1. Define Your Goals, Research Your Options, Make Your Plans

Given that buying a home is such a big step, it’s all the more important for you to educate and prepare yourself as much as possible in advance. This means clearly determining why you’re buying and what kind of home you’re looking for. And because buying and financing a home are so closely related, it also means examining your current financial situation and projecting how much you can afford.

2. Contact a REALTOR®

Buying real estate is a complex matter at the best of times, given that there are so many factors to consider and no two homes or transactions are alike. It’s even more important for you to contact a REALTOR® once you’ve definitely decided to buy. In choosing a REALTOR® to guide you through the property search, financing, negotiation and transaction processes, you should consider their local market knowledge, experience and track record. Rising Tide Homes is happy to help you find the perfect REALTOR® for your needs through our affiliate, Southern Shores Real Estate Group.

3. Get Pre-Approved For A Loan

Generally, it is recommended that you get pre-qualified for a loan before you start viewing homes with the serious intention of buying. The preapproval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of this examination the lender will provide you with a document that details how much you can borrow to buy a home. You may want to consider looking online to see what different lenders offer or contacting our preferred lender, Benchmark Mortgage via the link below. 

4. View Homes And Select THE ONE

Simply put, the key to the home search process is knowing what you’re looking for. Among other things, that means distinguishing between “must-haves” and “like-to-haves”. The benefit of purchasing new construction is that in many cases, your home can be customized to include both! While most buyers start their home search online, it’s also important to view homes in person. In addition, you should ideally view homes with the help of an experienced and eagle-eyed REALTOR® who’ll notice things you might miss, provide expert analysis, and act as an impartial sounding board.

5. Make An Offer And Negotiate With The Seller

Now that you’ve found the home you’d like to buy, it’s time to make an offer. Your REALTOR® will assist you drawing up and submitting the offer paperwork. At that point, the process – given that a home’s eventual sale price is subject to supply and demand – will depend on the kind of market you’re in. Generally though, the seller can accept your offer, reject it, or counter it to initiate the negotiation process. Successive counter-offers, with deadlines for responding and meeting conditions, will be exchanged between you and the seller until a mutually-satisfactory pending agreement is reached or a negotiation can't be reached.

6. Secure Your Financing

Once you have a pending agreement, it’s time to go back to your chosen lender to finalize your mortgage details so you can close the deal. This means finalizing your down payment, interest rate, regular payment schedule and any other financial conditions associated with the closing.

 

If you’ve already been qualified with a lender for a certain loan and home purchase, this phase of buying your new home should be a relatively straightforward matter that centers around finalizing the loan details and signing the mortgage papers.

7. Close The Deal

If you’ve efficiently taken care of everything connected with purchasing your new home, the experience of taking ownership will be a positive joy with no surprises. Key steps to the closing, also referred to as the “escrow” or “settlement”, include:

• Getting a Title Search – an historical review of all legal documents relating to ownership of the property – to ensure that there are no claims against the title of the property. 

• The Final Walkthrough – you’ll be given the chance to look at the home to make sure it’s in the same condition as when you signed the sale agreement.

• The Settlement – typically, on the Closing Date you’ll go to a lawyer’s office to verify and sign all the paperwork required to complete the transaction. The settlement will include paying your closing costs, legal fees, property adjustments and transfer taxes. At that point, you’ll receive the property title and copies of all documentation pertaining to the purchase.

 

Oh, and one more thing – you’ll get the keys. In most cases, Possession Date will fall within a couple days, at which point you’ll be able to move into your new home.

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Buyer's Guide

For this information and more, check out the Realtor.com Buyer's Guide or contact us at Info@RisingTideHomes.com!

Home Loan Toolkit

For more information on home loans and the mortgage process, check out this Home Loan Toolkit from the Consumer Financial Protection Bureau

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