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 know your buying power, you're ready to begin looking for a new home.
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). A trusted local lender can walk you through the options and help determine what’s best for your situation.
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 commissions. 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.
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.
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 will help you determine a fair offer based on comparable homes in the area and any needed repairs or upgrades. They will negotiate on your behalf.
The home buying timeline can vary significantly, but on average, it takes around 30 to 45 days from the time your offer is accepted to the day you close. Depending on factors such as inspections and financing, the process may move faster, or take a little longer.
My Road To Closing outline is designed to help you understand the process, so you'll know exactly what to expect along the way.
If a home appraisal comes in below the agreed-upon purchase price, it can affect your financing, since lenders typically base the loan amount on the appraised value. In this situation, buyers and sellers have a few options to discuss:
Your Realtor will guide you through the options and help negotiate a solution that works for both parties.
The final walk-through is your last opportunity to ensure the home is in the condition you expect before closing. Take time to confirm the seller’s belongings have been removed, repairs have been completed, agreed-upon fixtures and appliances remain, and that the overall condition of the property hasn’t changed since your offer was accepted. I recommend scheduling the walk-through at least 24 hours prior to closing to avoid any last-minute surprises or delays at closing.
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.
Your trusted real estate agent will guide you in determining the right market value for your home. The ideal asking price is determined through a comparative market analysis, combined with your Realtor’s expertise on current trends and recent sales. It’s important to trust your agent’s guidance and avoid overpricing, as listing above market value can deter buyers and slow down the sale. You can learn more about the risks of pricing too high here.
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. View my Seller's Checklist for tips on how to get your home show ready!
Closing costs can vary and typically include expenses such as agent commissions, prorated property taxes and/or HOA fees, attorney fees, any negotiated repairs or seller-paid concessions toward the buyer’s expenses. Your closing attorney will provide a detailed breakdown of these fees before closing, so you’ll know exactly what to expect.
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
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.
My Road To Closing outline is designed to help you understand the process, so you'll know exactly what to expect along the way.
Making repairs before putting your home on the market can help attract more buyers, shorten your time on the market, and even boost your selling price. While major issues should always be addressed, smaller cosmetic updates or deferred maintenance can also make a big difference in first impressions. Your Realtor can help you decide which repairs are worth the investment based on your home, budget, and local market conditions.
Private showings introduce potential buyers to your property, increasing the chance of receiving offers.
Absolutely. When an interested buyer submits an offer, you are able to accept, reject, or counter. If you counter, you’re essentially rejecting the buyer's inital offer and making a new offer with your terms (such as a different price, closing date, or contingencies). The buyer can then accept, reject, or counter back. This back-and-forth is a normal part of negotiations until both parties reach an agreement, or decide to walk away.
I will help you understand the conditions, provisions, and obligations of the offer to pruchase and contract. More Information On Offers and Negotiations
When a home receives multiple offers, your Realtor will help you review each one carefully, considering not just the price but also terms such as contingencies, closing timeline, and financing. You can choose to accept the strongest offer, reject all offers, or enter into a counteroffer or “best and final” process to encourage buyers to improve their terms. Having a trusted agent guide you ensures you make informed decisions and get the best possible outcome.
If a home appraisal comes in below the agreed-upon purchase price, it can affect the buyer's financing, since lenders typically base the loan amount on the appraised value. In this situation, buyers and sellers have a few options to discuss:
Your Realtor will guide you through the options and help negotiate a solution that works for both parties.
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.