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Home Buying 101: What to Expect When A Seller Accepts Your Offer



Congratulations on having your offer accepted! As you progress through the home-buying process in the dynamic Raleigh-Durham real estate market, it's crucial to understand the steps following the acceptance of your offer.

Earnest Money and Securing A Home Loan

First, begin by showcasing your commitment through earnest money, a small fraction (usually 1 to 3%) of the sales price, accompanied by pre-approval documentation. This step assures the seller of your serious intent.

Securing a home loan is a pivotal next step. Initiate the process early by obtaining pre-approval, and post-offer acceptance, provide your lender with additional documents, such as bank statements and pay stubs. The goal is to swiftly lock in the loan to avoid any potential delays.

Get A Home Inspection and Negotiate Repairs

With the contract in place, it's time for a comprehensive home inspection. While you can choose your inspector, many realtors, including Spotlight Realty,, have trusted partners. Address any issues raised during the inspection promptly, either through negotiations with the seller or scheduling necessary repairs. Keep in mind that the cost of the home inspection is part of your closing expenses.

After negotiations, ensure that essential repairs are completed before closing, including critical fixes like a faulty furnace or unsafe wiring. Cosmetic projects, such as painting, are best done before moving in to minimize disruption but cannot be completed before closing on the home.

Secure Homeowner Insurance and Get an Appraisal

Before finalizing the purchase, secure homeowners insurance and provide proof to your mortgage company. Explore policies online, through local offices, or rely on our recommendations for a seamless process.

Given Raleigh-Durham's competitive market, the appraisal is a crucial step. The appraiser will determine the fair market value of the home. If discrepancies arise, negotiations may be necessary. Understanding this process is essential, especially in a seller's market with fluctuating prices. (Learn more about appraisals here.)

Titles and Deeds : Working with Your Attorney

Navigating the legal landscape in North Carolina requires a closing attorney. The attorney will help secure the title, a critical legal concept determining property ownership. Your attorney will guide you through the complexities of title inspection. They will ensure that the deed is recorded with the city and help ensure a smooth closing process.

Do Your Final Walkthrough

Just before the closing, conduct a final walkthrough to ensure that agreed-upon repairs are complete and the property is in the expected condition. This step adds an extra layer of assurance before signing the final documents.

Closing Day

The day has arrived! Attend the closing with your agent and attorney. Be prepared to sign numerous documents finalizing the sale. Bring a certified check for the down payment or utilize a wire transfer. Once complete, your new Raleigh-Durham home is officially yours.

If you're seeking a Durham, North Carolina realtor to guide you through the process, Dave Wilie and the Spotlight Realty team are here to answer all of your questions and help you embark on this exciting journey!


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