Searching for a Residential Home this Spring?

Now that the harsh winter is over, the spring is the best time of year to change residences. In the Triangle area, more people put their homes up for sale in the spring than any other time during the year.

Springtime weekends invite residential home sales, open houses, and quick home sales. When a new home goes for sale in North Raleigh, it may be gone in a week.

In areas of the Triangle where there is exponential growth such as North Hills, Cary, and Chapel Hill, residential houses are snatched up in one weekend.

When a potential homeowner finds a place they would like to purchase, the first step is putting down a contract to hold the home. Determining how much you would be willing to pay to purchase the home can be an overwhelming task, especially if there are multiple offers. Take into consideration the age and condition of the home, needed repairs, and upgrades.

What happens after you put down a contract? Here are the first steps after putting down a contract:

1. Good faith estimate from a mortgage company. Securing a good faith estimate is a daunting process. Many large banks will provide a good faith estimate, for a hefty fee only to deny approval later on in the process. Speak with a mortgage professional who can preapprove you for a loan through Fannie Mae or Freddie Mac prior to spending hundreds of dollars on inspections and an appraisal. A licensed mortgage professional can also easily explain all of the risks, closing costs and fees associated with a residential home mortgage.
2. Schedule a home inspection. A home inspector will provide you with details on the structure of the home, all of the places you may not be able to see.
3. Don’t forget radon tests. In North Carolina, high levels of radon come from continual construction tapping into radon pockets found just below the surface.
4. Take into consideration the surrounding community, schools, parks, shopping centers, and additional amenities you look for in a residential community.

Negotiating for a home can be a huge undertaking that involves research, time, and energy. Remember to call on your mortgage specialist and buyer agent to provide referrals.

This spring, don’t miss out on finding the house that fits your family’s needs. Discover all that the Triangle area has to offer!

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you.

David.

919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’. All rights reserved.