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Buying A Home In North Carolina
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Purchasing a home is fun,rewarding and exciting! The American Dream, a piece of the pie! A primary foundational attribute of home ownership is financial security.
Michael Wilson is devoted and passionate about assisting families in the purchase of homes in the Raleigh,North Carolina area. With the help of Michael Wilson and the Raleigh N.C. Home Team, buying a home or investment property is easy and is an important step towards financial security. We will go out of our way to make the process as stress free as humanly possible.
The Raleigh, North Carolina real estate market is abundant with homes in all price ranges from investment properties that will generate a positive cash flow to commercial,retirement and even vacation homes.
The Raleigh N.C. Home Team specializes in the representation of buyer's and sellers in all of Raleigh,Cary, Apex,Morrisville,Research Triangle Park,Wake County. Special emphasis on the North Raleigh,Wake Forest,Rolesville,Youngsville areas including Knightdale,Wendell and Zebulon but we are not limited to Wake County. The Raleigh N.C. Home Team is Serving Franklin County,Granville County and Johnston Counties as well. Click Here to search thousands of properties generated by our local Multiple Listing Service.
There are many steps to buying residential ,commercial or investment properties in North Carolina. With respect to traditional methods of purchase,each region is somewhat different. This brief overview will give you a good idea of what to expect. For much more detailed information on buying homes click here. Our objective is to assist you in making an intelligent and informed decision.
The current trend is that nearly 90% of home buyer's begin their property search on the internet. The internet is the best place to find valuable information on any particular area and homes of interest.The world wide web is unlocking the doors to real estate like never before; newspaper and magazines don't cut it anymore. These sources of information just don't have the level of information,pictures,virtual tours,school information,neighborhood tours,street level and aerial views etc.The list goes on and on!Think about it; if you live out of state and you need information on housing in an area that you are being transferred to like Wake Forest, North Carolina.Where would you have gone for specific and localized information a little more than a decade ago? Most likely you would have contacted a local real estate agent for the information.Because real estate covers such a broad spectrum of property and is local in nature; working with a real estate agent who has local knowledge;especially an agent like Michael Wilson who is a native will give you a tremendous advantage. He knows the Raleigh area well enough and the trends in the market place to assist you in the best possible way; possibly saving you years of distress because you bought in an area that you know is not where you wanted to be in the first place.
If you need assistance, don't hesitate anymore.
Call Michael Wilson (919)255-8045, "always available" to assist you or email and let's get started today.
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Hire an Accredited Buyers Agent (ABR®)
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Besides being the largest financial transaction you may ever undertake, it's probably also the most complex.
When you have decided that it's time to buy a home and gain a piece of the American pie,we recommend hiring an (ABR®). An Accredited Buyers Agent is a Realtor® that has been proven to have an established track record in the representation of the concerns of home buyers and has completed the required education to earn this highly esteemed designation.
Michael Wilson is a trained professional and has earned the ABR® designation and is representative of the best-in-class buyer services.Choosing Michael will be one of the best decisions you'll ever make by being served not sold!
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Getting Pre-Qualified or Pre-Approved
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There is a distinguishable difference in pre-qualified and pre-approved
One of the first steps in buying a home for most people is to find out what they can afford or "qualify" for. Getting pre-qualified is easy; it's as simple as picking up the phone and answering a few questions related to your financial standing. Being honest about your income and debts is crucial here; including being willing to give out your social security number when asked.Good credit history will be the foundation of obtaining the best possible interest rate and terms of the proposed loan. Pre-Approval is almost as good as gold as the creditor has already approved your mortgage amount as is just simply waiting on a "contract" and at that point the lender only needs to verify the appraisal and have the underwriter sign off and it's done. By far, being pre-approved will give you the best possible advantage in the "offer" to the seller.
The Michael Wilson Realty Group will always recommend that you obtain at least three estimates and at the same time demand a good faith estimate.
Good Faith Estimate
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low. The very last thing you need is to show up at the closing only to find out the company has raised your interest rate or tacked on some "junk fee" and it happens. Where you do your personal banking is probably the best place to start as they already have an established relationship with you after all, that's what this business in particular is all about.
There are many mortgage companies out there today and all are eager to earn your business but we recommend you seek out a recognized professional institution as well as a local one.Local is important because if there is a problen then you can always physically go to the place of business for assistance and that is not possible on some of the internet based outfits; not recommend. If you need assistance with a mortgage and don't know where locally to go or would like us to refer you to someone that is not a problem, just ask. We have several to choose from.
Standard Closing Costs
Loan-Related Costs
- Loan Origination Fee
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Taxes
- Property Taxes
- Transfer Taxes and Recording Fees
Insurance
- Homeowners Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
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What Type Of Home Are You Looking For?
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When looking for a home there are a number of options from the size of the home, location, amenities, to the size of the lot or yard. Knowing what you want in a home will make shopping easier and more efficient. Discuss with your agent the many options you are wanting in a property. Try to come up with a wish list and a needs list. A needs list is something the property has to have, an example is the number of bedrooms or the minimum square footage of the home,do you have to have a garage. A wish list is items you would like to have but if not present will not knock a property out of the search, and example is a fenced yard or a shed in the back yard.
Once you have decided the type of property you will be looking for it is time to go shopping with your agent. Michael Wilson is a member of the Raleigh Board of Realtors and has access to every property listed in the Multiple Listing System. With this in mind, if you see a property listed with another company, we have the access and the ability to assist you in the purchase of any property listed in Raleigh North Carolina and all Triangle areas. Click Here to search all available homes. |
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Making The Offer
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Once you have found the house that you like it will be time to make a offer. The Raleigh N.C. Home Team will fill out all the paperwork necessary. There is a lot of paperwork involved but don’t get discouraged.You will see paperwork such as the Offer To Purchase and Contract,North Carolina Residential Disclosure Statement, Addendums,If the home was built 1978 of older there is a Lead Based Paint Addendum just to name a few. Your Raleigh N.C. Home Team agent will explain all the paperwork necessary you will need. Your agent wil provide a CMA on the subject property to determint the best approach for an offer. Sometimes the best written offer will be rejected by the seller. The seller will normally make a counter-offer.
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Counter Offer
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If you want to continue to contract on the property you may accept the sellers counter-offer or move on to the next property without penalty. Sometimes negotiations can go back and forth for a period of time much like a cat and mouse game but this is serious business;you must get this right. Once the counter offer is presented to you, it is up to you to accept the changes or make changes of your own. During the negotiation process the home is still in the free market and the seller could accept a forthcoming offer anytime. Once the terms of the offer are agreeable by you and the seller then it is time to formalize it by all parties signatures; at this point the offer becomes a binding contract.
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Earnest Money Deposit (EMD)
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When your agent presents an offer to the seller it is traditional to show good will in the form of good faith money or (EMD)earnest money deposit. In North Carolina this money will normally be deposited into a Brokerage firms “TRUST” or escrow account. The listing firm usually handles this deposit until the property goes to closing. The amount of EMD you put down is negotiable and there are instances where none at all is used but the more you can afford the better because it shows a strong willingness to perform under the contract to close. Some sellers will require a specific amount of EMD to be put down on a house; mostly new home builders or a pre- construction before they accept your offer.
In The Raleigh North Carolina Research Triangle area, depending on the price of the property or home a good rule of thumb is ½ to 1%. When the home goes to closing the EMD will be credited to you for the purchase. The Earnest Money Deposit is not a down payment on the mortgage. The good faith money is held in a trust account for good reason. If the home does not close and there is some dispute over who is entitled to it; the trust money has to stay in this account until all parties agree in writing as to who is entitled or a court decides.The agent cannot make any decision over this money only assumption as we are governed by licensing laws and guidelines.
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Inspect The Property
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After the offer has been signed and dated by all parties involved and it then becomes a contract everyone will be working to close on the home. One of the most important aspects of the process is the inspection and it is strongly recommended even when it is a new home! There are numerous inspections that could be done and are optional. A structural inspection may reveal problems that the naked untrained eye cannot see. Radon testing is an example of an inspection that is done frequently as it will uncover the presence of a gas that could be harmful to your health. Termite inspections and wood destroying “organisms” is most recommended at the very least. The list of inspections can be long and can also include and are not limited to water testing or well and septic system. A survey is always recommended because it will uncover an undesirable encroachment or easement that you may not be able to visibly see.We will always advise you of your options in regards to any aspect of the buying process as they are in your best interest.Once the inspections you elected to perform are complete and the appraiser has determined that the home or properties value is measurable and supported, insurance is available,the seller has completed any repairs and you have fulfilled all the requirements of the mortgage company it will be time to close.
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CLOSING!
Closing is defined by it's very nature to be the time at which the deed is transferred and recorded by the Register Of Deeds. Congratulations you are a new homeowner!!
This page was intended as a brief sinopsis of the home buying experience you may experience in the Raleigh North Carolina, Real estate market.
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Please be advised that this website and its content is deemed to be reliable but not guaranteed. The internet is not an experienced professional! It cannot consult,advise,have knowledge of local market conditions,make judgements or most importantly understand your individual goals and needs and care about you as a client.
To obtain an accurate assessment of any data you're receiving on-line,please contact us.
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