Buying a home in Durham with Bullard Properties
Buying a home is intimidating for a lot of people, but with a bit of up-front planning, it isn't that difficult. So you'll know exactly what to expect, I like to provide my buyers with an outline of the entire deal. Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase
Prior to starting your home search, there are a lot of things you need to contemplate. When you start your search, you'll probably want to form a checklist of items you need to have, get a feel for what neighborhoods you want to live in, and start planning your budget. A good principle to adhere to is that your mortgage payment should be less than or close to a third of your monthly income.
Step 2 – Get with a real estate agent
This is where Bullard Properties comes in. I can plan a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the Durham area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
I can also assist you in getting started on your loan. There are some great mortgage professionals in Durham, and I partner with a lot of them, so you can rest assured that you're in great hands. They will help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
Following our first meeting, I'll start finding available homes on the market that are a great fit for you. I'll get a sneak peek of most of the houses and exclude the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
As we view the homes, I'll show you the good features, as well as negative ones. I'll also ask you to tell me about things you like and dislike. It's pretty common for buyers to amend their list of must-haves as we view houses and some things become more substantial than others. If that happens, I'll search the listings another time and trim it down to the house of your dreams.
Step 4 – Know the housing market
Your agent's understanding of the Durham housing market is an imperative element in your home search. And I assure you I'm informed of all the neighborhoods and schools, and I will communicate which districts are "hot" and warrant prompt action and the ones that are "cold" and allow for cautiousness.
When we tour houses, I'll let you know when the seller's list price has room for bargaining and also when I believe the home is "priced to sell." When working with an agent, be on guard and make sure you ask plenty of questions, as every REALTOR® in Durham will convince you they comprehend the market. If things don't add up, just call me at 9196216953 or e-mail me at firstname.lastname@example.org, and I'll be more than happy to answer your questions. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find your dream home in the Durham area, and when we do, I'll thoroughly develop your real estate purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we present your offer, you'll need to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property, and it's typically applied to the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer, and it's widely common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to agree to the counter offer, propose 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 budget. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Get a loan
Once we sign the final sales contract, you'll start working with your lender to close the loan. This won't be a long process at all if you're already pre-qualified, but you need to stay in close contact with your lender. And I'll deal with all the property information your mortgage lender will need to close the loan.>
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your application. The estimate is based on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a precise range of accuracy. I'll examine the estimate and let you know if everything looks all right.
Then it's time to close on your house. This should occur at a title company or escrow office and should be a smooth and relaxing occasion.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at 9196216953 or send me an e-mail.