Resources for Buyers

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STEP 1: GET APPROVED BY A REPUTABLE LENDER.

You can get pre-approved by a reputable lender by providing some basic information about your income, savings, and debt. The lender will also explain your various financing options, the monthly payment amount you can/should afford to pay, and what you should expect to pay for your down payment and closing costs.

STEP 2: HIRE AN AGENT, START HOME SEARCH & SCHEDULE SHOWINGS.

Your agent can assist you by offering objective information about each property, from local community information to specific details about the home's condition. They can also schedule showings of homes and provide you with access and helpful details about the properties during your showings.

STEP 3: MAKE AN OFFER AND NEGOTIATE TERMS.

Before you make an offer, your agent will research recent comparable sales of similar homes in the area to help determine a fair purchase price. Your agent will advise you on how to structure your offer and negotiate on your behalf to get the very best deal possible.

STEP 4: GO UNDER CONTRACT.

Once you and the other party reach an agreement you'll receive the counter signed offer which is now the purchase contract. Then you’ll make two deposits: The Due Diligence Fee (DDF) paid directly to the seller(s) and the Earnest Money Deposit (EMD) paid to an escrow account to show your good faith. Both deposits will be credited to you at closing.

STEP 5: ENTER DUE DILIGENCE & ESCROW PERIOD.

The DDP is a 1-4 week period to bring in professionals to inspect, survey and appraise the property. If an inspector finds serious defects or issues, and/or if the appraisal comes in below the purchase price, you can ask the seller(s) to make repairs, provide a credit to you at closing, or to reduce the contract purchase price. During this period you also have the option to terminate the contract and get your earnest money deposit (EMD) refunded.

STEP 6: FINALIZE TERMS OF CONTRACT & OBTAIN LOAN APPROVAL.

Now that you've gone past the DDP expiration date and all contract terms are finalized,  you should be on track to close on the property. Your agent can help you by recommending reliable home warranty and insurance companies.

STEP 7: PREPARE FOR YOUR CLOSING.

In the Carolinas, your attorney/paralegal will be the primary point of contact for your closing. They will do a title search, order a property survey and prepare all the paperwork for closing. Prior to closing, ask the attorney for wiring instructions and transfer utilities. Make sure to bring your driver's license to closing!