Buying your new home in Burlington
For most people, purchasing a home can be an intimidating event. However, with a bit of up-front planning, it's not that complicated.
I like to give buyers an outline of the whole deal so they'll understand exactly what they can expect.
Here are my nine steps to purchasing a home.
Should you have questions about this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to buy a home
Before you commence your home search, there are a lot of things you should do.
You'll probably want to put together a checklist of items you need to have, get a feel for what neighborhoods and school districts you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule to go by.
Step 2 – Communicate with a real estate agent in Burlington
This is where David Massey Real Estate can help.
I'd like to schedule a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Burlington area.
I'll also assist you with getting started on your loan.
David Massey Real Estate partners with some of the best mortgage professionals in Burlington, so you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After we meet, I'll start looking for houses on the market that are a great fit for you.
I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
When we view houses, I'll show you the positive features, as well as bad ones. I'll even ask you to talk about things you like and dislike.
It's common for buyers to update their list of must-haves as we tour houses and some things become far more essential than others.
If that happens, I'll look through the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
My awareness of the Burlington housing market is a leading element in your home search. I'm familiar with all the neighborhoods and schools, and I can let you know certain neighborhoods are "hot" and demand immediate action and some that are "cold" and allow for thoughtful analysis.
As we tour homes, I'll make sure to communicate if the list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as any REALTOR in Burlington will claim to know the market.
If it doesn't seem like they know everything, just call me at (336) 226-9374 or e-mail me at , and I'd be happy to answer any questions you have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in the Burlington area, and when that happens, I'll carefully create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we submit your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is usually put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer – it's really common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing limits. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Obtain financing
Upon finishing the deal, you'll begin working with your mortgage lender to close the loan.
It shouldn't take much time at all if you're already pre-qualified, but you'll need to stay in close contact with your lender.
And I'll deal with 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 closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks okay.
Then we'll close on your house. This should take place at a title company or escrow office and will most likely be a smooth and relaxing event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, just call me at (336) 226-9374 or e-mail me at .