The Buying Process

We understand that purchasing a home is an emotionally and thrilling experience. Rest assured, as knowledgeable locals, we are here to assist you every step of the way, ensuring that you feel at ease and confident throughout the process.

Outline Steps Towards Owning a Home

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01. Choosing a Buyer Agent

Your Agent’s Primary Role is to Guide you through your home search and help find relevant inventory. Advise you on pricing, contracts, and the transaction process. Negotiate on your behalf, with your best interest in mind

(Discuss agency and representation with your agent directly)
 
What To Consider When Finding an Agent
  • Communication style
  • Industry knowledge
  • Neighborhood expertise
Principles of Buyer Agency

Disclosure, Confidentiality, Diligence

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02. Pre-Approval

Determine What You Can Afford

Figure out how much cash you have for a down payment.

Find out your credit score and whether you need to take action to remediate.
 
Calculate how much you’d be comfortable spending. Consider your lifestyle and how this purchase may impact your monthly budget.

Meet with a lender to discuss your options. They will look at your credit, all accounts, income, and debt history to calculate what you can realistically afford.

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03. Finding Your Dream Home

Why Am I Buying a House?
Understanding your motivation for the move will help keep you focused on
your priorities.
 
  • Understand home types and their pros and cons (Condos vs. Fee Simple)
  • Make a list of your must haves and deal breakers
  • Think about the type of neighborhood you see yourself in
  • Anticipate how long you want to live in this home
  • Communicate with your agent about your needs
  • Be flexible and open to alternatives
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04. Let’s Make An Offer

Comparative Price Analysis
Your Realtor® will pull a list of all the homes that recently sold in the area to give you a better idea of recent market performance.
 
 
Competition
Is this a “Hot Home,” is it under-priced, are there other offers? The amount of competition will determine how aggressively you want to structure your initial offer.
 
 
Understanding the Contract
Make sure you speak with your agent about all terms of the contract and to
understand deadlines, liabilities and clauses that allow you to terminate the
agreement, etc.
 
 
Due Diligence Fee (DD)
Decide how much you’re willing to put down to secure the offer and take the home off-market so inspections can proceed. This is one of two deposits you will typically put down throughout the course of the sale, and it is a non-refundable fee. Due Diligence amounts are agreed upon between the buyer and the seller, and differs from Earnest Money Deposits (EMD).
 
If the transaction reaches completion, both the DD and EMD fees will be applied as a credit towards the purchase price at closing.
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05. Contract to Close

Negotiations
 
Once you have submitted the offer, the seller may reject, accept or counter your offer.
 
Be prepared to go back and forth until you reach a suitable agreement for both parties. When all terms are agreed upon, the offer is signed by both parties and officially ratified.
 
Negotiations are not necessarily over at ratification of the contract. They can also go on during the inspection and appraisal periods.
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06. Home Inspections

Best Practices
Inspections are an important part of the process. There are many types of inspections depending on the location and home you are looking to purchase that can help identify potential issues with the property ahead of closing.
 
 
Be Present
Take the time to attend inspections so you can have a better sense of how the home works, see which areas may require maintenance, and assess whether you will need to consider home improvements down the line. Don’t be afraid to ask questions!
 
 
Be Realistic
Expect to have a list of items from your inspector in a couple days. Don’t panic! Almost every home has a list of potential repairs, and most will be minor.
 
 
Be Practical
Inspections are another opportunity to negotiate. Speak with your agent about what items they recommend asking for repair. Focus on the items that matter the most. Keep in mind that the seller is not obligated to make requested repairs, even when required by a lender (FHA, HPAP, VA etc.), so in many cases homes are sold as-is in North Carolina.
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06. Appraisal

Assessing Value
This is the assessment of value on the home by a third party appraiser. It lets the lender know how much they will be able to lend for the home.
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07. Settlement

After you’ve completed your final walk through, it’s time to sign some papers!
 
During settlement, the Residential Closing Attorney will go through your final settlement statement, line by line.
 
The attorney will be in charge of disbursing the funds to the seller and the bank (if they still owe a balance on their mortgage).
 
Don’t forget your government-issued ID, cashier’s check or certified funds (if amount you owe isn’t wired to the Closing Attorney prior to the settlement), and personal checkbook for any small last-minute expenses.
 
Make sure you receive all copies of the keys and door openers.
 
Once you’ve signed all the documents and the deed is recorded, you can officially call yourself a homeowner!

We will be there to guide you throughout the entire process with clear, consistent, and open communication.

 

GIVE US A CALL TODAY!

Always working for you, we don’t rest on our past success. Expect your Pridemore Properties agent to employ an aggressive and well-planned marketing strategy to get you to the closing table — fast. Start your home searching journey with us!

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Contact Details

Scott Pridemore - Principal Team Leader 
(704) 562-0792
[email protected]

Mike Hege, MRE - Principal Team Leader
(704) 491-9445
[email protected]

 

Dilworth Location:
(704) 464-0700
316 E. Worthington Ave.
Charlotte, NC 28203

Asheville Location:
1 Page Ave.  Suite 280
Asheville NC 28801


Southpark Location:
4525 Sharon Road. 3rd Floor
Charlotte, NC 28211