Buying a Home in North Carolina
Breaking It Down
Congratulations on your decision to find a home! We know that the buying process can seem daunting, so we’ve broken down the process of buying a home in North Carolina below!
Commit to your decision to purchase a home and what kind of home you want.
Before meeting with an agent, have a list ready of what kind of property you are looking for and know your budget. How many bedrooms do you want? Are you looking for an open floor plan? Do you have a preferred neighborhood? Having this information prepared will help your agent to find you great home options.
Prequalify.
To purchase a home you will likely need to prequalify for a loan to determine how much you can afford to borrow. Your loan will be based on your income and credit standing. Prequalifying will help you finalize your budget and plan for your home financing.
Search for a home.
Once you have prequalified and signed a real estate disclosure, you will work with your agent to view properties based on your budget and home preferences.
Submit an offer.
When you are ready to make an offer, you will work with your real estate agent to submit an offer to purchase. The offer to purchase is a document that needs to be signed by both the buyer and the seller. The executed copy of this document will note the final purchase price, the due diligence date and closing date. There may be some back and forth revisions of to the offer to purchase, should this occur, your agent will be the one to negotiate on your behalf.
Sign the accepted offer and begin the under contract process.
Once your offer is accepted and the offer to purchase is signed by the buyer and the seller, you will officially be under contract and the offer to purchase will be considered executed. Your closing date is usually 30 to 45 days after your offer is accepted.
Once you are under contract, your due diligence period begins. This the time for the buyer to thoroughly investigate the property, which can include reviewing property documents, procuring insurance and walking the property.
Get an appraisal and inspection of the home.
The lender will order an appraisal once you are under contract. The appraisal is required by the bank and the process entails the appraiser inspecting the property for any improvements or deficiencies that may lower the value of the home. The appraiser also takes the location, square footage, and selling price of similar properties into consideration. The appraisal allows the lender to finalize how much to lend, what type of loan will be provided, the down payment requires, and what the interest rate will be.The buyer can also hire a home inspector to assess the overall condition of the home. Typically, the home inspection focuses on the property systems, such as the plumbing, electrical, and HVAC. The inspector will determine if any repairs need to be made and if there are any health concerns.
Secure the title and title insurance.
Your agent will help you select a closing attorney who will perform a title search and secure the property title. Unless a warranty is offered by the seller, you will likely want to obtain homeowner insurance. Your agent can help you select a company to protect your home.
Meet with the closing attorney & close on your home!
Once the above steps have been completed, you will meet with the closing attorney and complete the final paperwork to transfer the deed for the property. Your agent will be with you at closing to review the documents and ensure that no errors have been made. Once the closing statement and deed are signed, you will receive the keys to your new home! Congratulations, you are officially a homeowner!
Ready to buy a home in the Wilmington, NC area? Find out more about our agents here!