12 Steps to Buying Your Next/First House:

(substantially shortened)

1. Decide to buy.  Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list.  We call home ownership the best "accidental investment" most people ever make.  But, we believe when it is done right, home ownership becomes an "intentional investment" that lays the foundation for a life of financial security and personal choice.  There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.

2. Hire a local professional real estate agent you can trust.  The agent will maximize your leverage, minimize process time, handle all legal aspects of property transection, and make sure you do not over-pay for a property.  It is the responsibility of your real estate agent to expertly coordinate all the professionals (mortgage broker, appraiser, insurance assessor, insurance agent, surveyor, lawyer, inspector, escrow officer, seller's agent, title researcher) involved in your home purchase and to act as the advocate for you and your interests throughout.

3. Ask your agent to analyze the housing market of the specific area you are interested.  If you are relocating, ask your agent to provide you with a package that will familiarize you with local market trends and amenities that are essential to you.

4. Secure financing.  With the help of a lender (and your realtor), determine how much mortgage you can comfortably afford and get a pre-approval letter from the lender.  The cost of financing your home purchase is usually greater than the price of the home itself after interest, closing costs, and taxes are added.  Ask your lender to provide a break down of all costs.

5. Tour houses.  Define your house citeria with the help of your agent.  Specify housing needs and wants and neighborhood amenities.  Start touring houses that meet your criteria and you can comfortably afford.  With the help of your agent, narrow down houses that meet your criteria.  When you find the right house, don't fall in love with it right away but act decisively.

6. Make an offer based on facts and all information your agent can provide you including the true value of the property.  Ask your agent to professionally negotiate price, terms, and contingencies on your behalf.  Make sure you understand implications of all terms and contingencies.  Ask your agent to explain anything that concerns you.

7. Perform due diligence.  Have the house inspected.  If something major shows up in the report, have a specialist look at the issue immediately.  Major concerns in Raleigh area are structural and water damages.  The contingencies in your offer contract protects you by giving you a chance to renegotiate your offer or withdraw it if the inspection reveals significant material damage.

8. Submit mortgage application with an accepted purchase offer contract.  Lock the rate and promptly provide financial documents to the lender.

9. Stay in full control of your finances.  Communicate with your agent regularly and monitor the progress of all documentation.  Conduct a final walk-though, normally the day before closing

10. Sign settlement documents.  Sign all paperwork required to complete the purchase, including your final loan document.

11. Record the Deed.  Your attorney shall register the deed and deliver the record of registeration to you.

12. Enjoy your new home (and investment) for the years to come!