Preparing
to Close!
You’ve
found the perfect home and your agent has helped you negotiate a great deal. Here’s what happens next:
Due
Diligence and Inspections:
Here in NC, a small, non-refundable dollar amount is given by the buyer to the
seller so they have time to inspect and make a final decision. If the sale
closes, this amount is credited to the buyer. If the sale does not proceed, the
seller keeps the amount. You agent will
recommend a wise amount to offer and also how much time you will need to get
things in order before closing. During
this Due
Diligence period you will need to:
·
Get
your final
loan approval. Start on this
first as you will want your lender to immediately schedule the…
·
Appraisal:
A home appraisal specialist is called in by the lender to review the
property and determine the value. He
will compare it to current and recent past activity in the neighborhood to be
assured that the price you have agreed upon is realistic.
·
Attorney,
Title Exam & Closing: Your agent can recommend a good real estate
attorney who will schedule the closing, and immediately begin the title
search. The title search will provide
the complete history of the property to make sure there is no problem with the
title and you will also be asked to get title insurance to protect against any
future claims.
NOTE: The attorney is paid for and works for the
buyer, which works well in most cases.
Sellers are advised to get their own attorney if the transaction is
complicated.
·
Home
Inspection: Your agent can recommend a licensed home
inspector who will come in to check the home for a variety of items that are
required by the state to be sure the home is safe & sound. The purpose of an inspection is to assure that the home is functioning as intended - not look to make a list of desired updates. Items
checked include: plumbing, HVAC, wiring,
walls, ceilings, floors, windows, doors, foundation & basement, attic &
roof. He will recommend another
professional to come in to assess if something is not quite right.
·
Radon
Inspection: Radon is a colorless, odorless, tasteless
radioactive gas that occurs naturally in the ground in many areas. Breathing
home indoor radon causes nearly one hundred times more deaths each year than
carbon monoxide poisoning. Radon
is the second leading cause of lung cancer behind smoking. It does occur in our area & you want to
test for it
·
Septic & Well Inspections: Unless
your home has city water & sewers
·
Wood Infestation: Your agent can recommend a licensed
professional to check for wood destroying insects. According to my inspector, there are two
kinds of homes here in NC; those that have (or had) termites and those that
will get termites. You don’t know what
sort of prevention the previous owners did and you lender may well require this
as part of your loan.
·
Property
Insurance: You will need to have property insurance
scheduled to start on the date of closing.
Begin shopping around now.
·
Schedule
your mover
now, especially if you want to move on a weekend. Many movers are booking several weeks to a
month or more out.
I provide my buyers with detailed information and estimated costs for all these items so they know what to expect.
Earnest Money:
An additional amount, as recommended by your agent, will also be given, either
with the offer or at another agreed-upon time prior to Settlement. The purpose of this money is to show that you
are serious about purchasing the home. The
Earnest
Money is refundable at any time during the Due Diligence period
if you choose not to proceed with the purchase.
It is credited back to the buyer at the closing.
As you move closer to the Settlement date, you may beging to appreciate your expert agent even more, as she continues to
monitor, track and keep everything moving forward smoothly as you move closer
to moving into your own home!
If you’re
looking for a real estate professional to help, guide, and advise you through
the largest financial transaction you will probably make in your lifetime – BE SAVVY..CALL THE SMART
REALTOR
Elizabeth Scott, Realtor®, Broker
e-PRO,
Strategic Pricing Specialist
Fathom Realty NC, LLC
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com
