Buying a home in Burlington
Buying a home is an intimidating event for most people, but it's not very complex with some up-front planning.
So they understand exactly what they can expect, I like to furnish buyers with a road map of the entire deal.
Below are my nine steps to purchasing a home.
If you have questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are several things you should take into account prior to commencing your home search.
You'll most likely want to form a check list of must-have features, get a feeling for what school districts and neighborhoods you'd like to live in, and start planning your budget.
A good rule of thumb to follow is that your mortgage payment should be less than 1/3 of your monthly income.
Step 2 – Connect with a real estate agent in Burlington
This is where I come in.
We'll plan a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Burlington area, the mortgage industry, and any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you facilitate the loan process.
I partner with some of Burlington's best mortgage professionals, so you're in great hands.
They can assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start looking
After our first meeting, I'll start finding homes on the market that are a great fit for you.
I'll research many of the homes and ignore the bad ones, and then we'll set up appointments to tour the houses whenever it's convenient for you.
As we tour houses, I'll identify positive features, as well as negative ones. And I'll ask you to point out what things you like and dislike.
As a rule, buyers update their must-have list as we view homes and some items become far more crucial than others.
If such is the case, I'll go back through the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Comprehend the market
My understanding of the Burlington housing market is an imperative element in your home search. I'm conscious of all the neighborhoods and school districts, and I will let you know what districts are "hot" and demand prompt action and some that are "cool" and allow for thoughtful analysis.
As we view houses, I'll make sure to communicate when the asking price has room for negotiation and when I know the home is "priced to sell."
Any REALTOR in Burlington will claim to truly know the market, but be mindful, and be sure to ask plenty of questions.
If it doesn't seem like they know everything, call me at (336) 226-9374 or e-mail me at , and I'll be happy to answer any questions you may have. My market knowledge will help you stay a step above the rest through the entire process.
Step 5 – Find your dream house
I'm sure we'll find the house of your dreams in the Burlington area. When that happens, I'll precisely develop your home purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When presenting your offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property. The amount is most often put towards the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer, and it's widely common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Get financing
Once the deal is finished, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't be a long process at all, but you'll need to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your lender within three days of accepting your loan application.
The estimate rests on the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most often happen at a title company or escrow office and is often a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (336) 226-9374 or e-mail me at .