Tuesday, September 28, 2010
Wake Forest NC Neighborhoods - St. Ives Estates
Thursday, September 23, 2010
Who's On Your Home Buying Team?
Buying a home can be a trying time for anyone whether you are a first time buyer or a seasoned 
homeowner. However, with a Team and a Plan you can successfully and with the least amount of stress find that perfect home in no time! There are just a few simple pre-home search tips and tricks and I am happy to share them with you!
You Need A Team! Yes, a TEAM to help you purchase your new home. Who does your Team consist of?
homeowner. However, with a Team and a Plan you can successfully and with the least amount of stress find that perfect home in no time! There are just a few simple pre-home search tips and tricks and I am happy to share them with you!You Need A Team! Yes, a TEAM to help you purchase your new home. Who does your Team consist of?
- YOUR AGENT! And by YOUR agent I mean a Buyer's Agent. A Buyer's Agent will be an incredible asset and advocate and most times can offer "inside scoop" information on many of the areas local developments, etc
- Your Lender - You need to choose a financial lender that YOU are comfortable with. Each bank is different so it is important that you ask questions of several lenders before deciding which one is right for you.
- Your Attorney* - Your agent will be able to recommend several attorneys for you and you should speak with several before making a decision on which one will represent you in this most important transaction. *North Carolina is a Closing Attorney state. Our closings are NOT handled by Escrow or Title Companies. While this post is addressed to everyone I can only speak from a North Carolina perspective - things may be different in your state.
- Your Inspector - Your home inspector is a CRUCIAL member of your team! While Home Inspections are optional it is best to spend that few hundred dollars to catch any defects in a home that could cost thousands of dollars if gone un-noticed. Ask your agent to recommend a few home inspectors - it is SO worth it!
Now that you have your team assembled it is time to get your PLAN together! Once you have found your Buyer's Agent you can get down to business and here are a few steps to get you going in the right direction!
- Price Range - This is where your Lender comes into play! A lender will be able to get an in-depth view of your financial picture and help you to discover what you can reasonably afford. It is imperative that you speak with a lender PRIOR to previewing homes so as NOT to spend valuable time going in the wrong direction.
- Make a List of Wants and Needs - Sit down and make a list of Wants - those things that you think would be nice to have in your new home. You don't NEED them but you would LIKE them. Then make a list of your Needs - those are your absolute musts such as 3 bedrooms, 1st Floor Master, etc.
- Research your Local Real Estate Market - Have your Buyer's agent provide you with local listings, market reports, local community information and more. This is the best way to get familiar with a particular area and narrow down your desired areas/
Just a few simple steps in planning and preparation is all that is needed to get you heading down the right path to your new home! With your pre-approval from your lender, a little market knowledge from your Buyer's Agent, and your list of wants and needs you are ready to find that home and make an offer! If you do happen to be looking for homes for sale in Wake Forest NC I would love to be your Buyer's Agent. Feel free to call me at 919-649-6128 begin_of_the_skype_highlighting 919-649-6128 end_of_the_skype_highlighting begin_of_the_skype_highlighting 919-649-6128 end_of_the_skype_highlighting or simply send me an email! I am available to answer any questions that you may have about buying a home, the local Wake Forest NC Real Estate Market and any subdivisions or homes that you may want information. I look forward to hearing from you!
Wednesday, September 22, 2010
Wake Forest NC Neighborhoods - Holding Ridge
Holding Ridge in Wake Forest NC has homes for sale in the most popular price point! For more information on Holding Ridge and homes for sale please be sure to visit this link!
Sunday, September 19, 2010
Friday, September 17, 2010
Wake Forest Coffee Company - Great Place to Start Your Morning!
Awesome coffee delights, great place for an small meeting and yummy treats! Start your day with friends!!
Wake Forest Coffee Company in historic, downtown Wake Forest NC....
Friday, September 10, 2010
Wake Forest NC Neighborhoods - Dansforth
WOW - If you are searching for homes for sale in Wake Forest NC in the $275,000 to mid $300,000 range then you DEFINITELY want to include Dansforth in your search!
Tuesday, September 7, 2010
Wake Forest NC Neighborhoods - Austin Creek
Monday, September 6, 2010
Earnest Money - What Is It and How Much is Required?
Earnest Money - EMD - Deposit - whichever term is used in your locale it is extremely important to know what it is, what it is used for and what the appropriate amount is. I will use real life to demonstrate the importance of educating other professionals, buyers and sellers the necessity Earnest Money.
I had a buyer couple from out of state. They were the nicest, most hard-working, upstanding people that
you would ever want to be around. They placed their property for sale in the "other" state with Agent X so that they could start the preparations for the move to North Carolina. It didn't take long. Agent X received an offer from Agent Y that was representing the buyer. The initial offer came in with $0.00 Earnest Money. Let me put that a few other ways for you to understand. ZERO - $o.oo- zip, zilch, nada.
you would ever want to be around. They placed their property for sale in the "other" state with Agent X so that they could start the preparations for the move to North Carolina. It didn't take long. Agent X received an offer from Agent Y that was representing the buyer. The initial offer came in with $0.00 Earnest Money. Let me put that a few other ways for you to understand. ZERO - $o.oo- zip, zilch, nada. I was not privy to any of the negotiations with their "other" property as things happened literally within hours. Their agent, Agent X, countered with earnest money of $300.00. Again, for emphasis, THREE HUNDRED DOLLARS! I did not know any of this. When I would ask my buyer any questions they said that their agent was handling things beautifully. Okay.....
We find THE house in the Wake Forest area. I mean THE house! Their property is under contract so all is contingent. Before writing our offer I informed my buyer that I needed a copy of their Offer To Purchase for the property in the other state. I wanted to be sure that the contract looked good and, of course, had to have it when we submitted our offer.
Agent X obliged and emailed me the contract. I was FLOORED when I reviewed it. I immediately called my buyers (Agent X's sellers) and asked if they understood what the earnest money was for, what did they know about the buyer, were they pre-qualified or pre-approved, etc. I then explained that if the deal feel apart and provided the stars aligned perfectly that they would only be entitled to $300.00. Again, I was informed, no worries - "Our agent is great and this is solid."
Once my buyers had reviewed the information that I gave them by way of comps, etc they were prepared to make their offer. When it came to Earnest Money they were floored. I explained to them that customary for our area is 1% - 3% of the purchase price. They couldn't understand why. I explained to them what earnest money is for. It can be viewed as "good faith". It can convey a level of seriousness. By putting up a larger amount of earnest money it shows the seller that you are serious about buying their house. It also indicates that you have taken the steps necessary to be pre-approved since you (as the buyer) may lose that money should the deal fall through. It is a level of commitment to the process. It is an indicator of your intentions.
Once it was explained my buyers understood completely and were now kicking themselves for not asking for much more in their transaction with Agent X and Agent Y.
Moving forward, all seemed to be going along quite well with one exception. There was minimal communication between myself and Agent X. Not due to a lack on my part. I emailed, I called and I even sent up smoke signals - nothing in return.
First closing date approaches. My buyers lender says it's a "go" for closing. FINALLY I hear from Agent X and I am told that there were a few hiccups. Okay - we've all dealt with those - they happen. We pushed the closing out a little further. Two days prior I find that they are no longer hiccups but belches. It would seem that the buyer in the other state had decided it would be okay to buy major purchases and write some not so worthy checks prior to closing. Yikes! The deal was pushed to a Mortgage Broker that claimed "I can get any loan through." Well, guess what?
DENIED! By TWO LENDERS and a Mortgage Broker!
My buyers deal flopped. For all of my buyers troubles they "might" get $300.00. That's it! They now CAN'T move to NC and the husband will have to call Monday to decline the position he was offered here. Not only can they not buy the house but their life has been dramatically altered. Will my buyers lose their $1500.00? Technically, they should. However, the other agent here and myself have been in very close contact and they have been a dream to work with. There may be a chance that it will be returned to my buyers.
So, to whomever is reading this, whether buyer, seller or fellow agent - PLEASE be sure you understand every piece of an Offer To Purchase and the consequences should a deal not go through. Don't let any agent rush you through a contract - take all the time you need to really understand it!
As for me and my buyers? We'll figure something out - that's what I am here for. I have listened to numerous tearful phone calls this afternoon. It was my job to tell them that we will work through this. Just because this deal didn't work doesn't mean that their aren't alternatives.
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