We have assimilated information here just for Buyers to learn about buying property in North Carolina and some more specific topics about buying coastal property. Please feel free to read at your leisure and of course if you have any questions, or if you not finding what you are looking for, please contact us more information.
So, you are ready to start looking for a new home, a second home, or . . . Looking and searching is and can be fun. While this is where everyone would like to start, the most prudent place is to obtain a pre-qualification for financing if your purchase is going to require you to obtain a loan. Lenders doing lending in our market are the best resource for this and we can assist you with getting connected with these folks. It is fairly painless and most lenders are doing it thru phone interviews and online now. Typically you will get an answer within 24 hours or sooner.
Some words of caution should go along with this.
Why should you obtain pre-qualification? The simple answer is you will know exactly what your purchase power is. The second part of this is that it gives you negotiating power if the Seller knows that you have been pre-qualified. It is in your best interest!
You finally found what the perfect property and have successfully negotiated a purchase contract on terms you are satisfied with. Now is the time to immediately make application for your loan. Your lender will assist you in completing the application, but here are some things you will need, so go ahead and be ready:
The above is not the full extent of what you will have to provide, but it is best to go ahead be prepared. When the lender asks for additional information, give complete information as requested and do it quickly. Also be prepared to give the lender some money when making loan application. It does not come free! Read Here for more checklist and explanation.
Now that you are under contract to purchase property, that same contract allows you to perform Due Diligence. This is a time period for you to make sure that everything “is as it seems”. It is time to dot the i’s and cross the t’s. Making loan application is discussed elsewhere and is not discussed here. That is part of the due diligence investigations – making sure that you can borrow the funds needed to consummate the closing.
With the loan application made, there are other tasks as outlined here:
As your agent, we will assist you in keeping up with all of these tasks. There could be additional tasks or inspections that may be needed. The objective is check the boxes and make sure that you are informed.
The short answer to this question is that it gets negotiated between you and the Seller. As your agent, this is something that will be discussed after the home inspector has concluded the home inspection. Most every home, not matter what its age has items that need attention. First off – Don’t be alarmed!
In our portfolio of prescribed forms, we have one just for the purpose of requesting that Sellers make certain repairs which a home inspector has suggested or even something that you as a Buyer have noticed. It could take the form of asking the Seller to complete repairs or requesting that the Seller may a money concession in lieu of repairs. The Buyer signs the request and then the Seller is requested to agree. If the Seller agrees to the request in writing, then this form/document becomes part of the contract documents between the Buyer and the Seller.