Pinehurst, North Carolina

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Pinehurst - Southern Pines North Carolina Real Estate

Buyer Resources

• Promote your best interests
• Be loyal to you
• Follow your lawful instructions
• Provide you with all material facts that could influence your decisions
• Use reasonable skill, care and diligence
• Account for all monies they handle for you.

Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer's agent, they may not give any confidential information about you to sellers or their agents without your permission so long as they represent you. But until you make this agreement with your buyer's agent, you should avoid telling the agent anything you would not want a seller to know.

Unwritten Agreements To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer's agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Furthermore, if you later purchase the property through an agent with another firm, the agent who first showed you the property may seek compensation from the other firm.

Be sure to read and understand any agency agreement before you sign it.

Services and Compensation Whether you have a written or unwritten agreement, a buyer's agent will perform a number of services for you. These may include helping you...

• find a suitable property
• arrange financing
• learn more about the property and
• other-wise promote your best interests.

If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller.

A buyer's agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyer's agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.

The agency relationship establishes the legal framework of duties and responsibilities among brokers, salespeople, and consumers. Although the laws and regulations that govern agency in real estate transactions differ from state to state, certain basic principles apply in most cases. Real estate professionals who understand the duties and limitations of different agency relationships can ensure that they meet, but do not exceed, their responsibilities to their clients. A good understanding of agency also makes it possible for associates to explain their role to clients and avoid future confusion and mistrust.  If you were involved in litigation, would you ask your opponent's attorney for legal advice? Of course not... Just as an attorney is obligated to protect and promote his clients best interest, a REALTOR has similar fiduciary duties to his client. Nonetheless, uneducated buyers take huge risks when entering into the process of investing in a home or property without professional representation. The properties Listing Agent is under contract to the seller only and therefore is committed to protect and serve his client.

Click here to download Working with Real Estate Agents from the North Carolina Real Estate Commission in PDF.

The highest and best form of Buyer Agency is known as Accredited Buyer Representation...

"For real estate consumers, the one credential to look for is  the Accredited Buyer Representative (ABR®) designation  from the Real Estate Buyer's Agent Council of the National  Association of REALTOR'S®" -Kiplinger's Personal Finance  Magazine -

The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER'S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria. Learn more about the Accredited Buyer Representative (ABR®) designation

First Time Buyers

Though investing in a home is a huge financial commitment, it doesn't need to be an intimidating experience for first-time home buyers. Real estate professionals recommend the following steps to help make the your first home-buying process easier.

• Make a list of your needs versus your wants before beginning your home search.

• Contact a mortgage counselor. A pre-approval letter in hand gives a buyer strength in negotiating, particularly in highly competitive markets. A pre-approval is a letter from a lender approving you for a mortgage of a certain amount within a given timeframe, based on your income, assets, debts, and credit history

• Click New Home Search for an overview of the prices and types of homes available and especially those that fit your predetermined criteria.  Visiting open houses costs you nothing but time and the exercise may give you ideas for things you'd like in your own home but haven't considered.

• Investigate the neighborhood and be an informed buyer. Research local schools, communities, crime statistics, and possible neighborhood restrictions. Contact us for information about a particular neighborhood.

• Start saving money. You'll need cash for a down payment and closing costs.

• Don't incur any new debt...Pay down your existing credit cards and don't apply for any new ones. Wait to make large credit purchases such as cars or furniture.

• Insist on a home inspection. This investment could save you a lot of headache down the road. Attend the home inspection and ask questions.

• Ask your real estate professional about Home Buyer Protection Plans and how they will reduce headaches as well as save you money.

• Obtain professional assistance with coordinating the details. Your real estate professional can assist you with every detail from finding that perfect home through closing. Contact us and we'll show you what Truly Remarkable Service means.

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• Work in conjunction with your mortgage counselor to analyze your financial situation and help you determine how much you can afford.

• Familiarize you with the home buying process and respond to your questions and concerns.

• Access information on all properties listed for sale by REALTORS® and owners in your areas of interest..

• Set up appointments for you to view homes of interest to you.

• Counsel, advise, and help you to prepare the necessary paperwork when writing an offer.

• Manage the details, dates and terms of the real estate purchase contract.

• Attend the closing to respond to any questions and make sure everything runs smoothly.

• Best of all, we guarantee our services in writing with our Buyer Services Guarantee.

• After the closing our customer care coordinator will follow up on the remaining details or service needs.

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What types of mortgage programs are offered?

Currently, there are over 50 different mortgage products available, including, but not limited to: 15, 20, and 30-year fixed rate loans Adjustable rate loans, New construction financing, VA and FHA loans, 5 and 7-year balloon loans, Zero down loans. All mortgage products have their own benefits and disadvantages. Talk to your financial institution to discuss which product is best for you.

How long does it take to process a mortgage application?

Usually about 30 to 60 days, although it can take as few as seven days and as long as 90 days for some transactions. The actual time depends on how quickly the lender can get an appraisal of the property, a credit report and verification of employment.

What documents will I have to provide?

Be prepared to provide a verification of income (including a pay stub and recent tax returns), bank account numbers and details on your long-term debt (credit cards, auto loans, child support, etc.). If you're self-employed you may also be required to provide financial statements for your business.

Could anything delay the approval with my loan?

If you provide the lender with complete, accurate information everything should go smoothly. You may face a delay if the lender discovers credit problems - a history of late payments or nonpayment of debts, or a tax lien. You may then be required to submit additional explanations or clarifications. You should also be sure to notify your lender if your personal or financial status changes between the time you submit an application and the time it is funded. If you change jobs, get an increase (or decrease) in salary, incur additional debt or change your marital status, let the lender know promptly. You may also be delayed if the home you selected fails to appraise for the agreed purchase price.

What's included in my house payment?

Principal and interest on your loan. Depending on the terms of your loan, the payment may also include homeowners insurance, mortgage insurance and property taxes.

Can I pay those other things separately?

Not if it is an FHA or VA-insured loan. With most other loans you can pay your own taxes and insurance if you borrowed no more than 80% of the purchase price or appraised value of your home. Check with your lender to be sure.

What do the closing costs include?

Closing costs cover processing and administration of your loan. In addition to a loan fee, you'll usually be asked to prepay interest charges, to cover the partial month in which you close, and impounds for your property taxes, hazard insurance and mortgage insurance.

When do my mortgage payments start?

Usually about 30 days after closing. The actual date of your first payment will be included in your closing documents.

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