The Home Buying Process - Part 1

Buying a home in Charlotte, NC can often appear to be a daunting task. Luckily for you Charlotte, NC is a buyers market and there has never been a better time to buy a home. Foreclosures accounted for 51% of all homes sold in Charlotte for 2010, Bank of America and Wachovia are drowning in a backlog of homes they want off they're books and sellers are often more willing to negotiate because they know that competition in today's real estate market is tough.  If you're one of the lucky individuals in the position to buy a house right now, here's an idea of whats to come. 


Photo Courtesy of Loanpac.com


Questions to ask yourself before beginning the process

  • How much do you want to spend monthly?
  • How much cash do you have available for EMD/DD fees (upfront at time of offer), closing costs and for the down payment?
  • When would you like to move in to your new home?
  • What are the five characteristics you are looking for in your dream home?
  • What are the deal breakers for the house or location?
  • Have you spoken with a lender or been pre-approved?
Photo Courtesy of directory.ac

Once you have everything figured out
  • Find a Realtor that you connect with. Your Realtor is there to help you find your dream house and negotiate the best deal possible on your behalf. 
  • Get pre-qualification letter from lender of choice & have earnest money for 1% of purchase price in checking or savings. Also have check / money prepared for Due Diligence Fee. 
  • Be sure not to make any changes to your credit after you’ve been pre-approved. (Don’t buy a car, open a credit card, max out a card, close a credit line, etc.). Your credit may be pulled again a few days before closing and if there are changes, your loan could be changed or denied.
  • Get ready for the fun part, now you have to pick one! There is a wide selection of homes available to home buyers in Charlotte's real estate market so be prepared to see a lot!

Once you have found the perfect house and have the pre-qualification for your loan, you're ready to write the offer to purchase for the house. With the selection of homes in such abundance and competition between sellers so tough, the offer to purchase can often be thousands less than the advertised price and even include extra provisions with the purchase of the house. Check back for part two when we go into the details of whats to come.