Buying your home in Winston-Salem?
With a little up-front planning, purchasing a home isn't all that complicated, but the event can be stressful for a lot of people.
So they'll understand exactly what they can expect, I like to provide buyers with a road map of the whole deal.
Below are my nine steps to buying 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 – Get ready to buy a home
There are several things you need to do prior to commencing your home search.
You'll most likely want to make an index of items you need, get an idea of what school districts and neighborhoods you want to live in, and start planning around your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good principle to follow.
Step 2 – Get in touch with a real estate agent in Winston-Salem
That's where I come in.
We can book 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 discuss neighborhoods, school districts in the Winston-Salem area, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you facilitate the loan process.
There are some very good mortgage professionals in Winston-Salem, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
After our initial meeting, I'll begin looking for available houses on the market that are a great fit for you.
I'll research many of the homes and ignore the duds, and then we'll book appointments to tour the homes at a time that's convenient for you.
When we tour the homes, I'll point out positive features and negative ones. I'll also ask you to tell us about things you like and don't like.
It's pretty common for buyers to amend their list of must-haves as we view homes and some items become more crucial than others.
If that's the case, I'll look through all the listings again and narrow it down to the home of your dreams.
Step 4 – Comprehend the market
My knowledge of the Winston-Salem market is a necessary agent in your house search. I am informed of all the schools and neighborhoods, and I will let you know some neighborhoods are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful analysis.
As we view homes, I'll let you know when the seller's list price has room for negotiation and when I think the home is "priced to sell."
Any REALTOR in Winston-Salem will tell you they know the housing market, but trust your instincts, and be sure to ask lots 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 might have. My knowledge of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
We'll find the home of your dreams in Winston-Salem, and when that happens, I'll precisely create your purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies, such as getting financing, carrying out the inspection, and a clear title.
Upon presenting your offer, you'll want to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property. The amount is usually applied to the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer – it's very common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Secure your loan
Once we sign the final sales contract, 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'll need to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of getting your loan application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if everything looks all right.
Then we'll close on your home. This should take place at a title company or escrow office and will most often be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at (336) 722-9911 or e-mail me at .