Buyer Resources

We understand the many questions and concerns that home buyers often face. The following information will be helpful throughout the process. If you have any questions, please give us a call.

Steps in the Home Buying Process

  • Consultation to Analyze Needs

  • Financial Approval

  • View & Select Properties

  • Determine Market Value with Methodology

  • Complete an Offer to Purchase & Contract

  • Negotiations & Acceptance of Contract

  • Mortgage Application & Underwriting

  • Due Diligence Period

    • Inspections

    • Survey

    • Appraisal

  • Loan Approval

  • Settlement, Closing & Recording

Before your home search

Prior to showing you any properties, the North Carolina Real Estate Commission requires that real estate brokers provide with you a copy of Working With Real Estate Agents which you can find at the top of this page. Also, we require that you provide Proof of Funds or a Pre-Approval letter from a reputable lender. If you need a recommendation for a local lender, please see our Vendors page.

as you view homes

After your initial consultation, we will have a good idea of your wants & needs. We will enter your criteria into the Multiple Listing Service (MLS) search tools where you will receive email notifications of the properties that meet your criteria. As you walk through the homes we are viewing, feel free to open cabinets and closets. Most sellers will be absent but should they be present, they will understand your need to examine the home carefully. When aspects of a home appeal to you, let us know so we can make notes as it is easy to forget the details. Often, there will be a brochure available for you to take to help recall each home as you review your tour. Whenever possible, we will provide you with a copy of the listing sheet. Do not be surprised if the first home you view is perfect but also do not be discouraged if none of those you visit the first day meet your needs. We are committed to finding you the the one that you want to call home and will work diligently until you find it.

important note

As a member of the MLS, I can show you any property. If you should see an ad in the paper or a sign in a yard, call me to find out more information on the property or to set up a showing. Appointments are scheduled through an appointment service connected to the MLS. We can even assist you with “For Sale By Owner” or unlisted properties.

Mortgages at a glance

It typically takes 30-45 days to close a property in North Carolina if you are obtaining a mortgage. The actual time depends on how quickly the lender can acquire an appraisal and verify the information you have provided through employment records and bank statements. It is important to provide the lender with complete & accurate information in a timely manner. You may face delay if the lender discovers credit problems - a history of late payments , non-payment of debts, or tax liens. You should also be sure to notify your lender if your personal or financial status changes before the loan is funded. Avoid making any large transactions or opening new credit lines after you have submitted your application. If you change jobs, have a change in salary, incur additional debt or have a change in your marital status, it could jeopardize your loan. You should discuss the types of mortgages and what is best for you with your lender.

negotiations & Acceptance

Once we have submitted an Offer to Purchase & Contract on a property, the listing agent will review the paperwork with the seller and the will have the decision of accepting the offer as written, declining the offer or making a counteroffer.

Accepting the Offer: If the offer is accepted as written, they will simply sign the paperwork making no material changes. Once the paperwork is returned to us, we will enter the Due Diligence Period.

Declining the Offer: If the seller does not want to negotiate any further, they can simply decline the offer. This does not mean you cannot submit a higher offer, but it typically shows the seller is not willing to negotiate and may be an indication that a deal is not possible.

Counteroffer: If any material changes are made to the offer, it is considered a counteroffer. Changes as small as settlement dates are considered to be counteroffers that must be agreed upon by the offering party and can be made on paper or verbally. It is not uncommon to have several counteroffers between the parties before a verbal agreement is reached. At that time, the agreement is reduced to writing and all parties will sign. When the last of the two parties has signed, you will enter the Due Diligence Period.

Due Diligence Period: Instead of having separate contingencies for inspections, surveys, loan approval & appraisal, buyers are given a specified period of time to conduct all of their due diligence. Buyers will offer a Due Diligence Fee paid directly to the seller for this opportunity. The amount of money offered and time required is negotiated in the contract and typically is around 1% of the Purchase price for 2-3 weeks. During the Due Diligence Period, the buyer may terminate the contract for any reason or no reason but the Due Diligence Fee is non-refundable unless the seller breaches the contract. If the buyer terminates the contract during this period, the Earnest Money Deposit is returned to the buyer. At settlement, the Due Diligence Fee is credited towards the final balance.

Earnest Money Deposit: Within 5 days of receiving an executed contract, the buyer will be required to make an Earnest Money Deposit into an Escrow Account, in most cases held with the closing attorney. This deposit represents the buyer’s sincerity in their attempt to purchase the property and is fully refundable if the contract is terminated during the Due Diligence Period. The Earnest Money Deposit is negotiable and is typically around 1% of the purchase price. If a buyer terminates the contract after the Due Diligence Period has expired, the Earnest Money Deposit will be released to the seller as full liquidated damages. At settlement, the Earnest Money Deposit is credited towards the final balance.

due diligence period

There are professional services that are typically performed in connection with the purchase of a property. Buyer should understand that a real estate broker cannot give advice in certain matters that may relate to the purchase of a property, including but not limited to matters of law, taxation, financing, surveying, wood-destroying pests, structural soundness of engineering. However, we work closely with many in each of those professions and can make local recommendations for you to consider during your Due Diligence Period prior to purchasing a property. Here are some estimated out-of-pocket fees that buyers can expect when investigating a property:

  • Appraisal: $500

  • Survey: $500

  • General Home Inspection: $500

  • Water/Septic Inspection: $300

  • Pest Inspection: $150

A general home inspection may reveal additional issues, such as structural or mechanical issues that require additional investigation. Additional inspection costs vary depending on the severity of the discovery. The appraisal is scheduled by your lender and will provide an opinion of value for the property. If the appraised value as determined by the third party is less than the purchase price agreed to in the Offer to Purchase & Contract, the lender may not fund the full amount. This could lead to price negotiations between the buyer and seller in order to complete the transaction.

general home inspection

We recommend every buyer hire a licensed home inspector during the Due Diligence Period to check the major components of the property. Items on your inspection report will include the following: Foundation, Basements, Structures, Exterior Siding, Windows, Doors, Roof, Interior Plumbing, Electrical Systems, HVAC Equipment, Interior Walls, Ceilings, Floors, Attic, Fireplaces, Appliances, & Crawl Spaces. If legitimate repairs are needed for a buyer to continue with a transaction, they can request the seller to make the repairs or provide a concession at closing. Items typically requested for repair are those not performing their intended function and does not include worn carpet or paint, old appliances, or outdated finishes. Cosmetic deficiencies should be considered when making your initial offer.

home warranties

If a seller does not include a home warranty policy, the buyer may purchase one to begin on the day of closing for one year terms. A Home Warranty will help to protect against the expense of unexpected repairs or major replacements. Most policies cover plumbing, electrical wiring, and vital parts of heating systems. It can also protect the working components in the appliances.

settlement & Closing

The closing attorney will coordinate with the lender, if necessary, and the title search and all of the closing documents will be prepared prior to the settlement date. An experienced buyer may complete the settlement process in about 15 minutes but a first time home buyer should expect to spend up to an hour at the attorney’s office. After the closing documents have been signed, the attorney will request the lender to release the funds to process the closing. Once the closing has been funded, several documents have to be filed with the County Register of Deeds office. Until all relevant documents have been recorded, the attorney will not release the keys to the property. This process typically takes between 1-2 hours after a buyer has finished signing their documents. It is important to understand that buyers will not gain access to the house until this process is complete.

after closing

Your homeownership journey doesn’t end with closing - it’s really just the beginning. You may be eager to move in, but before you start to unpack boxes, here’s a list of things you’ll want to do first:

  1. Save Your Closing Packet: Make sure to keep all of your closing documents together and file fore safekeeping. This includes: closing disclosure, promissory note, mortgage & deed.

  2. Change the Exterior Locks: In addition to the previous owners, real estate agents, contractors and who know who else may have keys to your home. Don’t forget the electronic keypads!

  3. Deep Clean: Depending on how the previous owners left the home, you may want to have the house professionally cleaned. Wipe down walls, counters, floors & fixtures. You probably want all of the carpet vacuumed and maybe cleaned.

  4. Paint Walls & Ceilings: It will be much more efficient and not as tedious to paint the rooms that you desire before the furnishings & rugs are unpacked.

  5. Replace Worn Accessories: Take an inventory of electrical plug covers, switch plates, door knobs, vent covers & light fixtures noting what needs replacing or upgrading.

  6. Review Your Homeowner’s Insurance: Does it provide the coverage you need? Additionally, there may be discounts available for bundling other policies for making safety upgrades.

  7. Change Your Address: Make sure to update your address with the DMV, financial institutions, insurance companies, employers, other creditors and of course, friends & family.

  8. Transfer Utilities: While major utilities such as sewer, water & electric should have been completed prior to closing, don’t forget about cable, internet & trash service.

  9. Clean & Service Mechanicals: Clean vents and well-running systems will provide efficient performance and longevity and likely keep you from unexpected issues.

  10. Start a Home Maintenance List: Many maintenance items should be completed on a regular basis. Create a schedule for replacing filters & batteries, gutter cleanings, and service contracts.

vendor list

We strive to connect our clients with professionals for any of their real estate related needs. Outside of a real estate transaction, homeowners find themselves needing professional services around the house - from cleaning & lawn care to repairs & renovations. We want to connect you with vetted pros with fair pricing for any home project or service that we have personally had a great experience with. Check out our Vendor List and please let us know if you need a service that isn’t listed.