Contemplating purchasing your home in Winston-Salem?
For many people, purchasing a home is a stressful event. But with a bit of planning ahead of time, it isn't that difficult.
So you know exactly what to expect, I like to furnish my buyers with a road map of the entire deal.
These are my nine steps to buying a home.
Step 1 – Prepare to buy a home
There are plenty of things you'll want to take into account before starting your home search.
When you begin your search, you'll probably want to put together a checklist of must-haves, get an idea of what school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good principle to follow.
Step 2 – Get with a real estate agent in Winston-Salem
This is where I can help.
I can set up a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Winston-Salem area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
In addition, I'll help you begin the loan process.
Mitchell Prime Properties works with some of Winston-Salem's finest mortgage professionals, so you'll be in great hands.
They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After we meet, I'll begin searching for homes on the market that are a good fit for you.
I'll preview most of the houses and remove the duds, and then we'll book appointments to tour the homes when it's convenient for you.
As we tour houses, I'll identify good features, as well as bad ones. I'll also ask you what things you like and don't like.
For the most part, buyers change their must-have list as we tour houses and some things become more important than others.
If that happens, I'll look through all the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Know the market
My knowledge of the Winston-Salem home market is an essential benefit in your home search. I'm informed of all the neighborhoods and schools, and I can communicate certain neighborhoods are "hot" and demand prompt action and the ones that are "cold" and allow for thoughtful examination.
When we view homes, I'll be sure to tell you if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions, as every real estate agent will claim to truly know the housing market.
If things don't add up, call me at 336-722-9911 or e-mail me at Johnmark@GoMitch.com, and I'll be happy to answer any questions you may have. My market expertise will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
I know we'll find the house of your dreams in the Winston-Salem area. When we do, I'll precisely create your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as getting financing, finishing the home inspection, and a clear title.
When we turn in your purchase offer, you'll probably need to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property. The amount is usually applied to the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer. It's extremely common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Obtain a loan
After we sign the final sales contract, you'll begin working with your lender to close the loan.
It shouldn't take very long at all if you're already pre-approved, but you should to stay in close contact with your lender.
And I'll sort out all the property information your lender will need to close the loan.>
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then we'll close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and relaxing occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, simply call me at 336-722-9911 or send me an e-mail.