Purchasing a new home in Cornelius
Buying a home intimidates many people, but it's not too complicated with a little planning ahead of time. We like to provide buyers with an outline of the entire deal so they know exactly what to expect. Below are our nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are plenty of things you'll want to contemplate before you search for a home. When you start your search, you'll probably want to assemble a list of items you need to have, get a plan of what school districts and neighborhoods you'd like to live in, and begin planning your budget. Ensuring your mortgage payment is less than or close to 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent
This is where Lake Norman Realty, Inc. can help. We'd be more than happy to book a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future. We'll discuss everything from neighborhoods, school districts in the Cornelius area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
We'll also help you start the loan process. There are some excellent mortgage professionals in Cornelius, and we work with a lot of them, so you're in great hands. They will help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
Following our initial meeting, we'll begin searching for houses on the market that suit your needs. We'll preview most of the homes and eliminate the duds, and then we'll set up appointments to view the houses when it's most convenient for you.
When we tour homes, we'll call attention to good features, as well as negative ones. we'll also ask you about things you like and dislike. Usually, buyers change their must-have list as we tour homes and some features become more necessary than others. If such is the case, we'll go back through all the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
Our understanding of the Cornelius home market is an indispensable asset in your search. We are mindful of all the schools and neighborhoods, and we'll will communicate certain areas are "hot" and warrant prompt action and the others that are "cool" and allow for thoughtful analysis.
As we view homes, we'll be sure to tell you if the list price has room for bargaining or if we believe the home is "priced to sell." When working with an agent, be on guard and be sure to ask plenty of questions. Every REALTOR® will tell you they comprehend the market. If it doesn't seem like they know everything, contact us at (704) 450-2060 or e-mail us at email@example.com, and we'll be glad to answer your questions. Our knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been looking for
We're sure we'll find your dream house in Cornelius. When we do, we'll meticulously create your purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as obtaining financing, finishing the home inspection, and a clean title.
When we present your offer, you'll want to present "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property, and it's most often applied to the closing costs. If the seller accepts your offer, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the beginning offer – it's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And at the end of the day, we'll create a contract that is best for you.
Step 7 – Get financing
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, it shouldn't take much time at all. But you'll want to keep in close contact with your lender. And we'll sort out all the property information your lender will need to close the loan.>
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your loan application. This estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy, and we'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your house. This will likely occur at a title company or escrow office and will most likely be a smooth and relaxed occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, just contact us at (704) 450-2060 or send us an e-mail.