Homebuying 101
So you’re in the market for a new home… now what?
The homebuying process.
At The Winfield Group, our goal is to make the home-buying process as easy as possible. Here’s what you can expect when buying a home in Charlotte, NC.
The pre-approval.
The first step in the home-buying process is to get pre-approved through a lender. This way you’ll have a solid idea of what home financing/mortgage options you’re qualified for. The Winfield Group works with several qualified and helpful lenders who are happy to sit down with you to figure out which financing option works best for you.
The intro.
Once you’re pre-approved, contact us via email, phone, or our contact form.
Complete buyer agency agreement to protect confidential information you share with us, as well as allow us to work on your behalf.
The search.
We’ll discuss criteria, budgets, neighborhoods, etc, and set you up on automated MLS email alerts that update daily. Email us or mark any you like within that automated email.
In the meantime, We’ll conduct an independent search of homes and properties that match your criteria.
The showings.
Charlotte’s housing market is fast-moving, and we ask our buyers to give us at least 24 hours’ notice of any desired showing times. We will always do our best to accommodate all requests.
The contract.
As soon as a contract is in hand, it will be sent to the closing attorney’s office as well as the lender. The closing attorney will begin title work and make sure the title is secure and transferable.
The inspection.
The lender will order a property appraisal and we’ll assist in coordinating a home inspection. This all happens simultaneously to ensure a fast and smooth closing.
The closing.
Closing will take place at the closing attorney’s office. Your lender will give you your final payments at least 3 days prior to closing and you will be able to wire the funds. At closing all you will need is a pen and it will take about 1 hour to complete the signing.
Typically, the process from contract to closing takes about 30–45 days.
Common real estate terms
Tap each section to expand.
Real estate paperwork, explained:
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This agreement protects your confidentiality when sharing information with us and allows us to work on your behalf.
We are required to sign this before we can write an offer on a home.
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This is the big one, and we will go over this in detail when we meet and prior to submitting any offers.
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Acknowledges the participation of all of the vendors and professionals who could be involved in this transaction.
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This explains the importance of a home inspection.
Real estate costs, explained:
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The first fee you pay when you buy a home is your down payment. Traditionally, this is 20% of the price of the home, but you might qualify for a loan or state grant that requires less money upfront. We’ll help you find the best deal for this new purchase.
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These are fees you may not be thinking of when you first start the home buying process because they aren’t paid until the end of the real estate transaction. Closing costs run between 2% and 5% of the total purchase price and are paid to the lender and any third party involved in the sale.
These costs may also include additional fees, such as origination and appraisal fees, documentation fees, discount points, title searches and title insurance, credit report charges and deed recording fees, interim interest, homeowner’s insurance, and tax and insurance escrow.
When you start looking for mortgage loans, the lenders will outline these costs. By looking at more than one lender, you’ll be able to negotiate some of these costs and go with the least expensive lender. And remember, sometimes you can even get the home seller to pay some of these fees.
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Earnest money is the “down payment” for the home that will be deposited into an escrow account at the closing attorney’s office.
At close, this amount will be credited toward your sale.
If the contract falls through for whatever reason during the due diligence period, you will get this money back. This amount is typically close to 1% of purchase price.
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Due diligence money is a fee paid directly to the seller and in turn the seller takes the home off the market for an agreed upon amount of time (“due diligence period”).
If, for whatever reason, the contract falls through, the seller gets to keep this money. This amount is negotiable and typically ranges from $500–$1000.
We will advise on an amount based on the popularity of the property and neighborhood averages.
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Your lender will order your appraisal after going under contract. Appraisals are typically between $400–$500.
Have a question? We’re here to help.