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Brad & Angela Lawrence - Realtors/Owners - Greensboro - Winston Salem -High Point

Top 10 Blunders that could cost you when purchasing a home.

Blunder #1 - Trying to time the market to buy or refuse to buy.

There is no accurate prediction as to when it may be the right time to buy a home. If you have lender approval and are ready for home ownership, then do it. All the time waiting to time the market, you could be building equity, getting tax deductions and reaping the other advantages of owning your own home.

Blunder #2 - Making an offer with no contingencies in place.

In most cases, you will put down earnest money (a good faith deposit) on a home. Make sure you have contingencies in place to receive your earnest money back - such as if the home does not appraise, lender does not give you loan approval, major structural issues are found during the inspection, or if the seller did not disclose material facts, etc.

Blunder #3 - Not speaking with a lender before viewing homes.

With tighter lending restrictions now in place, you definitely must know how much home you can afford and if a lender will actually lend you the $$$ for a mortgage loan. By getting pre-approved, it tells the seller that you are a strong buyer and not just someone "kicking tires" thus the seller will be more likely to negotiate.

Blunder #4 - Not thinking about if you have to sell the home later on.

You must think about resale later on. Find a home in a sought out location and amenities that future buyers will want. Even though you may think you will be in the home for a long while, you never really know what life changing things could happen in the near future to shorten your length of stay.

Blunder #5 - Not reading the fine print.

At closing, there will be tons of documents to sign. Lucky for you, there are only a few documents that are critical, you may request a copy of these ahead of closing so you can review and ask questions before closing.

Blunder #6 - Not doing your homework on the neighborhood.

Finding a great neighborhood will increase your home's value. Visit the neighborhood several times a day, talk to neighbors and ask their opinion of the area. Chosing a home close to your work and shopping can be a good fit for your lifestyle too. Even if you may not have children, good schools districts raise property value. (See blunder #4).

Blunder #7 - Not doing research on a foreclosure or fixer-upper.

Even though you may find a bargain, beware of the pitfalls. Repairs can be stressful and very costly. Get estimates on repairs and renovations to make sure they will pay for themselves.

Blunder #8 - Purchasing a home you cannot afford.

Even though a lender pre-approves for you a large payment, it still may not be a good idea to max out, since this could lead to trouble later on. To play it safe, your payment should not be more than 28% of your monthly income.

Blunder #9 - Buying the first house you see.

This is definitely common sense. You could miss out on a good deal or regret your purchase. Of course you don't have to visit every home on the market, but at least compare a minimum of 3 homes before making an decision.

Blunder #10 - Not getting a home inspection.

Don't leave it up to to your friend or relative to give their blessings, instead hire a license professional inspector. The home may look great but it is a mistake to assume. Even new homes have problems. Make sure you are there during the inspection so the inspector can explain issues. Prices of home inspections vary in this area, ranging from around $300 to $500 depending on the size and age of the home but it is money well spent in the long run.

LOW Commission Full Service and $399 MLS Flat Fee for FSBO - NC Piedmont Triad area

MLS Flat FeeOur $399 MLS Flat Fee Plan is a huge commission saver.
If you want massive exposure with a "hands on" experience,
this may be your best option!
Buyer inquiries are sent directly to you. If you prefer, your contact number is displayed on the MLS so buyers & their agents can call you direct.
If a buyer purchases your home with no agent, no additional fee is due.
You decide if you want to work with a buyer's agent
and how much you will pay them if they sell your home. This plan includes
a Free market analysis, MLS price changes, updates, photos etc.
You get a 6 month contract with a FREE renewal if needed.
Contact Us now for details and to list your home today!
(Scroll down further to see all other features of this plan.)
Call for specific details on all plans.
We take pride in our testimonials, knowing we offer excellence in service at a much lower price.
NORTH CAROLINA HOMES REALTY is your only source for savings and excellence!



Low CommissionOur $499 Plan is another huge commission saver.
If you prefer FULL representation from start to closing with an agent who will provide excellent service, complete all of your NC real estate contracts, disclosures, handle negotiations, & expose your property worldwide... this is the plan for you!
Low agent compensation with a 6 month contract that includes a FREE renewal if needed.
Contact Us now for details and to list your home today!



Low CommissionOur 3.9% Plan is similar to the $499 plan only with a different payment structure.
Contact Us now for details and to list your home today!

 



Low CommissionOur 4.9% is our complete full service and exposure plan. This is the biggest bang for your buck! The most complete service plan offered and still at a much lower price than most firms can or will offer.
Contact Us now for details and to list your home today!

 

All our above plans have Maximum Exposure!
Exposure is what sells a home. Our promise to you is that we will make the extra effort & use the best resources to present your home in highly visible position in the marketplace! Results are what matters! We're always happy to show you official MLS reports of our accomplishments along with genuine testimonials. Don't just list your home with any Realtor.
We work as a team & this isn't just a job...it's our livelihood.
We have the knowledge & experience that you deserve!
Local Exposure     National Exposure     Worldwide Exposure

Below is what we do for our sellers at the minimum
All our plans include (even the $399 MLS Flat Fee plan)


MASSIVE Internet Exposure - your property will be listed on the.......
Triad MLS (16 pictures and virtual slide tour)
Realtor.com
Listingbook.com
Homesandland.com
Craigslist
Google Base
Yahoo
MSN
AOL
RealtyTrac.com
Trulia.com
Zillow.com
Move.com
Movoto.com
wxii12.com
FrontDoor.com
Homescape.com
Cyberhomes.com
HotPads.com
Vast.com
CLRsearch.com
ListingVue.com
HomeFinder.com
InvestorLoft.com
MyRealty.com
PropBot.com
Enormo.com
Overstock.com
ERealInvestor.com
Backpage.com
and many more.......

Also, with your home being on the Triad MLS, when buyers from all over the world are searching on large firm websites such as Remax.com, Century21.com, ColdwellBanker.com, KW.com, Weichert.com, AllenTate.com, & YostandLittle.com, etc ..... your home will be there. Plus ......... tons of smaller firms and individual agents have MLS search capabilities, so your home will be there too. Again......MASSIVE Internet Exposure!!!

PLUS More ..........

* For the $499, 3.9% and 4.9% plans - FULL Service, FULL Representation, Contracts and Paperwork - We will present all offers to you, explain the offer to purchase contract in detail to you, assist you in negotiating the price and terms, once offer is accepted, will track all deadlines and represent you at closing. Buyers will not contact you directly. We are on your side!

For all the plans including the $399 MLS Flat Fee plan

* Your home will have its own website (see example: www.4249rollingknoll.checkoutmore.com)

* Text messaging info

* Cell phone website

* Minimum of 16 pictures, plus more on the virtual picture slide show

* We will provide yard sign and lock box

* It will be placed in the Triad Homespotter magazine

* You will have your own Listingbook seller account to view competition and view how many buyers are looking at your home

* We use Listingbook showing service for scheduling of all showings.

* We will assist in establishing a realistic asking price - We will perform a comparable market analysis on homes or land that have sold in the past 6 months and how long it took to sell. This will determine the current market value. "A house priced right is already half sold".

* We will make recommendations and tips on preparing your home to show and to be more marketable.

Call for an appointment so we can come out and show you how to SAVE $$$ in commission when your home sells

Contact Us for all the details and to get your home listed!

Statistics for NC Piedmont Triad - New Listings/Current Actives/SOLDS for Sept 2009

The following numbers are the New Listings/Current Actives for Sept 2009

Source - Triad MLS

County New Listings Current Actives
Guilford 794 4130
Forsyth 633 3340
Davidson 192 1225
Randolph 119 736
Davie 56 419
Stokes 55 296
Surry 73 448
Yadkin 19 147
Alamance 72 348
Rockingham 78 508

The following numbers are the sold homes in each county for Sept - 2008 vs 2009

Source - Triad MLS

County SOLDS Sept 2008 SOLDS Sept 2009
Guilford 452 274
Forsyth 357 229
Davidson 105 70
Randolph 63 47
Davie 35 14
Stokes 34 21
Surry 38 26
Yadkin 12 6
Alamance 42 31
Rockingham 50 33

What to expect when making an offer on a foreclosure type property.

Here is General Information about investment properties (foreclosures, REO, bank-owned, HUD, etc) and what is usually involved (but not always the case) in making an offer on these type of investment properties.

  • AS-IS - These type of properties are sold "as-is" and the seller will not make any repairs. They are exempt from disclosure and usually have never occupied the property. Most cases, no history is available on the property or prior owners. These properties are marketed/priced assuming repairs will be needed and seller is not responsible for structural defects, code violations, or lead-based paint, radon, termite damage, active termites or mold.
  • Inspections and Utilities - An offer can be made on these homes contingent on inspection results.
    * In most cases, the utilities are not on and if a buyer wants an inspection, sellers require inspections to be done within 10 days after offer is accepted.
    * Usually the sellers listing agent has to be contacted to arrange utilities to be turned on, at buyers expense.
    * When given timeframes for utilities to be on, it is recommended that buyer agent confirms that utilities are working before inspection is made, as some inspectors will refuse to turn on breakers, etc.
    * In order for utilities to be activated in a timely manner, it is the buyer's responsibility prior to requesting utilities to confirm all breakers at panel are off to allow activation of electric and all water spigots, etc. are turned off to allow activation of water services.
    * Water service will be established, but left off to house to prevent any water damage as property is vacant. Buyer will be responsible for turning on water to house for inspections only and MUST turn off water immediately following inspections.
    * Electric service will likewise often be on but turned off at breaker panel or meter.
    * If gas service is established, buyer will be responsible for lighting pilot lights, etc as required for inspections.
    * Any damages or liability resulting from inspections or improperly attempting to activate an utility will be the buyer and buyer's representatives.
  • Winterization - Most properties are winterized during the fall/winter.
    * Water is turned off, plumbing lines drained, and antifreeze is put in all drains. This also includes draining of hot water heater and breakers to heater being turned off/taped over.
    * It will be buyer's responsibility at their expense and liability to have the property de-winterized by a qualified plumber for the purpose of any inspections. Any property de-winterized in any other person than a qualified plumber will result in a buyers liability should any damage occur.
    * After the home is purchased, it will be buyer's responsibility to de-winterize home again if it was re-winterized after inspections.
  • Financing for these type of properties - Seller will not accept offers contingent on sale/closing of another property.
    * A pre-approval letter is required (NOT pre-qualified) from a lender if financing, or a proof of funds letter if a CASH offer and the letter must accompany all offers. Note: Credit Lines, IRA's, Stocks are NOT CASH.
    * Pre-approval letter must clearly state that a credit report has been reviewed as part of the pre-approval. The pre-approval letter must be signed by the loan officer: (If mobile/manufactured home, the pre-approval must also state that lender is aware the property is manufactured housing. If listing says "Rehab loan only" the letter must state "rehab loan".
    * Loan Commitment Letter - If financing, a loan commitment letter must be received within the timeframe specified in the offer to purchase. Failure to do so will result in buyer's earnest money becoming non-refundable should the closing not occur due to failure to secure financing within the contract timelines.
  • Addendums - There will be special seller addendums to be filled out after an offer is accepted, these seller addendums pretty much read that the buyer is buying property in as-is condition and seller is not responsible for anything related to sale of the property once closed.
  • Per Diem - There will be a charge to the buyer for everyday that passes the original closing date. This can be reason connected to fault of the buyer or buyers agent or buyers lender or buyers closing attorney.
  • Multi-offers - If the seller receives more than one offer on the property, the seller MAY request Highest & Best offer from all buyers. In that situation, the seller still may reject, accept or counter the highest and best offers.
  • Sellers response to offer - Unfortunately, banks do not work on weekends or holidays. The banks will respond when they can (many are overwhelmed and understaffed) and it may take several days to receive a response.
  • Closings - Due to the fact that these properties were acquired through foreclosure, there may be closing and title problems, which sometimes do occur, and delay closings. So beware that just because there is a closing date, it does not mean the property will close on that date.....take into consideration when scheduling movers, contractors, etc. Buyers may not make alterations or occupy the property prior to closing - NO EXCEPTIONS.
  • Get in line NOW for the $8K tax credit

    If your wanting to claim the $8K tax credit, you MUST purchase and close on a home by 11/30/09. You must start the process now and get a home under contract by mid October to have time for lending approval, inspections and any other unforeseen problems that may arise.

    Almost 45,000 home buyers have already claimed the $8K tax credit in North Carolina.

    Not sure if you able to purchase a home, contact us for several lender contacts to get pre-approved. Once approved........then lets start looking for a home!