Here are the North Carolina Triangle homebuying tips. Whether you’re a first-time homebuyer or if you’re looking to upgrade or downsize, the information below can help you decide.
The Triangle in North Carolina is one of the hottest real estate markets in the country, ranking second to Austin, based on the 41st annual report from the Urban Land Institute and PricewaterhouseCoopers.
Being surrounded by excellent educational institutions – Duke University, the University of North Carolina, North Carolina State University, and several smaller colleges – as well as having the Research Triangle Park which provides more than 89,000 tech jobs to 10.9% of the employment base in the region, it is no surprise that this technology mecca has been attracting more homebuyers than ever before.
If you’re in the market to buy a new home in The Research Triangle, here are a few practical tips to help you find your perfect home in this thriving community.
To formally express your intent to buy a house in The Triangle, you will need to submit to the seller a purchase offer, also known as a purchase agreement or letter of intent to purchase.
This is a legal document that outlines the price that the buyer is willing to pay for the home, how they intend to pay for it, as well as other key terms of the transaction.
The purchase offer would become legally binding once the seller accepts your terms.
To increase your chances of getting the home of your dreams, it would help to know what the other competing offers are and your realtor can help you find this out by talking to the seller’s agent about recent showing activity.
While the seller’s agent may not divulge certain confidential details, they will be able to tell your broker whether there is serious interest in the property or not.
If you suspect that the seller has multiple offers in hand, it would be best for you to submit your offer right away and make it more appealing to them by stating a higher offer price.
Another thing you need to keep in mind is to have a licensed attorney review your offer to ensure that all the terms on this document are legally sound and that there is nothing that would pose a potential disadvantage to you.
Once your offer letter has been accepted by the seller and a new offer to purchase is signed by both parties, you will enter what is called the due diligence period.
During this time, you will need to request for home inspections, and these will be crucial in determining whether the house is indeed the right fit for you.
It is important for you to review the inspections report with your realtor to ensure that everything is in order and see if you will need to further negotiate with the seller for repairs and/or price reductions.
Aside from a home inspection, you will also be required by the bank to have a home appraisal if you are getting financing from a lender.
The appraisal will be ordered by the bank and paid for by the lender. While a home inspection is designed to protect you, the buyer, from maintenance costs, a home appraisal is meant to protect the bank by ensuring that the property is “as-described” and that the purchase price is in line with market values in the area.
The processes involved in purchasing a home in The Triangle, NC may seem complicated, but having an experienced and reliable realtor by your side will ensure that your home purchase transaction goes smoothly and that you get the best deal.
If you’re planning to buy a home in this amazing location, I can help! Just give me a call at 919-452-6484 or send me an email at nate@hgrnc.com so we can schedule an appointment.
North Carolina Triangle Homebuying Tips