Steps to Buying a Home!
Below are important steps to buying the home of your dreams in Apex, Cary, Raleigh or throughout the Triangle!
- Understanding your credit report. Before you decide to buy a home, you should have a good understanding of what is on your credit report and if the information is correct. Once a year, you can check your credit for free using www.annualcreditreport.com This site is free and does not require a credit card.
- Get preapproved for a mortgage. It is important to get preapproved for a mortgage before you are ready to buy so you know exactly what you can afford and feel comfortable about your mortgage payment. Also, once you are ready to make an offer on a home, you will be required to present a preapproval letter with the offer and you could lose the home trying to get your mortgage paperwork together. Knowing what you can afford upfront will also keep you from being disappointed. If you go car shopping and start looking at Mercedes and then later found out you can only afford a Honda, you will be disappointed. A $30,000 spread in home price may not be a big difference in a mortgage payment, but it is a big difference in the qualify, size and location of the home you buy. Getting preapproved upfront helps make the process less stressful and more efficient!
- Determine your wants vs. needs for your new home. Decide what qualities are the most important to you and rank your top 4 or 5 choices. It is hard to find 100% of all the qualities you want in your home. Even if you have $ 1,000,000 and built your next home, you would be finished and think “Shoot, I should have added this!”. Knowing your top choices will help the home search process go a lot more smoothly.
- Use a Realtor as your Buyers Agent. When you start your search for a new home, seek out the services of a professional Realtor. Most people think they can get a better deal if they go directly to the listing agent. The listing agent in fact works directly for the seller. They typically have an agreement up front on how to handle commissions if the listing agent brings the buyer and often times, the listing agent will get both sides of the commission. As a buyer, you deservce the same representation that sellers receive.
- Buyer’s consultation. Once you have chosen a Realtor, take 30 minutes to sit down with your Realtor and discuss your wants and needs. They will also review the overall home buying process so you know what to expect and are comfortable through the home buying process. This 30 minutes will make your home search easier because they understand what you are looking for. Most buyers that do a buyer's consultation usually find their new home in seeing less than 10 homes.
- Making an offer. Inventory is currently low in Apex and Cary, NC and most homes sell between 98-99% of their sales price to list price. The homes in the best condition, location and price point sell quickly, often within days of hitting the market. Have your Realtor help you understand the current market and how to best approach your offer including items such as Due Diligence and closing costs. Also, have them help you search for your home. Often 3rd party websites will take days to be updated and by the time a home shows up on their site, it may already be under contract!
- Home inspections. Once you are under contract, complete a home inspection and termite inspection to make sure you are happy with the home condition. Your Realtor will also recommend other inspections that will be helpful in understanding the condition and location of you new home.
- Closing You have completed inspections, your loan has gone through and now it is time to close! On the day of your closing, you may not receive your keys at closing. Often, a buyer will not receive their keys until the deed has been recorded at the courthouse and funding has been verified by the lender. Your Realtor will help you understand and schedule a time to pick up your keys.
Give us a call today to schedule your No Obligation Buyer’s Consultation and let us help you find the home of your dreams in Apex, Cary, Raleigh or throughout the Triangle!