Purchasing a new home in Winston-Salem with John-Mark Mitchell's Realty Group
Buying a home is stressful for a lot of people, but with a little planning ahead of time, it's not that complex.
So they'll understand exactly what to expect, I will provide buyers with an overview of the whole deal.
These 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 happy to answer any questions you have about this information.
Step 1 – Get ready to purchase
Before you begin your home search, there are many things you'll want to take into account.
When you begin your search, you'll want to create a checklist of must-have features, get a feeling for what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good guideline to follow.
Step 2 – Connect with a real estate agent in Winston-Salem
This is where I come in.
We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Winston-Salem area.
I can also help you begin the loan process.
I work with some of the finest mortgage professionals in Winston-Salem, so you're in great hands.
They will assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our first meeting, I'll start looking for available homes on the market that meet your needs.
I'll research many of the houses and ignore the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
As we tour the houses, I'll point out good features, as well as bad ones. And I'll ask you to tell us about things you like and dislike.
Generally, buyers update their must-have list as we view houses and some things become more necessary than others.
If that's the case, I'll search the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
My knowledge of the Winston-Salem housing market is a crucial element in your house search. I'm mindful of all the school districts and neighborhoods, and I'll communicate what areas are "hot" and warrant immediate action and some that are "cool" and allow for more analysis.
When we tour homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the house is "priced to sell."
Any REALTOR will claim to know the housing market, but trust your instincts, and make sure you ask your agent lots of questions.
If things don't add up, call me at (336) 722-9911 or e-mail me at , and I'd be more than happy to answer your questions. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I know we'll find the house of your dreams in the Winston-Salem area. When we do, I'll thoroughly develop your home purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When we submit your purchase offer, you'll likely want to present "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property. The amount is typically applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the initial offer. It's pretty common to receive a counter offer. But don't let it intimidate you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Get a loan
After the deal is signed, you'll begin working with your lender to close the loan.
It won't take long at all if you've been pre-qualified, but you'll want to keep in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of accepting your loan application.
This estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then we'll close on your home. This should happen at a title company or escrow office and should be a smooth and calm affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to call me at (336) 722-9911 or e-mail me at .