1. If you want professional work, you call a professional. There's no difference in Real Estate
except that you often spend a lot more money in purchasing a home than on a Doctor's visit. Hire
a Real Estate Agency that has a quality reputation and that hires trusted, seasoned
professionals. Village Realty is that agency able to deal with Real Estate transactions on the
Outer Banks, NC.
2. Prepare for your purchase. This includes many things that need to be considered. How is
your credit? Do you have money for a down payment? Watch your spending pattern before
making a home purchase, avoid making large purchases right before buying a home.
3. Your Real Estate agent MUST inform you of the difference between a Buyer's Agent, a
Seller's Agent and a Dual Agent before "first substantial contact". If your agent does not
inform you, you may not be working with a professional committed to his/her profession. A
Buyer's Agent represents the buyer (even for only 1 hour), the buyer must request that the agent
work for their interests otherwise the agent is a Seller's Agent and is required to inform sellers of
any material information the buyer provides. A Seller's Agent represents the sellers interests. A
Dual Agent represents the interest of both the buyer and the seller.
4. Learn as much as you can. Understand basic Real Estate and Mortgage terms. Any
contract you sign should be done with your full confidence and understanding.
5. Understand what you want. Buying a home is often an emotional purchase, but it is wise to
have a list of criteria that itemizes the things that are important to you. Don't just purchase on an
emotional whim, you may wake up with buyers remorse. Purchase what you want.
6. Buy what you can afford. The home buying process can be highly emotional and affect
your decision making.
7. "A verbal agreement is not worth the paper its written on". In Real Estate transactions
WRITE IT ON THE CONTRACT, any agreement, offer, or counter-offer only exists if it is in writing.
'Understandings' have a way of becoming 'misunderstandings'- -- and a court won't recognize
either one.
8. Use a competent home inspection company. If you can be there at the time of the
inspection. There is very little legal recourse when a home inspection company fails to disclose
all of a property's problems and potential problems. You've got one shot to get it right, so make
sure YOUR Realtor (Never the seller's Realtor) chooses a reputable company that is acting in your
best interest. Remember on the Outer Banks the owners are often not living in the property, so
they are allowed to complete the Residential Property Disclosure Statement with no
representation.
9. Talk to your agent (see 3. above) and understand everyone's role in the negotiation
process. Not everyone is on your side and you don't want to innocently disclose information to the
wrong party. Understand your rights and obligations when you do make an offer to purchase a
home. Your Realtor will be happy to explain these rights and obligations to you.
10. Buying can be an emotional process. Understand this and make sure that you have an
agent that is patient and will help you with the process at every step.