Buying a new home in Winston Salem
Buying a home can be stressful for most people, but with a little up-front planning, it isn't too complicated.
So you'll know exactly what to expect, we like to furnish our buyers with a road map of the whole deal.
Below are our nine steps to purchasing a home.
When you're ready to get started, you can contact us here or send us e-mail
. We're happy to answer any questions you have regarding this information.
Step 1 – Get ready to buy a home
Prior to beginning your home search, there are many things you need to take into account.
You'll most likely want to put together a checklist of must-have features, plan for what school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than a third of your monthly income is a good principle to follow.
Step 2 – Get with a real estate agent in Winston Salem
This is where we come in.
We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Winston Salem area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
We'll also assist you with getting started on your loan.
There are some excellent mortgage professionals in Winston Salem, and we work with a lot of them, so you'll be in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After we meet, we'll start looking for houses on the market that meet your needs.
We'll get a sneak peek of many of the homes and exclude the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we tour the houses, we'll point out positive features and bad ones. we'll even ask you about things you like and don't like.
Usually, buyers amend their must-have list as we tour houses and some things become more substantial than others.
If that's the case, we'll go back through all the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Get a feel for the housing market
An agent's knowledge of the Winston Salem home market is a necessary agent in your house search. And we assure you we're well-versed in all the schools and neighborhoods, and we can communicate which neighborhoods are "hot" and call for prompt action and the others that are "cold" and allow for thoughtful consideration.
When we view homes, we'll be sure to tell you when the seller's asking price has room for negotiation and when we trust the house is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions, as any real estate agent in Winston Salem will claim to know the home market.
If things don't add up, just call us at 336-355-8910 or e-mail us at firstname.lastname@example.org, and we'd be happy to answer your questions. Our market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been waiting for
We're sure we'll find your dream home in the Winston Salem area. When that happens, we'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as obtaining financing, completing the inspection, and a clear title.
When we send in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property and is often put towards the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer – it's pretty common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing budget. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Obtain financing
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
This won't take long at all if you've been pre-approved, but you'll want to keep in close contact with your mortgage lender.
And we'll look after 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 lender within three days of taking your application.
The estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy. we'll review the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will likely be a smooth and peaceful event.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, simply contact us at 336-355-8910 or send us an e-mail.