Saturday, March 23, 2013

SIX STEPS TO BUYING A HOME IN 2013 - STEP FIVE

STEP FIVE of Six Steps to Buying a Home in 2013

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

Monday, March 11, 2013

SIX STEPS TO BUYING A HOME IN 2013


SIX STEPS TO BUYING A HOME IN 2013


STEP FOUR - Time to Go Shopping

You’re more than half way there!  You made the decision that home ownership is the right thing for you; have obtained pre-approval and have a great agent lined up.  Now the fun starts -- it’s time to look at homes. 


Make sure your agent clearly understands your interest in terms of location, size, age, etc.   Do you have a preference for any particular features?  Two story or single floor plan?  How many bedrooms and baths do you need?  If your new home must include a fireplace, make sure to communicate that information.  My clients and I take time for a thorough discussion first so I can help him/her find the perfect house.  No point in wasting time looking at detached, single family homes when you really want a condo or townhouse. 

There are more than 22,000 homes for sale here in the Triangle.  A list of features can focus your search and help to clarify what is most important and what is least important.  While touring homes, make notes on each property.  I give my clients a great chart that they can use for each home to help them remember which house had what.  Without this, they all meld together in our memory.

You may also want to take along a digital camera.  Take a picture of the listing sheet first so you can remember which photos go with which home.

If you can, take a ride around neighborhoods or subdivisions that have homes you like.  This way you can get a feel for its proximity to highways, shopping, schools, and whatever is important to you.  


Once you have narrowed your search to a particular area or subdivision, ask your agent to research property values in that area.  Please, however, do not ask your agent to provide you with comparables on every single listing.  This is a time-consuming activity & only makes sense for those homes that you really like.

You found a great house and want to buy it.   Hooray!  With the help of your agent, you will submit an offer to purchase with the type of financing (see Step Two) you desire.  

Before signing, read it carefully and make sure you understand every detail.  I sit with my clients for each offer and review all the paperwork.  Coffee is helpful as there are lots of forms.  It helps to have an experienced agent who knows these forms well & can explain them simply.  

You’re almost in your new home now!  Doesn’t it feel great?

Stuck on a step?  Ready to move on?  Give me a call!

Be Savvy...Call the Smart Realtor
I'm never too busy for your referrals
Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC      
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com