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What You Should Know About Buying A Home In Raleigh Nc

If you are ready to purchase a Raleigh NC home, whether you know of a particular subdivision in Raleigh that you desire or the type of home in Raleigh that you would like to buy a luxury home, new home, basement home, or townhome, there are a number of things you can do to make a successful offer. Your real estate agent on the Langley Realty Team will be able to assist your search for Raleigh NC Homes for Sale & Real Estate and provide you with guidance to ensure you are ready to make an offer when the time come for a new home.

Legal Description of the Property: The Langley Realty Team will investigate the appropriate real estate forms to provide home buyer in Raleigh with a complete legal description of the property you are interested in buying. Known cases exist that a seller goes to sell their home in Raleigh to find out that they do not actually own the house because the home on the deed is for a different lot number. Your Raleigh real estate agent will help ensure there is no confusion on the property title to prevent difficulties down the road. Your broker can help you obtain the details and description about the lot you are purchasing. It is also good to check for lot surveys or other documents to make sure there are no encroachment issues.

Earnest Money and Due Diligence Fee in North Carolina: Home buyers will also want to have all of the financial details before they make an offer, starting with the due diligence fee and earnest money. Due Diligence period is a time that a home buyer can investigate the property further such as conduct inspections, ensure their loan is approved, and find out additional information about the community such as HOA. The DD deposit is typically an amount to demonstrate the buyers interest in the property and to provide compensate for the home seller since they will be taking the house temporary off the market.

Earnest money is the deposit paid to the seller in order to show that the buyer is serious about buying a house. The earnest money deposit is placed into an escrow account and at the time of purchase, it is applied to the cost of the home. If the buyer decides to cancel the contract before the due diligence period is over, the seller is entitled to keep the deposit, but it is returned to the buyer in the event that the seller cancels the contract.

A typical deposit amount for Due Diligence and Earnest money equates to 1% of the selling price of the property. However, when it is sellers market, the amount can be higher as home buyers are competing against multiple offers situations. Remember, the homes for sale in Raleigh are among the more desirable properties on the market, and there is sure to be competition. Making a larger deposit is a good way to set your offer apart from others.

Preapproval Letters or Proof of Funds: Raleigh home sellers want some type of proof that the buyer who is making an offer on their house, can actually purchase the home. This is why prior to even viewing homes, your Raleigh Realtor will want to ensure that you are prequalified for a home loan and the loan amount is sufficient for the home you would like to buy. The real estate agent will need to receive a copy of your lenders preapproval letter or if you are paying cash, proof of funds from your bank that will need to be sent with your offer to purchase.

Determining Offer Price: One of the last parts of the financial details you will need in order to make an offer is, not surprisingly, the price. Raleigh NC homes for sale and real estate is highly desirable and right now inventory is low. So, it is not just possible, but very likely that someone else is looking at the same house that you are. The last thing you want to do is present the lowest offer on the house, only to see someone else have their offer accepted instead. When we think of our dream home, watching someone else move into the house we want is rarely part of the dream. This doesnt mean you should just pay the asking price without a second thought. This is another opportunity for your real estate agent at The Langley Realty Team to work for you. Your buyer specialist will put together information on other similar homes that have sold in the area, and allow you to compare what was sold and for how much. This will allow you to make an informed decision when selecting a price for your offer so that you will get the best price you can while still having an offer that is appealing to the seller.

Closing Costs: Home buyers need to consider their financial ability to pay for closing costs prior to making an offer. It may be that you want to offer a higher price so you can obtain more assistance with closing costs if you are short on funds. Closing costs are mainly the one-time, non-recurring fees associated with the purchase, such as appraisal fees, inspection fees, notary fees, and title and escrow fees, to name a few. Sellers are sometimes willing to help cover the closing costs, while others will add them to the purchase price of the house.

Settlement Date: The next details to work out are all about timing. The closing date must be selected. It must be one that is mutually agreed upon by both parties. Once that has been determined, a moving in date for the buyer must also be chosen, and again, this must also be agreed upon by both parties.

Remember, successfully buying one of the homes for sale in Raleigh is about more than just putting together a good offer but continuing negotiating such things as closing dates and repairs. Having a Raleigh Realtor on your side can make all the difference in ensuring that your home purchase results in successful negotiations with the seller.


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