Found (what looks like) the perfect house...what to do before making an offer (Durham: for sale, insurance)

[Heathercp]

I'm sending my husband to look at a house north of RDU on Tuesday. It looks (from the pictures available online) like it would be just perfect for our family of three. I'd love to tell him just to make an offer and buy the damned thing, but that's probably not the smartest way to handle it.

Can anyone give me some advice on what I should do before making an offer. Do I have to get an appraisal, a title search, find a lawyer of my own? The house has a septic system. Should I get it checked out? The house appears to be in move in condition and it's affordable. It's about 15 minutes from RDU and close to the Brier Creek area - I think there should be enough shopping for us there. I really don't want to let it get away, but I also don't want to end up kicking myself for years because I take the proper precautions. Is there any way to make an offer contingent on an appraisal?

[NewUser]

Originally Posted by Heathercp

Can anyone give me some advice on what I should do before making an offer. Do I have to get an appraisal, a title search, find a lawyer of my own? The house has a septic system. Should I get it checked out?

All of these things will occur AFTER you make the offer. The offer contains wording that lets you back out if the appraisal comes in too low, or the title search has issues, or the septic system is bad, etc.

What you do need to do, however, is get yourself a good buyer's agent. They represent you during all transactions and the best part is that the seller pays their fee, normally.

[MrsSteel]

Originally Posted by Heathercp

Is there any way to make an offer contingent on an appraisal?

In short, yes. As a matter of fact, I don't know anyone who has ever made an offer on a house that was not contingent on an appraisal. It's pretty standard.

Is this your first time to buy a house? Do you have a realtor?

[Heathercp]

This will be our third time to buy a house. Once in Texas, but I wasn't that involved in that transaction, just flew in and looked at the house then left. I was living out of the country, so my dad took care of everything for me. The house we own now in New Mexico was a FSBO. We bought it from a nice old couple. I know we got an appraisal, but I can't remember where in the process that took place. We've been really lucky, I guess. Both houses were great and I didn't really worry about getting taken - the owners were such sweet people.

I've talked to a realtor in Durham on the phone, but the house I want is in Wake County and she told me she didn't do Wake County. I asked for an appointment to see the house via email, so I've really got no idea who I'll be working with. Or I should say who my husband will be working with - I can't get away to see the house this week because I'm training my replacement at work.

I'm glad to know that it's customary to have the sale be contingent on an appraisal. My husband is terrified of termites. Do you know if this is something inspectors typically look for?

[MrsSteel]

Home inspectors usually do not test for termites. You'll need to hire a termite specialist to check for that. Termites are very common here, so it's worth it.

Is this house being sold through a realtor?

[jln69]

Find a Realtor First!!! A Buyers Agent. The rest will all come. The lender that you are using will have the home appraised. Your Realtor will have a list of attorneys and so will the lender. The attorney will also do a title search. You will also obtain Title Insurance. They attorney will handle that as well. The attorney usually has a company that they will recommend or your Agent can recommend. As far as septic, you can have it inspected and have it contingent upon a satisfactory inspection if you wand you can also ask in the contract that the seller pump.

The contract will also be contingent upon repairs not exceeding a certain amount and a financing contingency. The appraisal contingency is also in the contract as well hopes this helps.

A good Realtor will see that everything goes as smoothly as possible so you can have a stress free and worry free transaction.

Hope this helps. Good luck.

[jln69]

You will also need to have a seperate Termite Inspection with a Termite Company. A regular home inspector doesn't not specifically look for that and they are not qualified to make that determination. They can point it out if see some evidence in their opinion. Most lenders requiare a separate Termite Inspection anyway. This is why you need a good Buyers Agent so they will handle all of this and you don't have to worry. If the agent in Durham is reputable, they should have a network of Realtors that they can refer you too. If you requested to see the home on the internet, it is probably the listing agent who will respond to you if their link was there. They won't be a Buyers Agent for you. They are working for the Seller. If you have any additional questions, you can PM me. Good Luck.

[MikeJaquish]

Many home inspectors hold pest control licenses and can do wood destroying organism inspections.
US Inspect is just one example.

[VickiR]

Ok, ok, calm down.

First...find a Realtor.

2nd...have Realtor refer you to a lender so you can get a pre qual.

3rd...Realtor will pull comps to help you make a decision on what to offer.

4th...Realtor will help you negotiate.

5th...Realtor will line up inspections (termite, home, radon, etc.) once offer is accepted.

6th... Buyers are protected in contract by contingency that repairs do not exceed a certain amount and that house appraises for sales price.

7th... Realtor will help you negotiate repairs.

8th...Realtor will help you find attorney.

9th...Realtor will go with you to closing.

10...Realtor will give you housewarming gift.

And everyone lives happily ever after!!!

P.S. Remember to thank Realtor profusely, send Realtor at least one referral and remember Realtor when its time to sell!!!

Vicki

[Wanna Leave Penciltucky]

So much good advise on here. I agree you need a realtor. A licensed professional whose job it is to help you and they get paid. Why make it more difficult then it has to be.