Purchasing a new home in Winston-Salem with John-Mark Mitchell's Realty Group
For most people, purchasing a home can be a stressful event. But with a bit of up-front planning, it isn't very difficult.
So they'll know exactly what to expect, I like to give buyers an outline of the entire deal.
Here 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 answer any questions you have about this information.
Step 1 – Prepare to buy
Before you start looking for a home, there are plenty of things you need to do.
When you begin your search, you'll want to make a list of features you need to have, get a feeling for what school districts you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent in Winston-Salem
That's where I come in.
I'd like to plan a time to meet with you and speak with you about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Winston-Salem area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan.
There are some excellent mortgage professionals in Winston-Salem, and I work with a lot of them, so you're 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 – Start house-hunting
After we meet, I'll start looking for houses on the market that are good for you.
I'll get a sneak peek of most of the homes and reject the duds, and then we'll book appointments to tour the houses at a time that's convenient for you.
As we view homes, I'll show you the positive features and bad ones. I'll even ask you to talk about things you like and dislike.
It's pretty common for buyers to revise their must-have list as we view homes and some things become far more substantial than others.
If that's the case, I'll look through all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Comprehend the market
My awareness of the Winston-Salem market is an essential component in your home search. I am familiar with all the neighborhoods and schools, and I will communicate certain districts are "hot" and call for immediate action and some that are "cold" and allow for careful analysis.
When we tour homes, I'll be sure to tell you when the asking price has room for bargaining and when I think the house is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions. Any REALTOR in Winston-Salem will convince you they comprehend the housing market.
If it appears they don't know everything, just call me at (336) 722-9911 or e-mail me at , and I'll be glad to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
We'll find your dream house in the Winston-Salem area, and when we do, I'll thoroughly develop your home purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies. A few examples are getting financing, carrying out the home inspection, and a clear title.
Upon presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property. The amount is often put towards the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the first offer, and it's really common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll create a deal that works well for you.
Step 7 – Secure financing
After we sign the final contract, you'll begin working with your lender to close the loan.
If you've been pre-qualified, this won't take much time at all. However, you'll need to stay in close contact with your mortgage lender.
And I'll care for 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 mortgage lender within three days of accepting your application.
This estimate rests on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a tight range of accuracy, and I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will likely be a smooth and pleasant event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at (336) 722-9911 or e-mail me at .