Home Buyer Roadmap

Posted by Trent Corbin on Thursday, May 7th, 2020 at 3:20pm.

Find a Realtor you can trust: 

Buying a home is a very personal and painstaking process - but, if you’ve enlisted the support of the “right” Realtor, then the process will likely also be a great experience and one for the books.

So how do you go about finding a trusted, knowledgeable and compassionate expert to help you buy and/or sell your next home in Charlotte? There are a number of ways, really. You could call up a good friend and ask for a referral. You could invest some time in combing through websites and Googling client reviews. You could even go old school and stop in to a brick and mortar location. But if you truly want to maximize your chances of working with an agent who is not only well versed, but also, a trusted neighbor who loves the community that we collectively share, give The Redbud Group a call at 704-628-4066.

Whatever route you choose to take, be sure to conduct phone interviews to see who feels like the right fit. ‘

Hey, did you know: The North Carolina Real Estate Commission requires that agents present the Working with Real Estate Agents brochure, which discusses agency, at first substantial contact (that is, when you share any personal or confidential information). This brochure is not a contract or an exclusive agency agreement, but rather, a disclosure of your rights to representation in the state of North Carolina.

Get your pre-approval letter:

A pre-approval letter differs from a pre-qualification letter in that in order to obtain approval, a lender must first review a buyer’s mortgage application,financial  documentation, verification of employment and credit history.

This letter is considered to be the “gold standard” and demonstrates your ability to purchase a home at a particular value which a seller will consider when evaluating the strength of an offer to purchase his or her home.

Start your Home Search:

Your Redbud Group agent will facilitate your home search by deploying the most innovative tools on the market, including our industry-leading mobile app, “KW.” We’ll create a customized home search based on your unique criteria with auto email and text notifications that will alert you as soon as a new listing hits the market - you’ll also be alerted when properties that meet your criteria undergo a status change, including availability and/or any price improvements or added incentives.

Submit your offer: 

You may be surprised to hear that the “highest” offer doesn’t necessarily translate to the strongest offer. There are many components of an offer beyond the initial “price” that can either strengthen or weaken the proposal including the Due Diligence Fee and Earnest Money Deposit, proposed length of the due diligence period, proposed settlement date, contingencies, type of loan or funds used to make the purchase and terms, etc. 

The general rule of thumb is to put forth your cleanest possible offer - not necessarily the highest, but one with the best terms - and include a strong proof of funds or pre-approval letter that will underpin your intent and ability to move forward with the purchase of this property. 

You’ll want to consider the condition of the home, length of time on the market, buyer activity and urgency of the seller. Your Redbud Group agent will work with you to help build a strong, viable offer.

Negotiations, Counteroffers, and hopefully, acceptance.

This is yet another area that your agent will demonstrate his or her value. No two transactions are alike, largely, because each property is unique but also, sellers and buyers come with their own set of personal and financial motivations, time frames and lifestyles. During this phase, your agent will help negotiate all terms of the contract, including the adjustments to the sales price, Due Diligence Fee, Earnest Money Deposit, Closing Date, Additional Personal Party, a Home Warranty, etc.

It’s important to remember that both buyers and sellers are working toward the same goal, to get to the closing table, on time. While it may feel very tense, at times, it’s important to remain level headed and understand that negotiation is an art, and your agent will work on your behalf to ensure that most (if not all) of your reasonable needs are met.

Due Diligence Period (DDP)

The Due Diligence Fee is a non-refundable, negotiated amount which compensates the seller for the time to take their home off the market while the buyer completes inspections and appraisals, also known as the Due Diligence Period. There are a handful of professional services that typically are performed in connection with the purchase and sale of a home. It is your right and responsibility to conduct any and all inspections, as you feel necessary. These inspections include, but are not limited to, a general home inspection, an HVAC inspection, an irrigation inspection, obtaining a property survey, a roof inspection, well/water inspection, radon inspection, etc. NOTE: It is always in your best interest to invest the time and resources in ensuring that your purchase is a sound investment.

During this period, we’ll also ensure that you’ve scheduled your closing, ordered and completed the appraisal, submitted all documentation to your lender, ordered the title and survey, transferred all utilities into your name, secured homeowner’s insurance, and earned the “clear to close” from your lender prior to settlement.

Settlement and Closing

At closing, all documentation will be finalized by signatures from both parties. The buyer will wire funds that are due at closing, please note: Prior to wiring funds, buyers should call the closing attorney from the bank to verify the account number and wire amount. These funds are treated as cash and thus, are not protected by the FDIC.

After the purchase is funded and the transaction is recorded, the closing attorney will contact either the buyer or the buyer’s agent to obtain the keys to the property!

 

 

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