CaryRealEstate.com | Cary NC | Local Specialist for Cary Real Estate
Not Your Typical Cary Backyard – Adventures in Showings
Adventures in Showing Homes -
From time to time it’s fun to share parts of real estate that just aren’t covered in the normal training classes – over the years I’ve experienced lots of interesting situations – many of which occur while out showing property.
Take this weekend for example – I was out showing an older ranch home on 16 acres – (side note – this was not in Cary city limits! – it was a drive out to a more rural section of the area) back to the story – so I was showing this home on acreage to a set of buyers looking for a home with enough land to have horses.
If you’ve never looked at a home on 16 acres of land complete with barns etc it takes a while – someone in the group (protecting identities here) needed to use the bathroom and slipped back into the house – which was vacant . . . and without water, any water, and no signs warning that the water was off . . completely – including an empty toilet refill tank – well you just cant flush without water – which we didn’t have and we just couldn’t just leave the new colored water in the toilet – so – experieced agent into action – found a bucket on the property – walked down to the stream that runs through the 16 acres – filled the bucket with stream water – back to the house – filled the toilet tank with the stream water – problem solved – one toilet flush complete!
And you thought being a real estate agent was all glitz and glamor :)
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
Ask Cary Real Estate, What is a Short Sale?
What is a Short Sale? A Short Sale occurs when a home seller is allowed by their lender to sell the home for less than what’s owed on the mortgage.
If you are a home seller you may be thinking – I like that idea – not having to payback as much as I owe – well of course it’s not that simple. Typically several things need to occur before your mortgage holder will consider a short sale:
1) You are delinquent on your house payments
2) You have no other assets or ability to cover what you owe
3) Short Sale is the only option to avoid Foreclosure
4) Lender considers short sale necessary and possible
Conversations on a Plane, Home Seller is Looking for that Special ‘Someone”
I boarded a SouthWest Jet this morning at Raleigh-Durham, headed to sunny San Diego for the annual Realtor convention. The inevitable happened – the conversation with a stranger – it was the gentleman on the adjoining aisle seat – after learning more than I really needed to know about him etc etc he asks what I do and where I’m headed – once the subject of real estate surfaced an interesting yet typical conversation unfolded – I thought to myself – I’m gonna blog about this!
I would do the cool dialogue format back and forth on what he said and what I said, but, ohm, just assume I was nodding and smiling
The gentleman is trying to sell his home – he has it listed with an ‘experienced’ agent but he is not willing to accept that his house is not worth what it was 2-3 years ago – granted it’s a high end subdivision and we are talking about a price swing over $100,000, I feel his pain – but his strategy is to just keep it priced at the old higher value “cause somebody will come along”
REALLY? Somebody’s going to come along . . .
So even though a stock is trading at $50 a share you think somebody will offer you $75 a share cause that’s what it traded at 2 ½ years ago? Who is this ‘someone’ and where do ‘they’ come from? And what about the ‘experienced’ agent that has their sign in the front yard with a non realistic price? Who is that helping?
As I nodded and smiled I played through the conversation in my head that I would be having with this gentleman if I was at his dining room table instead of an airplane – I know one thing for sure – my sign would not be in the yard of a grossly overpriced listing.
Lot’s of thoughts are dancing through my head on information I could share about fair market value, absorption rates etc – but you probably don’t want to hear about that right now and I’m off to bed – need a good nights sleep for a full day of Convention tomorrow!
Posted via email from David Williams
What to Expect During the Home Inspection, Home Buyer Tips from Cary Real Estate
Most buyers really don’t know what to expect during the home inspection. Should they attend? How long will it take? Here’s a few tips to help you be prepared and know what to expect.
Should you attend the home inspection? Yes.
If at all possible plan on attending the home inspection. While it is not required for the buyer to be present during the inspection I’ve found that it helps. You get to see the inspector working and can learn great tips about preventative maintenance items. Read the rest of this entry »
How to Avoid a Huge Home Pricing Mistake, Home Seller Tips from Cary Real Estate
There are many factors that go into properly pricing a home, this is a simple yet powerful tip! We all know the age old marketing ploy, price something at $9.99 instead of $10, it just sounds better right? No doubt this approach works it’s magic on our minds when we stroll the aisle of Target but don’t make the mistake of using this strategy with your home.
It can be a HUGE MISTAKE to price your home at $299,999 instead of $300,000!!
Curious Why? I hope so. It’s one of those simple things that’s so easy to miss.
Cary Home Buyer Tip #9 – Understanding Earnest Money with the NC Offer to Purchase
What is Earnest Money?
Who Holds the Earnest Money?
How Much Does the Earnest Money Deposit Need to be?
What happens to the Earnest Money if I Don’t Close on the Home?
These are all great questions that home buyers ask before purchasing a home in North Carolina. Here’s a typical scenario for a buyer purchasing a resale home in the Cary-Wake County-North Carolina area You’ve found a home you’re interested in and ready to make an offer. That first offer needs to be in writing – for a re-sale home here in the Cary area we’ll use the standard NC Offer to Purchase Contract. Along with the written offer, you will write an earnest money check.
What is Earnest Money?
Think of earnest money as a deposit on the home, a show of good faith. If/when your offer becomes a contract your money will be held in trust and subject to NC Trust account regulations. At the time of closing the earnest money deposit will be credited towards your purchase of the home.
Who is the Earnest Money Check Made Payable to?
Typically the Listing Company. Most listing firms in the Cary area maintain a trust account for purpose of holding earnest money deposits, however some small firms choose not to maintain a trust account, in this case we can use the CaryRealEstate.com trust account or use the trust account of a local real estate attorney.
How much should the Earnest Money Deposit be?
Technical Answer, the amount of earnest money is negotiable between buyer and seller. Real life answer, usually around 1% of the offer amount. Think of your offer as a gift to the seller – the terms and condition of your offer are like the wrapping paper and bow. The larger the earnest money amount the ‘prettier’ the bow.
What Happens to the Earnest Money if I Don’t Close on the Home?
Notice I saved this one for last? The best answer here is, IT DEPENDS! You, the buyer, may or may not be entitled to a refund of your earnest money – depending on why the closing did not occur – the offer to purchase is the guideline. Here’s the catch – even though it may appear obvious that you are entitled to a refund, both parties (buyer & seller) must sign off on how the earnest money is disbursed before the firm holding the earnest money can release the money. If the parties can not agree then it can become a legal matter.
Could I write more about the intricacies & nuances of earnest money? Absolutely. Would you still be reading, probably not! Please let me know if you have any specific earnest money questions that I did not address.
Please Note: The North Carolina Real Estate Commission has a Question and Answer Brochure available here.
