Step By Step Home Buying Process

 

Buying a home in Charlotte is a worth-while investment. To the first-time Charlotte home buyer, the idea of the commitment which it takes to buy a Charlotte home can initially be rather intimidating.  Yet to the seasoned Charlotte home buyer, it is quite easy and enjoyable.  When thought of as simple steps which can be placed on a list and checked off it is a quite simple process and it is certainly one of the smartest investments which can be made on the path moving toward financial security.

The Pre-Approval

The first step to take toward buying a home in Charlotte is to contact a trusted lender.  Prior to the meeting with the lender, have ready your financial situation, including how much you make, your current debts such as credit cards or student loans, and how much you have budgeted to spend for a new mortgage payment on a monthly basis.  Meeting with the lender in order to get approved will greatly increase your negotiating power, giving you the upper-hand when making an offer on a house against other buyers who might not yet be pre-qualified.

Hire A Charlotte Real Estate Agent

Find a trustworthy Charlotte NC real estate agent who knows the area and has the backing of training and knows the area.  Full-time agents should close twenty or more homes per year thus that is a question that you should ask your potential Charlotte REALTOR®.

Find the Perfect Charlotte Home

Go “house-hunting” with tools your Charlotte REALTOR® has online and through their personalized recommendations.

Make an Offer

Once the perfect Charlotte home has been identified, let your Charlotte real estate agent know and make an offer!

Wait for a Response

Responses generally happen quickly, and the seller may accept or reject your proposal, or even make a counter-offer.  You then have the opportunity to make a counter-offer back or accept their counter-offer.  The goal is to have both parties agree to the conditions of the sale.

Contract Ratification

Conditions of the sale have been accepted by all parties, the real estate agents have drawn up initial paperwork, and once it has been signed by both parties, you have a deal!

Hire a Home Inspector

Having a home inspection completed is usually required by any financing institution.  Our knowledgeable team can do this for you, ensuring a highly-qualified and licensed inspector is used, and sometimes even consider having a licensed plumber check the plumbing and the HVAC.  Any type of inspection further ensures a sound investment and that all pieces of the Charlotte home are working as intended.  If deficiencies are found, a list of items to be fixed by the seller prior to closing can be added to the initial contract.  At this point the seller may accept or reject the repair list, in which case you may accept or reject the sale.

Communicate with the Lender

The lender may need additional personal information, or a check to pay for the appraisal or to run a credit report.  Whenever the lender contacts you with a need, respond with the information quickly in order to make it a quick and smooth process.  Delays with the lender can cause fall-through of deals if sellers are in a fast time-frame for selling their Charlotte home.

Hire an Attorney

You may choose a real estate attorney, or our experienced team can hire a Charlotte real estate attorney for you.  The attorney not only communicates with the lender, but ensures all of the paperwork details are handled and that the property is free from liens.  The closing will generally happen at their offices.  No money is required initially as they are paid out of closing.

Obtain Home Insurance

Oftentimes auto carriers will offer home insurance as well, do call them first, there might be a multiple insurance discount. Inform them of the name of your closing attorney, so they can provide proof of insurance to the attorney prior to closing.  Remember, no insurance typically results in no closing.  To determine the best coverage for the home, inform them of the price of the Charlotte home.  It is not necessary to insure the cost of the land, because the land cannot burn down, or be wiped out in a hurricane.

The Walk-Through

Do a property walk-through within a day or so of closing, to make sure the seller left the property in good condition and that any conditional repairs were completed.  In Charlotte, broom-swept clean is standard, but most sellers will leave the home in good condition.  If the home is not in acceptable condition, or if repairs outlined in the contract were not completed, this is cause for delay.  The walk-through is one of the most exciting aspects of purchasing a home.

Finally, We Close

All of the details have now come together.  All parties involved will meet at the attorney’s office, and the attorney will guide you through the process which takes at least an hour.  If money is required at closing, bring a certified check made payable to the attorney’s firm.  At closing the HUD statement will be discussed, which explains the financial details: how much money you will be spending and how much the seller will make.  At the beginning of the process to buy a home in Charlotte your lender should have provided a truth in lending disclosure form.  Bring it to closing, in order to compare the costs they originally estimated.  Now all the papers are signed and the keys are distributed to the new owners.  Congratulations, you just bought one of the beautiful Charlotte NC homes!