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Old 07-18-2007, 11:57 PM
15 posts, read 50,690 times
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I was just curious about the buying process in NC. We are in our second home in California and have learned the ins and outs of real estate so much so that I flirted with getting a license. But I'm not sure how NC will differ. In CA it starts with a bid that either gets accepted, denied or countered. The bid includes "earnest" money (I don't remember the exact amount, I think it was 2% of the bid price), the money gets deposited if the bid is accepted and then goes towards closing costs. You enter into "escrow" once your bid is accepted (depending on your contract, it's usually 30-60 days). During that time, you have your inspection and get your mortgage in order. In California, you are allowed to add a contigency to your contract that states that the buyer HAS to sign off and/or submit fixes to the seller. If the buyer is not happy with the response (say they refuse to fix something), they are allowed to break the contract. Is there something similar in NC? Then here in California, the closing is very simple...you sign papers in front of a notary, you go down and give your closing money to your escrow company and sign any other papers and then 2-3 days later it records with the assessors office and you get your keys. I've heard horror stories from friends in Long Island about the closing process--needing a lawyer, having last minute requests, etc. and just wondering if NC is the same way (I hope not). We obviously do intend to use a real estate agent but would like to educate ourselves (we're a little nerdy that way)
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Old 07-19-2007, 05:05 AM
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North Carolina is an attorney state. That just means that the title search and other closing requirements are handled by an attorney (or his/her paralegal). The rest of the process is much the same as you described. You make an offer, submit an earnest money amount (usually minimum of 1%), if it's accepted the contract is ratified. You do have the right to an inspection and to request repairs. You can put a maximum on the dollar amount of repairs in a cost of repair contingency.

Sellers are not required to make repairs, but if they refuse to do so you can get out of the contract. If they agree you are bound to contract.

If all else goes well you meet at the attorney's office, the lender's office or at the real estate agent's office for closing. If you schedule a morning closing you are likely to get the deed recorded the same day and get your keys or money then.

If your attorney is well prepared and your agent and lender have kept up with things your closing should go off without a hitch. Good luck.
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Old 07-19-2007, 06:23 AM
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Also what i have found is by using an attorney versus escrow saves you a lot of money.
I am also from Calif. and of course thought at first the idea of an attorney is 'weird".But for a fee of around less than $500, thats it. I know escrow companys charge a lot more than that.
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Old 07-19-2007, 08:33 AM
Location: Raleigh, NC
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Sometimes I think there should be a class for "relocating people" that explains the process! I try to do it in less than 30 minutes and when my clients' eye start glazing over...I talk FAST!

Yes...you start with an "offer" or a "bid". We call them offers.

We ask for very little earnest money (IMO). For example, house costs $150,000, I ask for about $1,000. Houses costs $200,000...I ask for $2,000. House costs $300,000, still ask for $2,000. House cost $400,000...still ask for $2,000. Builders may require more although I had first time homebuyers that builder only asked for $500!

Our typical time frame is 30 days from contract to closing.

At closing, which only takes an hour or less, attorney handles this for about $450, which is less than title company. Most sellers give up keys at closing and are out of the house the day before when we do our final walk through.

New York takes much longer to close as they use THREE ATTORNEYS! Buyers have attorney, seller has attorney and lender has attorney. The problem is trying to get all 3 attornies' schedules in sync! Each attorney charges something like $600 to $1,000!

NC uses ONE buyers' attorney and the buyers' attorney will even prepare the deed and lien waver for the seller for about $125.

Hope this helps!

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Old 07-19-2007, 10:58 AM
15 posts, read 50,690 times
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Default Thanks

Thanks that helps a lot. Is there a website anyone could recommend that I could read up on North Carolina real estate laws/process.
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