Scroll down below the definitions for more information about buying a home in NC.
Why use a McDonald Group buyer agent? In 2013, a home buyer using the McDonald Group saved an additional 1.3% off of list price, or 44% more than an average buyer agent. While that might not seem like a lot of money, the savings to you can be substantial.
NC Home Buying Terminology & Definitions
Due Diligence Fee & Due Diligence Period – This is an offer and contract term that is relatively new in NC, we’ve been using it a little over 2 years now. The Due Diligence fee is a fee paid by the buyer to the seller to take their home off the market for the due diligence period. Both the fee & the period of due diligence is negotiable.
Earnest Money Deposit (EMD) – The EMD is a part of the standard contract & is a negotiable fee. This fee is deposited in a trust account managed by the buyer’s attorney. The EMD fee is not at risk during the Due Diligence period. If the buyer chooses to cancel the sale during the DD period, all EMD monies are returned to them. If however the buyer cancels the sale after the DD period (while still under contract) then the seller is entitled to the full EMD amount.
Mortgage Insurance – Also called PMI, is a monthly fee banks charge when you put less than 20% down on a property. What goes into the equation? The city’s real estate market, your credit score & how much you are able to put down on the property will all affect your PMI.
Buyer Agent Bobby McDonald of The McDonald Group at Wilkinson ERA breaks down the rent vs. buy decision for the Charlotte area. Check out his Zillow reviews or sign up for your FREE 1st Time Home Buyer Guide below.
One of the most common questions from 1st time home buyers is whether or not they should buy now or wait for another year (or two). There's actually a lot packed into this question and as such, I thought it would be useful...Continue Reading!
Charlotte NC | Not the Junk Kind, Real Ways to Buy a Home with Zero Down
5 Ways First Time Home Buyers can still purchase a home with no money down in Charlotte!
Many risky loan programs are gone, and that is a good thing. First time homebuyers need loans they can afford to keep, but even though many zero down programs are gone you can still buy a house without a down payment! There are several programs that allow you to...Continue Reading!
Eastwood Homes is hosting free seminars this week at their Design Center, Thursday April 2 and Saturday April 4, for First Time Home Buyers on how the new Federal Tax Credit up to $8000
actually works, how home buyers Don't have to wait until next year to get the money back...no it can't be used to close on the house, but you can get the $8000 back in months.
$8000 Cash Back to First Time Home Buyers... That's enough to make you...Continue Reading!
Our First time Home Buyer's Guide
Charlotte Communities First Time Homebuyers Tips, Tools and Strategies, Buying Your First Home Smart!
So, you are thinking about buying your first home! I know its exciting, I remember it well... yet it also means more... more responsibility (a mortgage eeks!!!), more commitment to your job, to the area, perhaps to a life partner... just MORE!
I'm going to assume you've made the decision to buy your first home, and now you are trying to figure how...Continue Reading!
The University of Maryland defeated Wake Forest University last night, 75-64,
and outplayed the #9 Demon Deac's from start to finish using a great defense that most likely earned them a trip to the NCAA Tournament. Tonight they face another familiar highly ranked team- Duke. MD fans want another shot at the Blue Devils, and a win will absolutely secure their NCAA bid, and a chance to face UNC for the ACC title. Gary, Win Three? You know I'll be watching.
Charlotte First Time Home Buyers Will LOVE the New $8000 Tax Credit
So how does this work? If you buy a home between 1/1/09 and December 1st, 2009, and haven't owned a home in the prior 3 years ( includes you and your spouse) then you'll qualify for a 10% tax credit on the purchase price of that house, to a maximum of $8,000. Note this is a CREDIT, not a deduction, so it will be like CASH. Right now,...Continue Reading!
An ongoing series for first-time home buyers in North Carolina.
Buying a Home In Charlotte NC- The Offer To Purchase
Everyone who Buys a Home in Charlotte Writes an Offer to Purchase, or as sometimes called at a new home site, a Sales Contract. In North Carolina, the standard re-sale contract is both- first an offer (with conditions) and once agreed to and signed by both parties, it becomes the binding contract. First a word about contract types, these are ranked from...Continue Reading!
The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
Licensed in NC & SC
ERA Luxury Home Certified