After making an offer

Once you find a house in North Carolina that you love, it's time to make an offer. Your real estate agent will help you write a compelling offer to give you the best chance at securing the home.

Part of your offer may include a due diligence and/or earnest money deposit—typically 1–2% of the purchase price. These deposits incentivize the seller to take the home off the market until closing.

- Due diligence is paid directly to the seller. It compensates them for giving you time to complete inspections.

- Earnest money is held in escrow and goes toward your down payment if the sale proceeds.

If the sale closes, both amounts are applied to your final purchase cost. If you cancel the contract during the due diligence period, the seller keeps the due diligence fee but returns the earnest money.

Market Timing

The speed at which you should make an offer depends on the housing market.

• In high-demand periods, homes sell quickly. In May 2024, homes in North Carolina stayed on the market an average of 67 days.

• In slower markets, you may have more flexibility. In December 2024, the average was 101 days on the market.

Inspections, Appraisals, and Financing

Once all parties have signed and you are officially under contract, the due diligence period begins. During this time:

• Inspections evaluate the property’s condition.

• Appraisals confirm the home’s value for the lender.

If significant issues are found during inspection or if the appraisal is lower than the agreed-upon price, you may renegotiate or exit the contract.

Underwriting

During underwriting, your lender verifies your financial qualifications. Be prepared to provide:

• Proof of income (W-2s, pay stubs, tax returns)

• Bank and asset statements

• Explanations for any non-wage income

• Loan statements (e.g., student loans)

Gather these documents early to avoid delays in closing.

Home inspections in North Carolina

A licensed home inspector will check the condition of the house for structural integrity, safety issues, and potential hidden problems.

If the inspector finds major issues, you can:

• Request repairs

• Renegotiate the price

• Exit the contract (and forfeit the due diligence fee)

North Carolina–Specific Inspections to Consider

• General Home Inspection
• Pest Inspection
• HVAC System
• Mold Inspection
• Water Quality or Well Inspection
• Fireplace/Chimney
• Septic System
• Pool or Spa
• Driveway and Drainage
• Structural/Foundation
• Property Survey

Inspection costs vary depending on the size of the home and which inspections you choose.

Home appraisals in North Carolina

Home appraisals determine the value of the property for that moment in time. If you're using a mortgage to buy your new house in North Carolina, your lender will order an appraisal to make sure the home is worth the money that it's loaning you.

The buyer typically pays the appraisal fee.

What happens if the appraisal comes back low?

Sellers Options

• Request a copy of the appraisal.
• Ask the buyer to challenge the appraisal.
• Renegotiate the sale price with the buyer.
• Offer seller financing.
• If buyer cancels, relist.
• Consider an alternative all-cash offer.

Buyers Options

• Ask the seller for a price reduction.
• Put down more money on the purchase.
• Let go of the home and keep shopping.

Close on your new home!

Steps before closing

• Opened accounts for electric, water, propane, HOA, internet
• Make sure the money to close is in order and know the process to send it to the attorney
• Insurance on the home
• Find a good handyman in the area
• Agreed upon repairs have been done

Final walk-through

Before you close on your new home, you and your real estate agent will do a final walk-through of the property to ensure that it's still in the expected condition. You'll want to check to make sure:

1. The appliances are in working order.
2. Water and propane are turned on or know the process to turn them on.
3. Any agreed-upon repairs were handled by the seller.
4. There was no damage to the home when the seller moved out.

Closing day

On the closing date, you’ll meet at the attorney’s office to review lots of important paperwork. You'll need to read and sign several documents, including:

• The final loan application
• The deed transfer
• Various disclosures

Before signing anything, ask your agent or closing attorney about any questions you have to make sure you fully understand each document.

North Carolina BUYER closing costs

After completing the paperwork, you'll have to pay for closing costs. The attorney will collect the total amount you owe for various services and pay each party on your behalf.

Typically, a buyer's closing costs can be separated into five categories:

- Buyer agent fees: According to the NAR lawsuit settlement of August 2024, buyers are now responsible for negotiating buyer's agent commission rates with their agent. If the seller hasn't agreed to pay the buyer's agent fee as a concession, you'll likely be on the hook for covering the fee. - Prepaid costs: Ongoing costs of homeownership, such as property taxes and homeowners’ insurance. Mortgage lenders often require buyers to pay these monthly fees upfront.
- Title and escrow charges: Charges for the title company's services, such as title searches and title insurance.
- Lender Fees Charged by your mortgage lender to originate and underwrite your loan. May include:

• Origination fees
• Underwriting fees
• Appraisal fee
• Mortgage points (if applicable)

Other Closing Costs

Additional variable costs that may include:

• Pest inspection fees
• Flood or natural disaster certifications
• HOA transfer fees
• First month’s mortgage payment
• Other local or situational expenses

After Closing

Once the deed is recorded, the home officially becomes yours. You’ll receive the keys and can begin moving in.

If you financed your purchase, your first mortgage payment is typically due within 30 to 60 days. Confirm this timeline with your lender and ask about setting up automatic payments if desired.

Welcome to your new home in North Carolina!