Buying or selling a home in Burlington? David Massey Real Estate can help.
With some planning ahead of time, buying a home isn't too confusing, but the event is stressful for a lot of people.
I like to provide buyers with an overview of the whole deal so they'll know exactly what they can expect.
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 glad to answer questions you have regarding this information.
Step 1 – Prepare to purchase a home
There are plenty of things you need to take into account prior to starting your home search.
When you begin your search, you'll want to assemble a list of items you need to have, get an idea of what neighborhoods and school districts you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good rule of thumb to follow.
Step 2 – Communicate with a real estate agent
This is where I come in.
I'd be happy to plan a time to get together with you and talk about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Burlington area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some very good mortgage professionals in Burlington, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a home
After our initial meeting, I'll begin looking for available houses on the market that are a great fit for you.
I'll research most of the houses and ignore the bad ones, and then we'll set up appointments to tour the homes when it's most convenient for you.
When we view houses, I'll point out good features and negative ones. I'll even ask you to tell us about things you like and dislike.
Oftentimes, buyers amend their wish list as we view homes and some things become far more substantial than others.
If that's the case, I'll search the listings again and trim it down to the home you've been dreaming about.
Step 4 – Know the market
Your agent's understanding of the Burlington home market is a crucial element in your home search. And I can assure you I'm acquainted with all the neighborhoods and schools, and I'll alert you to certain areas are "hot" and demand immediate action and some that are "cold" and allow for thoughtful examination.
When we view homes, I'll make sure to communicate when the list price has room for negotiation and also when I know the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions. Any REALTOR will tell you they understand the market.
If things don't add up, call me at (336) 226-9374 or e-mail me at , and I'll be happy to answer any questions you might have. My knowledge of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm sure we'll find your dream home in the Burlington area. When we do, I'll meticulously create your home purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies. A few examples are obtaining financing, finishing the home inspection, and a clear title.
When submitting your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property, and it's most often applied to the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer. It's pretty common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to consent to the counter offer, present our own counter offer, or decline 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 financing budget. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Obtain a loan
Once the deal is finalized, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this won't take long at all. However, you should to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of taking your application.
The estimate is based on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will likely occur at a title company or escrow office and should be a smooth and relaxed event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at (336) 226-9374 or e-mail me at .