Today we are covering Steps 6 and 7 of buying a home long distance. Step 6 includes a discussion about understanding the real estate market you are looking in, and the rules and laws that apply there. Are you familiar with NC’s due diligence fee? That is something that we have that is not common in many other states, and is an important piece of our purchase contracts that needs to be understood. That’s just one example. Step 7 is considering an inspection before going under contract, depending on the circumstances. Please scroll down for both videos!
As a reminder, we will be going into detail on each of the steps to making a long-distance home purchase, over the next several weeks. Here is the full list:
- Be clear about what is important to you in a home. Write it down. Pick your top three points and describe them in detail.
- Research what you can online.
- If you can, visit the area before you start making offers, so that you can get a feel for different neighborhoods.
- Find an experienced realtor who you trust and feel comfortable with, and who asks you a lot of questions about what is important to you. This person will be your eyes, ears, and nose on the ground, and needs to understand what is important to you.
- Get pre-approved with a local lender, or someone who has experience in the market you’re moving to. For coastal North Carolina, this is particularly important.
- Understand the real estate market you’re moving to and its purchase process, along with key elements of its purchase contracts. Not all states are the same, and in North Carolina, we have a due diligence fee that other states do not have. Understanding this is important. In addition, as the market changes, the real estate market in your area may be different than the one you’re moving to. Understanding these differences is critical to your home purchase success.
- If you are not buying new construction or a newer home, consider getting an inspection before your offer is accepted.
- Have a plan for viewing and signing contracts electronically, and delivering funds within 24 hours when your offer is accepted.
- Visit the home once it’s under contract before the end of the due diligence period, if possible.
- Be present for the final walkthrough of the home and closing if possible.
Hi, I'm Kim Crouch, and I help people who want to live in Wilmington near Wrightsville Beach, and aren't quite ready to move yet, figure out how to buy their NC coastal home now.
1001 Millitary Cutoff Rd Suite 101
Wilmington, NC 28403
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