Buying a Home in New Bern is easy if you follow this plan
I think I want to buy a house, where do I start?
Begin your home buying process by talking to a Professional Realtor such as Steve and Jana Tyson. They will help you through the complex home buying process. Their insight on neighborhoods, local market conditions, lenders, and homes for sale will be a valuable asset to helping you find the right home for you and your family.
Check out the video below to learn about Realtors Steve and Jana Tyson
An experienced Realtor will also help you find a lender that can process your loan effeciently and are customer service oriented. They will help you determine what kind of home loan will work best for you as well as how much home you can afford.
This needs to be done early in the home buying process because when you make an offer on a home the first thing the listing Broker will want to see is a pre approval or pre qualification letter from a lending institution. Without that, your offer will not be taken seriously. Take away point, get your pre approval letter before you start looking at homes.
Realtors Steve and Jana Tyson know the local Real Estate Market like the back of their hand. Their expertise in the waterways helped us find the perfect waterfront home. We highly recommend them as they are the local Real Estate Authorities.
Bill and Carol Bear
You may have heard how difficult it is to get a loan today. This is not quite true. Banks are anxious to lend money to qualified buyers with good credit. Certainly it takes a little longer to get a loan as new lending rules require more documentation than was required in the past. However, if you have good credit and regular income, all should be fine.
Do I need a pre-qualification or a pre-approval letter? What is the difference?
Getting pre-qualified is pretty simple and there is usually no cost involved. It does not require a credit report. You can even do this over the phone. You simply supply a bank or lender with your debt, income, and assets. For a pre-qualification letter the bank does not verify anything. After evaluating this information, a lender can give you an idea of the mortgage amount you are qualified to borrow. and verification of the income information is not required.
A loan pre-qualification letter from your lender is quick and easy and will give you a good idea of how much you are able to borrow. However, it does not guarentee the bank will give you a loan. A serious buyer should always get a pre-approval letter.
Getting pre-approved is much more involved, and shows sellers that you are a serious buyer. You'll have to complete an official mortgage application (and usually pay an application fee), and then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. With this information, your lender can tell you the specific mortgage amount for which you are approved.
With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. Obviously, this puts you at an advantage when dealing with a seller. Then when you find the right house , you'll fill in the appropriate details and your pre-approval will become a complete application.
The loan committment comes only after the bank has approved you and the house in question. This means an appraisal has been done and any issues, if any, raised by the appraiser have been addressed. Below are a few examples of problems that might prevent the bank from giving you a loan committment on a specific home.
- The house does not appraise for the amount you are trying to borrow.
- The appraiser finds some issues with the house that they feel need further investigation.
- Your Income or credit changes before closing. Banks often check your credit a few days before closing to make sure you have not taken on more debt which will throw your debt to income ratios off.
Dr. Brian Shields
Steve and Jana Tyson were very helpful in our home buying decision. They were not at all pushy and listened to what my wife and my priorities were in looking for a new house. We would strongly recommend them to any new home buyer or seller in the Craven County area.
What's next? Make an appointment with a Realtor so you can review homes in the price range and area that will work for you and your family. While all Realtors are licensed, not all Realtors are equally qualified to help you through the home buying process. An experienced Realtor knows the local real estate market and is a strong negotiator.
It's possible that the house you want is not currently on the market. Your Realtor can put you on an alert so that when the right property becomes available you will be notified.
The Tyson Group, Steve and Jana Tyson, have sold over $150 million in the last 10 years. Steve is a native of New Bern and knows the history of most of the neighborhoods and builders. Jana Tyson has 25 years experience in sales and is a strong negotiator. For more information on the Tyson Group, Click Here
The Tyson Group helped me find a great deal. This was my first home purchase and they help make this an easy process. I highly recommend them.
Now it is time to look for homes.
Once you find the right home and are ready to buy, your Realtor will help you determine the fair market value and develop an offer strategy. The negotiation of an offer can be a very important part of the home buying process. Jana Tyson is a professional negotiator. She was in corporate sales before launching her career in Real Estate. Now, let's assume you have negotiated wisely and have an accepted offer.
In North Carolina, the offer to purchase contract, was written with certain protections for the buyer. The offer to purchase contract gives the buyer a due diligence inspection period. During the inspection period, for any reason or no reason, the buyer may terminate the contract and get their earnest money back.
The inspection period gives the buyer the right to do any inspections such as home inspections, termite inspections, septic tank inspections, surveys, check restrictive covenants and Property Owners Associations, and get everything in order for their final loan approval.
The inspection period is negotiable but typically is 3-5 weeks. After that time the earnest money is not going to be returned to the buyer unless the seller does not live up to their end of the contract.
After you have completed all your inspections you can ask for any needed repairs. The seller is under no obligation to make repairs. If they refuse to make all or some of the requested repairs your options are to terminate the contract and have your earnest money returned, provided it is within the due diligence period. Or you may accept what, if any, repairs the seller is willing to do.
Dr. John Zannis
The Tyson Group was great to work with. Steve knows the area inside and out and was a great help to us moving from out of town. I highly recommend them. --John Zannis, MD
Assuming all goes well with the inspections and loan approval process, it is time to hire any attorney to represent you at closing. Your attorney will search the public records to determine if there are any liens on the property. They will purchase title insurance for your bank that will protect their interest in the event the attorney made a mistake.
Several days before the closing they will send you a HUD statement explaining where all the money comes from, and where all the money goes. They will walk you through all the paperwork the lender requires to be filled out in order to loan you the money. After all the paperwork is filled out the attorney will go to the Register of Deeds and record the documents. Then back to the office to write a check to the seller.
Congratulations, you now own a new home.
Search for Homes in New Bern and the Surrounding Area
||Golf Course Homes
|Popular Retirement Communities
||Oriental Homes For Sale
||Homes Creekside Elementary
|New Home Construction
||Homes Near Cherry Point
||Waterfront Lots-New Bern
|| Homes over $700,000
|4+ Bedroom Homes
||Condos and Townhomes
||Homes on Duke Energy
Steve and Jana Tyson sold over $33 million of Real Estate in the past 2 years and over $135 million in the past 10 years. The Tyson Group are "Leading The Market, Sign up to Sign Down".
How much house can you afford to buy?
The chart below shows current interest
rates. Put the rate in the mortgage calculator to see what your payments would be.
For the latest in New Bern Home sales click the link below.
New Bern Home Sales
The Tyson Group's Mission
To be dedicated to superior customer care through open communication,
personalized attention, and above all, honesty. We will
continuously provide diligent and ethical services and build
relationships with our clients, motivating them to recommend
us to friends and family. To be known as the number 1 expert
in New Bern Homes for sale.
To learn more about New Bern and
what makes it a special place to call home,
Call Steve Tyson
at 252 514 9147