Charlotte NC Buyers Steps to Owning a Home
Buyer Steps to Homeownership, The Series
HOME BUYERS! What should you expect when buying a home? You should expect unsurpassed customer service and knowledge of the area. You should expect to have this be the easiest home-buying processes you've ever experienced! You will no longer be allowed to ‘worry,’ we will take care of the details for YOU! As we work together to achieve the common goal of your homeownership, the process will be broken down into four simple stages:
1. Pre-Purchase Consult
2. Shopping for Your Home
3. Purchasing Your Home
4. Settling-in
Part I: THE PRE-PURCHASE CONSULT
Before we head out shopping, we'll spend some time ‘planning’ so that we can ascertain that you feel confident about the entire home-purchase process, including your choice of REALTORS®.
- What are you looking for in a home? What are your jobs, your hobbies and special interests, your concerns about location, transportation, schools, places of worship etc.? What do you like or dislike about your current home and your current neighborhood? If you are moving to a different type of neighborhood, what would you like in your new neighborhood?
- We’ll review your financial situation, including your income, investments, debts, and liquidity. We’ll discuss your down payment, and what type of mortgage loan that would best suit your financial needs.
- We’ll arrange a meeting, either online, by phone or in person with a reputable loan officer who can further assist you in narrowing down your financial qualifications and what price point we’ll be looking in while shopping for your new home.
- We’ll review my 'job' duties and the standard NC Bar Forms that you’ll be using during the home buying process.
We've reviewed the first step, the pre-purchase consultation, now let's go shopping!
Part II: SHOP FOR YOUR HOME
Now that we know your price point, neighborhood and home preferences, location, etc., let’s go shopping!
- Using the Carolina Multiple Listing Service (CMLS®) gateway and other home shopping sites, the homes that fit your specifications will be previewed and you’ll select a few that fit your needs and preferences.
- We’ll begin by narrowing down the areas to your favorite neighborhoods, then proceed to visit a few homes in those areas.
- We’ll schedule appointments for us to view homes at a time that works best for you. You will be provided a note-taking packet so that we can list pros and cons that we’ve found in each home we visit. When we’ve narrowed down to one neighborhood, we’ll see several in that particular neighborhood so that we can help you gain knowledge of the builders and floorplans in that neighborhood.
- When you’ve narrowed your search, the lender and I will review your financial costs and monthly payment with you.
- Due diligence will begin so that we will know everything that we possibly can about the history of the neighborhood and that particular home; any planned road or neighborhood improvements, home owner’s association dues or assessments, etc. will be disclosed to you.
- You will be encouraged to visit the neighborhood at different times of the day and different days of the week so that you can visit with the homeowners in the area and get a better ‘feel’ for your potential new neighborhood.
If we are unable to find the home of your dreams, we’ll review your most pressing points of desire for a new home and start over again—until we ARE able to locate your new home!
We've reviewed the first step, the pre-purchase consultation and the shopping stage, now let's make that purchase!
Part III: THE PURCHASE
When you find a home that you’d like to purchase, we’ll review the typical CMA and list-to-sales prices in that particular neighborhood and prepare an Offer accordingly.
- Using the standard NC Bar forms, I'll prepare an Offer To Purchase as well as other documents that will be needed (as reviewed in Stage 1) explaining your rights and obligations related to this Contract to you. Should you need legal advice, I can introduce you to an attorney for further questions that would be beyond my scope of knowledge as a Realtor®.
- We’ll negotiate vigorously for you and assist you in evaluating any Counteroffer and any response which I would recommend that you make.
- Each step of the negotiating process will be reviewed in detail and changes made accordingly to the Offer to Purchase Contract.
- When we have arrived at an agreement, each party will initial any changes made to the Offer to Purchase your new home and we’ll forward this Contract to a real estate attorney—one of your choosing or I am happy to make recommendations should you not know one in the area.
- You will then work closely with your lender and provide him/her all of the necessary documents required for the process. Timely response is needed as we are all working towards a closing date which you and the Sellers have contractually agreed upon.
- You will be asked to decide if you would like a survey of the property which you are purchasing. I strongly recommend that you have the attorney order one—they run about $350. Should you waive having the survey done, the attorney will ask that you sign a release/waiver.
- A home inspection will be scheduled, either one of your choosing or again, I’m happy to make recommendations should you not know one. The inspection will run about $400. An additional $85. will be added for a termite letter/inspection.
- I will attend the home inspection either with or without you.
- During the inspection and loan phase, I will ascertain that all contractual agreements are addressed and completed; the closing attorney, lender and I will remain in close contact while doing so.
- We will then review all items on the inspection report and request, formally, that the homeowners make the necessary repairs. Again, this is a negotiating process and we will make certain that issues that are structural or of urgent nature are further inspected by engineers, etc. A follow-up inspection can run anywhere from $75.00 to $350.00, depending upon the specialty; a roofer will charge about $75. and a structural engineer’s fee will be about $350.
- You will be given a list of providers for all of your utilities, depending upon the area which you select. You can visit my website at www.DebeMaxwell.com, click on UTILITY CONSOLE and provide all of the necessary information required for your utilities to be transferred into your name and on your specific closing date.
- Your lender will also require that you provide your homeowners insurance agent/company contact information. Should you not know who to contact for homeowners insurance, a list of several ‘tried and true’ agents will be provided for you to select and begin the process. This should take about 10 minutes to acquire.
- The final walkthrough will take place prior to the Closing and the sellers will be notified should there be any discrepancies. Should there indeed, be discrepancies, and there is not enough time prior to closing to remediate, this will be resolved at the closing table with the attorney.
- Approximately 24 – 48 hours prior to Closing, you will be given a final ‘tally’ which is detailed on your Closing statement called the HUD-1. All expenses (debits) and adjustments (credits) involved in the transaction will be included on this document. We will review this thoroughly and either the lender or myself will give you the amount which you will be required to bring to Closing. This will need to be in the form of a cashier’s check or a bank countercheck, required by the attorneys in order to record the Deed of Trust.
- We will attend Closing with you, at which time you will sign all mortgage and sales documents and will be given the keys to your brand new, beautiful home!
Now that we've reviewed the first three steps, the pre-purchase consultation, the shopping stage, and the purchase stage, you can begin the enjoyment of your new home!
Part IV: THE SETTLING-IN STAGE
Before we had moved too far along in the process, we would have reviewed available moving companies, listing opportunities for you, either locally or in your exit city, as well as the one-year home warranty to cover your new home. We have access to local and national companies who quote very reasonable prices for their specialty.
• Prior to moving in, if painting or other construction items need to be completed in your new home, I will be happy to provide a list of any vendors which you may need. Painting prior to moving in can be easier than after your furniture has been moved in. Most new construction really needs to ‘settle’ for about a year before you paint to allow for settling cracks and nail pops to occur in the sheetrock. These can easily be corrected by the painter prior to putting the first coat of paint on the walls. • When the movers are finished delivering all items, check everything before signing the ‘waiver’ from the moving company; report any broken or damaged items on the document and be sure to obtain a copy for your records.
• Confirm that all utilities have been transferred and are in working order. (Remember that 1-2 weeks before Closing, you had this taken care of!)
• Follow up with the home warranty company—returning the completed documents as soon as possible to insure that your warranty is in place. Please call the 1-800- number on the warranty if you have any questions.
• Be 100% certain that you are clear as to your first mortgage payment(s) and your tax payment due dates. If taxes are escrowed, be certain that your mortgage company has the tax bill in a timely manner if you do receive the bill.
• Keep that credit in pristine condition by paying on time and enjoy your new home!
We look forward to working with you in your new home purchase—please feel free to call anytime, with any questions.
OTHER ARTICLES ABOUT BUYING A HOME IN CHARLOTTE NC:
Locating the Perfect Neighborhood
New Construction Contract Signed, Now What?
Why Charlotte NC? Well, Why Not?
Search Charlotte Homes for Sale
Search Charlotte Neighborhoods
Copyright © 2008 By Debe Maxwell, All Rights Reserved...*Buyers Steps to Homeownership, Parts I - IV The Series*
Another great one in your series Debe. I vote the shopping part as the most fun. Tiring at times, but fun.
Wow, you covered it and all in one post! Super job
Debe - That's a Great job of presenting the facets to becoming a homeowner.
Gary: Thank you so much! And, thanks for the heads-up about Julie too!
Martha: Well, I've written the four-part, then put it all on one page! It took a month to write!! HA!
Myrl: Thanks so much! I keep finding things that I want to address but, it would be FAR too long if I kept adding them all!
Debe - Fantastic post and you did not leave anything out. You crossed your T's and dotted your I's.
You've definitely got it all covered - great job. It was interesting to read some of the differences between my area and yours. This is valuable information for someone who is relocating. For example, in Illinois, the seller pays for the survey, not the buyer.
Deb, This is an excellent overview of the process for buyers. Whether first time or for someone who is purchasing but has not done so in a long time. This applies to any price range and any market! Thanks!
FABULOUS overview of the home buying process. This is why you are the BEST of the BEST!! GBU!
Debe- You've done a fantastic job in providing a fact filled post that will help homebuyers know what to expect from you during the entire homebuying process. This will make it so much easier for your potential clients to feel comfortable choosing your group.
Excellent work!
Best,
Scott
Petra: Why, thanks! There are still a few little side streets that we wind up traversing on occasion but, for the most part, this will be a good 'handbook' for buyers, especially first time buyers to NC.
Kelly: You read the details, didn't you! Thanks for taking the time! Yes, buyers pay for the survey here but, I do try to remind my buyers that when they have their file complete with all of their documents from Closing, that they hold it in a safe place for future reference. This way, it makes THEIR buyer happy as they already have a copy of the survey to share, which saves their buyer a little money later! I always ask the Sellers if they have a copy so that it will save my buyers that charge. It is nice to know when you're moving from another city/state, what the process is that they'll be taking with homeownership. Every state is different to some extent!
Russell: Thanks so much! You're right--any price range, any buyer can glean solid information about the process and hopefully ease a little stress in the meantime!
Elizabeth: Thank you SIS! Like I told Petra, there are some steps that take a little longer and also side-step the process but, for the most part, it's here to reassure my buyers in their upcoming endeavor! GBU2!
Scott: Thanks--you're too kind! That is my mission--to ease the stress for my buyers! Thanks again Scott!
Debe - This is a great recap post. It gives buyers a good understanding of the process from start to finish. Just what I would expect from The Queen. :)
Debe - You've done such an outstanding job of outlining the Buyers Steps to Homeownership in such great detail and easy to understand language. Any buyers looking to purchase in the Charlotte NC area are well served with your knowledge and expertise.
This is such a handy, thorough guide for the buyer- excellent job!
Jesse: Thank you so much! I try to make the process as easy as possible for everyone, especially the first-time homebuyers. 'The Queen'! I love it!
Donna: Well, thank you! This is my business and my clients ARE my #1 priority; being certain that they are comfortable is imperative and hopefully this list will help ease any stress they may have.
Chuck: Thanks! I appreciate your comment and support!