Purchasing a home in Wilmington/Carolina Beach/Kure Beach with Giggey Real Estate
With some up-front planning, buying a home isn't too complicated, but it still is stressful for a lot of people. We like to provide buyers with a road map of the entire deal so they'll know exactly what to expect. Here are our nine steps to buying a home.
Step 1 – Get ready to buy a home
There are a lot of things you need to consider before commencing your home search. When you begin your search, you'll probably want to form a list of items you want, get a feeling for what neighborhoods you want to live in, and begin planning around your budget. Ensuring your mortgage payment is around a third of your net monthly income is a good guideline to adhere to.
Step 2 – Talk to a real estate agent
This is where Giggey Real Estate can help. We'd be more than happy to arrange a time to get together with you and talk about why you want to buy a home and get an idea of your future plans. We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Carolina Beach area.
We can also help you facilitate the loan process. There are some great mortgage professionals in our area, so we can make sure that you'll be in great hands. They'll help you choose which kind of loan is best for you, as well as help you get approved. This is an important early step to avoid wasting time on properties you aren't able to afford.
Step 3 – Begin looking for a home
After our first meeting, we'll start looking for available houses on the market that are good for you. We'll preview many of the houses and reject the bad ones, and then we'll set up appointments to tour the houses at a time that's convenient for you.
As we tour the homes, we'll point out good features and negative ones. We'll even ask you about things you like and don't like. It's common for buyers to amend their must-have list as we view houses and some things become more substantial than others. If that's the case, we'll go back through all the listings another time and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
Our understanding of the local market is a crucial advantage in your house search. We're familiar with all the neighborhoods and school districts, and we can alert you to which districts are "hot" and require prompt action and the rest that are "cool" and allow for more analysis.
As we view houses, we'll let you know if the list price has room for negotiation or if we believe the home is "priced to sell." When working with an agent, be mindful and make sure you ask plenty of questions, as any real estate agent will convince you they comprehend the market. Our understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
We know we'll find your dream property. When that happens, we'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as obtaining financing and carrying out inspections.
Upon presenting your offer, you'll need to present "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property and is put towards the cost of closing. If your offer is accepted, you can expect to close on the home within 30 to 60 days depending on factors such as the time your lender requires to complete a loan package.
Step 6 – Negotiate
A lot of offers aren't accepted right away. It's very common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll prepare an offer that works well for you.
Step 7 – Obtain financing
Once your offer is accepted and you're under contract, you'll start working with your mortgage lender to close the loan. You'll want to keep in close contact with your mortgage lender. And we'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of taking your application. This estimate is based on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a close range of accuracy.
The sale will close at an attorney's office. The attorney will have conducted a title search among other things so that you'll have clean title to the property.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, just call us at 910-458-1213 or send us an e-mail.