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First Time Home Buyer Guide

Part II: Types of Home Purchases

Now is the time to familiarize yourself with all of the types of purchases most common in the Raleigh and Cary real estate market:

Offer to Purchase Agreement
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.

Short Sale
A short sale is a property that is sold at a price lower than the amount the homeowner owes on the mortgage.

Foreclosure
Also known as REO, these are houses that have been seized by banks or other lenders from people who are unable to pay their mortgages. Purchasing an REO is a complex process, you will need the assistance of a savvy realtor.

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.

Ready to Move On to Part III?

Finding the right agent is key to ensuring a stress-free search for your dream home in the perfect Triangle location. Finding the right agent is partly a personal choice, but there are some key details to look for when searching for an agent.