How to Start
1. Pre-Approval
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If you are not purchasing a home with cash, you will need a mortgage pre-approval provided by your mortgage lender. A lender will work with you to get a loan that meets your needs. A pre-approval letter is required when you submit offers and it gives us a price point to work within when searching for your home.
2. Hire ​a REALTOR
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​Book a consultation with a real estate agent. A buyer’s agent will represent your best interests. With a pulse on the local market and a sound understanding of how various amenities affect the value of a home, we will make sure we submit a competitive offer on the right house for you.
3. Home Shopping
After you have your pre-approval letter in hand & you have hired your realtor it’s time to begin searching for a home. Ask yourself how many bedrooms and bathrooms you’ll need and get an idea of how much space you desire. How big do you want the kitchen to be? Do you need lots of closets and cabinet space? Do you need a big yard for your kids and/or pets to play in? Is there a commute to be considered. Take note of all of these items as they will be important when searching for homes.
After you've found "the one"
Negotiate Terms of Offer​
​Negotiate the best terms for you! This includes but not limited to: price, closing date, due diligence fee, due diligence period, earnest money deposit, seller concessions. Submit your strongest offer to the seller. You may counter back & forth a few times, that's totally normal. Once you and the seller agree to terms, your offer will be signed - now you are officially under contract.
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Home Inspection(s)
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Your real estate agent will schedule your inspection(s). This is usually paid for prior to the inspection date. The cost will vary by inspector, size of home, and location. You can expect to pay at least $400 - $900. Once you have inspection in hand, your realtor will discuss the repairs you'd like to request.
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Appraisal
Your lender will order an appraisal for the property. This will be paid for prior to the appraisal being completed. The cost is usually around $600. It is important to keep in regular contact with you lender, as any delay in the process can derail the closing date.
Repairs
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North Carolina is a “buyer beware” state – which means sellers do NOT have to make repairs and you are buying the home “as-is”. When you are searching for homes keep this in mind. Your real estate agent will send the inspection report along with a list of repairs for the seller to acknowledge. The seller will agree to them all, some or none. There is also an option for the seller to offer money “in lieu of repairs” and the buyer can use those funds to have repairs completed after closing.
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Prepare to Close
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At this point you are about 2-3 weeks out from closing. Your due diligence period has ended and you are likely finalizing your move from your current residence. It is important to note that during this entire process you should NOT make any large purchases using credit, change employment or make any large deposits or withdrawals from your accounts. This can cause issues with the underwriting of your loan & could potentially cause you to lose financing for your home. The day before closing you will have a “final walk through” to check the property’s condition.
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Closing Day
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It’s time to celebrate.
Buying a home is one of the most significant purchases in a lifetime and you did it!!! Usually 3 days prior to closing you will get a “clear to close” from your lender – this means your closing day is official! For closing, you will need your drivers license and a check if necessary. Your attorney and real estate agent will have you prepped and ready for your closing.