9 Steps to Owning a Home
Step 1 – Prepare to purchase- Step 1 in 9 steps to owning a home
Before you start searching for a home, there are several things you’ll want to contemplate. When you begin your search, you’ll probably want to make an outline of features you need to have, get a feeling for what neighborhoods you want to live in, and start planning around your budget. Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent – Step 2 in 9 Steps to Owning a Home
This is where we come in. We can arrange 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, schools in the Lake Norman area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
In addition, we’ll help you facilitate the loan process. There are some excellent mortgage professionals in the Lake Norman area, and we partner with a lot of them, so you can rest assured that you’re in great hands. They can assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin house-hunting- Step 3 in 9 Steps to Owing a Home
After our first meeting, we’ll begin looking for available homes on the market that suit your needs. We’ll preview many of the homes and throw out the duds, and then we’ll book appointments to view the houses when it’s convenient for you.
When we view the homes, we’ll call attention to good features and bad ones. And we’ll ask you about things you like and dislike. It’s common for buyers to update their wish list as we tour houses and some features become more crucial than others. If that’s the situation, we’ll look through the listings once again and narrow it down to the home you’ve been waiting for.
Step 4 – Know the housing market- Step 4 in 9 Steps to Owning a Home
Our understanding of the Lake Norman home market is a necessary asset in your house search. We are informed of all the neighborhoods and school districts, and we will alert you to some districts are “hot” and call for prompt action and the ones that are “cold” and allow for careful analysis.
When we tour houses, we’ll let you know when the seller’s list price has room for bargaining and also when we trust the home is “priced to sell.” Any real estate agent in the Lake Norman area will claim to truly know the housing market, but take notice, and make sure you ask plenty of questions. If it seems like they don’t know everything, contact me at 704-363-6946 or e-mail us athomes@thenaylorteam,com, and we’d be happy to answer any questions you may have. Our market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams- Step 5 in 9 Steps to Owning a Home
I’m sure we’ll find your dream home in the Lake Norman area. When that happens, we’ll thoroughly develop your real estate purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as acquiring financing, finishing the inspection, and a clean title.When we turn in your offer, you’ll probably need to present “earnest money.” This is a cash deposit given to the home seller to secure the offer to purchase the property and is usually applied to the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate_ Step 6 in 9 Steps to Owning a Home
A lot of contracts don’t close on the beginning offer, and it’s very common to receive a counter offer. Don’t let this discourage you. We’ll figure out whether or not to take the counter offer, propose our own counter offer, or reject the seller’s offer and go on.
The state of the market determines how aggressively we negotiate the deal. We’ll also work within your budget. And at the end of the day, we’ll formulate a deal that’s best for you.
Step 7 – Obtain your loan- Step 7 in 9 Steps to Owning a Home
Once the contract is complete, you’ll start working with your mortgage lender to close the loan. If you’re already pre-approved, it shouldn’t take very long at all. But you’ll want to stay in close contact with your mortgage lender. And we’ll look after all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal- Step 8 in 9 Steps to Owning a Home
This step is the so important! You want to make sure you have a Realtor who has paid attention to all of the littlest details int the 7 steps preceeding this step!
Your lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of taking your application. The estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy, and we’ll study the estimate and let you know if everything looks all right.
Then we’ll close on your house. This will most often occur at an attorney’s office and will probably be a smooth and easygoing event.
Step 9 – Move in- Step 9 of 9 Steps to Owning a Home- now you can relax & have fun!
Congratulations! It’s time to move into your new home. Enjoy it. And if you need anything, just call us at 704-363-6946 or send us an e-mail toHomes@thenaylorteam.com