Dana Derylak, Author at Dana Derylak

From Renter to Home Owner in 6 Easy Steps

January 14, 2017 By Dana Derylak

A step by step guide to purchasing a home and going from renter to home owner

We all have friends or acquaintances who are renting. Some have rented the same place for several years. Others have bounced around from apartment to apartment, never really considering purchasing a home. When I ask renters why they have never thought about buying a home, most of the time the response is one of two things:

I don’t even know if I CAN buy.
Buying seems overwhelming; I don’t know where to start.

So, for all those out there who might consider buying a home, but don’t know where to begin, I’ve laid out a framework to show you how you can go from being a renter to home owner in 6 easy steps.

1) Find a REALTOR

Connect with a Real Estate professional you like and trust who can help you through the process. Even if you have purchased a home before, this is not something most people do frequently. A REALTOR will be able to guide you through the process, answer questions, show you properties, and help you with paperwork and negotiations. This step alone sets you far ahead in the game. Be sure to let your REALTOR know when your current lease ends, and if you have specific timeline requirements.

2) Get Pre-qualified for a Mortgage

What does that mean?A lending professional will ask you several questions about your financial situation including your monthly income, your monthly obligations and your credit. With that information, they will be able to let you know:

If you can you purchase a home at this time
Which loan programs will work best for you
What your buying power is (in other words, what price range you qualify for)

Having this information early in the process will put your mind at ease, knowing you can do this! It also enables you to maximize your time by focusing on homes in your target price range. Having a pre-approval letter will strengthen any offer you make on a home, as it shows the seller that you have already started the process with a lender.

This step can be done with almost any lending institution, as most of them offer the same loan programs. If aren’t sure who to talk to, ask your REALTOR for lender recommendations.

3) Find a Home You Love

Want a large dreamy kitchen? Like a certain area or school district? Now’s the time to focus in on the location and features you want that fit into your target price range. Homes are not staying on the market long, so once you find “The One”, work diligently with your REALTOR to make an offer quickly so you don’t miss out.

4) Make an Offer & Negotiate the Details

If you have found “The One,” work with your REALTOR to make an offer and negotiate the details. Have a specific time frame when your lease ends? Your REALTOR may be able to negotiate the closing around that time frame. Did you know that many leases have a clause that will release the renter if the renter is breaking the lease in order to purchase a home? Even if your lease does not have that provision, sometimes a REALTOR can negotiate specific items with the seller in order to offset lease break fees you may incur if you break your lease early.

5) Complete Your Due Diligence on the Home and Loan

The due diligence period is a time period after you contract on a home during which you will be allowed to do follow-up inspections, and any further review of the home, just to make sure everything looks good. Your REALTOR will help coordinate all of this for you. If there are repairs to be made, your REALTOR will negotiate those repairs with the seller.

During the due diligence period, you will also work with the lender to get loan approval. They may ask for specific documents like pay stubs, in order to get you fully approved for a loan on your new home.

6) Close on Your New Home

Congratulations – you made it! At closing you sign the final paperwork for the purchase of the home and the loan and bring the remaining portion of the down payment. This is when you get your keys and you officially go from renter to home owner!

This is a fun and exciting process! The key to having a smooth, enjoyable experience is to involve professionals early in the process: a REALTOR and a mortgage professional can provide guidance throughout the process and answer vital questions along the way.

With rental rates being higher than ever, why rent when you can own for the same monthly payment? Are you thinking about buying a home in the Charlotte area? Call me. As a REALTOR, my goal is to make the dream of home ownership as easy, exciting, and achievable as possible for my clients.

You can do this!

Do I need a Realtor to buy a New Construction Home?

December 1, 2016 By Dana Derylak

Two important questions buyers ask new construction home builders…

During my time working for a national home builder, I heard these two questions countless times: “Do I need a Realtor to buy new construction?” and “If I don’t use a Realtor, will the builder give me a discount?” These are two great questions.

Let’s take a look at the typical builder response to these questions and what you as the buyer should know.

Do I need a Realtor to buy new construction?

Typical Builder Representative Answer: “We work with Realtors, but you don’t HAVE to have one. In fact, we take care of everything for you, including paperwork. We will be happy to lead you through the process.”

What you as the buyer should know: The onsite builder sales representative works for the seller, therefore, their fiduciary duty is to the seller. What does that mean? It means that their main priority is to protect the best interest and monetary stake of the builder, not the buyer. A REALTOR working as your Buyer’s Agent has a fiduciary duty to YOU, the buyer. That means their main priority is to protect your best interest and your monetary stake in your home purchase. Most builders have their own contract paperwork and forms, which is why it is so important to have your own licensed professional REALTOR to represent you during the transaction. Your REALTOR can help you understand what you are signing and work on your behalf during the process. Read this quick REALTOR.COM article for more details on how your Realtor will work for you during the construction process.

If I don’t use a Realtor, will the builder give me a discount in the amount of commission they would have paid an agent?

Typical Builder Representative Answer: “No, we will not discount the price of the home in the amount we would have paid a Real Estate Agent.”

What you as the buyer should know: While the commission builders pay to agents comes out of their bottom line, builders understand that is part of the cost of doing business with a wide network of real estate professionals. In fact, builders factor that cost into their prices ahead of time. Discounting a home for buyers who choose not to utilize an agent would quickly become seen in the real estate community as an incentive for buyers to proceed without representation. This would then alienate the Real Estate community. Most builders are not willing to take that risk, and will not discount the home if a buyer chooses to move forward without a REALTOR. To recap, if you don’t use a REALTOR, your price will not go down. Instead the builder’s profit will go up because they aren’t paying a commission they had originally planned on paying.

Ok – so let’s try this again.

Question: Should you have a REALTOR when buying a new construction home?

Answer: YES! The builder pays the commission, so having your own REALTOR representation doesn’t cost you any money. More importantly, having a REALTOR acting as your Buyer’s Agent will protect your interests throughout the real estate transaction.

Thinking about buying a new construction home? I’m an expert. Contact me, and I’ll help you through the process.

Why Choose Carolina Home Spot?

November 18, 2016 By Dana Derylak

It all comes down to one question: What does your ideal real estate experience look like?

With so many options out there, why choose Carolina Home Spot to help you buy or sell your next home? It all comes down to one question: What does your ideal real estate experience look like?

There could be a million answers to that question. In fact, our clients usually answer this with a list! At the end of the day, when you boil it down, those answers can almost always be summed up in one phrase: you want an experience that is all about you! So, at Carolina Home Spot, we focus on providing each of our clients with attentive, personalized service. How are we able to do that? Below are a few things we offer each client and what that means for you:

Quick Access to Information, Fast Response Times and Detailed Searches

We offer instant updates on your favorite listings and detailed customized saved searches, and we commit to fast response times for each client. Your time is valuable, and because the market is constantly moving, responding quickly is important.

Honest and Trustworthy Representation

Let’s be honest, Real Estate Agents can sometimes get a bad rap. How do you know your agent is truly looking out for your best interest and not just interested in closing another deal? At the end of the day, it comes down to trusting your agent. At Carolina Home Spot, we pride ourselves on our honesty, integrity, and loyalty to our clients. Not just because it’s good business, but because it’s the right thing to do.

10 Years of Real Estate Experience, Education, and a Wide Network

Our clients let our education and experience in the greater Charlotte housing market work for them. While we are connected with a wide network of real estate contacts across multiple cities, counties and states, we also have professional training on topics from contract negotiation, to setting the stage when selling your home, to effective digital marketing. Let our education and expertise work for you.

Great Communication

How YOU like to communicate is important to us. Do you prefer phone, email, text, video chat? Us too! We understand that not everyone communicates the same way, and we tailor our communication method and frequency to each client.

Marketing and Technical Expertise

Digital marketing is especially relevant in today’s market. At Carolina Home Spot, we use a multi-channel integrated marketing strategy for each of our listings. This provides our clients with effective in person marking as well as digital marketing across multiple platforms which maximizes the exposure of each property. What does all that mean? Your listing will be in more places, which means more people will see your listing!

Professional, Friendly and Assertive Representation

Sounds a little cheesy, right? I know. But at Carolina Home Spot, these three traits play a big role in how we serve our clients’ best interests. We dress, speak and conduct ourselves as business professionals. Professionals who are warm, friendly, and willing to have hard conversations and work through tough negotiations to best serve our clients.

Neighborhood and Area Knowledge

With over 10 years of experience in the greater Charlotte area, we provide our clients with access to our unique insight and knowledge about areas, neighborhoods, new construction communities and future development.

Price Guidance & Top Negotiation Skills

We have professional training and years of experience analyzing pricing trends in the greater Charlotte market, and we offer each of our clients expert price guidance and strong negotiation skills.

Good Sense of Humor

Because, let’s face it, no real estate transaction is without its occasional hiccups. Having a good sense of humor can help keep things in perspective to ensure that our clients have an exceptionally positive experience despite any unforeseen “adventures” along the way.

Still not sold? Give me a call. I’ll treat you to a cup of coffee, no strings attached, and we can talk about what you want YOUR ideal real estate experience to look like. Because, after all, it’s not about us at Carolina Home Spot. It’s about what is important to you.