Buyers FAQ

Buyer's Frequently Asked Questions

What is the First Step in the Home Buying Process?

Unless you are planning to pay cash for the purchase of your home, you will need to get a mortgage. In order to know how much home you can afford, you will need to speak to a lender and begin the pre-approval process. This is an important first step to buying a home, as it will help you determine how much house you can afford and set a firm budget. Sellers are more inclined to take your offer seriously if they know you have the financial ability to purchase the home. Today, most sellers require a pre-qualification letter to accompany any offer their receive..

What is the Difference Between Being Pre-Qualified and Pre-Approved for a Loan?

A pre-qualification is based on information your provide to the bank and assumes that the information is accurate and true. It will tell you what you could potentially be approved for. A pre-approval looks at the information you provide in addition to extensive financial background checks, credit history and score, previous tax returns and verification of employment and salary. A pre-approval states what the bank is willing to loan to you. Either way, a seller is likely to require one of the two prior to considering an offer.

What Does a Buyer's Agent Do and When Should I Hire One?

As your Realtor I would advise and advocate for you in the home buying process and work as your representative to ensure you get the best deal possible. I would help you search for homes, to walking you through the necessary paperwork, negotiations and inspections, to signing the closing documents. I am there every step of the way to provide you with the tools and information you’ll need to buy your home. You should hire an agent from the beginning. Real Estate agents have access to the latest market information and have the ability to search homes on a more detailed level than publicly available. Not only will this help you find your dream home quicker and more efficiently, but it will also ensure you are getting the best representation possible throughout the process.

How long does it take to buy a home?

There is not a one answer fits all for this question. There are many factors that can affect how long it takes to close on a property. Loan approval is probably the biggest factor of all. It is important that you give yourself time to do your due diligence and ensure that all of your home inspections and repair negotiations are done.

What Happens Once My Offer is Accepted?

Once your offer is accepted, the due diligence period begins. During that time, I will assist in setting up home inspections, negotiating repairs and ensuring that you have all of the information you need to proceed to closing. During the due diligence period, the most important thing you can do as a buyer is work closely with your lender to ensure your loan approval is moving forward as quickly and smoothly as possible.

How Does the Due Diligence Period Work?

North Carolina is a due diligence state, meaning that the buyer has the right to walk away from a contract during the due diligence period without losing their earnest money. However, the buyer generally pays a non-refundable due diligence fee in exchange for this. The due diligence period is a mutually agreed upon time period in which the buyer does all of their inspections, surveys, appraisals, etc. The seller is obligated to make their home available for the inspections. A repair request would be submitted to the seller after the inspection, which can then be negotiated. After the due diligence period ends, the buyer’s earnest money is non-refundable.

What Are Closing Costs?

Closing costs refer to the costs of purchasing a home. Such fees include property tax, homeowners dues, lender fees and down payments.

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