Buying Your First Home in Wilmington, NC? Here's What You Need To Know!
Buying your first home can seem stressful or overwhelming. Having an experienced, caring Real Estate Agent to assist you can make a big difference! They can help you with where to start, what the steps are, and make the process of buying a home smoother.
How Do You Choose A Real Estate Agent?
Start with reading reviews on Google and Facebook. The advantage of reading reviews on Facebook is that you are able to see the person who wrote the review by clicking on their profile to verify credibility.
Next, call a Real Estate Agent or send a message. Do they respond back quickly? Do they ask questions about what's important for you to buy your 1st home? Once you've chosen your agent you'll move on to the next important step.
Get Pre-Approved Before Looking At Houses!
Your Real Estate Agent should be very helpful with recommending lenders that best fits your loan needs. Not all lenders have the same loan programs so it is important to look, and decide what is best for you.
We have a great article about 100% Loan Options that you may find very interesting; many first time home buyers purchase their 1st home with 100% financing. There's also a great link on our website where you can find houses that might qualify for the 100% Loan in Wilmington, 100% Loan in Leland, 100% Loan in Hampstead, and other areas.
I Got Pre-Approved Now What?
Your Real Estate Agent can set up a search so that everytime a house comes on the market that fits your criteria you'll be notified. This will be better than Zillow or Trulia because they will be "live" accurate data directly from the MLS.
I found a home and my offer was accepted! Now What?
Congratulations! Getting your offer accepted is a really exciting feeling! Next step you'll need to write a check for the deposit (escrow). It's usually 1% of the purchase price but can be as low as $500 if the seller agrees.
Next, your agent will set up home inspections. You'll also start the process of getting your loan by providing documentation to your lender. They usually need a few paychecks stubs, your last tax return, and your last bank statement.
You'll need to choose an attorney that will review your mortgage documents with you at closing. Your Real Estate Agent should have recommendations.
How Long Will All This Take?
Typically from the time you find your house to when you close it will take around 30-45 days, but be prepared for it to be longer. After the home inspections your agent will review with you the repairs you would like to ask the seller to fix. This is another negotiation. Don't expect the seller to do all the repairs. They typically will do some and sometimes will offer a credit instead of doing any repairs.
Congratulations It's Your Closing Day!
The day before or on the day of your closing you'll do a walk thru of your house to be sure everything works and nothing has changed. This is also when you'll transfer your utilities over.
After the walk thru, you'll go to the Attorney's office to sign your loan documents. This takes typically 30 minutes to an hour. After you leave, the attorney will get funding approval from the bank and then record the sale. This usually takes a few hours from after you signed. Once it's recorded the house is yours and you can move in! Keep in mind that keys won't usually be released to you until after it's recorded.
It's an exciting feeling to own your own home. You can paint it how you want and each month you will be paying your own mortgage instead of your landlords. Congratulations on making a smart decision towards building wealth!
We'd love to help you get your 1st home!
We help 1st time home buyers every day with getting their first home. We have friendly, knowledgeable, positive thinking agents and always aim to get you what you want. Feel free to contact us if you have more questions or if you want to get started.