Buyers Process
10 Steps to Buying a Home
Thinking of buying a home in the Raleigh area? Make sure you know what to expect – whether you’re a first-time buyer or a real estate aficionado. Here are the steps you need to know for buying a home.
Your agent should be someone you know you can trust, an expert on real estate in your area and neighborhood, and very proficient in working with buyers of your experience.
Looking for an agent in the Raleigh area? Find out more about our experience and how we can help you buy a home. We do a thorough buyer consultation with every buyer to discuss your needs.
When it comes to buying a home, getting pre-approved for a mortgage is key! Not only does it help you understand exactly what you can afford. A bank mortgage specialist or an independent mortgage broker is someone who can help you compare the different loan products available.
Need recommendation for great lenders in the area? Just ask us! We can recommend several and you can shop around.
Calculating Your Monthly Budget
Now that you know what loan options are available to you, what you can expect to pay as a down payment, and what your likely interest rates will be, it’s time to determine how much you can afford to pay every month, which will then be used to calculate the price range of your home.
Keep in mind that your mortgage costs will be based both on the price of the home and the CURRENT interest rates. A home’s affordability can vary from one day to the next based on the current rates.
Most home buyers start their search online, which is a great way to get a sense of what you are looking for, however it is not a complete picture of the market or potential properties available.
Your Property Specific agent will discuss your wants, needs, must haves and negotiables. During this time, we will set you up on a search using the MLS, Multiple Listing Servies, which is the most accurate real time inventory of homes in your area. This search will update you when new homes with your criteria hit the market.
Ready to find your new home? Contact us today!
When it’s time to tour homes, approach each visit with curiosity and an open mind. Take your time to explore each space, noting both the features you love and any potential concerns. Don’t hesitate to ask your real estate agent questions—they’re there to help you understand the property and make informed decisions.
Remember to envision how each home fits your lifestyle and needs, as this will guide you in finding the perfect place to call home. It might also be helpful to drive by the home and through the neighborhood to get a ‘feel’ for the home. Enjoy the experience!
Once you’ve found the perfect home, it’s time to make an offer! Your real estate agent will guide you through this process, helping you determine a competitive price based on market analysis. They’ll also assist you in drafting your Offer to Purchase, which may include contingencies and your desired closing timeline.
Be prepared for negotiations; it’s common for sellers to counteroffer. Stay flexible and keep communication open with your agent to ensure a smooth process. With the right strategy, you’ll be one step closer to making that house your new home!
Congratulations, your offer has been accepted!
Now it is time for your Due Diligence Period, for you to fully investigate the house. During this time your agent will recommend getting a home inspection and any additional inspections or testing that might be applicable. A Home Inspection carefully reviews the home and searches for any defects. An inspector will review the electrical, plumbing, roof and overall structure of the home and more to ensure that there aren’t any problems.
Other inspections your agent may suggest you get would be a termite inspection, radon, septic and well or water test.
Work with your chosen lender to submit your mortgage application completed, if you hadn’t already. During this time your lender will have your submit all required documents, such as pay stubs, tax returns.
Your lender will almost always require a property appraisal when approving a home loan. This process determines the property’s value and ensures you’re not overpaying of the home, and it is the bank protecting their investment.
It’s time to close! Meet with your agent, lender, and the seller to finalize the paperwork, sign your contracts, and pay your down payment and closing costs. Finally – the keys to your new home!
