Buying A Charlotte Home

Buyer Preparation Information

You are about to embark on both an exciting and serious adventure.  Home ownership!  Know that you are in the hands of a full-time Realtor®/Broker who is here to help you through the process and take the burden off your shoulders. 

Please ask questions.  You will learn more about the process by asking questions.  Please make sure you understand your responsibilities.  Contracting on a home is legally binding.  Here are a few helpful tips you may not be aware of due to changing North Carolina forms.  The first step is the Mortgage.

Loan Process

• Prior to viewing property Buyers must apply for a loan with a reputable Mortgage Company (not provide a pre-qualification letter). 

• Prior to writing an “Offer to Purchase” you MUST ask the Mortgage Company what would be a realistic “drop dead” (Time is of the Essence) date for Loan Approval so this can be put in the “Offer”.

• Be aware that the “Offer to Purchase” has 2 specific conditions that are legally binding (“drop dead” dates).  If not met, the Seller has the right to terminate the contract and keep a Buyers’ Earnest Money.  Drop Dead Dates:

•  
  • Loan Application (requires filling out the loan application, ordering an appraisal and paying associated fees) – the Mortgage Company must furnish a letter to the Seller stating this has been done within a specified number of days listed in the contract.
  • Loan Approval which means the Buyer is qualified to buy the home and the home is qualified and approved as well (no easements, no floodplain issues, no home owner insurance exclusions on the property, etc.).  Again, the Mortgage Company must furnish a letter to the Seller stating this.

•  The “Time is of the Essence” (“drop dead”) dates mean either a Buyer or a Seller is giving up a right or terminating the contract due to this date passing.

I look forward to helping you find a great place to call home!  I am here to lead & guide you!