1. Obtain a pre-qualification letter from a local mortgage lender.
2. Work with a buyer's agent who will represent you and not the seller to search for homes and obtain pertinent information.
3. Submit an offer with the help of your agent. You'll need the pre-qualification letter from your lender and your check book for deposit(s).
4. Offer Acceptance. Once the offer is accepted, your agent will help set up inspections on the property. The buyer is responsible to find out everything there is to know about the property and is responsible for the cost of all inspection, appraisals...etc. The buyer will work diligently with the mortgage lender to get full loan approval. This is one of the longest processes of the transaction so it is best to have the required documents ready to submit to your lender as soon as possible.
5. Negotiate repairs after inspections. A seller does not have to agree to fix anything or offer a credit for repairs. The buyer can make the requests and must decide whether to move forward based on the responses from the seller.
6. Closing. On closing day, the buyers' agent will schedule a final walk-through of the property to make sure everything is as it was at the time of the offer. In the seasonal months, if the property is rented by vacationers, it will not be possible to conduct a walk-through on the day of closing. The walk-through will have to be conducted the day of turn-over just prior to closing. The buyers will meet with their own closing attorney to sign the closing documents. Any monies owed to the buyers at closing will all be pro-rated and will show on the closing documents and handled at the closing table. Once the deed is recorded at the county courthouse at the close of business, the keys to the property are handed over to the buyers.
7. Celebration and enjoyment begins! Congratulations to the buyers for buying their dream home on the Outer Banks!
