U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-18-2007, 11:57 PM
 
15 posts, read 50,690 times
Reputation: 12

Advertisements

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)
Reply With Quote Quick reply to this message

 
Old 07-19-2007, 05:05 AM
 
1,453 posts, read 4,697,991 times
Reputation: 734
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.
Reply With Quote Quick reply to this message
 
Old 07-19-2007, 06:23 AM
 
889 posts, read 2,853,207 times
Reputation: 343
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.
Reply With Quote Quick reply to this message
 
Old 07-19-2007, 08:33 AM
 
Location: Raleigh, NC
12,032 posts, read 28,375,673 times
Reputation: 8535
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!

Vicki
Reply With Quote Quick reply to this message
 
Old 07-19-2007, 10:58 AM
 
15 posts, read 50,690 times
Reputation: 12
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.
Thanks,
April
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top