Buying your new home in Winston-Salem with John-Mark Mitchell's Realty Group
For most people, buying a home can be an intimidating event. However, with a bit of up-front planning, it isn't all that difficult.
So they understand exactly what they can expect, I will give buyers an overview of the entire deal.
Below are my nine steps to buying a home.
Should you have any questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy a home
Before you start your home search, there are several things you should contemplate.
When you begin your search, you'll want to put together an index of items you want, get a feel for what school districts and neighborhoods you want to live in, and begin planning around your budget.
A good guideline to go by is that your mortgage payment should be less than or close to a third of your net monthly income.
Step 2 – Get in touch with a real estate agent
This is where John-Mark Mitchell's Realty Group can help.
We'll arrange a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Winston-Salem area.
I can also help you begin the loan process.
I partner with some of the best mortgage professionals in Winston-Salem, so you'll be in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
Following our initial meeting, I'll begin finding available houses on the market that are a good fit for you.
I'll preview many of the houses and reject the duds, and then we'll book appointments to view the homes at a time that's convenient for you.
When we tour the houses, I'll identify good features and negative ones. I'll even ask you to point out what things you like and dislike.
Oftentimes, buyers change their must-have list as we tour homes and some things become more important than others.
If that happens, I'll look through all the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
An agent's knowledge of the Winston-Salem market is a fundamental component in your home search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I can alert you to which neighborhoods are "hot" and demand immediate action and the ones that are "cool" and allow for cautiousness.
When we tour homes, I'll be sure to tell you when the asking price has room for bargaining and also when I know the house is "priced to sell."
Every real estate agent will tell you they know the home market, but take notice, and make sure you ask plenty of questions.
If things don't add up, call me at (336) 722-9911 or e-mail me at , and I'll be happy to answer any questions you have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream house in the Winston-Salem area. When that happens, I'll meticulously develop your purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies, such as getting financing, completing the home inspection, and a clean title.
When submitting your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property. The amount is typically applied to the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the initial offer – it's extremely common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your budget. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Obtain a loan
After we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this won't take very long at all, but you should to stay in close contact with your lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) of closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a tight range of accuracy. I'll go over the estimate and let you know if it all looks all right.
Then it's time to close on your house. This should happen at a title company or escrow office and will probably be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at (336) 722-9911 or e-mail me at .