Purchasing a home in Durham with Seagroves Realty
Buying a home can be stressful for many people, but with a little up-front planning, you can simplify the process. To better understand exactly what to expect, Seagrove agents have mapped out the home buying process. Below are nine essential steps to buying a home in its simplest form. To explore the details surrounding the purchasing process, have questions regarding any of this information, or are ready to get started, simply contact any of our agents or email Julie@SeagrovesRealty.com
Keep it Simple
Step 1 – Prepare to buy a home
There are plenty of things you’ll want to consider before beginning your home search. You’ll most likely want to make a checklist of features you want, get a feeling for what neighborhoods and school districts you want to live in, start planning your budget, and consider getting preapproved for a mortgage. When budgeting, ensure your mortgage payment is no more than a third of your monthly income.
Step 2 – Contact a real estate agent
This is where we come in. Finding the right real estate agent is essential in your home buying process. This is the best time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans. Seagroves agents can discuss neighborhoods, school districts in the Durham area, the mortgage and housing industries, and any other economic factors that may affect your purchase today or in the future.
Seagroves agents can also assist you in getting started on your loan. There are some excellent mortgage professionals in Durham, and we partner with many, so you can rest assured that you’re in great hands. They will assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
After our initial meeting, we start finding available houses on the market that are good for you. We’ll preview most of the houses and eliminate the bad ones, and then set up appointments to tour the houses whenever it’s most convenient for you.
As we view the homes together, we will highlight the good property features, as well as bad ones. And we’ll ask you to tell us about things you like and don’t like. It is common for buyers to change their wish list as we tour homes and some items become more essential than others. If that’s the situation, we’ll go back through the listings to provide alternative options – a process we’ll go through as long as you’re deciding on your next home.
Step 4 – Get a grasp of the market
You benefit from our in-depth understanding of the Durham real estate market. Seagroves agents are familiar with all the neighborhoods and schools, and know what areas are “hot” and demand prompt action and some that are “cool” and allow for more examination.
As we view houses, we’ll let you know if the seller’s list price has room for negotiation or if we believe the home is “priced to sell.” Be mindful and make sure you ask plenty of questions. The Seagroves Realty market expertise will help you stay competitive and a step above the rest throughout the entire process.
Step 5 – Find your perfect house
Seagroves agents will help you find your dream home in the Durham area. When we do, we’ll carefully create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When presenting your purchase offer, you’ll probably need to submit “earnest money.” This is a cash deposit made to a home seller to secure an offer to buy the property, and it’s most often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren’t closed on the beginning offer – it’s really common to receive a counteroffer. Don’t let it alarm you. We’ll discuss whether or not to accept the counteroffer, propose our own counter offer, or reject the seller’s offer and move on.
Market conditions determine how aggressively we negotiate the contract. In addition, we’ll work within your financing constraints. And at the end of the day, we’ll create a contract that is best for you.
Step 7 – Obtain your loan
Upon signing the deal, you’ll start working with your lender to close the loan. If you’re pre-approved, it shouldn’t be a long process at all. However, you need to keep in close contact with your lender. And we will help you provide all the property information your lender will need to close the loan.
Step 8 – Close the deal
You’ll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of getting your application. The estimate is formed from the loan amount, and RESPA requirements require that it must involve all closing costs and be within a precise range of accuracy. We’ll examine the estimate with you and let you know if it all looks good.
Settlement here we come! It’s time to close on your home. This will likely take place at a title company or escrow office and will most often be a smooth and relaxed occasion.
Step 9– Welcome Home
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to stay in close contact with your Seagroves agent.
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