Frequently Asked Questions

The amount you'll need depends on a few key factors - the type of mortgage you're getting, the home's price, and your financial situation. Typically, conventional loans require 3% to 20% of the purchase price, while FHA loans may accept as little as 3.5%. VA and USDA loans offer qualified borrowers options with zero down payment.

For a conventional mortgage on a $300,000 home, your down payment might range from $9,000 (3%) to $60,000 (20%). Making a larger down payment generally results in better loan terms and lower monthly payments. With less than 20% down, you'll typically need to pay for private mortgage insurance (PMI).

First-time homebuyers may qualify for down payment assistance programs through state housing agencies, local governments, or nonprofit organizations. These programs can provide grants, forgivable loans, or low-interest loans to help cover your down payment costs.

When budgeting for your home purchase, remember to account for additional closing costs, which typically range from 2% to 5% of the loan amount, on top of your down payment funds.

Both due diligence fees and earnest money deposits are important elements in the home buying process, but they serve different purposes and have distinct refund conditions.

Due diligence money is a non-refundable fee paid directly to the seller that gives you the right to inspect and evaluate the property during the time called the due diligence period. This payment compensates the seller for taking their home off the market while you conduct inspections, secure financing, and perform other necessary investigations. If you walk away from the deal during the due diligence period, the seller typically keeps this fee. Otherwise, it is credited toward your closing costs.

Earnest money, on the other hand, is a good faith deposit that demonstrates your serious intention to purchase the property. This larger sum (often 1-3% of the purchase price) is held in escrow (usually with your attorney) until closing and is applied to your purchase. However, if you back out of the deal after the due diligence period, you could forfeit your earnest money deposit to the seller.

In the Asheville market, buyers almost always provide both types of payments – a smaller non-refundable due diligence fee upfront, plus a larger earnest money deposit that remains conditionally refundable based on contract terms. The specific amounts and practices regarding these payments vary and can always be negotiated between buyers and sellers.

Property taxes in North Carolina are generally lower than the national average, with effective tax rates typically ranging from 0.75% to 1.25% of a property's assessed value. The tax is assessed and collected at the county level, with each of North Carolina's 100 counties setting their own tax rates.

In North Carolina, properties are usually assessed at 100% of their market value, though reassessments are only required every 8 years by state law, though some counties choose to revalue more frequently. This can sometimes create disparities between a home's tax value and its current market value, especially in rapidly appreciating areas.

The homebuying process typically takes between 30 to 90 days from accepted offer to closing, but the entire journey from starting your search to getting keys can span 4-6 months (or even longer!) for most buyers.

Your timeline will vary based on several factors including local market conditions, financing requirements, and property-specific circumstances. In competitive seller's markets with limited inventory, just finding the right home can take several months of active searching.

First-time homebuyers often experience longer timelines as they navigate unfamiliar processes. Working with an experienced real estate agent and mortgage lender who communicate effectively can help streamline your home buying journey and prevent unnecessary delays.

Remember that unexpected issues like inspection problems, appraisal challenges, or title complications can extend your timeline, so building some flexibility into your moving plans is always advisable.

While it's possible to buy or sell a home without a real estate agent, working with a professional typically provides significant advantages, especially for those unfamiliar with real estate transactions.

For buyers, using a real estate agent comes with several benefits: access to the Multiple Listing Service (MLS) for comprehensive property listings, expert guidance on neighborhood values, skilled negotiation on your behalf, and assistance navigating complex paperwork and contingencies.

For sellers, real estate agents provide crucial services like comparative market analysis to properly price your home, professional marketing including photography and staging advice, coordinating showings, screening potential buyers, and negotiating offers.

When you purchase a home, what's included in the sale can vary significantly based on your contract and negotiations with the seller. However, there are some general guidelines about what typically comes with a property.

Real estate transactions usually include all "fixtures" - items permanently attached to the property. This means built-in appliances, ceiling fans, light fixtures, window treatments, and hardware like doorknobs and cabinet pulls typically stay with the home. Landscaping, outdoor structures like sheds or playsets, and any built-in shelving or cabinetry are also generally included.

Major appliances like refrigerators, washers, dryers, and freestanding stoves are negotiable and should be specifically listed in your purchase agreement if you want them included. For items such as window air conditioning units, outdoor furniture, decorative mirrors, and removable storage systems, we would write these into a bill of sale.

Remember that anything not explicitly included in writing may be removed by the seller before closing day, so don't assume items will stay unless they're documented in your purchase agreement.

At minimum, a home inspection. The home inspection covers major systems and components including the roof, foundation, plumbing, electrical, HVAC, appliances, and structural elements. This general inspection provides an overview of the property's condition but may recommend specialized assessments for concerning areas.

We also strongly recommend radon testing for all homes, as the Western North Carolina region has significantly higher radon levels due to the natural granite and rock beneath our soil. Many properties in our mountain communities test well above the EPA's action level of 4 pCi/L, making mitigation systems common and necessary for protecting your health.

Further inspections may include termite/pest, mold, well and septic, asbestos and lead testing, and structural engineer inspections.

While these inspections represent additional upfront costs (typically $300-$800 for a standard inspection and $100-$700 for additional inspections), they can potentially save you thousands in unexpected repairs. During the due diligence period, you can negotiate repairs, request seller credits, or even walk away from the purchase if significant issues are discovered.

Your agent can recommend reputable local inspectors and help prioritize which inspections make sense for your potential home.

Yes, you can back out of a real estate purchase after going under contract, but your ability to recover your earnest money depends on the specific circumstances and contract terms.

In North Carolina, the due diligence fee is generally non-refundable regardless of why you terminate the contract, while your earnest money remains protected until the due diligence period ends.

Before backing out of any real estate contract, consult with your real estate agent and your attorney to understand the specific implications based on your contract terms and the timing of your decision.

In North Carolina, the closing process typically takes 30-45 days from accepted offer to final completion. After your offer is accepted, you'll submit earnest money and begin the due diligence period, usually lasting 2-4 weeks, during which you can conduct inspections and finalize financing.

North Carolina uses attorneys rather than escrow or title companies for closings. Your closing attorney will conduct a title search, prepare necessary documents, and coordinate with all parties involved.

You'll receive a Closing Disclosure at least three business days before closing, detailing all final costs. At the closing meeting, you'll sign documents and pay closing costs, and the attorney will record the deed with the county.

Unlike some states, North Carolina doesn't require both parties to attend closing simultaneously, and you'll receive the keys once the deed is recorded, usually the same day.