Clayton NC Real Estate Blog

Utilize this site for all of your Clayton area (Johnston and Wake Counties) real estate needs.

March 10, 2011

Real Estate Forms Update Con't and More

Hello Everyone!

Quick note before discussing the forms changes...

Did you see that Raleigh came in at #1 as the "Healthiest Housing Market" among the 100 largest housing markets in the US. The study was conducted by Builder Magazine. Another great accolade to add to the list! Check out the full article at NewsObserver.com. Posted March 8, 2011

OK, back to the forms changes.

As far as the Due Diligence Period, we're finding it common for the buyer to ask for a window of 30 to 45 days. This window of time allows for the mortgage financing to be put into place with acknowledgement the loan will be funded. Most feel it would be unreasonable for the buyer to commit additional earnest money (deposit)without having firm knowledge they are able to acquire financing. It must be understood once the due diligence deadline passes, the earnest money is now in jeopardy along with whatever costs have already been incurred (home inspections, due diligence fee, appraisal, etc). Keep in mind, if last minute concerns do arise as the deadline approaches, the deadline may be extended should the home buyer and seller agree. If the lender, for example, needs an additional 5 days to firm up loan commitment - should cooler heads prevail - would be a reasonable extention of time.

Home inspections and other due diligence ordinarily take only a couple to several days to complete. Funding is the primary issue when it comes to time.

Determining the length of the due diligence period is entirely negotiable between the buyer and the seller. No guidelines have been established by the North Carolina Real Estate Commission. So if you're a home buyer, find out from your loan officer how many days is required for the underwriting team to complete the entire loan process.

As a seller, the sooner the better!

Any questions, give me a call or pop me an email. Look forward to hearing from you! Thanks!

More on the due diligence fee in the coming days!

Duane

February 22, 2011

Real Estate Forms Update

Hello Everyone!

Some of you may be aware the forms we use in North Carolina have changed (January 1) - primarily the Offer to Purchase and Contract form.

My intention is to post a series of blogs outlining those changes and how best to take this as an opportunity to improve the home buyer and selling experience.

In my opinion the process and forms have been simplified overall. Some additional negotiation now takes place up front, but in return relieves both the buyer and the seller of many possible headaches later in the process.

Also the form is structured in a much more organized fashion. Another plus for certain. In short, the buyer related items are grouped together and the seller the same. The form also addresses all terms in the first section rather than scattered throughout.

Look for my upcoming posts. I'll get to it when able to sneak in break-time here and there. Hopefully it won't be too dull. I'll try my best to keep it somewhat interesting.

Thanks for visiting!

- Duane

March 17, 2009

Hello Everyone!

Now that's what I'm talking about! We have a breakthrough! I was just directed to an article posted on RealtyTimes.com. Go ahead and visit the site for the complete article, but in short the article titled "Real Estate Outlook: Balancing the News" hits on the fact that not all is bad out there - such as very low mortgage rates, record-setting affordability, new tax credits and, in certain areas of the country, huge sales increases. The article goes on to show declining housing inventories and points out the new $8,000 nonrepayable tax credit for those who haven't owned a house in the past three years. If you, like me, am glad to hear some positive news, read the complete article. Enjoy!

And keep the info coming! - Duane

May 16, 2008

Hello Everyone!

As you may imagine, things remain in fast gear at Devalle Realty. I'm definitely not complaining! But it has me falling short with updating my blog. If you'd like to contribute anything at all - for everyone to know about - just pop me an email and I'll be glad to post it... with my approval of course. I'm sure everyone wants to know about what's going on in and around the beautiful Triangle Area and right here at home in Clayton. Just put in the subject line "For Clayton Blog". Thanks in advance and look forward to your contributions!