If you’re moving to North Carolina from out of state, you probably know that home purchase contracts vary from state to state. North Carolina is no different—in fact, our home purchase contract gets changed nearly every year. How do you prepare yourself before you start looking at homes?
There’s a 14-page offer to purchase that becomes a contract once the buyer and seller have signed the document. There are four key items within this offer to be aware of in advance:
1. Due diligence: This is your opportunity to investigate the home you choose and make a decision on whether to proceed with the transaction or not. There’s a nonrefundable due diligence fee associated with this and it’s due to the seller at the time of contract, so have your check ready.
2. Earnest money deposit. This is another check that’s due at the time of contract (or no later than five days). It may be refundable under certain circumstances, and it’s held by an attorney or another closing party in an escrow account.
3. Pre-approval (or proof of funds). You absolutely must have this as a buyer. So many buyers arrive from out of state who haven’t even spoken to a lender yet, and no sellers in our region will accept a contract without a pre-approval from a lender or a proof of funds. Your best bet is to get pre-approved from a local lender who nearby agents know and trust. That will improve the likelihood of your offer being accepted.
4. Buyer agency. This is an agreement with your agent that outlines their commitment to provide fiduciary responsibility and work on your behalf. In today’s market, it’s almost impossible to succeed without the right agent who can find the home you’re looking for and formulate a strategy to win that home. Be prepared to sign a buyer agency agreement in advance.
This is just the tip of the iceberg when it comes to buying a home in North Carolina, so if you’d like to know more, feel free to call, text, or email me. I’d love to speak with you.
