Triangle Property Lines: SIX STEPS TO BUYING A HOME IN 2013

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