Buying Process - 5 Steps

Step 1 - Selecting an Agent

When beginning the search for your new home, it's important to understand your needs and preferences. Whether searching by price, features, or location, the more your Realtor knows about what is important to you, the easier it will be to find your ideal home.

Coldwell Banker Willis-Smith's trained agents and helpful support team provide superior market knowledge and expertise in the home buying process. We can find the perfect homes quickly and efficiently using a n array of resources. A Coldwell Banker Willis-Smith agent takes care of all the details of purchasing a home, including: scheduling showings to fit your schedule, providing market information for price comparisons, helping select a loan originator, negotiating the purchase contract, and working with you every step of the way through the closing and possession of your new home.

Please search our Agent List to find a Coldwell Banker Willis-Smith agent who is familiar with the attributes of the neighborhoods in and around New Bern and Oriental.

Step 2 - Arrange Financing

The first step in buying a home is pre-qualification for financing. Pre-qualification is not a full mortgage approval, but a basic estimate of what you can afford in a home loan. Along with the down payment options, the loan amount will determine what price range will work for you. Pre-qualification is sometimes confused with pre-approval, which is more comprehensive analysis and commitment of a loan program for a buyer. Pre-qualifying helps you identify and resolve any issues you may encounter in your application. Additionally, pre-qualifying aids in negotiating your home purchase.

Step 3 - The Home search

Our website is a one-stop resource for finding your ideal home, featuring unlimited search capabilities and complete property profiles. By using our website, you can register for My Home Planner or whatever we'll call it, which allows you to set search parameters (neighborhood, price range, number of bedrooms), save a list of the homes you're interested in, and receive regular updates of new homes on the market that fit your criteria. Click here to register for My Home Planner.

Step 4 - Offer and Negotiating

Once you find a home that fits your needs, your Realtor will draw up an Offer to Purchase and Contract. This document defines the proposed purchase price, the terms, and the timing of the close on behalf of the buyer. With the help of your Realtor, you and the seller can then negotiate and come to terms on a mutually acceptable contract. Of course, the seller is free to accept or reject any offer, or to propose a counteroffer revising the original terms.

In addition to the price you are willing to pay, the formal offer will include a closing date. When securing your offer, you must also outline the earnest money deposit amount, which is placed in an escrow account as a good faith intention to complete the transaction. Your offer is based on contingencies related to financing and inspections. If you have a house to sell, your offer may also be contingent on its sale.

During the home buying process, your realtor can provide you with valuable negotiating expertise. He or she can offer you valuable market information by assessing current competition and past sales of similar homes. You agent will also help provide you with assistance in evaluating any counteroffers and contingencies that may arise in the process.

Step 5 - Contract

The Offer to Purchase and Sale Agreement, is a legally binding document whereby the homeowner and buyer agree to terms under which the buyer will acquire the seller's property.

Both buyers and sellers incur expenses during the transaction process. Buyers are typically responsible for cost associated with the down payment placed on their new home, any home inspections, a title insurance policy benefiting the lender, and any loan costs. The responsibility of the annual expenses of property taxes and any homeowner association fees is typically shared between buyers and sellers and prorated on the closing date.

The closing date of a real estate transaction is the date in which proceeds from the sale are available to the seller and the transfer of the title has been recorded by the county. The lender is responsible for providing the buyer with a good faith estimate, which will provide a close approximation of the buyer's financial requirement to close the transaction. Please consult an attorney should you not fully understand any terms of your contract.

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