Start with this 10-Step Checklist.1- What does your budget allow:
10 Step Checklist To Buying A Home
Dated: January 28 2016
Start with this 10-Step Checklist.
1- What does your budget allow:
* Calculate what your monthly income and recurring expenses are.
* Check your recent credit score.
* Use an online mortgage loan calculator - get a basic idea of mortgage payments. (www.mlcalc.com/)
2- Choose a trust worthy Lender:
* The first meeting can be by phone or in person.
* Quickly gain insight as to payment amounts, interest rates and mortgage options.
* Get a pre-approval letter. (A requirement by most sellers.)
* TIP! Once approved, never buy a car, quit your job or get a new line of credit.
Need a referral? Follow these links, for local, reputable lender options...
3- Determine what you want and need in a home:
* Choosy our favorite architectural style of home
* Choose what locations interest you. (Downtown, proximity to the beaches, schools?)
* Choose a type (single family, townhouse, condo, loft).
* Choose # of bedrooms and baths/square footage.
4- Search homes online, at www.WilmingtonRealestateFinder.com:
* Use the criteria above, and perform custom searches.
* See homes in the Greater Wilmington area and surrounding counties.
* See all listings from all companies.
* TIP! Avoid Zillow, Trulia. These sites are notorious for expired information.
5- Work with an exclusive buyer’s agent:
* Why? NC is a caveat emptor state, latin for let the “buyer beware.”
* The burden is on a buyer to discover defects.
* A buyer agent’s duty is to discover all “Material Facts” about the property.
* A Buyer Agent’s commission is typically offered and paid for by the Seller.
* A REALTOR® is a member of the National Association of Realtors, held to a higher standard.
6- Go House Hunting:
* Pick your favorites, then ask your agent to schedule showings.
* Schedule between 3-4 per day. (Any more can get confusing!)
* Discover local amenities, parks, shops and restaurants. (Search online for crime rate information.)
7- Found a home? Make an offer:
* Have your pre-approval letter, ready.
* Your agent will review these items with you: property disclosures, HOA documents and surveys.
* Your agent will do a detailed research to help you determine the market value.
* Spell out any special requests and property you want included in the sale
* Determine an earnest money amount/due diligence money (if any).
* Both parties agree and sign the Offer to Purchase.
8- Congrats, you’re UNDER CONTRACT:
* Due Diligence period begins! Time to get a professional home inspection.
* Consider getting specific inspections for pests, HVAC, septic, etc.
* The Lender orders an appraisal.
* Your agent can submit a repair request, if needed and schedule a closing attorney.
9- Clear to close:
* Complete the loan process with the lender.
* Do a walk-through inspection prior to closing.
* Set aside cash for the closing costs and down payment.
* Agent reviews the settlement documents to ensure they are correct/accurate.
* Have amount needed for closing costs. (Certified check or possibly wire transfer)
10- Closing day!
* Attend closing at the attorney’s office, your agent will accompany you.
* Sign documents, once documents are recorded… RECEIVE YOUR KEYS!
CONGRATS, you're now a home owner!