Information for Home Buyers in the Raleigh, Cary, Holly Springs, Apex, Morrisville areas of Wake County in the Triangle, NC

the DaVinci Code of real estate lingo

As with all industries, real estate professionals have developed a lingo and acronyms to help them communicate with each other more easily. For the first-time homebuyer (and even some veterans), making sense of property listings can sometimes leave you feeling like you’re deciphering the DaVinci Code.Let’s take a look at a sample real estate listing:

2,500 sf on a c-d-s, 2BR, 2.5BA, CA, spac grt rm w/ wbfp, grmet kit, det gar

Looks a lot like alphabet soup doesn’t it?  But so often we are forced to use these abbreviated property descriptions because most of our multiple listing services and newspaper print ads only allow us limited space for our comments and descriptions.  Some abbreviations you’ll probably encounters are:

·        AC or A/C: air conditioning

·        BA: bathroom

·        BR: bedroom

·        CA: central air

·        C-D-S: cul de sac

·        DET: detached

·        DK: deck

·        EIK: eat-in kitchen

·        F/FIN BSMT: finished basement

·        FDR: formal dining room

·        FP, frplc: fireplace

·        GAR: garage

·        GRMT KIT: gourmet kitchen

·        GRT RM: great room

·        HDW, HWF, Hdwd:  hardwood floors

·        HOA: home owners association

·        LR: living room

·        KIT: kitchen

·        OFC: office

·        PVT: private

·        SF: square feet

·        SPAC: spacious

·        VW, VU: view

·        WBFP: wood-burning fireplace

 

In addition to the abbreviations in property listings, here are a few other common terms you should become familiar with.

FSBO—For Sale By Owner.  This term refers to a property where the homeowner is trying to sell the property themselves without a real estate professional.

MLS—Multiple Listing Service.  MLS’s are comprised of a group of real estate brokers who have agreed to share their property listings. This listing is then provided to the group through a database or directory.  If you are buying your home, this is the service that your sales professional will use to search for potential homes for you to purchase. If you are selling your property, your real estate professional can list your home through the MLS. For-Sale-By-Owner (FSBO) properties are typically not listed through the MLS.

CMAComparative Marketing Analysis. 

This analysis is an opinion/assessment of a property’s market value. This is one of the tools your real estate professional can use to help you determine a reasonable listing price. Usually, the CMA compares your property with similar properties that have sold in your area within a certain time frame. Besides purchase price, some of the information typically listed is the number of bedrooms and baths, approximate square footage, size of major rooms, amenities such as fireplaces and pools, age of the home, and property taxes.

 

During the real estate process, you probably will come across more acronyms and lingo. Make sure you ask your real estate professional to explain any terms you are unfamiliar with so that you are not in for any surprises.

 

{By the way, the listing above was a 2,500 square-feet home on a cul-de-sac, with two bedrooms and two and a half baths, central air, a spacious great room with a wood-burning fireplace, and a gourmet kitchen and detached garage. }


Make it a great Real Estate day!

Raleigh’s Garbage Disposal Ban DOWN THE DRAIN…

Ahha – 1 month after Raleigh Council members voted on keeping the Garbage disposal ban they have trashed it!  The ordinance took effect March 17th and carried some pretty hefty fines – $25,000 a day PLUS the loss of their water service.

Apparently 100’s of Raleigh residents said just “stop it” (make sure you say it with a southern draw…  staah peit).

The information given council that that FOG (food and grease) found blocking the sewer systems wasn’t there because of disposals…  it was there because of  people rinsing their dishes and the junk going down the drain!  I still can’t imagine that they had to have some study done to come to that conclusion.

In any event if there were any folks out there concerned about moving here to the Raleigh area because they’d have to be without their garage disposal can start packing. 

So now what about our drought situation?

Raleigh Realtor – Pamela St. Peter

REO’s & Foreclosures

REO & Foreclosure informationWith all the hoopla going on these days about foreclosures I thought it might be helpful to pass along some information should you be looking to purchase a foreclosure home as your primary residence OR if you are looking to get started in investing in real estate. 

Just what is an REO and what does that mean to you? REO stands for Real Estate Owned – also commonly referred to as an “investment” or “bank owned” property. These homes have been foreclosed on some time ago and are currently owned and being sold by a financial institution. Many of these bank properties can represent good investment values; however they may not be well suited for everyone.

That being said let’s look at just what an REO is; First and most important thing to know is that the REO & Foreclosure informationproperty is being sold “As Is”, “Where Is”, “As Seen” and that the Seller will not perform any repairs. Also because the bank or asset company has never “lived” in the home they aren’t responsible to provide a Seller Residential Property Disclosure Statement. Foreclosures are exempt. The Seller also will not provide any appraisals, surveys, or warranties on the property. However most Sellers will allow a 10 day period of “due diligence” in order for you to perform any and all inspections that you would like to have done; like a home inspection, pest inspection, perhaps even a well and septic, or radon inspection. The cost incurred to have these inspections done are your responsibility but if for any reason these inspections indicate a problem area that you find unsatisfactory – you usually have the right to walk away from the offer and retain your earnest monies. (Be sure to confirm this with the Seller or listing agent beforehand)

OK – let’s say you see the value in a particular property and want to move forward. There are few issues I would like to mention to help your purchase be more smooth sailing. If you are securing financing to purchase this home you will need to secure a conventional mortgage; no FHA or VA loans are accepted. You will need to provide a mortgage pre-qualification letter along with your offer to purchase. Or if you are paying cash a Proof of Funds letter is required. You will also see an “As Is – Counter Offer Addendum” attached to the NC contract OR in some situations it will be provided only after an offer has been excepted.

Once your offer has been submitted patience is also a virtue here. Some Sellers can be very slow to respond to offers or to produce signed contracts once an offer has been accepted. AND PLEASE be very flexible with closing dates – most properties will not close sooner than 30 days – and as with any residential home sale – the Seller will not allow you to perform any repairs whatsoever prior to closing. And lastly – the keys to your new purchase will not be given out under any circumstances UNTIL the funds have been disbursed and the deed recorded.

Fritz's Picks

 

If you are interested in REO/Foreclosure properties you won’t want to miss signing up for information David Fritz from our team provides at Fritz’s Picks.

Please feel free to call or email us if you have any questions. The St. Peter HomeSelling Team is  very well versed in REO’s and can assist you in purchasing one of these homes as a 1st time home buyer or a seasoned investor.