Q – Do I have to sign anything to have a real estate agent show me a house?

A – Short answer is yes.  A deeper dive into this “yes” is prior to August of 2024, by law, a real estate agent could show you a house and you would “have” to have a buyer’s agreement signed ‘prior’ to writing an offer.  This is still the law with the NC Real Estate commission, however in August of 2024 there was a new rule implemented requiring REALTORS to have a buyer’s agreement signed before entering a home for sale.  The Working With Real Estate Agents brochure should be introduced “at first substantial contact”.   This rule was implemented to protect buyers as the agreement spells out the duties the agent owes to their clients and also it makes clear of the compensation being paid.

Q – Can I work with more than one agent?

A –  If you signed an Exclusive Buyer Agency Agreement the answer is no.  If you sign a Non-Exclusive Buyer Agency Agreement, then the answer is yes.  However, in my experience you would want one agent looking out for your best interests at all times.

Q – Do I find a house on my own or does my agent do it for me?

A – Both.  Most agents have their buyers set up on a search via their MLS system.  There are now plenty of real estate search sites that can locate a home, but those sites only give limited information.  You would want your agent to do a deep dive and verify certain things about a house.  Schools, flood zones, disclosure of material facts, previous sales data, and many more issues that may pop up that would eliminate a certain house from your search.

Q – Should I just send my agent houses I like and ask to make an appointment or am I able to go the Open House to see it?

A – You can do both.  You can alert your agent that you would like to view a certain home.  If you currently live close by, it may be prudent to drive by the home to make sure you like the neighborhood or to make sure they aren’t building a prison behind it:). You can attend Open Houses and the agent ‘on duty’ IS NOT required to have you sign an agreement.  They represent the seller, but may ask you for your information.  You have no requirement to give them anything.

Q – Once I find a house I like, how do I know how much to pay?  When do we close?  Can I ask for personal property?  Can I ask for appliances?

A – When a house is located and you are qualified to submit an offer, the agent will pull comps and make sure the list price is within reason.  With comps we can tell if a home is over or underpriced.  Your agent will advise you on an offer price and and other terms.  They will also be able to help you identify personal property from fixtures.  You can ask for any personal property you want, such as a refrigerator.  Just remember, all terms in an offer are negotiable.

Q – What if I want to make an offer and we are told there are multiple offers?

A – This is a very possible scenario.  With multiple offers your agent should be able to give you options on the offer price, due diligence fee amount, due diligence date, and other pertinent terms.  The short answer is it comes down to how much you like the property and how much you are willing to spend on the home and risk in the form of due diligence fees.  There is so much more to this, so it is best to have a conversation with your agent prior to looking at houses.

Q – If we get our offer accepted what are the next steps?

A – If the offer is accepted we then deliver the due diligence fee to the seller and if there is earnest money involved we deliver that to the closing attorney.  If you are getting a loan you (or your agent) would need to send the contract to your loan officer.  Most agents have home inspectors they trust and have used for years.  You are welcome to hire your own inspector or use the inspector your agent recommends.  All home inspectors must be “licensed” in the State of North Carolina.  Your agent will likely recommend you get a termite inspection, a radon inspection, and if the home has a septic tank or well you would want to have both of those inspected.  You can also have a survey, though lenders do not require those anymore.

Q – During the inspection there were items found that we do not want to fix ourselves.  Can we ask the seller to address them?

A- Yes.  The Offer to Purchase and Contract; the form we use to submit an offer states that the home is sold as-is.  However, right below that it states seller may or may not address repairs.  It is all negotiable.  In my view, the buyer wants to buy and the seller wants to sell.  Depending on the repair items, the seller is likely to address major repairs.  This is because if the repair is deemed a material fact, it would have to be disclosed to future buyers.  The inspection report will be filled with small items like ‘door doesn’t latch’ or ‘crack in driveway’.  Smaller items are likely to not be addressed by sellers.  I would ask the seller to address mechanical or safety items, and also if major components such as the roof are compromised.

Q – We got passed the inspections and our loan is full approved.  What do we do now?

A – If all stipulations to your loan are met and inspections are negotiated; we are likely in a hurry up and wait situation.  The lender may still ask for certain things and you will be hearing from the closing attorney.  Your agent is in touch with the lender and the attorney.  It is best for a quick response from your agent and yourself to get them anything they need.

Q – What happens at closing?

A- Settlement, a.k.a closing is when the closing attorney has all of the loan documents prepared and a “clear to close” notice from the lender.  You will likely wire your funds to close (down payment) to the attorney a day before.  Once there it is as simple as signing.  You will have to bring a valid I.D. as most all of the documents are notarized.  After signing the attorney will send documents to the lender to review and after approval the deed will be e-recorded at the Register of Deeds.  It typically takes a few hours after settlement for the deed to be officially recorded….then you legally own the home.