Purchasing a home intimidates many people, but with a little planning ahead of time, it isn't all that confusing.
So you'll know exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
There are several things you'll want to do before you start looking for a home.
When you start your search, you'll probably want to assemble a check list of items you want, plan for what school districts you want to live in, and begin planning your budget.
A good principle to go by is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Get with a real estate agent
That's where I come in.
I'd love to schedule a time to meet with you and speak with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Winston-Salem area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
I'll also assist you with getting started on your loan.
Blalock Realty, Inc. partners with some of Winston-Salem's best mortgage professionals, so you're in great hands.
They can help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After our first meeting, I'll begin finding available homes on the market that best suit you.
I'll get a sneak peek of many of the houses and eliminate the duds, and then we'll schedule appointments to view the houses at a time that's convenient for you.
When we view the houses, I'll call attention to positive features, as well as negative ones. And I'll ask you what things you like and dislike.
Most often, buyers revise their list of must-haves as we view houses and some items become more essential than others.
If that's the case, I'll go back through all the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the housing market
Your agent's knowledge of the Winston-Salem housing market is a necessary factor in your house search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I can let you know which neighborhoods are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful analysis.
As we view houses, I'll let you know when the seller's list price has room for negotiation and also when I know the home is "priced to sell."
Be on guard and be sure to ask your agent a lot of questions, as any real estate agent will claim to truly know the market.
If it seems like they don't know everything, call me at 336.774.6555 or e-mail me at shannon@shannonblalock.com, and I'll be more than happy to answer any questions you might have. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm certain we'll find your dream home in Winston-Salem. When we do, I'll carefully develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, completing the home inspection, and a clear title.
Upon sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property and is often applied to the closing costs. If the offer is accepted, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's pretty common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain a loan
Once we sign the final contract, you'll start working with your lender to close the loan.
If you've been pre-qualified, this shouldn't take very long at all, but you need to keep in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) outlining closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of getting your loan application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will likely happen at a title company or escrow office and is often a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at 336.774.6555 or send me an e-mail.
