Let Coastal Properties assist you with purchasing your home in Wilmington
Purchasing a home intimidates many people. However, with a bit of up-front planning, it isn't that hard. So you know exactly what to expect, I like to give my buyers an outline of the whole deal. Here are our nine steps to buying a home.
When you're ready to get started, you can contact Coastal Properties here or send an e-mail. We are happy to address any questions you have regarding this information.
Step 1 – Get ready to buy
There are many things you need to take into account prior to beginning your home search. You'll probably want to put together an outline of must-have features, get an idea of the basics, and start working on your budget. A good principle to follow is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Contact a REALTOR® in Wilmington
That's where we come in. We can arrange a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods in the Wilmington area.
In addition, we will assist you in getting started on your loan. There are some very good mortgage professionals in Wilmington, and we work with a lot of them, so you're in great hands. They'll help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
Following our initial meeting, we will start searching for available properties on the market that are a great fit for you. We will preview most of the homes and ignore those that do not fit your needs. We will then schedule appointments to view the properties when it's most convenient for you.
And I'll ask you about things you like and don't like. It's widely common for buyers to revise their wish list as we tour homes and some things become more crucial than others. If that's the situation, I'll look through all the listings one more time and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the market
Our agent's awareness of the Wilmington market is a fundamental element in your property search.
When we tour houses, we will let you know if the seller's asking price has room for negotiation or if we believe the home is "priced to sell." Our market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
We are positive that we will find the home of your dreams in the Wilmington area, and when we do, we will precisely develop your home purchase offer. The offer will be written with your needs in mind.
When turning in your purchase offer, you'll need to present "earnest money." This is a deposit made to a seller to secure the offer to buy the property and is often applied to the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing. We will also discuss Due Diligence, the fee you might offer and the items you will need to accomplish during the Due Diligence period.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the first offer – it's widely common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Secure your loan
Upon signing the contract, you'll start working with your lender to close the loan. If you're already pre-approved, this won't be a long process at all, but you'll need to keep in close contact with your mortgage lender. And I'll look after all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your loan application. This estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy, and I'll study the estimate and let you know if it all looks good.
Then it's time to close on your home. This will most often take place at a title company or escrow office and should be a smooth and calm event.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 910-256-8171 or send me an e-mail.