ISO a buyer’s agent for a first time purchase in Charlotte

[Philip Njapa]

Hi I'm 24 and a first time home buyer. I found a property in Charlotte that I'm interested in. The property is being sold as is, and I want to make sure that I'm working with someone who has the experience. I'm also a provisional licensed broker in NC, but I work in CMBS Trading for a mortgage bank, so I've never gone through a traditional sales transaction. I'd appreciate some references, thank you!

[Laura Shinkle]

Hey Philip! I'm excited for your first step buying a home! Just a little info on 'as is' in NC: 

According to the NC contract, ALL homes are sold as is, where is. We are a 'caveat emptor' state, which basically means buyer beware. The buyer is the one responsible for doing all due diligence and inspections on the home prior to the end of the due diligence period. 

That said, most sellers in CLT are willing to work with a buyer if something is found on the inspection that is important to ANY buyer, ie structural problems, large repairs not seen on a walkthrough, etc. 

In my experience, when sellers say the house is sold 'as is' they can mean one of two things: 

1. The house is truly sold as is and the seller won't be making any repairs or making any concessions at closing for the cost of any repairs. 

2. The seller won't physically make any repairs, but after an inspection is done, they may negotiate credits for repairs to be made after closing. 

In my experience, it's typically the later, but some investors are in the first category. It depends on the seller, and you may not know which kind of seller it is until you start negotiating in due diligence. 

I hope this helps, and I'd be happy to chat with you further. I'm a full time agent in the area and work with quite a few investors and first time buyers.