Homebuying process in North Carolina!
What does it look like to buy a home in North Carolina? From my perspective, there are six main steps!
1. Meet with a realtor (me!) to discuss your overall goals, timeline, and hopes for the homebuying process. This will allow us to talk through a lot of your ideas about the journey as well as answer any questions or concerns you may have. During this step, we’ll walk through examples of paperwork and the odds & ends of North Carolina real estate.
2. Meet with a lender. This will get you set up to know exactly what type of home you’re able to buy as well as learning a lot about the loan process. Most of the time, putting 20% down isn’t the best option and people don’t even know! In our area, there are a lot of options for 0% down financing for first time home buyers and conventional loans require as little as 3% down. A lender can help walk you through the process so you have clarity on exactly your budget and the funds you’ll need to bring to the closing table.
3. Set up home search & start looking at houses! Once we’ve walked through all of the paperwork and you’re preapproved with a trusted lender, we can start looking at houses. This will slowly start to give us an idea of exactly what you’re wanting to purchase. Homes can look a lot different than they do online, and sometimes your desires will shift once you start seeing different properties. Maybe you’ve dreamed of an old home, but realize you don’t want the upkeep or that extra bedroom isn’t as important to you as location. We’ll walk through the attics and crawlspaces, and discuss the major systems of each home like HVAC and plumbing.
4. Make an offer & go under contract! When you find the perfect home, we’ll talk about the details of an offer to win the deal. I like to balance a competitive offer with being reasonable in our current market and we’ll talk through data to support those choices.
5. The due diligence period. In North Carolina, our purchase contracts don’t include any contingencies – it’s why we are so thorough when we tour a home. I want you to know the bones of a home and any expected problems that may arise. However, once we’re under contract, we enter into the due diligence period where you have the opportunity to do inspections. Buyers purchase homes “as-is” in NC, but you’re always able to ask for repairs or concessions, and I’ll work to find a solution that feels right for you.
6. Closing day! You’ve made it – we’ve negotiated any repairs, your loan has been funded, and you just signed the papers to close on your home! In NC, you don’t technically own the home until the deed records in the register of deeds. Sometimes that can be a few hours after signing or even the next day. Once it does, you’ll get your keys and are officially free to move in to your home. You’re a homeowner!
