SEALY PROPERTIES, LLC
2509 Nash Street NW Ste B
Wilson, NC 27896
252-565-0303
Frequently Asked Questions
What's the First Step of the Home Buying Process?
If you plan to obtain a mortgage loan, you need to get pre-qualified with your preferred lender, you should be comfortable with the price range in which you intend to purchase. Your lender should share your written pre-qualification letter with your broker before you begin searching for a home. You should understand the terms of the loan.
What is Due Dilligence?
The due diligence period is a time for the buyer to make important decisions, inspect the home, and ultimately decide whether or not to buy or to walk away. The due diligence period in North Carolina is negotiated in the offer to purchase contract. It’s typically somewhere between two weeks and a month after the effective date of the contract.
What is the Due Dilligence Fee?
The due diligence fee is paid directly to the seller and allows you, the buyer, the exclusive right to inspect the home and close on the contract. The fee compensates the seller for taking their home off the market and preventing others from having the same right to inspect and buy. You may close if you’d like to, or you may walk away for any or no reason, but the the fee is paid and is not refundable. There is only one exception (if the seller breaches the contract). When you, the buyer, buy the home, the due diligence fee is credited towards the purchase price.
What is Earnest Money?
It is negotiated money you agree to deposit into an escrow per the offer to purchase contract, to show your good faith in purchasing the sellers property. It should be held by the closing attorney (recommended) or the listing firm. It is credited to the buyer at closing. Earnest money is an important topic the buyer should discuss with their broker. It’s rare, but problems can occur, if there is a disagreement between the buyer and seller, be sure to have this discussion with your broker and understand how earnest money deposits are handled.
What is a Short Sale?
A short sale is a lender approved transaction where the lender agrees to accept less money than is actually owed on the homes mortgage. Short sales are complicated, but can be advantageous for both the seller and buyer. The seller, with lender approval might avoid a foreclosure and the buyer may have an opportunity to purchase at below the typical market value. A short sale transaction is complicated, and you should make certain your broker is experienced in such transactions. A Short Sale will usually take longer than a typical transaction. SEALY PROPERTIES, LLC is an experienced CDPE & Short Sale brokerage.
How Long Does it Take to Purchase a Home?
From the time an offer is accepted, documents signed and checks are delivered, it typically takes 30 – 45 days to complete the transaction.