About Cumberland County, NC

Thanks in large part to BRAC, the Fayetteville / Fort Bragg market is abuzz with activity. Most of this activity is coming from personnel formerly stationed at Fort McPherson in Georgia that need to sell their homes back in Georgia. This week's question focuses on a scenario that is becoming more frequent due to this situation.

QUESTION: A home owner signs a contract to sell his property. The buyer needs to sell and close on their current home back in Georgia, so the contract includes the newly-revised Contingent Sale Addendum. The seller is uneasy and wants to continue marketing his home in case the buyer's house does not sell back in Georgia. If the seller enters into a back-up contract, can he still "kick-out" the original buyer if that buyer doesn't waive the closing contingency?

ANSWER: No. Under the new version of the Contingent Sale Addendum, the seller does not have any kick-out rights. According to the North Carolina Real Estate Commission the kick-out mechanism was removed from the Addendum to simplify the process, as well as for a few other reasons.

First, under the new version of the Offer to Purchase and Contract, the buyer has paid a due diligence fee for the right to examine the property for a specified period of time, and to determine whether he or she will proceed with the purchase. That fee is not refundable. It did not seem fair for the seller to accept that fee, and then force the buyer to make a decision on whether to waive the closing contingency prior to the end of the due diligence period.

Second, under the new version of the Contingent Sale Addendum, if a buyer does not have his or her house under contract by the end of the due diligence period, the buyer will automatically be “kicked out” of the contract. Paragraph 1 (a) states that the purchase contract will become null and void in that situation, with the Earnest Money Deposit refunded to the buyer.

SUGGESTION: Sellers in this situation should insist on a relatively short due diligence period. That way, if the seller has not found another buyer by the end of the due diligence period, and the seller believes that the buyer is close to getting his or her house under contract, the seller has the option of extending the due diligence period and the settlement date by written agreement. 

Every week, I will cover a topic of interest to buyers and sellers in the Fayetteville / Fort Bragg area. If you have a topic or question that you would like covered feel free to e-mail it to me.

• Is raising the thermostat a degree or two really going to kill ya?
• Fans can make you feel 3 to 8 degrees cooler, allowing you to dial your AC to a higher temperature and still feel just as cool!
• Wear a wrung out T-Shirt. It works even better if you combine it with a fan.
• Take a quick, cool shower to keep you cool. The water cost is trivial compared to the electric cost.

I hope these four tips put a smile on your face as the days get hotter!

Searching 3rd party websites like Zillow and Trulia may lead you down a windy path.

Singing up to view a home on every website is obnoxious.

If you would like to gain access to the Multiple Listing Service, the website that local REALTORS use, please click the link below!

SEARCH THE MLS

Does the brokerage matter?

I didn't think it did, until I saw that it did! YES, the firm in which your agent works for does matter. Companies have brand awareness and recognition.

Re/max ‘sells more real estate'! We do! If you look at my small firms numbers and see how many agents are selling the numbers that we are, you will see that this holds a fair amount of weight!

When choosing among Fayetteville Realtors to list your home for sale, consider the Brokerage with whom they affiliate. I am supported by excellent administrative staff, innovative marketing personnel and a dynamic broker owner.

REMAX IS WHACK! A MUST SEE!

Communication is key between Home Sellers and Realtors - we must work as a team.

The home Buyers in my market have a huge inventory of homes from which to choose. If the photos on the internet are not attractive, it is unlikely that a Buyer will consider that home unless it is priced dirt cheap. If the home is not "move in ready," the Buyers will walk three doors down and select one that is, even if it's listed for more.

Your home is only worth what someone will pay. I find that a lot of sellers will overlook my market knowledge for someone who's numbers sit better with them. Sometimes we need to put our ego's aside and listen. If you are expecting to make a profit from a home and list with the first agent that agrees with you, is that the best move? If your home isn't worth what you think it should be, nor what the market will bere, having your home sit over priced for months and then beginning the ‘pride' reductions ended up costing you more.

You need to have trust in your agent. If you don't trust your agent, you wont take their suggestions seriously, that can cost you money too. A seller needs to understand that we might not always have good news, but appreciate our honesty. Too many times I hear of agents that let listing sit and sellers never hear from there agents, constantly delivering no good news or no new information is taxing on us too! Were not the bad guys! If you cant communicate to a home seller what are his obligations and my obligations, I can't imagine communicating well enough to negotiate a contract. It's so important the we work as a team, and for that to happen, communication is key.