So You Want to Make an Offer on a Home, What’s Next?

Maggie Valley real estate

Your Realtor has shown you several homes you like, but you fell in love with one of them.  It’s time to make an offer; how much should you offer?  The most important factor in making an offer is knowing the market.  How are homes selling in this neighborhood?  What was the selling price of comparable recently sold homes in the neighborhood?  How long has this home been on the market?  The answers to all these questions help determine an offer price.  Your Realtor should be able to answer all these questions and assist you in a successful negotiation.  One important thing to remember in a negotiation, is do not start with an unreasonably low price.  This practice often serves to alienate sellers and make the negotiation more difficult, if not impossible.

Okay, we have negotiated a price.  You are spending a little more that you would have liked and the sellers are getting a little less than they would have wanted.  This is a successful negotiation, both sides compromised a bit.  When the offer has been signed by the sellers, and the buyers or buyers’ agent has been notified of the sellers’ signing, we have a contract.  In North Carolina most contracts have a Due Diligence Period.  This is a period of time for the buyers to do all necessary inspections, and to secure final approvals if they are financing.  The period usually runs from 10 to 45 days.  (30 to 45 days normally for banks to get paperwork and appraisals completed if the buyers are financing).   During the Due Diligence Period the buyers can cancel the contract for any reason.  After home inspections, if repairs are indicated, repairs are negotiated between buyers and sellers.  After the Due Diligence Period, comes settlement.  The settlement date is determined in the original offer.  Settlement is when the money changes hands.  The bank (if a finance deal) sends a wire transfer to the closing attorney.   (In NC, all real estate closings must be done by an attorney.)  If the contract calls for a cash deal, the buyers would have their bank wire transfer the funds to the closing attorney.  After Settlement is Closing.  Often these are both on the same day.  Sometimes closing is the day after settlement.  Closing in NC is when the attorney takes the new deed to the county courthouse and records the property under the name(s) of the buyer(s).

The above represents the buying process in a condensed form.  If you have any questions, please let us know.  We will find the answers for you.  Come see us in the mountains!