In Part I of the Triangle First Time Home Buyer Guide, I stressed the importance of shopping your financing options and getting approved for a loan. We recommend a same as cash qualification to give you maximum negotiating strength when you find the right home. Once buyers are qualified, they are usually excited to go shopping, but they need to make sure they are ready to buy before they waste any time looking around.

 

Now is the time to familiarize yourself with all of the types of purchases most common in the Raleigh and Cary real estate market. The most common agreement used to transfer residential real estate is a standard Offer to Purchase Agreement between a seller and a buyer with no 3rd party involved. Although the national news talks about Short Sales and REO owned properties, these distressed sales account for only a small percentage of our local market. Overall, current statistics show that Triangle distressed listings account for less than 10% of the Raleigh and Cary real estate listings. While buyers are drooling about bargains these days, a distressed property sale presents its own set of challenges. It is still essential to become familiar with those transaction types to stay informed of all your options.

 

Well-priced Raleigh and Cary homes fetch multiple offers. Especially in lower price ranges (below $350k), be prepared to write more than one offer - in other words - you will have to keep an open mind to fall in love with more than one home because great homes sell fast in our market.

 

Here is a time frame that you can expect to be a rough guideline on a home purchase:

 

* 1-2 months of looking at homes and writing offers

* 2 days to 3 weeks for sellers to consider your offer

* 3 weeks to 45 days escrow period for normal sale

* Up to 6 months or longer for some REO's and Short Sale properties

 

If timing is critical for you, it might make sense not to choose a short sale or REO home. If you do find that you want to take a chance on buying a home that requires a third party approval, consider exploring short term living options and prepare yourself for the flexibility needed to achieve for this type of home sale.

 

In the next part of this series (Part III First Time Home Buyer Guide), I will explore interviewing Triangle area real estate agents so you can build your home buying team with confidence.

 

Contact us NOW and tell us your real estate needs.