Comments for Raleigh Real Estate Talk http://www.raleighrealestatetalk.com Homes For Sale In Raleigh, Cary, Wake Forest Fri, 20 Jan 2012 13:59:22 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Five Reasons The New NC Real Estate Contract Will Benefit Buyers by Bob Fortner http://www.raleighrealestatetalk.com/5-reasons-new-nc-real-estate-contract-benefit-buyers/comment-page-1/#comment-2686 Bob Fortner Fri, 20 Jan 2012 13:59:22 +0000 http://www.raleighrealestatetalk.com/?p=2093#comment-2686 So sorry to hear that your flood insurance issue wasn't caught during due diligence. This is an excellent example of why it's so important to investigate everything during that period. Another place to check to see if you're in a flood zone is on a survey. Thanks for sharing your experience with us, and I hope it still turns out well for you! So sorry to hear that your flood insurance issue wasn’t caught during due diligence. This is an excellent example of why it’s so important to investigate everything during that period. Another place to check to see if you’re in a flood zone is on a survey. Thanks for sharing your experience with us, and I hope it still turns out well for you!

]]> Comment on Five Reasons The New NC Real Estate Contract Will Benefit Buyers by BurnedByLateFloodCertification http://www.raleighrealestatetalk.com/5-reasons-new-nc-real-estate-contract-benefit-buyers/comment-page-1/#comment-2685 BurnedByLateFloodCertification Fri, 20 Jan 2012 07:45:17 +0000 http://www.raleighrealestatetalk.com/?p=2093#comment-2685 Even if you are pre-approved, you can hit some snags. We were pre-approved and had to provide substantial documentation to obtain that status. Now, we are in a situation where our due diligence period expired on a Monday and we learned from our lender on a Friday of that same week that the house is considered to be in a FEMA AE flood zone and our lender will require us to buy potentially very expensive flood insurance or they won't lend to us. The appraisal came back during the diligence period, so we are left to wonder why the flood certification came a week and a half later. The flood zone issue was totally off our radar screen, so we have been blindsided by it. If the premium for flood insurance turns out to be high, we'll have to consider cancelling the deal. We are still waiting for our insurance company to get us a quote, but from what I've read we are looking at $1000-2000 a year. We are facing the loss of over $2000 in earnest plus diligence money as well as $1000-1500 in inspections, the appraisal fee, and other fees, not to mention the commission owed to our agent according to our buyers agent agreement. I leave your readers with this: always check your flood zone! Don't trust your appraiser, don't trust your seller, don't trust anybody but the organization that matters, your lender's flood certifier. Get your flood zone determination during your diligence period, and if it isn't in by then, pull out of the deal while it won't cost you much, or renegotiate the due diligence dates with your seller. Even if you are pre-approved, you can hit some snags. We were pre-approved and had to provide substantial documentation to obtain that status. Now, we are in a situation where our due diligence period expired on a Monday and we learned from our lender on a Friday of that same week that the house is considered to be in a FEMA AE flood zone and our lender will require us to buy potentially very expensive flood insurance or they won’t lend to us.

The appraisal came back during the diligence period, so we are left to wonder why the flood certification came a week and a half later. The flood zone issue was totally off our radar screen, so we have been blindsided by it. If the premium for flood insurance turns out to be high, we’ll have to consider cancelling the deal. We are still waiting for our insurance company to get us a quote, but from what I’ve read we are looking at $1000-2000 a year. We are facing the loss of over $2000 in earnest plus diligence money as well as $1000-1500 in inspections, the appraisal fee, and other fees, not to mention the commission owed to our agent according to our buyers agent agreement.

I leave your readers with this: always check your flood zone! Don’t trust your appraiser, don’t trust your seller, don’t trust anybody but the organization that matters, your lender’s flood certifier. Get your flood zone determination during your diligence period, and if it isn’t in by then, pull out of the deal while it won’t cost you much, or renegotiate the due diligence dates with your seller.

]]> Comment on How To Clean Stainless Steel Appliances by Bob Fortner http://www.raleighrealestatetalk.com/how-to-clean-stainless-steel-appliances/comment-page-1/#comment-2649 Bob Fortner Thu, 14 Jul 2011 17:28:29 +0000 http://www.raleighrealestatetalk.com/?p=2517#comment-2649 Hi Gail - I settled on the Bar Keepers Friend. It works great and lasts a pretty good while too. Just have to be careful not to get any on adjacent areas. Hi Gail – I settled on the Bar Keepers Friend. It works great and lasts a pretty good while too. Just have to be careful not to get any on adjacent areas.

]]> Comment on How To Clean Stainless Steel Appliances by Gail http://www.raleighrealestatetalk.com/how-to-clean-stainless-steel-appliances/comment-page-1/#comment-2648 Gail Thu, 14 Jul 2011 17:16:04 +0000 http://www.raleighrealestatetalk.com/?p=2517#comment-2648 I have been trying water, and soap, and Windex and drying off with a dry paper towel to prevent drying streaks. And then after a minute or two I notice some persistant streaks that are "below the surface" I just cleaned; they are like ghosts haunting me. They just won't come out. I think I will try the Pledge, that will leave a layer of "polish" and hopefully cover up my 'ghost streaks". I also heard of using a thin layer of oil that would probably work the same way. I have been trying water, and soap, and Windex and drying off with a dry paper towel to prevent drying streaks. And then after a minute or two I notice some persistant streaks that are “below the surface” I just cleaned; they are like ghosts haunting me. They just won’t come out.
I think I will try the Pledge, that will leave a layer of “polish” and hopefully cover up my ‘ghost streaks”. I also heard of using a thin layer of oil that would probably work the same way.

]]> Comment on NC Real Estate Contract Has Big Changes For 2011 by Bob Fortner http://www.raleighrealestatetalk.com/nc-real-estate-contract-changes-2011/comment-page-1/#comment-2644 Bob Fortner Tue, 05 Jul 2011 22:14:02 +0000 http://www.raleighrealestatetalk.com/?p=2073#comment-2644 Hi Denise - Here are a couple of things to consider. You can walk away from this deal anytime prior to the Due Diligence period expiring and just forfeit the Due Diligence Fee. If the issues that were found are serious enough, and the seller is not willing to repair them, this may be better than buying a house that has such serious issues. Also, the seller, and their agents, must disclose any known defects. The standard NC Property Disclosure form asks specific questions about the issues you mentioned and the seller has to disclose if there are any current problems. Their agent is under an obligation to disclose these "known" things to any future perspective buyers as well. I hope all this works out for you. Hi Denise – Here are a couple of things to consider. You can walk away from this deal anytime prior to the Due Diligence period expiring and just forfeit the Due Diligence Fee. If the issues that were found are serious enough, and the seller is not willing to repair them, this may be better than buying a house that has such serious issues.

Also, the seller, and their agents, must disclose any known defects. The standard NC Property Disclosure form asks specific questions about the issues you mentioned and the seller has to disclose if there are any current problems. Their agent is under an obligation to disclose these “known” things to any future perspective buyers as well. I hope all this works out for you.

]]> Comment on NC Real Estate Contract Has Big Changes For 2011 by Denise Countryman http://www.raleighrealestatetalk.com/nc-real-estate-contract-changes-2011/comment-page-1/#comment-2643 Denise Countryman Fri, 01 Jul 2011 19:33:20 +0000 http://www.raleighrealestatetalk.com/?p=2073#comment-2643 Thank you so much for explaining the "due dilligence" ! I do have a question, maybe 2 by the time I am done typing... We moved here from Colorado after selling a home there. We hade found a home here in NC, and put an offer on it $2,000 below asking price after our realtor pulled comps and other documents. She explained due dilligence (sort of) and advised us to pay $500. The offer was accepted and we had a home inspection done 4 days later. During the inspection, the home was found to have some electrical issues, water under the home, and improperly installed hardy board siding among the more serious issues. We then sent the list of items we felt were serious to the seller asking for them to be repaired or addressed. We recieved a response back by the date asked, but none of the items except one had been addressed in any way. No notes, letters or comment as to wether the items would be or not be repaired. We are doing a VA loan with 10% down. We have our pre-approval (just need the address for the paperwork). VA will not approve the loan with these issues, so, are we out of our money? This home has been on the market for over 130 days and I am now concerned that sellers keep the money, knowing that most people will not buy a home with serious (hidden) issues until the inspection is done. Isn't there some concern for, I am not sure of the term, but maybe fraud, with this? I am just anoyed that the seller can keep the money, not tell the buyer about any issues that have been found in previous inspections. I feel like I have been taken for a ride with a house that looked pretty, but had some ugly little secrets and the seller is just trying to get money to fix items one by one (yes, our check was cashed). Thank you for your time, and letting me vent at the very least. Thank you so much for explaining the “due dilligence” ! I do have a question, maybe 2 by the time I am done typing… We moved here from Colorado after selling a home there. We hade found a home here in NC, and put an offer on it $2,000 below asking price after our realtor pulled comps and other documents. She explained due dilligence (sort of) and advised us to pay $500. The offer was accepted and we had a home inspection done 4 days later. During the inspection, the home was found to have some electrical issues, water under the home, and improperly installed hardy board siding among the more serious issues. We then sent the list of items we felt were serious to the seller asking for them to be repaired or addressed. We recieved a response back by the date asked, but none of the items except one had been addressed in any way. No notes, letters or comment as to wether the items would be or not be repaired. We are doing a VA loan with 10% down. We have our pre-approval (just need the address for the paperwork). VA will not approve the loan with these issues, so, are we out of our money? This home has been on the market for over 130 days and I am now concerned that sellers keep the money, knowing that most people will not buy a home with serious (hidden) issues until the inspection is done. Isn’t there some concern for, I am not sure of the term, but maybe fraud, with this? I am just anoyed that the seller can keep the money, not tell the buyer about any issues that have been found in previous inspections. I feel like I have been taken for a ride with a house that looked pretty, but had some ugly little secrets and the seller is just trying to get money to fix items one by one (yes, our check was cashed). Thank you for your time, and letting me vent at the very least.

]]> Comment on Five Reasons The New NC Real Estate Contract Will Benefit Buyers by Bob Fortner http://www.raleighrealestatetalk.com/5-reasons-new-nc-real-estate-contract-benefit-buyers/comment-page-1/#comment-2640 Bob Fortner Tue, 21 Jun 2011 13:19:31 +0000 http://www.raleighrealestatetalk.com/?p=2093#comment-2640 Hi Brad - It really depends on the terms of your agreement. For instance, I always put a clause in my client agreements giving either of us the ability to cancel our agreement if things don't work out. Some other Realtors do this, and some don't. If you're really not happy with the service you should tell your Realtor how you feel and either give him an opportunity to make things right or at least ask what your options are. As a suggestion, maybe you could offer to pay the difference between 5% and 6% for selling your home since that was what he offered to get you to use him as a buyer agent. Don't know if that's the most appropriate course of action or not, but talking about it openly with him is probably the only way to find out what would be a mutually agreeable solution. Hi Brad – It really depends on the terms of your agreement. For instance, I always put a clause in my client agreements giving either of us the ability to cancel our agreement if things don’t work out. Some other Realtors do this, and some don’t. If you’re really not happy with the service you should tell your Realtor how you feel and either give him an opportunity to make things right or at least ask what your options are. As a suggestion, maybe you could offer to pay the difference between 5% and 6% for selling your home since that was what he offered to get you to use him as a buyer agent. Don’t know if that’s the most appropriate course of action or not, but talking about it openly with him is probably the only way to find out what would be a mutually agreeable solution.

]]> Comment on North Carolina Still Attracting Relocating Families by Bob Fortner http://www.raleighrealestatetalk.com/north-carolina-attracting-relocating-families/comment-page-1/#comment-2639 Bob Fortner Tue, 21 Jun 2011 13:10:22 +0000 http://www.raleighrealestatetalk.com/?p=2195#comment-2639 Hi Rachel - Wake County schools are very good overall. I can connect you with other parents who I've helped relocate to discuss what they think of the schools, if you want me to. In the mean time, click on the "Schools & Universities" link at the top of this page and there are some very good resources to compare academics for each school. I'll answer you in an email with more details relative to your particular situation. Hi Rachel – Wake County schools are very good overall. I can connect you with other parents who I’ve helped relocate to discuss what they think of the schools, if you want me to. In the mean time, click on the “Schools & Universities” link at the top of this page and there are some very good resources to compare academics for each school. I’ll answer you in an email with more details relative to your particular situation.

]]> Comment on Five Reasons The New NC Real Estate Contract Will Benefit Buyers by Brad Moses http://www.raleighrealestatetalk.com/5-reasons-new-nc-real-estate-contract-benefit-buyers/comment-page-1/#comment-2638 Brad Moses Mon, 20 Jun 2011 16:17:42 +0000 http://www.raleighrealestatetalk.com/?p=2093#comment-2638 If a Realtor gave me a reduced fee (5% instead of 6%) as long as I also used him as a buyer's agent, how long can they hold that to me? I was very disappointed in his services and DO NOT want to use him to buy my next home. If a Realtor gave me a reduced fee (5% instead of 6%) as long as I also used him as a buyer’s agent, how long can they hold that to me? I was very disappointed in his services and DO NOT want to use him to buy my next home.

]]> Comment on North Carolina Still Attracting Relocating Families by Rachel Patten http://www.raleighrealestatetalk.com/north-carolina-attracting-relocating-families/comment-page-1/#comment-2637 Rachel Patten Thu, 16 Jun 2011 10:26:43 +0000 http://www.raleighrealestatetalk.com/?p=2195#comment-2637 Hi My husband has been offered a job in NC near Raleigh. We have two young children and this is the main reason that is holding me back. Ive never been to NC before and although it looks beautiful Im just concerned on the schooling. We are moving from London and my eldest who is 4 in July would have been starting school this September but I understand schooling is different out there. Thanks Rachel Hi

My husband has been offered a job in NC near Raleigh. We have two young children and this is the main reason that is holding me back. Ive never been to NC before and although it looks beautiful Im just concerned on the schooling. We are moving from London and my eldest who is 4 in July would have been starting school this September but I understand schooling is different out there.

Thanks
Rachel

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