Alford Realty Group

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Lisa Alford

704-408-2834
Lisa@AlfordRG.com
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How much are the sellers closing costs to sell a house?

June 21, 2017 by lisaalford Leave a Comment

If you are selling or buying a house you probably have been wondering what the closing costs are on the sale of a home.  People hear about “closing costs” all the time but what are they and how much are they?  In this post, we will answer that question for the seller in the transaction.  If there are any questions that we don’t answer here in this post, please contact us and we’ll be happy to answer any of your real estate questions.

What are Closing Costs – what’s included?

Closing costs are fees that surround the closing of a real estate transaction.  These fees include every penny outside of the purchase price and the payoff that must be paid to any party for any service, tax or other responsibility of either the buyer or the seller in relation to the final transaction of changing title from one party to the other.

The seller, in addition to paying off any mortgages or other liens, must pay their real estate agent commission (according to Realtor.com on average that fee is around 6.0% of the price of the home, although it can vary), the seller must also pay their share of attorney fees and other related expenses.  This is gone into further below.

The buyer also has closing costs that primarily surround obtaining a loan, assuming there is one.  If there is no loan, then the buyer actually pays very little in closing costs.  Without a loan the buyer will be responsible for paying their share of the attorney’s fees, any inspection fees, survey fees or anything else they have ordered for the closing.  With a loan however they will be paying lender fees, interim interest, a year of homeowner’s insurance and will likely be paying to set up an escrow account.

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Who Pays Closing Costs on a home?

Who pays the closing costs on a home?  That’s a great question and one that we hear quite often.  In general, both parties do.  However, this answer can vary with every deal as many times closing costs are a part of the negotiations in the contract.

Do Home Sellers Pay Closing Costs?

The seller has their fees which include things like real estate agent commissions, their share of the taxes for the year, the pro-rated HOA dues for the year, any other necessary pro-rations, there is typically a transfer tax or revenue stamps paid to the county, recording fees to record the deed, their share of the attorney’s fees and any other fees or penalties that may be associated with the property or paying off their current mortgage.

As mentioned above, other than the fees the seller is responsible for, this is a negotiation between the buyer and seller as part of the contract.  A buyer may need the seller to pay the closing costs or a portion thereof in order to be able to purchase the home.  In this case, the seller may agree to do so and it is written into the contract that the seller will pay a specific portion or amount in “closing costs”.  By doing so, whatever that agreed upon amount is according to the contract is what the seller will pay on the buyer’s behalf at the time of closing on the Closing Disclosure.

How Much Does it Cost to Close on a House?

The amount it cost to close on a house varies from state to state and situation to situation.  While it’s impossible to give a blanket answer that will work for all situations we hope the following will give you enough to go on.

For the seller, one can anticipate around 7-8% in total for the closing costs related to the sale of a home.  That is assuming that the seller is in a state where it is customary for the seller to pay the entire real estate commission for both buyer and seller.  There are a few states where it is customary for each party to pay their own real estate commission.  As a seller, if you are in one of these states, you are likely to pay a total of around 4-5% in total for closing costs related to the sale of a home.

For the buyer who is obtaining a loan, most lender’s we have questioned on this say that the average closing costs is between 3-5% of the purchase price.  This greatly varies from lender to lender and what their specific company charges to deliver a loan.  A buyer should always shop lenders to see if they are getting the best deal they can.  That figure is assuming you are in a state where it is customary for the seller to pay all real estate commissions.  If you are in a state where it is customary for the buyer to pay their own commissions, then you should add an additional 2-4% on top of the before mentioned 3-5%, making your total closing costs between 5-9%.

How Much Does an Attorney Charge to do a Closing?

In most of the Southeastern states and some other states as well an attorney is required to perform the actual closing in a real estate transaction.  The attorney researches the title, checks for any blemishes on title, checks to make sure the taxes on the property are current, checks both buyer’s and seller’s names to make sure they do not have outstanding liens against them, checks the current survey (if the buyer obtains one) for boundary issues, easements, etc.  Once this is done, the attorney sends what is called a title policy commitment to the lender which the underwriter reviews to determine if they are comfortable going forward with the loan based on the commitment and any exemptions on it.  After the lender makes their final decision to move forward, the “closing package” is sent to the attorney’s office to close the loan, this is also referred to as the “closing”.  After the closing is performed, the attorney records the deeds, deposits all monies into their escrow account, sends the lender back their signed package and disburses the closing funds according to the Closing Disclosure which all parties signed at the closing.

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In general, for their services, attorney’s fees can vary greatly from state to state and from area to area.  In many areas it is a flat rate somewhere around $500-$1,000.  In other areas, the attorney’s fees are determined by the purchase price and generally start at $500 and go up from there to around $1,500.  In addition to this, there are other fees that the attorney’s office may charge that include overnight fees, courier fees, preparation fees, etc.

If you are the seller, attorney’s fees are not quite as much.  You will likely being paying a deed and lien waiver preparation fee that could range anywhere from $200 to $600.  You, as the seller, will also likely be charged a wire fee and/or overnight fee to send your payoff out and if you are having your funds wired into your account.

How Much Does it Cost to Sell Your Home?

Generally speaking, one can anticipate around 7-8% in total for the closing costs related to the sale of a home.

There are additional costs that are not typically counted as closing costs that a seller should consider, like costs to get the house ready to go on the market.  Does the house need painting or other repairs prior to going on the market?  Is the seller coming out of pocket for any of the marketing of the home other than commissions?  A seller must also keep in mind that there may be repairs required after inspections and that could cost them as well.

 

What are the fees for a Mortgage?

Fees surrounding a mortgage vary greatly from lender to lender.  Most of them include some type of origination fee, administrative fee, document prep fee, tax service fee, flood certification fee.  These fees are all in addition to the required lender’s title insurance, homeowner’s insurance, interim interest and escrow account setup.

 

If you are thinking of selling your home and would like a detailed Seller Estimated Net Sheet which breaks down all the fees for you and shows you approximately what you should net should you decide to sell you home, give us a call at 704-408-2834.  We’ll be glad to set up an appointment with you to go over that information and help you make an informed decision.

 

Thinking about your next home?  Here are Lake Norman’s newest listings!


 

Filed Under: Seller, Uncategorized Tagged With: Charlotte, closing costs, commission, Cornelius, cost of selling, Davidson, home, house, how much, Huntersville, Lake Norman, Mooresville, seller, what's included in closing costs

Should I sell my Lake Norman house in the winter months

October 28, 2015 by lisaalford Leave a Comment

Sold home winter

Lake Norman home sellers and sellers around the country frequently ask themselves “should I sell my house in the winter?”  Many sellers think it is best to take your home off the market during the fall/winter or wait until spring to sell.  WRONG!  This is one of the biggest myths in real estate.  The more serious buyers are out there right now looking for homes (like yours) and can’t find them!  As as result, these buyers are having to settle for whatever is available.  If you are even thinking of selling your home, contact Alford Realty Group today!  We specialize in home sales in the Mooresville and Lake Norman area and can show you where your home stands in our local the market.

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Yes, there is a difference in fall and winter time buyers vs. spring and summer buyers.  Typically, in the cooler weather months we see home buyers that need homes and need them now.  In the spring, buyers are looking to buy but are a more relaxed buyer because there is so much more inventory available to them.  Want to be a smart seller?  List your home when there is less competition!

Winter just may be the perfect time to sell your house.  If you wait until spring or summer to list your home for sale, you may be missing out on the perfect time to sell your home.  We have many indicators that tell us what kind of market it is and what sellers can expect when selling their homes.

Home Valuation

One of our first big indicators of a seller’s market is the number of months of supply of homes available on the market.  Simply put that means, if no more homes came up on the market it would take that many months to be completely out of homes for sale.  Right now, in the 28117 zip code priced between $167,000 to $319,000 we are at 4.7 months.  In the 28115 side, we are at 3.25 months.  Those are some pretty strong numbers.

Another big indicator of a seller’s market is how close to the asking price the sales price winds up being.  In that same price range of homes in the 28117 side we are seeing a median range of 95%.  In the 28115 side, we are seeing 95.8%.  That has been the steady range for about two years now regardless of what time of year the home sells.

Average sales price is also an indicator.  Right now on the 28117 side of Mooresville and Lake Norman area, we are seeing $397,609 as an average sales price, up $38,000 from two years ago.  In the 28115 side of Mooresville and Lake Norman we are seeing $205,334 as the average sales price.  That’s up $22,500 from 2 years ago.

Davidson:  Davidson has 5.8 months supply of home inventory, which is also very strong.  The average sales price in Davidson is $359,905 which is up $37,300 from two years ago.  The median percent of sales price to list price is 96.2%.  Davidson is also a very strong real estate market in the Lake Norman area.

Cornelius: Cornelius has 4.4 months supply of home inventory, again, very strong.  The average sales price in Cornelius is $374,916 which is up $18,000 from two years ago.  The median percent of sales price to list price in Cornelius is 96.7% which is the strongest in the Lake Norman area.

Christmas house keysIn addition to all of the great stats, think about how great your home looks when it’s decorated for Christmas!  A home beautifully decorated for Christmas can often pull on the emotions of the buyer and help them to see their own family living in that home for the holidays.  Granted, not all home buyers celebrate Christmas but most do.  Even those who don’t can generally appreciate a beautifully decorated house and think how lovely their own decorations would look.

As the numbers indicate, the Mooresville and Lake Norman area is seeing a great seller’s market right now, in the fall and winter months.  If you are considering selling your home, you want an agent that knows this market and has proven themselves successful.  Lisa Alford with Alford Realty Group has the knowledge and experience you are looking for.  In addition, Lisa also proudly holds the designation of Strategic Pricing Specialist, that means she knows exactly how to net you the most money possible!  Contact her today to find out the best way to position your home on the market to sell your home fast and for the most money possible.

Contact Lisa Alford at 704-408-2834 or email Lisa@AlfordRealtyGroup.com to find out more or to get your home listed for sale today!

 

Filed Under: Seller Tagged With: Alford Realty Group, best real estate agent, Cornelius, Davidson, experienced agent, Huntersville, Lake Norman, Lisa Alford, Mooresville, real estate market, sell home, sell house, sell my house, sell my house in fall, sell my house in winter, Strategic Pricing Specialist, winter good time to sell

How to use St. Joseph to help sell your house

October 23, 2015 by lisaalford Leave a Comment

Stain Joseph

St Joseph

Many people firmly believe that proper use of a St. Joseph statue can help sell your house.  The problem is most people don’t know how to use St. Joseph to help sell your house.  There are many great success stories of people calling on St. Joseph in this manner.  If you are having trouble selling your home or if you would just like to have all the help you can get in your effort to sell, perhaps you should consider giving it a try.

Saint Joseph, the husband to Virgin Mary and the foster father of Jesus Christ, is the patron saint of handcraft and home protection, according to some Christian beliefs. He’s also considered as the “home selling agent”.  But how exactly do you use St. Joseph to help sell your house?  Burying a Saint Joseph statue upside down on the property you are trying to sell is believed to facilitate and hasten the sale and even attract the perfect buyer. Joseph was made a Patron Saint because he taught Jesus Christ the craftsman’s trade and ensured that the Son of Man was always well housed. For this reason, he is believed to be of great help to people looking for the ideal home and in connecting sellers to the perfect buyers in no time at all. Well, it may sound corny, peculiar or even irrational, but many are the sellers who have faced difficulties when selling their property and swear being successful after simply burying a Saint Joseph statue on the property they are trying to sell.

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However, burying the St. Joseph statue alone, sitting back and waiting won’t do; it is highly recommended that you also say the St. Joseph Prayer and novena to Sell a House for best results.

Make sure that you bury your St. Joseph statue in the right spot.  Failure to bury the statue in the right spot may end up helping unaware neighbors across the street sell their home before yours. Where you put the Saint Joseph statue can really make a difference in how quickly your home sells. Okay then, what is the right spot to bury that statue of St. Joseph for quicker results in your property sale?  Some say the statue needs to be buried beside the for sale sign, others say 3 feet away from the sign and still some others say immediately in front of the house (first place of earth).  There are many theories of course, but the one thing that they all tend to agree upon is burying the statue upside down.  Another theory is which way St. Joseph needs to be facing.  Some say St. Joseph needs to face the street to attract buyers but others insist that he must face the house with his arms also facing the house.  There are reports that say if he is facing away from the house, then whatever house he is facing tends to sell quickly.  Probably best to be safe than sorry on that one and face him towards the house.

 

Wondering what your home is worth in today’s market?  Get your free, no obligation home valuation HERE.

 

The Saint Joseph Prayer to Sell a House:

O, Saint Joseph, you who taught our Lord the carpenter’s trade, and saw to it that he was always properly housed, hear my earnest plea. I want you to help me now as you helped your foster-child Jesus, and as you have helped many others in the matter of housing. I wish to sell this [house/property] quickly, easily, and profitably and I implore you to grant my wish by bringing me a good buyer, one who is eager, compliant, and honest, and by letting nothing impede the rapid conclusion of the sale.

Dear Saint Joseph, I know you would do this for me out of the goodness of your heart and in your own good time, but my need is very great now and so I must make you hurry on my behalf.

Saint Joseph, I am going to place you in a difficult position with your head in darkness and you will suffer as our Lord suffered, until this [house/property] is sold. Then, Saint Joseph, i swear before the cross and God Almighty, that i will redeem you and you will receive my gratitude and a place of honor in my home.

Amen.

After burying the statue and saying the above prayer, also consider following it up for nine days with the St. Joseph Novena.  According to tradition, a novena can be an effective means to gaining a favorable intercession on your behalf.

Hooray!  Now Saint Joseph will surely help you get your home sold fast.

Believer or not, the mere thought of a statue helping in the sale of a house is very profound, but does it really work? Well, that’s debatable. Nay sayers may call it legend, but do not make the mistake of voicing that notion aloud before the many desperate sellers who buried the saint and came out with some pretty amazing results. It doesn’t matter which religious denomination you align with; whether Protestant, Catholic or Jewish, the fact of the matter is that if you pray to St. Joseph, he will help you find the right buyer to your house or even find you your dream house.

It is very important that you retrieve St. Joseph from the ground and give him a place of honor in your next home or leave him in the home to bless the new family that is moving in.  Do not leave him in the ground at the old house.  This would be considered rude, disrespectful and according to tradition could cause your old home to continue to get sold over and over again.

Of course, you cannot depend on burying a statue alone for your house to sell.  If you are ready to sell your home, contact Lisa Alford at Alford Realty Group today.  Lisa does the most important thing in real estate – she gets the job done!  At Alford Realty Group, we are committed to treating you like we want our family treated.  Professional, Friendly and Service Oriented – Alford Realty Group.

Employing the services of an agent is vital. Get St. Joseph for good luck; but whatever it takes to sell your home, Alford Realty Group will get the job done.  Even if you are not in our service area, call us!  We have a fantastic referral network with thousands of top agents across the country.

Alford Realty Group

704-408-2834

 

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Filed Under: Featured, Seller Tagged With: Alford Realty Group, burying St Joseph, Charlotte, hard to sell, help sell, home, house, Lake Norman, Lisa Alford, need help, North Carolina, novena, prayer, real estate, Saint Joseph, sell my home, sell my house, St. Joseph, statue, struggling to sell, what's my home worth

Home Inspections

May 13, 2015 by lisaalford Leave a Comment

For most people purchasing a home is the biggest investment we will ever make.  A home inspection can help insure that the home is a good, solid home that isn’t going to fall apart around them.  The buyer needs to know that they are not purchasing a home that will be a money pit costing them lots of additional money in repairs and that the home is safe for their family to live in.  While this article is mainly about home inspections from the buyer’s point of view, lets touch on the seller for a minute.   Why would a seller want to get a home inspection?  We are actually recommending that sellers get their homes inspected prior to putting them on the market these days for several reasons.  Mainly, because it gives the seller an opportunity to make any repairs necessary prior to putting the home on the market so they aren’t scrambling to make repairs while they are also trying to pack, find another home and move.  In addition, having a home pre-inpsected and showing proof of repairs gives the buyer more confidence in the purchase of the home.  They know exactly what the issues are going in and what has been done to correct any issues.  Also of benefit to the seller is that the home should sell for more money and the seller won’t have to worry about a buyer coming back and saying this and that need to be fixed so I want a reduction on the sales price.

In North Carolina we live in a Caveat Emptor state meaning “let the buyer beware”.  The buyer is given every opportunity to inspect the home prior to the purchase of the home but once the home is purchased, the home is theirs, problems and all.  In North Carolina, sellers are required to fill out disclosures answering general questions about the home conditions.  Sellers are also required to disclose any known information about health-harming substances such as mold and lead paint.  In North Carolina there is another disclosure regarding the Oil and Mineral Rights but that’s not pertinent to this topic.  The problem with these general disclosures is that sellers are only required to disclose KNOWN issues.  Sellers do not have to poke around the roof or go deep into the foundations to uncover any problems with the property.  Most sellers will not know about problems that are not easily seen by the untrained eye.  This is why 84% of home buyers hire a professional home inspector to do a thorough inspection of the home.

How it works (as a buyer)

After you have signed the contract, inspections usually happen within 7-10 days.  Your agent will set up the inspections for you.  Typically, buyers are invited to attend the inspections.  Most buyers choose to go but some can’t make it or choose not to go.  It is better to have an inspector that is willing to let the buyer follow them around and explain things to the buyer as they go.  Although some buyers would prefer not to crawl around in attics or crawl spaces and have the inspector just do a summary at the end of the inspection and review everything at that time.

The home inspector makes an evaluation of the visible and accessible systems and components of a house (plumbing system, roof, etc.) and is intended to give the client (usually a home buyer) a better understanding of their condition.   The home inspector examines the structure and components of the home and notes any structural, mechanical and other defects, he also points out safety concerns. Expect him to run the dishwasher, turn on faucets, check to make sure tubs and sinks hold water, turn on every light switch, check every accessible electrical outlet, check windows and doors and, make sure the heating and cooling system is working appropriately.

The home inspector can check for other things as well if requested, like radon, testing of well water and checking the condition of docks.  These are items which are typically an added cost and must be requested prior to the inspection.

The inspector is not an appraisal, the home inspector cannot tell you what the home is worth.  The inspector is not an attorney, he/she cannot tell you if there are any legal issues with the home.

The inspector is primarily there to check the “big picture” looking for safety, structural soundness and functionality of the home’s components.

The American Society of Home Inspectors has issued a set of rules that dictate what an inspector must inspect and how he should report his findings. In theory, only ASHI-certified inspectors are required to follow the ASHI code of practice, but many states have endorsed ASHI’s guidelines as the benchmark for all state-registered home inspectors. Thus, a home inspector’s report will almost always cover the following components of the home: heating and air conditioning systems, electrical systems, plumbing, roof, attic, walls, ceilings, floors, doors, windows, foundation, basement, insulation and the exterior and structure of the home.

After the inspection

After the inspection, the inspector will issue a report to the buyer and their agent.  The agent will then review the report with the buyer.  After reviewing the inspection report, the buyer will make a formal request to the seller for items to be repaired.  This formal request is called a Due Diligence Repair Request and Agreement.  The items are listed out on this form and is usually sent to the seller’s agent along with a copy of the summary of the report.  Most agents will advise that the buyer pick and choose their battles and stick to the bigger items on the report.  The reason for this that is buyer’s typically don’t want to be unreasonable or nit picky in hopes of actually getting all that they are requesting approved.  The inspection report will likely point out very minor issues like changing of the air filters or a cracked light switch plate.  When you have items like those on a report next to a roof repair and HVAC issues, the seller will begin to feel like it’s unfair and they are being beaten up.  It’s not a new construction after all.  Stick to the bigger issues and as a buyer you will stand a better chance of getting your requests agreed to without hesitation.

Re-inspection

Since generally speaking you have no idea what quality of workmanship went into the repairs, it can be a great idea to have the repairs re-inspected.  Most inspectors will charge an additional fee for this service.  In lieu of doing that, you can always ask the seller for copies of receipts from the contractors who completed the work.  Some repairs will likely be done by a handyman, you should still be able to get a copy of a receipt for work performed from a handyman as well.  It would also be a good idea to visibly check the repairs yourself after the seller has notified your agent that the repairs are complete.  If you are uncomfortable with how a repair was made, call a professional in that trade to come and check it out.

Advice for Home Sellers

In North Carolina, we have a Due Diligence period wherein the buyer can walk away from the contract for any reason or no reason before 5:00 on the Due Diligence Date on the contract.  If substantial problems are found at inspection, as a seller your risk of a buyer walking away substantially increases.  Even if you agree to the repairs, your buyer has become nervous.  One of the smartest things you can do is to hire a home inspector before you list a home for sale.  That way, you can avoid any nasty surprises once under contract.  Hiring an inspector up front will give you the time you need to get the repair made and will help make sure the price you get on the contract is the price you will get at the closing.

Are you looking to buy or sell a home in North Charlotte or the Lake Norman area?  Call 704-408-2834

Filed Under: Buyer, Seller Tagged With: agent, buying a home, Charlotte, contract, due diligence, home inspection, home inspector, inspections, Lake Norman, North Charlotte, repairs, selling a home, why

Spring 2015 Real Estate Market Trends

May 11, 2015 by lisaalford Leave a Comment

It’s always good to keep up with the real estate market trends in your area.  Here in the North Charlotte and Lake Norman area we were told it was going to be a great spring in the real estate market this year.  Boy were the experts right!  We are having an amazing year!  We are still seeing good gains in value and we are still suffering from not having enough homes for buyers to choose from.  The basic laws of supply and demand are in full force in our real estate market.  In fact, I have spoken with several agents in different locations in the Southeast and it seems that most of the major towns in the Southeast are experiencing the same type of market.

What type of market is it?  It’s a seller’s market!  If you aren’t really sure what a seller’s market is (most of us haven’t seen one in quite some time), it can be explained by simply stating that sellers are more in the driver’s seat of transactions.  There are fewer homes for buyers to pick from and the demand from buyers is high, very high in fact.  Seller’s who are ready to sell are finding that they are able to sell very quickly and are getting more for their homes than they were just a year ago.  In fact, the overall transaction is better for the sellers as buyers are not able to put as many demands on sellers.

For the buyer, it’s game on time!  Buyers are having to be far more competitive in their actions to be able to purchase a home.  They have to be ready before they ever go out looking (pre-qualified with a lender and no home to sell).  A buyer must be ready to act quickly in this market too or risk loosing the home they like.  If they find the home they want, they really need to go ahead and make an offer on it and have it be a good offer or they can risk loosing the home to another buyer.  We are seeing multiple offer situations which can be much worse for the buyer than if the buyer just made a good strong offer right from the get go.  If they try to get a better deal out of it, those negotiations take time.  During that time, other buyers may very well come along and quickly turn it into a bidding war.

Let’s take a look at the overall Charlotte market from April 2014 to April 2015.  We see that the median sales price has jumped in one year from $170,000 to $181,000.  That’s a rise of 5.5% which is very good and would make any seller jump for joy!
April 2014 to Aprili 2015 CLT

 

  
Now let’s take a look at the Mooresville area market from the same time period of April 2014 to April of 2015.  We see that the median sales price has jumped in one year from $215,000 to $236,000.  That’s a rise of 8.0%!!  One can see that our Lake Norman market is just on fire right now!

April 2014 to April 2015 Mooresville

 
 

Whether you are a buyer or a seller you need to be aware of the market conditions and what that means to you as a buyer or seller.  Lisa Alford with Alford Realty Group stands ready to help you understand the market and navigate your way to the best deal possible.  Lisa truly believes in treating each of her clients like she would want her family member treated.  Any of her former clients will confirm that, see her reviews here.  She also puts a high priority on client education.  She believes that educating the client is the best way to help them make smart decisions.  Contact Lisa today to get started!

 

 

Filed Under: Buyer, Seller Tagged With: 2015, broker, buyer, buyer's market, buying, Charlotte, Cornelius, Davidson, home, house, housing, how is the market, Lake Norman, market, market statistics, Mooresville, North Charlotte, real estate, real estate agent, seller, seller's market, selling, should I sell my home, trends

What is a due diligence deposit?

May 4, 2015 by lisaalford 1 Comment

When you purchase or sell a home in the Lake Norman area or anywhere in the state of North Carolina, you will see that there is a space for a “Due Diligence deposit”.  What is that, you might ask yourself.  Traditionally we know that there is an Earnest Money deposit that is paid at the time of contract signing.  Several years ago, North Carolina started using Due Diligence in its residential contracts and sales process.  Prior to that time, it was only used in commercial deals.

Due Diligence is a time period wherein the home is basically off the market (under contract) while the buyer is getting their due diligence items taken care of.  This would include doing things like getting the inspections done, appraisal, repairs negotiated, survey done, loan in order, etc.  In other words, they are getting everything ready for the closing to occur.

The Due Diligence time period is a part of the contract and is a negotiated time period. Typically, the buyer wants as long of a due diligence period as possible and the seller wants as short of a due diligence period as possible.

During the Due Diligence time period, the buyer may back out of the contract for any reason or no reason according to North Carolina law and be refunded back their entire Earnest Money deposit.  They do not however get back the Due Diligence deposit.  Once the Due Diligence deposit is paid, it belongs to the seller and they may do whatever they like with it.

The Due Diligence amount is again a negotiable item between the buyer and seller.  Typically, the buyer wants to put down nothing or very little for the due diligence period and the seller wants as much as possible.  This is because the buyer knows they will be looking at paying for inspections, appraisals, surveys, etc. and this is just more money they stand to lose if it doesn’t work out.  On the other hand, the sellers want more because they know the buyer can back out and if they do all the seller gets is the Due Diligence deposit.  Sellers go through quite a few hoops as well during this process.  They are essentially taking the home off the market while this process is going on but they are also making the home available, making repairs and they are usually starting to pack and get moved too.

The Due Diligence process coming upon the scene in North Carolina also pretty well ushered out the contingency clauses.  Most sellers in our state will no longer accept contingency clauses.   You can read more about that in an upcoming post.

In any event, if the buyer decides to terminate the contract after 5:00 on the due diligence date, they will not be entitled to receive their earnest money refunded to them.  That money will then be released to the seller.  So if you are a buyer and you are considering terminating your contract, be sure to do so before the Due Diligence date.

 

Lisa Alford of Alford Realty Group with Southern Homes of the Carolinas is a very experienced agent and has been in the real estate business since 1990.  You can see her background here.  If you are looking for a top notch agent to help you purchase or sell a home in the Lake Norman or North Charlotte area, contact her here.

Here are her featured properties for sale.

Other Lake Norman area properties:

Most recent homes on the market

Lake Norman waterfront homes

Homes in Davidson

Homes in Cornelius

Homes in Mooresville

 

 

 

 

Filed Under: Buyer, Seller Tagged With: agent, broker, buy a home, contingency, contract, Cornelius, Davidson, due diligence, due diligence deposit, due diligence period, home, homes for sale, house, how long, how much, how much should, Lake Norman, Mooresville, North Carolina, process, real estate, realtor, sell a home, tips, what is a due diligence deposit, what is due diligence, what to know

2015 Tax Evaluations in Iredell County

April 28, 2015 by lisaalford Leave a Comment

I’ve recently had many people asking me about the notices the county has been sending out regarding the county wide tax evaluations this year. Many people have gotten notices that their values went down, some are up but most are down from previous years. This in no way affects your market value, it’s a completely different thing.

Here’s a video I am emailing out to many of my clients. Please take a moment to watch for more information.

If you have a question about your home’s market value. Please don’t hesitate to call me or fill out the form here.

Filed Under: Seller Tagged With: 2015, evaluation, home, house, iredell, Lake Norman, market value, Mooresville, Statesville, tax, tax assessment, Troutman, valuation, value

How to handle lowball offers on your home

March 26, 2015 by lisaalford Leave a Comment

This is a great article that shows how to handle low ball offers and what you can do to avoid them in the first place.


  • Couple signing counteroffer

    Fielding a Lowball Purchase Offer on Your Home

    Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale. Read

Visit houselogic.com for more articles like this.

Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

Filed Under: Seller Tagged With: agent, broker, finding a great deal, highest price, home, Home for sale, house, Low offer, motivated seller, overpriced, real estate, sell quickly, vacant home

Mooresville is #6 best town to live in North Carolina

March 4, 2015 by lisaalford Leave a Comment

Alford Realty Group specializes in real estate the Mooresville and Lake Norman areas.  We recently learned that according to a new study by NerdWallet which is a personal finance site that our very own town of Mooresville has been rated the sixth best town in North Carolina to live in.  Mooresville has been rated so highly due to its good schools, friendly neighbors and affordable living to young families.

In choosing Mooresville “as one of the best NC cities for young families,” NerdWallet said:  “While Mooresville earned the nickname ‘Race City USA’ because it is the home of a number of NASCAR teams, the city has also created one of the more dynamic economies in the top 10. It is the corporate headquarters of Lowe’s, and combined with the town’s location only 25 miles north of Charlotte, is one of the fastest-growing financial and business centers in the country.

“As a testament to Mooresville’s success: median family incomes have increased 82% since 1999. Word of the town’s rise has spread, and Mooresville now expects the population to double in the next 20 years. With median home values of $186,500 and a GreatSchools rating of 9, much of the town’s expected growth will likely come from young families.”

Mooresville has two zip codes 28115 and 28117.   A current look at the overall Mooresville real estate picture shows that in the 28115 zip code, the median sales price for a home in February, 2015 was $176,000 with only 5.9 months of inventory for homes.  In the 28117 zip code of Mooresville, the median sales price for a home in February of 2015 was $303,588 with 9.0 months of inventory.

Mooresville also has two public school systems providing education for the children.  Mooresville Graded School District (MGSD) typically covers the 28115 area of Mooresville.  Iredell School System typically covers the 28117 area of Mooresville.  They are both excellent school systems and our Mooresville area overall has some of the top rankings in the state.  The President of the United States visited MGSD in 2012 to recognize the school system for it’s technological advances.  MGSD is a system that is modeled throughout the world.  MGSD puts a laptop in the hands of every school age child from grades 4 through 12.  All materials are taught using the laptops, virtually no books are used.  Assignments are turned in online, homework and class assignments are provided through an online educational portal.

For more information on living in Mooresville, please visit our Mooresville page.  It’s full of great information on the community and has links with homes available for sale as well.

If you are considering a move to Mooresville, contact us today.  We’ll be happy to send a newcomer’s packet to you and help you find a new home here in Mooresville.

 

excerpts for this blog post were taken from:

Statesville Record & Landmark article dated Feb 13, 2015

 

Filed Under: Buyer, Seller Tagged With: agent, best place to live, broker, home, house, Mooresville, Mooresville NC, Mooresville real estate, North Carolina, race city USA, real estate, small town, where to live

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