Danielle Edwards

RE/MAX Executive

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Buying a home Charlotte | Love or Lust?

February 16, 2022 by Danielle Edwards

Buying a home Charlotte | Love or Lust?

How to know if the prospective home is the right match for you

Danielle Edwards, Charlotte Realtor, featured in RE/MAX article

 

Buying a home Charlotte

A Charlotte RE/MAX agent offers helpful advice to keep buyers on track during the homebuying process.

Ever fallen in love with a house way over budget? Or had a crush on a house that’s too far from work?

Eager to get into a new home, buyers can often find themselves fantasizing over a property with bells and whistles that make it enticing, even though it’s not a great match. Add in low inventory, and buyers can be frantic to lock down any house. This can be especially relevant for first-time homebuyers who come into the process excited with high expectations. According to the National Association of REALTORS®, first-time buyers made up 34% of all homebuyers in the U.S. in 2021.

With more than 16 years of experience in Charlotte real estate, Danielle Edwards, an agent and team leader with RE/MAX Executive in Charlotte, North Carolina, shares how buyers will know they’ve found the right home for them (aka, the one) when they are buying a home Charlotte.

It meets your essential criteria- Buying a home Charlotte

Which features are must-haves, and which would simply be an added bonus? Before starting the homebuying process, make a comprehensive list of wants versus needs. Sticking to this list while browsing for homes can help eliminate properties that drive the lust factor but don’t actually suit the needs of you and your family.

Edwards tells her clients to consider their lifestyle when making this list.

“A buyer may say they want a large flat yard or a spacious yard for entertaining. I will say to them, ‘Think about how you actually live,’” says Edwards, a RE/MAX Platinum Club member. “I try to get buyers to really think about where they spend their time when they’re at home because being realistic can help them cross out some properties. It doesn’t make sense to get in a bidding war over something that you’re not going to use.”

She reflects, “In my own experience, in my previous house, we never went into our yard. We thought it would get so much use, but in reality, we were so busy on weekends it never got used as we had intended.”

When determining essential criteria in a prospective home, it’s important to also consider which elements you’d like to be move-in ready and what you’d be willing to renovate down the road.

“I find that some buyers get caught in this rabbit hole of the ‘perfect house.’ In reality, there is no perfect house. Every house has its quirks, so you have to figure out what is right for you,” Edwards says.

“There will always be something to do to it to make it more personal, whether you need to add a wall to make a home office, paint the exterior or remodel the kitchen. No matter what house you buy, you’re likely going to be spending money to make it your own. For some buyers that’s immediate and for some buyers that will happen over time.”

You can afford it- Buying a home Charlotte

Getting pre-approved for a mortgage – a process where a lender evaluates and confirms your borrowing potential – can help determine how much money you can actually spend on a house. But remember: the price of a home is more than just the down payment and monthly mortgage payments.

Account for the essential homebuying fees for services like inspection, closing, and working with a professional agent, and budget for unexpected home maintenance costs and regular repairs as well. In addition to furnishing a home, be prepared to deal with inevitable repairs to the roof, HVAC system, plumbing and more.

Seasonal maintenance costs may vary depending on the local. For example, harsh frosts can take a toll on driveway pavement and snow can present different risks to roofs in colder climates, and yard maintenance – like watering the lawn – can cost significantly more in warmer or drier climates. Depending on the weather, be prepared to purchase a snowblower or even xeriscape a yard.

 

It’s near important points of interest (POIs)- Buying a home Charlotte

When shopping for a house, it’s important to consider its proximity to places you frequent, like work, school, family members or a favorite park to walk the dog.

Location is personal. Some buyers are willing to expand the boundaries of their home search in order to find a fully renovated home, whereas others will take on a fixer-upper to be in their optimal location.

“Some people are focused on school districts or they’re focused on a certain neighborhood and that makes it easier to narrow down their search,” Edwards says. “If you convince yourself to move to an inconvenient location because you found a house you like, you could end up wanting to move out shortly after moving in.”

You feel at home in the community- Buying a home Charlotte

If buying locally, and not sight-unseen, try to spend time within the desired neighborhood before purchasing a home there.

“I always tell people to drive around the streets, go to the local park and talk to people who live in the neighborhood,” Edwards advises. “That’s something potential buyers can do even if you’re two to three years out from buying. That way, when you’re ready to buy, you have it narrowed down to where you want to be – and this is especially helpful when you have to act fast in a hot market.”

Ultimately, a qualified real estate professional is going to be your best source of information to discuss potential properties with and help narrow down which one is a perfect match.

“Whether it requires touring just one home that resonates or 50, a real estate agent is going to make sure they help you find the right one for you,” Edwards says.

Written by Leah Curtis

____

For more information on buying a Charlotte home check out my playlist chock full of free advice on buying your first home.  If you would like to set up a home buying consultation to discuss your game plan, just reach out!

 


Danielle Edwards

South Charlotte Real Estate
Realtor, REMAX EXECUTIVE

Hefferon | Edward Team
704-761-7484
Licensed In: NC
License #: 249833
Contact Me

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Useful Links
What does your equity say?
Buyer Market Update Reports

Filed Under: Advice, Charlotte News and Information, Featured Tagged With: best realtor charlotte, buying a home, buying a home charlotte, buying home tips, charlotte real estate tips, charlotte remax, tips

What is DUE DILIGENCE in NORTH CAROLINA?

January 16, 2022 by Danielle Edwards

What is DUE DILIGENCE in NORTH CAROLINA Real Estate?

It is 2022 and the real estate game has changed.  Buying a home in NORTH CAROLINA? You will probably hear the term DUE DILIGENCE several times.  The Due Diligence process has changed over time and can differ from state to state. If you have purchased a home in the past or in another state, keep in mind that this process may be different from what you experienced during your last purchase.

This video was filmed before the current seller’s market we are in today.  Examples used in this video do not

portray how much due diligence fees are today.  When deciding how much due diligence money to put down on your home

you should always consult your Realtor. (hopefully that is me)

DUE DILIGENCE 101 or HOW TO UNDERSTAND DUE DILIGENCE PERIOD – REAL ESTATE IN NORTH CAROLINA.

BY DANIELLE EDWARDS

Check out my new video/blog

How to buy a home in Charlotte NC 2022

Due Diligence FAQ

The DUE DILIGENCE Process was created to benefit the buyer and the seller.

How does The Due Diligence Process help the seller?

Before the seller of a home officially takes it off the market, they will receive a certain amount of money, upfront from the buyer. If the buyer follows through with the home purchase through closing, the seller will then credit the buyer the due diligence money at closing time.

How does The Due Diligence Process help the buyer?

The buyer uses due diligence as a way to show their good faith that they are very serious about purchasing a home from the sellers.  The buyer knows if they back out for ANY REASON before 5 pm at the end of the closing period, they will lose their due diligence fee and money spent on inspections & appraisal.

What is a normal due diligence amount for buying a home in North Carolina?

Great question!! This amount has changed drastically in the past two years.  Given the competitive market in Charlotte and lack of inventory, we are now seeing the due diligence amount being more than the earnest money amount. Simple answer: It could range $250-$10,000 depending on the price of the home.

Here are some recent Due Diligence amounts on homes I have closed in Charlotte, NC:

  • $369,000 home = $1500 due diligence    >>>  2021 real example >>>  $10,000 due diligence
  • $301000 home =  $3000 due diligence >>> 2022 real example >>>> $10,000
  • $505000 home = $2000 due diligence>>>> 2022 real example >>>>$18,000

The amount varies based on many other factors of your offer to purchase a home in North Carolina.

This amount is always negotiated between the buyers, sellers, and corresponding agents.  You might offer $800, and the seller may come back and say $1,500.  When in a multiple offer situation, the  Due Diligence amount is sometimes even more important to the seller than who has made the higher offer!  If it is between you and another buyer, the seller will want to close the deal with the buyer who seems the most serious and the most financially able to purchase their home.

When do you pay the due diligence money to the seller?

Within 5 days of executed contract.  This is normally done within 24 hours, but there is a 5 day period if the buyer’s agent checks the 5-day amount on the offer to purchase contract.

How long is the due diligence period when buying a home in North Carolina?

This is a negotiated period.  The shorter the period, the better the offer to the sellers.

I would say 2.5-4 weeks is typical for a due diligence period in North Carolina, NC.

Your offer might say 4 weeks, the seller may come back and ask for 3 weeks instead.

What is earnest money when buying a home in North Carolina?

Earnest money is typically 1% of the contract price.  Again, negotiated.

The buyer will give their agent an earnest money check once the buyer’s offer is accepted. This is normally made out to REMAX EXECUTIVE(for example).  The check is deposited for escrow at closing.  The buyer’s agent will refund the earnest money within 2-5 business days if the buyer were to back out during the due diligence period for any reason. If for some reason there is a discrepancy with releasing the earnest money, then you will have to go to mediation.  (I have never had that happen).  However,  at 5:01 pm on the date the due diligence period ends that earnest money is no longer refundable.  It will stay in escrow for you and be a credit to you at closing.

Some agents will show a copy of both checks when presenting the offer.  Always make sure your account information is covered.  This shows good faith. About 60% of the time, this is how the process goes.  There are times a buyer will not have checks on them and the checks are presented after their offer is accepted.  It can be a personal check or a certified check.  Certified is typically preferred, but not necessary.

DO YOU HAVE A BUYER’S AGENT?

If you are looking for a buyer’s agent in the Charlotte area I would be honored to work with you.  There are also two other Realtors on my team to help assist you if you are looking in an area that I am not an expert in.  It is very important to choose an agent who works in the trenches in the area you are looking in.  I can also help refer you an agent in North or South Carolina with my network of fantastic agents I have worked with.  I am licensed in NC/SC and cover parts of the Fort Mill/Lake Wylie area.

For more great tips on buying a Charlotte home visit www.SoldOnDanielle.com

Contact me below and let’s talk Charlotte real estate!

Check out my reviews on Google!

 


Danielle Edwards

South Charlotte Real Estate
Realtor, REMAX EXECUTIVE

Hefferon | Edward Team
704-761-7484
Licensed In: NC
License #: 249833
Contact Me

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Useful Links
What does your equity say?
Buyer Market Update Reports

Filed Under: Charlotte News and Information Tagged With: 28226, 28277, appraisal gap, best Realtor® in charlotte, buyers agent, buying home tips, charlotte nc buyers agent, Charlotte realtor, due diligence, how much due diligence should you put down, how to buy a home in nc, real estate, realtor near me, remax charlotte, what is due diligence in nc, why do I need a buyers agent

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Danielle Edwards
RE/MAX Executive
12104 Copper Way Ste. 100
Charlotte, NC 28277
704-276-6882
info@soldondanielle.com

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