Contemplating purchasing your new home in Burlington? David Massey Real Estate can help.
With some up-front planning, buying a home isn't very hard, but the event is intimidating for many people.
So they'll know exactly what they can expect, I like to give buyers an outline of the whole deal.
Below are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer any questions you have regarding this information.
Step 1 – Prepare to buy
There are plenty of things you should do before you look for a home.
You'll most likely want to create an index of must-have features, get an idea of what neighborhoods you want to live in, and begin planning around your budget.
A good rule of thumb to go by is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Communicate with a real estate agent
This is where David Massey Real Estate comes in.
We can book 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 everything from neighborhoods, school districts in the Burlington area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
I can also help you begin the loan process.
David Massey Real Estate works with some of the finest mortgage professionals in Burlington, so you'll be in great hands.
They can assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Start house-hunting
Following our first meeting, I'll start looking for available houses on the market that are a great fit for you.
I'll get a sneak peek of many of the homes and exclude the bad ones, and then we'll schedule appointments to view the homes at a time that's convenient for you.
As we view the homes, I'll point out positive features and bad ones. I'll even ask you about things you like and dislike.
It's common for buyers to update their must-have list as we tour homes and some things become far more necessary than others.
If that's the case, I'll search the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Understand the housing market
My awareness of the Burlington home market is a leading agent in your home search. I am conscious of all the school districts and neighborhoods, and I can let you know what districts are "hot" and call for immediate action and others that are "cold" and allow for more consideration.
When we tour homes, I'll make sure to communicate when the seller's asking price has room for negotiation and when I think the home is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions. Any real estate agent in Burlington will claim to understand the housing 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 your questions. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream house in the Burlington area. When that happens, I'll precisely create your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies, such as getting financing, finishing the home inspection, and a clean title.
When presenting your offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property and is often applied to the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the beginning offer. It's really common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Get a loan
After we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take much time at all. But you should to keep in close contact with your mortgage lender.
And I'll look after 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) outlining your closing costs from your lender within three days of accepting your loan application.
The estimate is formed from the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This will most often happen at a title company or escrow office and will most often be a smooth and comfortable event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at (336) 226-9374 or e-mail me at .