You have decided to pull the trigger and buy a new home near Seymour Johnson Air Force base. Purchasing a home is a little different than buying groceries. It is a complex transaction that this article will break down from start to finish.
Meet with Realtor
Your Realtor is going to be your best friend in this process. The best part of hiring a Realtor as a buyer is that the seller’s pay their fee! A Realtor works for YOU and looks out for your best interests. He/she will facilitate the transaction from start to finish. Some duties of a Realtor are: recommending vendors (lenders, inspectors, repairmen, etc.), assisting with the home search, scheduling private showings, ensuring all paperwork is properly completed, making recommendations during negotiations, scheduling inspections, and making sure all closing documents are accurate and complete.
Since you will be working closely with your Realtor throughout the entire home buying process, it is important to make sure you are going to get along! Find a Realtor who has experience in selling homes around Seymour Johnson and preferably has the Military Relocation Professional (MRP) designation. You also have to make sure that your personalities are going to mesh. Ask him/or her as many questions as you can think of. Your agent will either be your best friend or worst nightmare depending on whether or not your personalities mesh so choose carefully!
Get Pre-Approved
Once you have settled on the best agent that specializes in real estate around Seymour Johnson, I will point you in the direction of some lenders that specialize in VA guaranteed home loans. Typically, I recommend that you check with three different lenders to see who can give you the best deal. VA loans are unique and have specific requirements which is why it is important to make sure whichever lender you choose to go with has experience with these types of loans. Whatever you do, do NOT use USAA. They typically have much higher rates and the absolute worst customer service when it comes to home loans. If you are going to go with a lending institution with a military background, I would suggest checking out Navy Federal Credit Union or a local lender.
Search for Homes
Searching for a home near Seymour Johnson can be kind of overwhelming. Trying to find the perfect home in a brand-new city is tough! I always recommend that my clients make a list of wants and needs. Don’t think of the needs column as an essential item like “must have roof” but more as an item you are unwilling to compromise on. The wants column is for the stuff you want but really isn’t that important to you. Give this list to your Realtor and let them do the work for you. My clients are sent emails directly from the Multiple Listing Service (MLS) as soon as home that matches their criteria is listed.
Make an Offer/Negotiate
How much should you offer? There are a lot of variables that go into an offer aside from price. EVERYTHING is negotiated including dates, due diligence and earnest money, and even which appliances stay and go. Your Realtor will help you figure out a fair purchase price by performing a Comparative Market Analysis (CMA). This will give you a starting point for your offer to assure you are not overpaying for the property. Your Realtor will recommend different negotiating strategies to assist you in getting the best deal possible.
In Escrow/Under Contract
Once you are under contract, the listing status of the home is changed from “Active” to “Contingent”. The house is no longer actively being marketed and showings have more than likely been limited. The first couple of weeks are all about getting inspections, appraisals, and making sure financing is all lined up. Don’t worry, your Realtor will help you find the vendors and get everything scheduled. This inspection period is known as the “due diligence period”. The length of your due diligence period is something that is negotiated into the contract. During this period, you have the ability to walk away from the transaction for any reason at all. This is also the time to review the results of the inspections with your realtor and negotiate any repairs.
Final Details
The last few days of a transaction are typically the most hectic but don’t worry, we have you covered. During this time the underwriters for your mortgage company are making sure every single “I” is dotted and “t” is crossed. We are also going through all of the final numbers and quadruple checking to make sure you are getting everything you were promised in the contract.
Closing
This is the part where you get your keys! After signing about a million papers at the attorney’s office with your Realtor, the closing attorney will record the new deed with your name and you have successfully purchased your first house. Closing typically takes about an hour and your Realtor should be there with you to help answer any last-minute questions or concerns you may have.
If you have more questions about the home buying process or about the local market conditions, feel free to send me a text or give me a call at 919-288-0688 day or night. Thanks for reading!
