings again and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
My understanding of the Winston-Salem housing market is a leading component in your home search. I'm conscious of all the school districts and neighborhoods, and I'll let you know some neighborhoods are "hot" and require immediate action and the ones that are "cool" and allow for careful examination.
When we tour houses, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Any real estate agent will tell you they comprehend the market.
If things don't add up, contact me at (336) 722-9911 or e-mail me at , and I'll be glad to answer any questions you have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
We'll find the house of your dreams in Winston-Salem, and when we do, I'll carefully develop your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as acquiring financing, completing the home inspection, and a clean title.
When submitting your offer, most likely you'll want to present "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property, and it's often applied to the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer – it's really common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go 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's best for you.
Step 7 – Get your loan
Upon completing the deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this shouldn't take very long at all, but you need to keep in close contact with your lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of getting your loan application.
The estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a precise range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then it's time to close on your home. This should take place at a title company or escrow office and should be a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at (336) 722-9911 or e-mail me at .