Congratulations! You’ve made the decision to buy a new home in the Raleigh Cary Area! Raleigh has a wide array of housing options and is an affordable and healthy real estate market.
Once you’ve made a list of ideas for what you would like in a home, contact George Wilson and the Raleigh Cary Realty Team to begin the home buying process. Buyer representation is a free service
One of the first things you will need to do will be contact a lender so you can be pre-approved for a mortgage. This is important information to have even before starting the house hunting process; you will be able to understand what closing costs will be, what kind of down payment options are available to you for your Raleigh, Cary or Wake Forest home and understand exactly how much home you can afford. Although the pre-approval is not a final loan commitment, the pre-approval letter will demonstrate your financial strength and ability to go through with the purchase when you are ready to make an offer.
Raleigh Cary Realty will provide you with detailed information on almost any property currently listed for sale in the Triangle Multiple Listing Service (TMLS). Raleigh Cary Realty will be the only buyer resource you’ll need.
The search begins! You will need to decide where in Metro Raleigh you will buy a home. Will you look for a home near the Research Triangle Park? Housing near Downtown Raleigh in one of our new Condos? A home for sale in Garner, or Cary? Raleigh Cary Realty will help you find the best Raleigh and Cary neighborhoods for you!
The next step… you’ve found a home and you’re ready to make an offer
The initial step will be to instruct the Raleigh Cary Realty to make an offer. Then, research as to the market value and recent comparable sales in the area will be done on your behalf so that you can make an informed decision as to what to offer. We will prepare a written contract to present to the seller along with a proof of funds letter or mortgage pre-approval letter from your lender.
The type of information you will need to provide for your offer for the Raleigh Cary Realty Agent to relay to the seller’s agent:
The amount you are willing to pay
Mortgage amount
Closing and occupancy dates
Contingencies, such as obtaining a mortgage, building inspections, and pest inspections to include where appropriate (but not limited to): termite, pest, radon, water potability, well, lead, septic, oil tank, etc.
If the offer is not acceptable to the seller, further negotiations may be necessary to reach terms agreeable to both buyer and seller. Because counter-offers are common (any change in the offer can be considered a counter-offer) it is important that you remain in close contact with Raleigh Cary Realty Agents during the negotiation process so that proposed changes can be reviewed and responded to quickly.
You have an Acceptable Offer!
More than likely, part of your contract offer has given you an option period. The option period is an amount of time that you have secured for inspections and due diligence . This period is negotable, but usually runs 7-10 days and the buyer offers the seller a monetary compensation (also negotiable- usually around $10 per day) for the option period. You will have the home inspected during this time and have a chance to check with your insurance agent to preform a CLUE report on the house as well as visit with your lender about the details of the loan on your exact purchase price. If you continue on with the contract, the option fee is credited to you at the time of closing. If you opt not to buy the home, the option fee remains with the seller.
Between Contract and Closing
During the contract period, many things will be happening behind the scenes for your Raleigh area home purchase. A title commitment will be provided to you by the title company, a third party independent appraisal will be done on the home for all financed transactions and your lender will be working hard to provide underwriting with any last minute requests for documents needed for the loan.
Raleigh Cary Realty Agents are committed to being available to assist you with the services you need before, during, and after your move. From moving companies and new community information, to home improvement services we’re here to help you every step of the way.
What to expect at the closing
The closing is a formal process where all parties sign all of the necessary paperwork needed to complete the transaction so the property is transferred from the seller to you. The seller receives payment for the home, and you receive the house keys! The day prior, we will review the settlement- also called the HUD 1 statement to determine all details of the contract are accurate and the amount of money needed for your new house in Cary can be sent via wire transfer directly to the attorney’s office.
After the closing
Even after closing, the Raleigh Cary Realty Agents will provide you valuable information on Raligh area homes, Raleigh area property tax information and other important community information.
