Buying a Home in North Carolina?
This Is What You Need to Be Aware Of
How the Buyer’s Agency Works
As you search for the perfect property here on the Outer Banks, it is important that you understand our role as your Buyer’s Agent. Here on the beautiful Outer Banks and the state of North Carolina a Buyer’s Agent means exactly what it states (a real estate agent who represents the buyer exclusively). Buyer Agency Agreements has been implemented to protect the best interest of the buyer. There may be occasions when an agent will be a Dual Agent in a transaction but the buyer’s interest is still protected. Usually there is a Seller’s Agent and a Buyer’s Agent on a transaction.
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The Process of Buying a Property on the Outer Banks
How the Buyer’s Agency Works:
As your Buyer’s Agent we work exclusively as your personal representatives as you search for property here on the Outer Banks. As your Buyer’s Agent, our complete focus is to get you the best property for the best possible deal. We will do our very best to save you thousands of dollars on purchasing a property. Our job is to protect you, the buyer, and to negotiate the best price and the most favorable terms for you with you with your purchase. Any information that you share with us about your circumstances is kept confidential. In the negotiating process your position is never discussed with anyone but you! As your exclusive buyer’s agent you will have our undivided attention and loyalty. We will negotiate the terms of the purchase contract strictly on your behalf. As your Buyer’s Agent we will inform you of all of the positives but will also identify the negatives of any property or any transaction. Our main objective and job is to assist you and help you make a Fully Informed decision. This includes helping you make the best choices on purchasing a property here on the Outer Banks and avoiding any potential pitfalls.
Who is responsible for paying your Buyer’s Agent?
A very important fact to remember about being your exclusive Buyer’s agent on the Outer Banks is that I am generally paid by the Seller. All transactions have two sides- the seller’s side and the buyer’s side. Through the Listing Agent’s listing contract with the seller or builder, the commissions are pre-negotiated to be split by the Listing Agent (seller’s agent) and the Buyer’s Agent (your agent). The seller is responsible to pay for my exclusive service to you as your Outer Banks REALTOR. This has nothing to do with the sales price. All too often the buyer believes he/she can get a better price from the seller if they deal with the seller directly without having a Real Estate agent to represent you. THIS IS NOT TRUE!!! In many cases, the buyer can end up paying a higher price by not having their own Buyer’s Agent to represent them.
Our Responsibilities as your Buyer’s Agent:
Our job is to negotiate the best price and most favorable terms for YOU. Any information that you share about your circumstances is kept strictly confidential with me. You (The buyer) position in the negotiating process is never discussed with anyone but you! YOU WILL HAVE OUR UNDIVIDED LOYALTY.
As an experienced Real Estate Broker, it is not my intention to simply pull MLS listings of properties or to show you a few of the properties, but rather to build a long lasting relationship with all of my clients. This relationship includes assistance with all aspects of real estate transactions from identifying the best properties suited for you, meeting and showing properties while pointing out all of the NEGATIVE as well as the positive aspects of each home, negotiating satisfactory terms in a purchase, support in locating reputable local lenders, inspectors, closing attorneys and other vendors necessary in completing any purchase and finally assuring all is taken care of by accompanying you (THE BUYER) to closing.
Working Together as a Team
There are many responsibilities in a real estate transaction and every transaction is different. I as your Buyer’s Agent will bring knowledge, intelligence, honesty and the tools of technology to the table when our professional assistance is requested. It takes a lot of time and effort that goes into representing buyers. When working with a REALTOR, we ask that you understand the highest level of service can only be provided with your cooperative effort. Please share openly & honestly and I will be able to take very good care of you and your needs.
Protecting your privacy is of the utmost importance to me. Information about you, your transaction and the purpose for using my services will remain secure based on your wishes.
I understand your need to find the perfect property here on the Outer Banks for you and your family without sacrificing effective contract negotiations. I have tremendous knowledge and experience and I promise to work efficiently so you can start taking advantage of enjoying the ocean and the wonderful Outer Banks in your new vacation property.
You will benefit from my exceptional use of today’s technology. I have access to nearly all of the information I need with me at all times to save you time and energy.
Searching for the Perfect Property
When you begin your search for a property here on the Outer Banks it may become overwhelming at first from the excitement and being nervous about having a mortgage on you. I will assist you throughout and hold your hand the entire way. The first thing is to know what your intentions are for the property. Once I know what your intentions are I will point out everything possible about the properties that we will be looking at and will provide you with the expenses if provided by the Listing Agent.
Going Under Contract
Once you are ready to write up an offer I will need a Pre-Qualification Letter from a lender (I have recommended 3 of our top Local Lenders below)I will also need Earnest Money – no checks with you, no problem, earnest money can be made payable and mailed to the attorney of your choice within 5 days of ratification of contract. (I have recommended 3 of our best Attorneys here on the Outer Banks)- North Carolina is an Attorney State NOT a Title State as you may be used to. Earnest Money can be anywhere from $1,000 to $20,000 depending on the purchase price. Once the Buyer Agency paperwork and the Offer to Purchase forms are completed and signed I will send the Offer to the Seller’s REALTOR and explain the terms. Please be prepared that the seller might counter your original offer and this process is called “Negotiating”. Once a mutual price has been agreed upon between the buyer and seller we will have a “Contract”.
Dealing with a Lender
I suggest that you deal with a local lender here on the Outer Banks that is familiar and experienced in the Outer Banks. There have been too many contracts that have fallen through due to using an out of state lender or bank. I will be more than happy to recommend a few good ones to you. It is VERY IMPORTANT to deal with a local lender and to provide them with as much information as possible. I will be in constant contact with the lender throughout the entire process of the loan.
You have an option of having different inspections done on the property before you go to closing on the property. There are pest inspections, home inspection, surveys & septic inspections. I strongly suggest on having a HOME INSPECTION done on the property that way you can have a peace of mind. I as your buyer’s agent will receive a copy of the Home Inspection and I will go over it with you and then I will inform the seller’s agent of the necessary repairs if there are any to be made. This may be negotiated also between the two parties or a credit may be giving at closing by the seller for the necessary repairs.
Your closing attorney’s paralegal will be receiving the lending package from your lender and she will make sure that she matches all figures with the lender as well as with the seller’s attorney for the seller’s side of the closing. Most likely the property taxes will be prorated between buyer and seller on the closing statement. Once everything is agreed upon then the buyer’s attorney will set up a closing time for the buyer to come in and sign the appropriate documents that are provided by the lender. If the buyer does not come to closing then the entire loan package will be overnighted to the buyer and the buyer is responsible for signing the documents in front of a Notary and overnighting the package back to the buyer’s attorney for closing. North Carolina is an attorney state and not a title state. Everything must be done by an attorney.
— Michael and Rose McTague
— August Janda
— David and Roxann Moreland
— Todd and Karen Higgins
— Lynne Scott and Suzanne Scott Constantine
— Carol Fulton
— Donna Sell
— Lois Verderber