Buyer Resources

Whether you are a first time home buyer or a seasoned investor, the process of purchasing a home can be streamlined by having a great real estate agent. Timelines depend on the details of the transaction, but the general process is:

1. Determine your budget- we can help you find a ball park range based on your income and expenses and can assist in comparing lenders for your pre-approval.

2. Once pre-approved, or if purchasing with cash, we identify the must-have features and desires for your new home and start sending listings for your review.

3. We will start viewing the homes of interest. If you live out of the area we are happy to conduct virtual showings live with Zoom or Facetime, or record a video of the property to send you.

4. When we find the right home, it’s time to make an offer! I will research the home and send you information on taxes, previous sales and other pertinent details to help you make an informed decision on the amount and terms of your offer.

When the offer has been accepted by the seller, we are now under contract and the inspections begin. The process is slightly different for cash sales and mortgages, but there are some basics for all sales.

1. If you have a lender, there are some services that they require such as an appraisal. Some other services are optional but we highly recommend completing as many inspections as possible to be sure your new home is free from defect.

2. Upon completion of the inspections, if repairs are needed they can be requested from the seller during the due diligence period.

3. Once repairs and negotiations are finished, and the due diligence period ends, it’s time to move to closing. Your attorney will be conducting a title search and making sure the seller can provide clear title to the property. If you have a lender they will be wrapping up the loan documents during this time.

Closing day is finally here! The attorney has conducted a title search and the lender has sent the attorney the paperwork for your loan.

1. You will receive a Settlement Statement from the attorney a couple of days before the closing is scheduled. We will review the Settlement Statement which spells out all the expenses and credits for the purchase. Once approved, you will sign and send it back.

2. Just before the closing we will perform a final walk through to make sure everything is in order. If you cannot attend the walk through I will do a virtual one for you.

3. At closing, you will sign the documents for your loan ( if applicable) and the seller will sign title to the property over. The new deed and mortgage will be recorded, the funds will be dispersed by the attorney, you will receive the keys and it’s time to move into your new home!

In real estate transactions, there are generally two agents involved: the buyer’s agent and the listing agent. The buyer’s agent represents the buyer(s) and the listing agent represents the seller(s). The responsibilities of the buyer’s agent include: searching listings, conducting showings, video tours or previews, negotiating offer terms, coordinating inspections, communicating with the bank or lender and making sure the buyer is fully covered during their purchase.

Earnest Money is similar to a deposit on the sale and will be kept in escrow, usually by the closing (buyer’s) attorney. In North Carolina we have a due diligence period, which allows the buyer to make inspections (at their expense) and have the home appraised for the lender. There are many reasons a buyer may choose to back out of a sales contract, and the due diligence period gives them that opportunity. Earnest Money will be returned to the buyer if they back out BEFORE the due diligence period is over. If the contract goes to closing, the attorney will credit the earnest money amount on the settlement statement. It is customary to include earnest money with an offer but is not required.

Due Diligence Fee is a fee paid directly to the seller. The Due Diligence Fee is NOT RETURNED, even if the buyer backs out during the due diligence period. The DD fee can be incentive for a seller to take an offer but is not a required fee.

There are many home purchasing resources for active, reserve, retired and veteran service members. From first time home buyer programs to zero down loans, I can help you navigate the options that are available and compare different lender’s VA Loan Programs.

More information on VA Loan Programs can be found HERE.