FREQUENTLY ASKED QUESTIONS
Should I sell my current home before buying a new one?
- That depends! Everyone’s situation is different. Buying before you sell eliminates the step of having to find temporary housing before you find your next home. If you need the money from your sale to use for the purchase, you could consider a home equity loan. If that’s not an option, then selling your home first is the next option.
Is there anything special about being a first-time homebuyer?
- Absolutely! Working with first time home buyers is such a delightful experience because this is brand new territory to them. Homeownership is investing in your future and creating a space to call your own.
What is the difference between “prequalification” and “preapproval”?
- Prequalification is the beginning of the loan process, the lender has looked over preliminary information. In preapproval, the lender has a deeper understanding of the financial power of the buyer by obtaining employment verification and debt to income ratios.
Do I need preapproval before viewing a home or making an offer?
- Yes. This is an important step in any home-buying journey, this is how you show you are ready and have buying power it takes to qualify for the house you’re making an offer on. Even with cash offers we submit proof of funds.
Do I need a real estate agent?
- Yes
Do I need a lawyer?
- Yes
Who does the lawyer represent in the transaction?
- The attorney researches the property and ensures that there is clear title through obtaining a title search and insurance. They prepare the legal documents and record them at the register of deeds.
When does a purchase offer become a contract?
- After all parties have signed and the offer has been communicated (emailed or hand delivered).
How long does the home buying process take?
- Once you’re under contract, closing can occur anywhere from ten days to two months depending on financing. Typically, it takes around 30-45 days.
What questions should I ask my agent about the home I want to make an offer on?
- Finding out about the age of the systems and what the sellers would like to see in an offer is always a good idea. Asking if there are any other offers will help you determine your best offer.
I found a home that I like. How do I make an offer?
- With your preapproval letter in tow, you will discuss the terms of your offer with your agent and decide on purchase price and deposits. Once that is finished your agent will write up the offer for you to sign, once that’s done they will relay it to the listing agent. From there the agents will communicate with their clients and negotiate on their behalf.
How soon will the seller respond to my offer?
- It can be as soon as the same day but it’s usually within a day. If there is an offer deadline, it will be outside of that window.
Do I need a home inspection?
- Absolutely! There are certain scenarios such as investor purchases or tear downs that do not necessitate an inspection but in all other cases they are recommended but not required. A home inspection provides you peace of mind about the house you’re buying and an opportunity to negotiate repairs with the seller.
What are the steps in buying a house in North Carolina?
- Find an agent who can advise you and advocate for you.
- Find a dependable lender and get prequalified.
- Talk to your agent about what you want in your next home.
- Start your home search.
- You found a house you love! Put your offer in! Fastforward, it’s accepted!
- During the due diligence process, there are inspections, appraisals, repair negotiations, address changes, and the loan approval process.
- It’s closing!
- Move-in!
How often do you pay property tax in NC?
- If you have a loan your lender will include it in your monthly escrow payments. If you bought your home with cash, the bill will be sent to your billing address. You can submit payment with the invoice.
How is property tax calculated in NC?
- Property tax is calculated by taking the assessed value of the property and multiplying it by the tax rate.