Hey, if you’re on this page, you’re interested in buying a home and learning more about the process. If you’re a new homebuyer this will be a great resource for you. If you’ve purchased homes in the past, this will be more than a refresher. A lot has changed in real estate, the business of buying and selling homes is always changing – this year, more than most.
Let’s answer some questions, look at the changes, and help you understand the process so you’ll have a smooth and successful transaction.
What’s the first thing to do to buy a house?
Read Working With Real Estate Agents. Working With Agents is a disclosure form that explains agency relationships in real estate transactions. It details who is working for whom and who represents each person or party. This is important in real estate transactions because once you hire an agent, that agent is required to put your interests first. One way agents do this is by sharing any confidential information they know about the other party, with their client.
The purpose of the WWREA brochure is to educate you about the various types of agency relationships, with the goal of education and defining expectations.
If you want a copy of Working With Agents you can ask any licensed agent, or you can get a copy from the North Carolina Real Estate Commission’s website. https://www.ncrec.gov/Brochures/WWREABrochure.pdf
What do I need to do next to buy a house in NC?
You should talk to an agent and contact a lender. Both of these steps are tied for number 2. An agent can help you determine what you’re looking for in a home, your lender will help you understand your finances and how much home you can afford.
You don’t have to hire an agent yet, but you should talk to one so you can begin to understand the process. You don’t have to choose a lender yet, but you should talk to one so you get a financial understanding of what will be required to buy a home. We’ll cover both of those meetings next.
What should I learn in my first meeting with a real estate agent?
You should learn the general steps in the process to buy a home, and what an agent does in the course of helping you buy a home. I have a list, there’s a long version called “The Real Estate Process – How I Serve You“, and here’s a short one:
- Help you secure financing
- Help you search for and find your home
- Submit and negotiate your offer
- Help you arrange your inspections
- Help you hire an attorney
- Negotiate any contingency’s and repairs
- Help you get to closing/settlement
What should I learn in my first meeting with a mortgage lender?
You should learn about the types of loans available to you, how your credit will affect your purchase, and how much the various fees associated with buying a home will cost in general. You should also learn the difference between a mortgage pre-qualification and a pre-approval (and why the pre-approval is stronger).
Before you leave, be sure to ask the lender how long it takes to close your type of loan and what they’re seeing as typical down payments. Both can be important pieces of information for your agent when it’s time to write-up your offer and negotiate with the seller.
Who pays the agent in my transaction?