This may be the largest purchase you’ll ever make – being well informed and understanding the process can help you make better decisions and experience a smoother and less-stressful transaction. Whether its Re-Sale or New Construction, there are many things you should know when considering purchasing a home in North Carolina. Here are just some:
Forms
One form is called the Working With Real Estate Agents disclosure which explains the different types of agency that’s practiced in NC, from Buyer’s Agent to Listing Agent and Dual Agency. In accordance with federal law all buyers must also enter into an Exclusive Buyer’s Agreement before any agent can show any homes. This is a good thing – you can benefit from my years of experience and resources plus be prepared on how the home buying process works and how real estate agents get compensated. The terms of the Buyer’s Agreement’s terms are negotiable.
Types of Properties
I can represent you for buying all types of properties. I specialize in resale, new construction, luxury and investment properties, as well as land and I am also licensed for commercial sales.
Pre-Approvals and Financing
Sellers and Buyers Agents like myself want to make sure you ready and able to purchase a home, so a Pre-Approval/Pre-Qualification letter from a lender or Proof of Funds if paying cash will be needed. I have many lenders I am happy to recommend if you are in need. Caveat Emptor, or Buyer Beware. North Carolina is a Buyer Beware state, meaning that ALL of the culpability of buying a home is on the buyer, including obtaining financing. While sellers offer property disclosures, all homes are sold as-is and it is up to the buyer to perform all the necessary research on pricing and appraisal values and to conduct inspections. Sellers do not have to make repairs, offer concessions or renegotiate the contract price. I can help you choose the right home, make the right offer plus provide outstanding lender and inspection recommendations and referrals.
The Offer, Due-Diligence, Earnest Money, Closing Costs and Down Payment
Market conditions, location, condition of the home, special circumstances and what makes sense for you are all part of making the right offer for a home. I can help you decide on the right offer by providing all the information and resources you’ll need to make an educated decision, and as an expert negotiator I’ll help you settle on the right price and terms.
Due Diligence is part of the offer and is a payment made to the sellers immediately upon offer acceptance. The sellers take the home off the market so you can begin your “due- diligence” like inspections and getting your financing in order. If for ANY reason the you back out of the transaction, the due-diligence fee can be kept by the seller. Earnest Money can also part of the offer and is held in escrow usually by the closing attorney. It means that “In Earnest” you will be purchasing the home and is also due upon offer acceptance and also credited towards your closing costs. Earnest money however can be refunded if you back out prior to the end of the due-diligence date.
The Down Payment is the amount that you will be paying in addition to any financing you’ll have. For example you may be putting 20% down and financing 80% of the purchase price.The down payment is due at closing.
Closing Costs are the charges associated with closing on the home including attorney, processing and recording fees and your down payment.
Offer Acceptance
An offer is accepted once the seller’s agent has called me, left me a voicemail, sent me an email or a text with acceptance.
Under Contract
When your offer has been accepted you now “under contract”, and it’s time to deliver the due-diligence check, arrange inspections and get to serious work with your lender and closing attorney. I can help with recommending closing attorneys, inspectors and reviewing reports, plus getting documents, utility info and scheduling pre-closing walk-throughs.
Closing
Closing takes place at the Closing Attorney’s office or remotely on the day and time that has been scheduled. The morning of closing we’ll conduct a walk-through to ensure you’re getting everything agreed to and the home is in expected condition. At the closing table you’ll sign all the required documents and handover the check for any closing costs you may have. When closing is concluded the attorney will file the deed with the county, and once that deed is recorded you own the home!
In conclusion, as your Buyer’s Agent and with my vast experience, resources and referral recommendations I will provide you with expert guidance at every step when it comes to purchasing a home in North Carolina. Working as a team and with respect for all parties and the process, it will be my pleasure to be your Exclusive Buyer’s Agent. Contact me anytime with questions or concerns!
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