House buying process

House buying process

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Discussion

mr_spock

Original Poster:

3,020 posts

174 months

Friday 27th March
quotequote all
Hi guys, while hoping my visa application is proceeding, albeit slowly, we're looking at houses in NC. I'm trying to understand the process of buying, but the websites I've seen aren't wholly clear. My USC wife only ever bought one house so she doesn't know either.

So... do I need to engage my own realtor to handle my end of the process? Or is it like the UK where the agent works for the seller and the buyer has to basically figure it all out themselves?

We still have all the joy of mortgage approval etc., but that's another thread.


thainy77

3,278 posts

157 months

Friday 27th March
quotequote all
I went through this in TX last year, get your own realtor, they will walk you through everything. It was a lot smoother and simpler than the UK process for me, it was four or five weeks from viewing to getting the keys.

Loach1

430 posts

100 months

Sunday 29th March
quotequote all
I’m a Brit in N.C. and have bought a couple of times. You should get your own ‘realtor’, even if the whole thing makes my skin crawl, because they will be compensated by the seller at a staggering 3% commission! They will get you viewings and fire over your offers, then advise you on the rest of the process. Don’t get me wrong, they do some work, but the monopolistic approach to the commissions makes me quite mad. As a buyer it won’t matter to you that they get thousands for a couple of days work, but watch out when it comes time to sell!

Where in N.C. are you looking? I have a missus from SC too and we live in Durham. Durham is pretty cool, but maybe too edgy for some folks. There are plenty of bland towns around for those that like that Truman Show vibe.

Good luck, I hope it all goes smoothly!

mr_spock

Original Poster:

3,020 posts

174 months

Sunday 29th March
quotequote all
Thanks! We found a house about 30 mins south of Greensboro, near Asheboro. My stepson lives in Greensboro, and it looks commutable to the triangle (I'm in the IT/cloud area). My wife is in the medical field, there seems ot be lots of jobs within 30-60 mins. It's near Ramseur.

I called a local well-reviewed realtor, they get 2.5% from the seller, and are happy to help us buy remotely. I think with organising a video viewing, video walkthrough, all the surveys and paperwork they'll earn their money. Also there is a possibility of buying and renting back to the current homeowner as he is a contractor and wants to build on the plot next door. Given the current visa and travel delays that might work well.

She also introduced us to a loan specialist who should be able to help, so we'll see what happens!

satans worm

2,075 posts

176 months

Wednesday 1st April
quotequote all
I would not buy a house right now, the future could be very grim in 6 months or so time from the financial cost of the Cronasvirus.

I bought one 6 months ago, if i had a time machine....

The Moose

20,407 posts

168 months

Thursday 2nd April
quotequote all
My wife and I are Realtors here in Florida (not full time!). If you want any help or advice, feel free to drop me a PM.

mr_spock

Original Poster:

3,020 posts

174 months

Monday 6th April
quotequote all
The Moose said:
My wife and I are Realtors here in Florida (not full time!). If you want any help or advice, feel free to drop me a PM.
Thanks for your email, really appreciate it!

TimLam7

625 posts

84 months

Wednesday 22nd April
quotequote all
satans worm said:
I would not buy a house right now, the future could be very grim in 6 months or so time from the financial cost of the Cronasvirus.

I bought one 6 months ago, if i had a time machine....
This. The US is going to be absolutely nailed by this virus. I would wait a bit.

mr_spock

Original Poster:

3,020 posts

174 months

Wednesday 22nd April
quotequote all
satans worm said:
I would not buy a house right now, the future could be very grim in 6 months or so time from the financial cost of the Cronasvirus.

I bought one 6 months ago, if i had a time machine....
What do you think the risk is, and what’s changed your mind?

For us, our incomes are fairly stable, and there seem to be a lot of good jobs in the area we’re looking at. We could wait if we had to, but equally we can jump on a good house if we find one. We really don’t want to rent for personal, not financial reasons. We’re not too worried about a short/medium term drop in prices if the deal is right, with interest rates being so low, and because we want a house as a home first.

mr_spock

Original Poster:

3,020 posts

174 months

Tuesday 26th May
quotequote all
Update for anyone interested...

We found a house. It's quite amazing, a main house, guest house, pool, additional land which is currently a parking area, 4 garages... and asking price was less than my mum's 2 bed flat in north London. It's a kind of short sale - there's no lien on it but the deal needs IRS approval. We're in good shape to buy as the only other bidder pulled out. Loan arranged, sale price under asking, and although it's an "as-is" purchase we have a quote to sort out the main issues, depending on what our loan company requires.

Still waiting for the IRS approval, hopefully we'll hear in a couple of weeks and can move ahead. In the meantime, Mrs Spock is heading back to the US and her new job, renting a flat for the moment.

The US embassy in London should be re-opening soon for visa processing so with luck we will be back on track.

Excited and terrified at the same time!

Jimbeaux

33,791 posts

190 months

Tuesday 26th May
quotequote all
mr_spock said:
Update for anyone interested...

We found a house. It's quite amazing, a main house, guest house, pool, additional land which is currently a parking area, 4 garages... and asking price was less than my mum's 2 bed flat in north London. It's a kind of short sale - there's no lien on it but the deal needs IRS approval. We're in good shape to buy as the only other bidder pulled out. Loan arranged, sale price under asking, and although it's an "as-is" purchase we have a quote to sort out the main issues, depending on what our loan company requires.

Still waiting for the IRS approval, hopefully we'll hear in a couple of weeks and can move ahead. In the meantime, Mrs Spock is heading back to the US and her new job, renting a flat for the moment.

The US embassy in London should be re-opening soon for visa processing so with luck we will be back on track.

Excited and terrified at the same time!
Hello from the US wavey
May I ask where your home will be? smile

The jiffle king

5,948 posts

217 months

Tuesday 26th May
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Check on property taxes as a few yards can make all the difference (When we lived in Georgia, the difference from 1 county to the next was massive.....and I do mean massive)

Jimbeaux

33,791 posts

190 months

Tuesday 26th May
quotequote all
The jiffle king said:
Check on property taxes as a few yards can make all the difference (When we lived in Georgia, the difference from 1 county to the next was massive.....and I do mean massive)
This is true, some states are night and day different on taxes. A few states, Texas & Florida come to mind, have no state income tax.

mr_spock

Original Poster:

3,020 posts

174 months

Tuesday 26th May
quotequote all
Jimbeaux - it's inbetween Mebane and Greensboro, NC.

We have checked property taxes. It's about the same as my Council Tax here in the UK, quite bearable as it's outside any town by enough distance. Remember the Mrs is a US citizen and is generally aware of what needs to be paid and dealt with. Local + State +Federal taxes work out overall a bit lower than here in Cambridgeshire/UK.

Jimbeaux

33,791 posts

190 months

Tuesday 26th May
quotequote all
mr_spock said:
Jimbeaux - it's inbetween Mebane and Greensboro, NC.

We have checked property taxes. It's about the same as my Council Tax here in the UK, quite bearable as it's outside any town by enough distance. Remember the Mrs is a US citizen and is generally aware of what needs to be paid and dealt with. Local + State +Federal taxes work out overall a bit lower than here in Cambridgeshire/UK.
That is good, and a nice area too. I am in Louisiana but have a brother in NC.
My house is approximately 4,000 sq. Ft. And property tax has gone up to $1,520 per year. In Louisiana, the first $75k of a home’s value is exempt. The amounts are set by county, not state, so literally thousands of different formulas. smile

Edited by Jimbeaux on Tuesday 26th May 21:55

Jimbeaux

33,791 posts

190 months

Tuesday 26th May
quotequote all
TimLam7 said:
satans worm said:
I would not buy a house right now, the future could be very grim in 6 months or so time from the financial cost of the Cronasvirus.

I bought one 6 months ago, if i had a time machine....
This. The US is going to be absolutely nailed by this virus. I would wait a bit.
I believe you will find we recover well and quite quickly. smile

mr_spock

Original Poster:

3,020 posts

174 months

Thursday 28th May
quotequote all
Jimbeaux said:
TimLam7 said:
satans worm said:
I would not buy a house right now, the future could be very grim in 6 months or so time from the financial cost of the Cronasvirus.

I bought one 6 months ago, if i had a time machine....
This. The US is going to be absolutely nailed by this virus. I would wait a bit.
I believe you will find we recover well and quite quickly. smile
Anything decent is going under offer in that area in days. If it has land, and is commutable to the Triangle or Greensboro it’s going in hours. Prices may be a tiny bit softer, but not so much from what we can see. As people think about getting out of the cities I suspect nice small town/rural but commutable areas will do ok.

dalecan

262 posts

210 months

Friday 29th May
quotequote all
Jimbeaux said:
mr_spock said:
Jimbeaux - it's inbetween Mebane and Greensboro, NC.

We have checked property taxes. It's about the same as my Council Tax here in the UK, quite bearable as it's outside any town by enough distance. Remember the Mrs is a US citizen and is generally aware of what needs to be paid and dealt with. Local + State +Federal taxes work out overall a bit lower than here in Cambridgeshire/UK.
That is good, and a nice area too. I am in Louisiana but have a brother in NC.
My house is approximately 4,000 sq. Ft. And property tax has gone up to $1,520 per year. In Louisiana, the first $75k of a home’s value is exempt. The amounts are set by county, not state, so literally thousands of different formulas. smile

Edited by Jimbeaux on Tuesday 26th May 21:55
Cricky, I wish my property tax was that low. As a Brit living just north of Seattle WA, I too have a 4000 sq. ft home but my property tax is almost 7 grand.

Jimbeaux

33,791 posts

190 months

Friday 29th May
quotequote all
dalecan said:
Jimbeaux said:
mr_spock said:
Jimbeaux - it's inbetween Mebane and Greensboro, NC.

We have checked property taxes. It's about the same as my Council Tax here in the UK, quite bearable as it's outside any town by enough distance. Remember the Mrs is a US citizen and is generally aware of what needs to be paid and dealt with. Local + State +Federal taxes work out overall a bit lower than here in Cambridgeshire/UK.
That is good, and a nice area too. I am in Louisiana but have a brother in NC.
My house is approximately 4,000 sq. Ft. And property tax has gone up to $1,520 per year. In Louisiana, the first $75k of a home’s value is exempt. The amounts are set by county, not state, so literally thousands of different formulas. smile

Edited by Jimbeaux on Tuesday 26th May 21:55
Cricky, I wish my property tax was that low. As a Brit living just north of Seattle WA, I too have a 4000 sg. ft home but my property tax is almost 7 grand.
Yep, it is different depending on where you live. Example, Texas has no state income tax but property taxes and fees are pretty substantial. What is different is that one’s tax there stays in your local community and is not available to the state. Payers receive an itemized document each year describing what each dollar went to fund. One can literally see their money at work.