Begin the home buying process by assessing your budget and timeline, getting pre-approved for a mortgage, and finding a reputable real estate agent who understands your needs and the local market. Once you're ready, begin house hunting, ready to make an offer on a new home or property.
Pre-qualification is an initial assessment of how much you can afford, based on self-reported financial information. Pre-approval is more comprehensive, involving a credit check and financial review by a lender to determine how much they’re willing to lend you.
The standard down payment is 20% of the home’s purchase price, but many loan programs allow for lower down payments. However, a smaller down payment may require private mortgage insurance (PMI).
Closing costs are fees associated with finalizing a mortgage and can include loan origination fees, appraisal fees, title searches, title insurance, pro rated taxes and HOA fees, closing attorney fees, and in some cases, agent commissionsmore. Expect to pay between 2% and 5% of the home’s purchase price in closing costs. A trusted mortgage broker can tell you how much money you will need to bring to closing.
Yes, a home inspection is crucial. It can reveal hidden problems with the home’s structure, systems, and components, potentially saving you from costly repairs down the line.
Absolutely. Your real estate agent can help you determine a fair offer based on comparable homes in the area and any needed repairs or upgrades. They’ll negotiate on your behalf.
The timeline can vary significantly, but on average, it takes around 30 to 45 days from when your offer is accepted to when you close. This timeline can be longer or shorter depending on the specifics of your inspections and your financial situation.
The final walk-through is your last chance to inspect the property before closing. Check for any unresolved repair issues, ensure agreed-upon fixtures or appliances are in place, and confirm that the home’s condition hasn’t deteriorated since your offer was accepted.
On closing day, you’ll sign several legal documents to finalize your mortgage and transfer funds. Once everything is signed, paid, and the deed is recorded, you’ll receive the keys to your new home.
Buying a home with bad credit is challenging but not impossible. You might face higher interest rates and may need a larger down payment. Some government-backed loans, like FHA loans, are more lenient with credit scores.
Identify the ideal asking price through a market analysis and your Realtor's insight into current market trends and comparable sales.
Enhance appeal by decluttering, staging, performing essential repairs, and ensuring your home is clean and welcoming. Boost curb appeal with a well-maintained lawn and clean home exterior. Inside, declutter and depersonalize to make spaces seem larger and more neutral. Address minor repairs like fixing leaks, holes in the wall, replacing old light bulbs, or tightening hardware. Creating a welcoming atmosphere can leave a positive, lasting impression.
Closing costs are fees can include agent commissions, pro rated taxes and HOA fees, closing attorney fees, and more.
In North Carolina, the buyer and seller each hire their own closing attorney and pay their own closing fees, however some specifics are negotiable. Generally, sellers often pay larger costs such as real estate commissions and transfer taxes, while buyers typically cover costs related to their mortgage (such as loan and appriasal fees). Buyers can negotiate for the seller to contribute to their closing costs
Absolutely. Your real estate agent can help you determine a fair offer based on recently sold comparable homes in the area, and any needed repairs or upgrades. They’ll negotiate on your behalf.
The sale timeline varies based on market conditions, pricing strategy, and home presentation, with your Realtor guiding you through each step. The timeline can vary significantly, but on average, it takes around 30 to 45 days from when your offer is accepted to when you close on the home. This timeline can be longer or shorter depending on the specifics of your deal and your financial situation.
Prioritize repairs that boost home value and buyer interest, focusing on cost-effective fixes that offer significant return on investment.
Before closing day, you’ll sign several legal documents to transfer your property’s ownership to the buyer, however, ownership doesn't take place until the buyer's sign their closing documents and the deed is recorded.
Private showings introduce potential buyers to your property, increasing the chance of receiving offers.
Evaluate all offers with your Realtor, considering both the financial and contractual terms to select the best one.
Options include renegotiating the sale price, requesting a second appraisal, or the buyer making up the difference in cash.