First-Time Home Buyers

“Tori is the ultimate professional when it comes to real estate. She worked with us for 3 years to find the perfect house. She also recommended someone to call for financing. Tori went more than the extra mile to make sure my wife and I were happy with our purchase. LuAnn and I would highly recommend her.”

“Tori was a pleasure to work with. Everything went smoothly and she made buying a first home a very enjoyable experience. Thanks, Tori!”

“I want to buy a home! Now what?”

GREAT! Nothing beats the American Dream of homeownership, and there is no better way to build generational wealth than through real estate investments. This may be your first time buying a home, but it’s not mine. Here are the nine steps I recommend for all homebuyers, especially those new to the process.

1. Find a great real estate agent.

“Really? But most people (and agents) have said to get pre-approved first. So which is it?”

Buying a home is a team effort. As an agent, I am here to help and guide clients using my experience and my assembled team of lenders, attorneys, and insurance agents. Agents like me can point you in the right direction of a lender that will be a good fit.

2. Search for your new home.

“But where do I start?”

Know what’s important to you! Want to be near parks? Public transportation? Close to work? Near a particular school? Starting with a general idea of where you are looking to buy makes the process much easier. Make a list of your “must-haves” and “nice-to-haves.” Then let’s talk about them. Know your budget, and be realistic. (I can help you figure out what’s possible.) Once I have that information, I’ll start presenting you with potential homes that most closely meet your needs.

3. Understand the contract.

“I’ve found the perfect home! How can I get it?”

Understanding the contract is an important step before you can make an offer. The NC contract, which has been approved by the NC Real Estate Commission and the state bar, is pretty clear:

The buyer offers non-refundable due diligence money to the seller.
That “due diligence money” gives the buyer a negotiated period of time to perform inspections and acquire financing.
The due diligence period and the due diligence fee are both negotiable terms that the buyer and seller agree to in the initial contract.

Always remember that the NC contract is AS-IS with no repairs required of the seller (See Step 5 below). Interestingly, as has come to light in 2021, THERE IS NO APPRAISAL CONTINGENCY in the contract.

Of course, I will guide you through this process and can answer any questions you may have.

4. Make an offer.

“Isn’t an offer just sending a number?”

Keep in mind the conditions of the contract (See Step 3). Often the terms and the dates in the contract are just as important to the seller as the purchase price is. If you know a little about the seller’s situation (e.g. they want to move quickly or stay put a little while longer), you might be able to make an offer that is more attractive to the seller. Sometimes this information is available, and sometimes it isn’t. I can guide you through this. The key to being a first-time home buyer in 2021 is PATIENCE.

5. Negotiate repairs.

“But I thought the contract said AS-IS?”

Yes, that is correct. However, the buyer still has the right to request repairs of the seller. While the seller isn’t required to make any repairs, oftentimes they do make repairs — especially ones that would be required to be “repaired or disclosed” prior to another sale.

6. Put utilities in your name and get home insurance.

“Can’t I wait to do this?”

The sellers’ agent can provide us with a list of utility companies (water, gas, electricity, security system…). You’ll need to set up new accounts under your name and ask that the services be changed over to you on the day of closing. Each utility provider will know how to handle this to ensure you have power and water when you gain occupancy. Your internet provider is up to you; there are several options available locally. You will need proof of homeowners insurance at closing, so this must be secured in advance. The provider will prorate your coverage to start the day you take ownership.

7. Head to closing.

“I’m ready to sign the papers!”

Count on about 45 minutes to sign the paperwork.

Bring a government-issued ID and, above all else, follow the lender or attorney’s instructions for bringing funds (wire or certified check) to closing. Be sure to ask about any codes you’ll need (for keypad locks, security system, garage doors, etc.). Don’t panic if they don’t provide the instructions to change these; you can usually Google the model to find that information.

8. Hire a moving company.

“I’ve got some buddies with pickup trucks that will help for some pizza and beer!”

That’s great, but your buddies probably aren’t professionals, and nothing strains a friendship like a broken family heirloom. Professional movers know what they are doing and make the process faster and easier (while keeping the strain off your friendships). When finding a moving service, remember this: Cheaper doesn’t equal better. Check references! I’m happy to make some recommendations. Here’s a Moving Checklist you may find helpful.

9. Remember to enjoy the process!

While some people move every 5 – 7 years, many do not. If you’re like many homeowners who plan to stay in their home for many years, this may be one of the few times you go through this. Enjoy the process, and congratulations! Cheers to homeownership!

 5/5

“Tori was excellent to work with during this crazy market. She truly understood our needs and wants for our little family, and she provided great advice on how to proceed with making offers in a competitive market.”

Are you ready to buy your first home?

Complete the form below or give me a call at 336-345-3499.