Buyers Info
How We Can Help
Before you start looking
Why is having a Buyer's Agent Best?
Working with the Listing Agent
Dual Agency
Closing Costs
- Assure that you see all the properties in the area that meet your criteria.
- Guide you through the entire home buying process, from finding homes to look at, to getting the best financing.
- Make sure you don't pay too much for your new home and help you avoid costly mistakes.
- Answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.
Before You Start Looking For Your New Home:
- Check your credit rating. Straighten out any errors before its too late.
- Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
- Find a loan program that meets your needs and get pre-qualified (preferably pre-approved).
- Choose a Buyer'a Agent that you trust and who understands your needs. They will represent your best interests.
- Determine what neighborhood best matches your needs.
- Identify important features you need your new home to have.
North Carolina and South Carolina are 2 of many states that use a form of agency called Buyer's Agency. An "agent" in legal terms is someone who represents their "principle" or client. An agent is required by law to used their best knowledge and experience to represent that client when dealing with a third party. Most buyers believe that if a real estate agent is showing them properties, that agent is working for them. But in most states that agent must work for the seller unless the buyer has signed a "Buyer's Agency Agreement" with the agent. Just like a seller will sign a "Listing Agreement" with a real estate agent to represent them in the sale of their home, a buyer can sign a "Buyer's Agency Agreement" with an agent to represent their best interests in buying a home.
EXAMPLE: If I have a buyer's agency agreement with a buyer, I am allowed and required by law to tell that buyer anything that I know about any property that they are looking for. If I do not have an agency agreement with the buyer, I must first decide whether what I am about to say is a "material fact" that must be disclosed to the buyer or is it something that I must keep confidential for the seller. Without a Buyer's Agency Agreement, I must do what is best for the seller even if the property is listed by another real estate company.
THE BEST NEWS: For a buyer to have a Buyer's Agent represent them does not cost the buyer anything! The Buyer's Agent is still paid at closing through the commission that the seller has already agreed to pay.
Please read the following form put out by the North Carolina Real Estate Commission to explain how real estate agents work with both buyers and sellers: Working with Agents
Be Wary of Working with the Listing Agent or the Listing Company.
Traditionally, buyers would stop at a house for sale and be shown the property by an agent sitting there or call the listing agent from the number on the sign. But the problem with that method is that the agent sitting there or on the sign is usually the listing agent. And in all cases, he or she represents the seller at the time when the buyer contacts them.
Be careful about what you say to a listing agent. A listing agent's role is to find a buyer, and to get as high a price and the best terms possible for the seller. He or she is required to inform the seller of any facts the buyer allows to slip about their situation and these may influence the seller's decision about whether to accept an offer or not.
For example, if you, as the buyer, mention to the listing agent how much mortgage you are qualified for, don't be surprised if the seller knows too. If you rave about how this is the best house that you have found, the seller will feel that you are willing to pay top dollar for your “dream home”.
Always keep in mind that you want the lowest price and the best terms. If an agent is not directly working for you, they will probably be working against you.
If you want full representation, I would also advise a buyer against Dual Agency. This is when an agent from the seller’s company also is YOUR buyer’s agent. A dual agent is required by law to only pass information back and forth between the buyer and the seller. They cannot really advise either party in the way you will want to be advised.
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Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
- Third-party fees include charges for insurance, title search, and other inspections such as termites.
- Government fees include deed recording and state & local mortgage taxes.
- Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.
