Contemplating purchasing your new home in Burlington?
For a lot of people, purchasing a home can be an intimidating event. But with a bit of up-front planning, it isn't very difficult.
I like to give buyers a road map of the entire deal so they understand exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer any questions you have about this information.
Step 1 – Prepare to buy
There are plenty of things you should contemplate before you search for a home.
When you start your search, you'll want to make an index of must-have features, get a feel for what neighborhoods and school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good guideline to follow.
Step 2 – Communicate with a real estate agent
This is where I come in.
We'll arrange a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Burlington area, the mortgage industry, and any additional economic factors that could affect your buying decision today or in the future.
I can also help you get started on your loan.
There are some excellent mortgage professionals in Burlington, and I partner with a lot of them, so you'll be in great hands.
They'll assist you with determining which type of loan is best for you and help you get qualified.
Step 3 – Start looking
Following our initial meeting, I'll begin finding available houses on the market that suit your needs.
I'll get a sneak peek of most of the houses and exclude the duds, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we view the houses, I'll show you the positive features, as well as bad ones. I'll also ask you about things you like and dislike.
Most often, buyers amend their list of must-haves as we tour houses and some things become far more substantial than others.
If that happens, I'll go back through all the listings again and trim it down to the house you've been dreaming about.
Step 4 – Understand the market
My awareness of the Burlington housing market is a necessary component in your house search. I'm familiar with all the neighborhoods and schools, and I can alert you to some districts are "hot" and warrant immediate action and some that are "cool" and allow for careful analysis.
As we view homes, I'll let you know when the asking price has room for negotiation and when I know the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions. Any real estate agent in Burlington will claim to comprehend the housing market.
If things don't add up, call me at (336) 226-9374 or e-mail me at , and I'll be glad to answer any questions you may have. My market expertise will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been looking for
We'll find your dream home in Burlington, and when we do, I'll carefully develop your home purchase offer. The offer will be made to suit your needs and the home. We'll include a lot of contingencies, such as obtaining financing, completing the inspection, and a clean title.
When presenting your offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property. The amount is usually applied to the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer. It's pretty common to receive a counter offer. But don't let it alarm you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a big part in how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Obtain a loan
Once the contract is complete, you'll begin working with your lender to close the loan.
This shouldn't take long at all if you've been pre-qualified, but you should to stay in close contact with your mortgage lender.
And I'll handle 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 Loan Estimate (LE) outlining your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of accepting your application.
This estimate rests on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a strict range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will most likely be a smooth and calm occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at (336) 226-9374 or e-mail me at .