Buying Property in Brunswick County
This website section contains most of the information you need to know in order to prepare you for purchasing real estate in Coastal Brunswick County.
From this site, you can search for most of the properties listed in the Brunswick County MLS system through the Information Data Exchange (IDX). IDX is a system that allows REALTORS® to display other REALTORS® listings on their websites such as this site. However, be aware that not all properties are included in the IDX system. If you are considering purchasing a property, please provide us with the information on the property type you are looking for by contacting us so that we may conduct a more accurate and complete search for you. Upon requesting our assistance with a property search, we will e-mail you detailed information on the resulting properties for your review. Once you review this information, we will be available to assist you in determining the costs associated with the properties so that you can make a sound purchasing decision.
There are a some things that you need to know about working with real estate agents and purchasing coastal real estate properties in North Carolina.
Working with real estate agents in North Carolina:
The North Carolina Real Estate Commission publishes a pamphlet titled “Working with Real Estate Agents” that outlines the various relationships between the consumer and the agent. Click here to read the pamphlet. We can assist you in searching for properties and in providing you with some basic information. Later, a time will come where we will review this pamphlet together and you will sign acknowledging reviewing this information with us. This pamphlet is not a contract, it is simply an acknowledgement and it is the beginning to establishing an agency relationship.
What you must know about coastal properties:
Oceanfront real estate in Brunswick County is located on one of the county’s six barrier islands. These narrow strips of land between the sea and the Intracoastal, the various inlets and the Cape Fear River are particularly vulnerable to ocean forces such as storms and beach erosion which can present a threat to your prospective property and undercut its value. There are various setback and elevation requirements associated with these properties which are dictated by the Coastal Area Management Authority (CAMA) and local building codes. Furthermore, please be aware that, due to setback requirements, an existing property may not be rebuildable in the event that its structure is damaged more than 50% for any reason and that you may be held responsible for removing the damaged structure from the property. For an explanation on erosion and setback requirements please visit the North Carolina Department of Environment and Natural Resources Division of Coastal Management’s website.
Purchasing real estate (improved property):
Although situations differ from case to case, in most cases these are the steps to purchasing real estate in North Carolina:
- Reviewing Working with Real Estate Agents
- Financial Pre-Qualification
The first step in purchasing real estate is to determine the amount and the financing options available
- Determining the purchasing area
- Property search and cost analysis
- Entering into an “Exclusive Right to Represent Buyer” agreement
- Reviewing the various forms involved in the process
- Making an offer
- Reviewing the Property Disclosure Form (If improved and a resale)
- Reviewing the lead disclosure form (if built prior to 1987)
- Reviewing POA bylaws and restrictive covenants if applicable
- Performing a Comparable Market Analysis (CMA)
- Researching previous sales data, days on the market, etc.
- Completing and submitting an “Offer to Purchase and Contract”
- Reviewing and accepting, rejecting or countering a counter offer
- When the offer becomes a contract
Once the “Offer to Purchase” is accepted, it becomes a binding contract on the terms and conditions of the offer. There are numerous processes involved from this point that need to be done in a time schedule as determined by the closing date specified in the contract. Here are the steps after entering into a contract:
- Choosing a closing attorney
- Order property inspections (home and pest)
- Ordering a survey if applicable
- Ordering an appraisal (this is often ordered by the lender)
- Ordering home owners and flood insurance if applicable
These are the steps to purchasing coastal real estate in North Carolina. Researching, presenting a range of value for an offer, negotiating, estimating closing costs, coordinating and following up on all the components associated with a contract in order to bring the transaction to a smooth closing is part of what we do as your real estate agents. The other part is having the experience, product knowledge and market focus to help you realize your costal real estate objective.