Purchasing a new home in Burlington with David Massey Real Estate
Buying a home is stressful for a lot of people. However, with a bit of up-front planning, it's not very confusing.
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 buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.
Step 1 – Prepare to buy
There are plenty of things you need to consider before starting your home search.
You'll want to put together a list of items you need to have, plan for what school districts and neighborhoods you'd like to live in, and start working on your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent
This is where David Massey Real Estate comes in.
I'd be happy to book a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Burlington area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
I can also help you start the loan process.
I work with some of Burlington's best mortgage professionals, so you can rest assured that you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our first meeting, I'll start finding houses on the market that meet your needs.
I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
As we view the homes, I'll identify positive features and bad ones. And I'll ask you to tell us about things you like and dislike.
It's pretty common for buyers to amend their wish list as we tour homes and some features become more substantial than others.
If that's the case, I'll look through all the listings once more and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
My understanding of the Burlington housing market is a fundamental aspect in your home search. I am mindful of all the neighborhoods and school districts, and I can let you know which neighborhoods are "hot" and require prompt action and some that are "cool" and allow for careful analysis.
When we tour houses, I'll let you know when the list price has room for bargaining and when I believe the house is "priced to sell."
Be mindful and be sure to ask a lot of questions, as any real estate agent will claim to comprehend the housing 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 glad to answer any questions you may have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the home of your dreams
I'm confident we'll find the home of your dreams in the Burlington area. When that happens, I'll meticulously develop your purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are obtaining financing, carrying out the inspection, and a clean title.
Upon submitting your offer, you'll probably need to present "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property. The amount is most often applied to the closing costs. If the offer is accepted, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the beginning offer, and it's widely common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll create a deal that works well for you.
Step 7 – Get financing
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this won't take long at all. But you should to keep in close contact with your 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 supply you with a Loan Estimate (LE) outlining closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of getting your application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a strict range of accuracy, and I'll analyze the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will likely happen at a title company or escrow office and is often a smooth and relaxing event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to contact me at (336) 226-9374 or e-mail me at .