Home Buying Process….
Here are a few tips to help you get started on your way to purchasing a new home!
1. Lender pre-approval: Begin by getting pre-approved by a reputable lender.
o Your agent should recommend three lenders to you.
o Find out what lender can offer you the best “package” to fit your needs.
o Be aware of lender fees, closing costs, down payment, interest rate, discount points, etc.
2. Do independent research: Know and understand your market and what you can afford, don’t over-extend yourself. Your agent and lender can help to guide you in the right direction.
3. Work with a reputable real estate agent: Find that reputable Realtor who will guide and help you in the buying process from start to finish. Look for someone who:
o Sits down with you and writes a Home Buying Plan. In my experience this has saved my clients time and money!
o Is technically savvy
o Well informed about neighborhoods and communities in their local market
o Makes time for you, remember YOU are the customer!
4. Know your top 3 “must have’s”: Make sure your agent is aware of you must have’s (this is a helpful time saving tip). Be flexible and remember there is no house.
5. MLS Prospecting System: Make sure your agent sets you up on the MLS Prospecting System if you have internet access. This database will open you up to all the homes for sale within your specified search criteria. You will recieve automated email updates as new homes come onto the market. This will make things easier for both you and your realtor.
6. Major Repairs: Be aware of major repairs or updates that are needed when looking at homes. These items will have a major impact on the purchase price. Some examples:
o Electrical issues
o Pest infestations
o Water damage
o Structural issues and more
Your agent can help to guide you on these issues and help find a local contractor to give estimates and/or treat the issues.
7. Making an offer: When making an offer, your agent should run a market analysis of the area, street and similar home sales to help you set an offer price. The agent can also find out what repairs the sellers have done so that you understand what they have spent on the home.
8. Be open to negotiations!
Posted by Nilesh Jethwa, Wilmington NC Real estate
Nilesh is a local Realtor of Wilmington, NC if you would like to contact Nilesh Jethwa click here!