Real Estate Information

Just because the Fourth of July has come and gone doesn’t mean the partying has to stop!  Have you seen your neighbors recently?  Now is a great time to plan a block party!  It’s a fun way to reconnect with friends and neighbors, meet new ones, and build a sense of neighborhood.

First thing on your list is to get a small committee together to help with the planning.  Then pick a date and a rain date.  Decide whom to invite – just your cul-de-sac, several streets or the whole development?  Invite everyone via flyers in mailboxes, email or evite.  Set a starting and ending time, get volunteers to supply grills, and have everyone bring a dish to share. You’ll have to figure out which houses will volunteer their bathrooms, or if you’ll need to rent a portable toilet.  Check with your town to see if you need a permit for your party, and ask if police can set up road blocks to keep everyone safe.

Recommend that families bring blankets and folding chairs, Frisbees, balls, bubbles – anything that will be fun for the young and old.  Having a few scheduled games for kids is a great way to keep everyone occupied.  Some neighborhoods take up a collection to rent a bounce house and place it in someone’s yard.  Providing music is also fun.

Hopefully this will be the inspiration you need to get a block party set up in your neighborhood!

Re/Max Regionals recently informed me that I am ranked #15 in real estate sales through April, 2011 out of 1,722 Re/Max agents in all the Carolinas and #9 in North Carolina, alone.

Now, I’m not telling you this to toot my own horn, although my mother commented that it makes my frenetic, 24/7 over-achieving pace all worth it, and I am very proud of this record. 

I’m telling you this because it means things are good.  The economy is picking up.  People are buying and selling homes.  I am providing the level of service to my clients that makes me proud of the job I am doing.  My buyers, sellers, other agents, financial contacts, builders, inspectors, lawyers and anyone we all encounter along the process and I all work together as a team, and I effectively serve my clients in the best way I know how.  I'd love to work with you, so please feel free to contact me at any time.

My husband, Jeff, and I had an incredible weekend! We were so excited to be special guests of AJ Allmendinger at the Coca Cola 600 in Concord. I have had the honor of helping him, and his manager, Tara Ragan, purchase real estate.

On Saturday, we went to the practice runs for the race.  We were able to be in the middle of it all! We were around the garages, drivers, cars and the hustle and bustle of preparation.

On Sunday, we were entertained by the Walldinger Racing Group and attended special events throughout the day. It was an opportunity of a lifetime! AJ qualified 2nd for the race, so we were on the front line at the start of the race....take a look at us, just prior to the race starting.

We had the pleasure of sitting in the pit box and watching the amazing pit stops.

Truly a talented group...AJ finished 5th...  Go #43!

I hope you all had a wonderful Memorial Day Weekend!  As the temperatures began to rise this past week, I started thinking about the beach.  Now is the time to start planning your summertime beach getaway.  Living in the Charlotte area, we have many choices – it’s super-easy to get to the SC beaches, since we are only about 3 hours away.  And of course, we have the Outer Banks and other beaches along the southeastern coast of North Carolina.  Take a look at these articles to help with your research:

http://www.travelchannel.com/topics/south-carolina-beaches/index.html

http://www.southernliving.com/travel/south-central/island-getaway-00400000007648/

Whether it be a local beach getaway or a visit to somewhere farther away, I hope you are able to relax and enjoy this summer!

As many of you know, my family has lived in North Mecklenburg County for over 200 years.  I live in Davidson with my family and just love the sense of history, community, beauty, people, and things to do.  I saw this article in Charlotte Magazine that captures Davidson perfectly, and wanted to share it with you:

http://www.charlottemagazine.com/Charlotte-Magazine/June-2011/Hit-the-Road/Davidson/

Davidson is a great place to live, raise a family, retire, or visit, whether you are from far away or somewhere in the Charlotte metro area – come check us out and see why I love it so much!

I recently learned of a website that is looking for the best small towns in America.  Rand McNally, the road atlas folks, and USA Today, are hoping Americans will vote for their favorite towns at http://www.bestoftheroad.com/.  I plan to vote for Davidson because of its small-town charm, history and amazing community, offering so much to do for families.  You might want to vote for Cornelius, Mooresville, Huntersville or Denver for their proximity to Lake Norman and other wonderful qualities. Or maybe you’re reading this blog from outside the Charlotte metro area, and will vote for your town somewhere else in the US. Is your town the most beautiful, the most patriotic, friendliest, most fun or the best for food? Wherever you are, have fun supporting your favorite town!

It is my hope that all the buyers and sellers that we work with have fun and that we create a positive, memorable experience. I have a passion for real estate and I want each client to share that excitement.

Selling or buying a home is sometimes a stressful time, due to the fact it may be the largest financial situation that people find themselves making. It is important that I know the goals of my clients, so I can best help them get those goals achieved. I will always represent my clients to the best of my abilities, and protect their financial interests. One of my favorite sayings...is 'always act in a position of strength.'

It is my wish that when I'm working with a buyer or seller that they know they are 'extra special.' I am dedicated to communicating with them as it is best received – phone, email, text – whatever is best for them. I will go more than the 'extra mile.' Knowing the market, the property and being educated to advise on a professional level is extremely important, especially in this economic climate, but knowing how to interact with people on a social level is key.

Hotels have concierge staff to meet all the needs of their guests. Please let me be your "Concierge" when buying or selling a home.

RealtorMag.org, the Official Magazine of the National Association of Realtors, recently published a piece on the top places to retire and Charlotte made the list -- #3!  We, who live here already, know how fabulous it is, so maybe more people will choose to retire in the greater metro area. And, we here in the Charlotte area, are only 3 1/2 hours away from #4 on the list: Charleston, SC, being touted for its low taxes, but it’s a great city with amazing beaches close by.  My family and I will be spending our Spring Break in Charleston!

I recently met a couple in their late fifties that chose Davidson, NC, just north of Charlotte, for their next phase of life, after spending many years in Del Mar, CA.

Check out the link below:

http://www.realtor.org/rmodaily.nsf/f3c66d0c6457c1e1862570af000cb13b/f26dd18a9ba1120086257863004dd384?OpenDocument

How many of you are aware of the new NC Purchase Contract that went into effect on January 1, 2011? I have undergone extensive training on these new guidelines from Bill Gallagher, the best real estate instructor in the state.  Let’s try to understand this concept of the “due diligence period,” which is the right of the buyer to conduct due diligence to get an opportunity “to investigate and examine all aspects of the Property and the transaction in order to proceed with or terminate the transaction.”  If the buyer ends up terminating the agreement before the expiration of this due diligence period, the buyer gets a full refund of the Earnest Money Deposit. During this time, the buyer should research financing, property investigation, appraisal, land survey, and damage repair on the property being purchased.  What’s different?  The buyer will give over the Due Diligence Fee to the seller at the time of contract signing.  (Earnest Money is still held with the agent). Up until the end of the due diligence period, the buyer can get out of the contract. The due diligence fee is not refunded. If the buyer goes to closing the due diligence fee is credited at the closing.  

This may sound a bit overwhelming and detail-oriented, but rest-assured that I’d be able to help you navigate the entire process, with your interests at heart.  It’s all part of my “concierge service.”

Many of you have been clients of mine for years, so you know the drill.  But some of you are first-time home-buyers, or haven’t bought in a while, so this should be a good refresher on what it takes to make an offer on a house.  Deciding on what price to offer, figuring out if there are contingencies involved (do you need to sell your current home in order to buy this one?), determining your negotiation strength (what’s your bargaining power?), and anticipating a counteroffer and your response plan are all things to be on top of when entering into a new deal on a home.  Also, I have undergone extensive training on the new NC Purchase Contract (went into effect on January 1, 2011), so I can give sound guidance on how to navigate the nuances of the “due diligence period.” This piece on REALTOR.com will give you all the tips you need to educate yourself on the ins and outs of making an offer on a home:

A written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but also all the terms and conditions of the purchase. For example, if the seller offered to help with $2,000 toward your closing costs, make sure that's included in your written offer and in the final completed contract, or you won't have grounds for collecting it later.

REALTORS^® have standard purchase agreements and will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you.  Your REALTOR^® will guide you through the offer, counteroffer, negotiating and closing processes. In many states certain disclosure laws must be complied with by the seller, and the REALTOR^® will ensure that this takes place.

If you are not working with a real estate agent, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items. State laws vary, and certain provisions may be required in your area.

After the offer is drawn up and signed, it is usually presented to the seller by your real estate agent, by the seller's real estate agent, if that's a different agent, or often by the two together. In a few areas, sales contracts are drawn up by the parties' lawyers.

What is in an Offer?

The purchase offer you submit, if accepted as it stands, will become a binding sales contract (known in some areas as a purchase agreement, earnest money agreement or deposit receipt). So it's important that the purchase offer contains all the items that will serve as a "blueprint for the final sale." The purchase offer includes items such as:

•               address and the legal description of the property

•               sale price

•               terms: for example, all cash or subject to you obtaining a mortgage for a given amount

•               seller's promise to provide clear title (ownership)

•               target date for closing (the actual sale)

•               amount of earnest money deposit accompanying the offer, whether it's a check, cash or promissory note, and how it's to be returned to you if the offer is rejected - or kept as damages if you later back out for no good reason

•               method by which real estate taxes, rents, fuel, water bills and utilities payments are to be adjusted (prorated) between buyer and seller

•               provisions about who will pay for title insurance, survey, termite inspections, etc.

•               type of deed to be given

•               other requirements specific to your state, which might include a chance for an attorney to review the contract, disclosure of specific environmental hazards or other state-specific clauses

•               a provision that the buyer may make a last-minute walkthrough inspection of the property just before the closing

•               a time limit (preferably short) after which the offer will expire

•               contingencies, which are an extremely important matter and that are discussed in detail below

Contingencies - “Subject to” Clauses

If your offer says "this offer is contingent upon (or subject to) a certain event," you're saying that you will only go through with the purchase if that event occurs. Here are two common contingencies contained in a purchase offer:

•               The buyer obtaining specific financing from a lending institution: If the loan can't be found, the buyer won't be bound by the contract.

•               A satisfactory report by a home inspector: for example, "within 10 days after acceptance of the offer." The seller must wait 10 days to see if the inspector submits a report that satisfies the buyer. If not, the contract would become void. Again, make sure that all the details are explicitly stated in the written contract.

Negotiating Tips

You're in a strong bargaining position, that is, you look particularly welcome to a seller, if:

•               you're an all-cash buyer

•               you're already have a preapproved mortgage and you don't have a present house that has to be sold before you can afford to buy

•               you’re able to close and take possession at a time that is especially convenient for the seller

In these circumstances, you may be able to negotiate some discount from the listed price.

On the other hand, in a "hot" seller's market, if the perfect house comes on the market, you may want to offer the list price (or more) to beat out other early offers.

It's very helpful to find out why the house is being sold and whether the seller is under pressure. Keep the following considerations in mind:

•               every month a vacant house remains unsold represents considerable extra expense for the seller

•               if the sellers are divorcing, they may want to sell quickly

•               estate sales often yield a bargain in return for a prompt deal

Earnest Money

This is a deposit that you give when making an offer on a house. A seller is understandably suspicious of a written offer that is not accompanied by a cash deposit to show "good faith." A real estate agent or an attorney usually holds the deposit, the amount of which varies from community to community. This will become part of your down payment.

Buyers: the Seller's Response to Your Offer

You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally. The offer becomes a firm contract as soon as you are notified of acceptance. If the offer is rejected, that's that - the sellers could not later change their minds and hold you to it.

If the seller likes everything except the sale price, or the proposed closing date, or the basement pool table you want left with the property, you may receive a written counteroffer including the changes the seller prefers. You are then free to accept it, reject it or even make your own counteroffer. For example, "We accept the counteroffer with the higher price, except that we still insist on having the pool table."

Each time either party makes any change in the terms, the other side is free to accept, reject or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side's proposal.

Buyers: Withdrawing an Offer

Can you take back an offer? In most cases the answer is yes, right up until the moment it is accepted, or even in some cases, if you haven't yet been notified of acceptance. If you do want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters. You don't want to lose your earnest money deposit or find yourself being sued for damages the seller may have suffered by relying on your actions.

Sellers: Calculating Your Net Proceeds

When an offer comes in, you can accept it exactly as it stands, refuse it (seldom a useful response) or make a counteroffer to the buyers with the changes you want. In evaluating a purchase offer, you should estimate the amount of cash you'll walk away with when the transaction is complete. For example, when you're presented with two offers at the same time, you may discover you're better off accepting the one with the lower sale price if the other asks you to pay points to the buyer's lending institution.

Once you have a specific proposal before you, calculating net proceeds becomes simple. From the proposed purchase price you can subtract the following costs:

•               payoff amount on present mortgage

•               any other liens (equity loan, judgments)

•               broker's commission

•               legal costs of selling (attorney, escrow agent)

•               transfer taxes

•               unpaid property taxes and water and other utility bills

•               if required by the contract: cost of survey, termite inspection, buyer's closing costs, repairs, etc.

Your present mortgage lender may maintain an escrow account into which you deposit money to be used for property tax bills and homeowner's insurance. In that case, remember that you will receive a refund of money left in that account, which will add to your proceeds.

Sellers: Counteroffers

When you receive a purchase offer from a would-be buyer, remember that unless you accept it exactly as it stands, unconditionally, the buyer is free to walk away. Any change you make in a counteroffer puts you at risk of losing that chance to sell.

Who pays for what items is often determined by local custom. You can, however, negotiate with the buyer any agreement you want about who pays for the following costs:

•               termite inspection

•               survey

•               buyer's closing costs

•               points paid to the buyer's lender

•               buyer's broker fees

•               repairs required by the lender

•               home protection policy

You may feel some of these costs are none of your business, but many buyers - particularly first-timer buyers - are short of cash. Helping them may be the best way to get your home sold.