home buying process

 Buying a home in North Carolina is an exciting journey, but it can also feel overwhelming if you don’t know what to expect. Here’s a quick guide to help you understand each step of the process and make your home-buying experience as smooth as possible.

Before you start browsing homes, it's important to get pre-approved for a mortgage. This will give you a clear idea of your budget and show sellers you’re a serious buyer. You’ll need to provide financial documents like your income, debt, and credit score to get pre-approved.

A REALTOR® will be your guide through the entire process. They can help you find the right property, negotiate offers, and handle paperwork. Be sure to choose an agent who knows the local market well.

Once you’re pre-approved and have a REALTOR®, the fun part begins—finding your dream home! Your REALTOR® will help you narrow down properties based on your preferences, whether it's the size, location, or amenities.

When you find a home you love, your REALTOR® will help you make a competitive offer based on recent sales in the area and current market conditions. In North Carolina, offers often include an Earnest Money Deposit (EMD). While there’s no set amount, it’s typically between 1% and 2% of the purchase price, but it can vary based on the situation. This deposit shows the seller you’re a serious buyer and is held in escrow until closing. If the deal goes through, the earnest money is credited toward your down payment or closing costs. However, if you back out of the deal without a valid reason, you may lose the earnest money.

The negotiation phase might involve some back-and-forth, especially if the seller wants to counter your offer, adjust contingencies, or address issues raised during the inspection. This is where your REALTOR® will play an important role—helping you evaluate the seller’s counteroffers and advising you on the best course of action.

After all terms are agreed upon, you’re officially under contract, and the process moves to the next steps—inspections, appraisals, and securing your mortgage.

In North Carolina, buyers typically have a due diligence period to inspect the property. During this time, you can hire a home inspector to assess the condition of the home. If there are significant issues, you can negotiate repairs or even back out of the deal. Note that the earnest money is typically not refundable during this period, so it's important to make sure you’re happy with the property.

Your lender will order an appraisal to ensure the home’s value aligns with the loan amount. If everything checks out, your lender will give you final approval for your mortgage.

Once everything is in place, it’s time to close! At closing, you’ll sign the final documents, pay closing costs, and officially take ownership of your new home. In North Carolina, closing typically happens with the help of a closing attorney, who will ensure everything is legally binding.

Congratulations! Once the keys are in your hand, you can move in and start making memories in your new home.