Wake County Real Estate Market March Recap & Taxes and Property Info

Tis the season for taxes. Hopefully everyone is done or wrapping up Federal and Wake County, NC taxes and property infoState taxes for the season.  If you happen to find yourself buried under a pile of paperwork (or spreadsheets), when it comes to Wake County tax or property information, WakeGov.com makes it easy to stay organized.  All in one place users can search tax bills, pay your tax bill online and learn more about all things Wake County.  If you haven’t yet visited the WakeGov.com site check it out.


Now to the real estate market report! 

Ahhh Wake County NC, wonderful neighbors, terrific neighborhoods, limitless possibilities for Triangle entertainment, a terrific school system, marvelous parks… the list goes on and on.

Wake County NC Real Estate Activity - March

 

If you’re considering moving to Wake County NC or even if you’re planning on selling a home in Wake County, it’s important to have the right information.

Our goal is to provide you with a good overview of how homes for sale in Wake County are performing.

The chart on the left shows the percentage of new active listings (homes that went on the market), total active listings, closed listings, and homes that have gone under contract, during March, 2012.

The information included in this report is only for detached homes located within Wake County NC.  (*If you’re interested in a report for townhomes and condos, please don’t hesitate to contact us ~ we’d be pleased to send along information specific to your needs.)


New listings on the market in Wake County during MarchWake County Real Estate Market Report

 Take a peak at the new Wake County NC Homes for Sale on the market in March.

(in alphabetical order by subdivisions)

Active Detached Homes for sale in Wake County last monthActive Listings in Wake County NC

Just over 4,500 homes are for sale in Wake County!  There’s quite a range of homes available…  the swing in Wake County home prices range from $32,500 to $4,900,000 with an average price of a home for sale in Wake County being (slightly higher than last month) $341,199.  There’s plenty of options for just about anyone looking to buy a home in Wake County

 

Whether you’ve outgrown your home and are looking for something larger; are relocating to the area, are empty-nesters ready to down-size, or are just looking to capitalize on the Triangle investment opportunities, locating a great match (with the right Realtor®) will not be an problem in Wake County.


Homes in Wake County that went under contract (pending) last monthWake County Real Estate Market Report

Homes that sold (closed) in Wake County last month

Wake County NC Real Estate Market Report

The above information and charts reflect only detached home activity in Wake County.

If you have been considering moving to Wake County, NC, would like more information on selling a home in Wake County, NC or would simply like to discuss your Triangle area real estate needs, please don’t hesitate to call or e-mail me.  I’d love to chat…

 

**Take a look back at our previous Wake County NC Market monthly reports

 

*Any reference to TMLS data is based on information
from Triangle MLS, which neither guarantees nor is in any way
responsible for its accuracy. All data is provided ‘AS IS’ and with all
faults. Data maintained by Triangle MLS may not reflect all real estate
activity in the market.

Fixing up a Fixer upper!

There is something out there called a HUD 203/K.

What is it and who’s it for? It’s for a homebuyer who wants to purchase a foreclosure home (an REO) but doesn’t have the necessary funds on hand to complete the repairs or modernization.

The Rehab program allows the buyer to secure just a fixed rate or adjustable mortgage to finance both the mortgage of the property AND the rehabilitation needs. It’s endorsed by HUD which in turn minimizes the risk to the mortgage lender.

Of course with all mortgages and financing of your home there are requirements that must be met. So talk with a lender today to find out if you qualify and would like to take advantage of this program.

Call us if you would like to discuss further how maybe purchasing a fixer upper might just be for you.

Dependable… Reliable… Protected…

Dependable… Reliable… Protected – All About the Home Warranty

The average cost of a Home Warranty in Wake County, NC is roughly $400 – $650 annually.   Is it worth it to you to protect yourself from unexpected home repair costs? 

Home_Warranty Program Information

An argument can easily be made for or against maintaining a home warranty over the years of home ownership.  Maintaining one over the years isn’t the topic we’re focusing on today but since we’re talking about it, and for the sake of argument… if your home is new and you’re a diligent saver maybe you can get by without the annual expense; if your home is older and saving money is an issue then a home warranty may be a necessity.

For us, if you’re in the process of selling your home in Wake County, NC or buying a home in Wake County we almost always recommend a home warranty to our clients.

Here in Wake County, home buyers usually expect a home warranty to be included in the package and paid for by the sellers.

When you list your home in Wake County (or surrounding towns) with us, as Prudential York Simpson Underwood Realtors®, you are covered as home sellers (for no additional cost), for the duration of the time your home is on the market with us if you choose to offer your buyer a Home Warranty with HSA Home Warranty. included and paid for by the home seller.  Always a point of negotiation, but when one is purchased perks come for both the home buyer and seller.

Home_Warranty Program Information

This is a tremendous benefit… and here’s why:

  • As a home seller imagine:  You’ve worked hard preparing your home for sale, you list with your local Realtor®, excited the process has officially begun to move toward the next phase of life.  AND THEN, after having done everything right you discover you have to shell out thousands of dollars because your HVAC decided that NOW would be a good time to kick the bucket.  Grrrr….
  • As a home buyer imagine:  Such an exciting time, closing is done, the deed has been recorded, you have the keys to your new home, you’re moving in and making your new home your own. AND THEN discover that while the electrical system was fine a few weeks ago during the home inspection, the system decides NOW would be a good time to cash in the chips… requiring thousands to fix.  Grrrrr….

Worth paying for a home warranty?  Yes – as home sellers it not only provides coverage for you during the period you’re listed on the market (when you don’t want unexpected problems to force you to put more money in to your home), but a home warranty also gives your potential home buyers warm fuzzies.  That sense of security for your potential buyers gives you a competitive edge when comparing your home with the competition down the street that may not offer the same advantage.

Home Sellers:  Simply put, home buyers love warm fuzzies. You never know, it could be what makes your buyers put in the offer on your home instead of someone else’s.

Questions?  Just let us know how we can help.  We’re here to make your transitions as smooth as possible!

FHA Underwriting Guidelines for NC

When it comes to having a pulse on the mortgage market I always turn to Eleanor and Steve Thorne.  They are extremely knowledgeable, and always on top of what’s happening in the mortgage industry. The information below is invaluable as FHA loans are very popular and often times very misunderstood.

Take a read and pass it on to your clients ~ I know my clients will be very grateful for such solid information as this!
Pamela

Via Eleanor Thorne 919-649-5057 Cary Mortgage Loans NMLS #67179 (Corporate Investors Mortgage Group):

fha mortgage loanWe talk to people everyday who have questions about qualifying for a FHA Mortgage Loan in NC.  FHA Underwriting Guidelines, are actually pretty straightforward. 

Unlike qualifying for a VA Mortgage loan (where you must be a qualifying Veteran) or a USDA Home Loan (that requires that you meet income limits for your county and the property must fit within the USDA RD Loan Footprint) – FHA has far fewer restrictions!  They do have Maximum Loan Amounts, which vary per county – but other than that, just about anyone who wants to purchase an Owner Occupied Home can do so!

  • Maximum Loan Amounts:  Maximum FHA Loan Limits Vary per County, and are subject to change each October.  Congress has said that they will be  lowering the High Cost Area FHA loans that are currently available in areas like Washington, DC and San Francisco in October of 2011. It looks like the maximum FHA Loan Limit for Homes in Raleigh will change at that time too. The 2010 FHA Maximum Loan limit for Wake County is $295,000 – the 2011 limit could go down to $271,050.
  • FHA Qualifying Income Requirements:  FHA is flexible with income used to qualify buyers.  They will work with people who are in the IT field, and are on contracts, they will count part time income, and Child support and Alimony Payments.  For the most part it’s also important to remember that when starting a new job, you will probably need to receive your first full paycheck before you can close on your new home.
  • Ratios for FHA Loans:  In General, FHA Underwriters take your Gross Income (Before taxes come out), and divide that by 12.  Then they multiply that number by 28% to find your maximum monthly housing payment can be.  (We’ve seen people who did not have a tremendous amount of debt qualify for more than this number, that’s why we have you talk to a Lender!)  They take the Gross Monthly Income and multiply it by 41% to find out what your TOTAL monthly obligations can be (meaning house payment, insurance, taxes, car, credit cards – etc). Although we know it’s a big expense for many families – FHA does not count Child Care in your qualifying ratios (and they don’t count cell bills, or insurance either!)
  • FHA Credit Score Requirements:  For the most part, FHA Underwriters will require a middle credit score of 620, and they want to see 3 open trade lines on your credit report, that have been there for at least 12 months.  Medical Collections that are only a couple of hundred dollars  do not generally need to be paid – however, if you have thousands and thousands of dollars of collections outstanding, even if they are medical related, they will probably require that they be paid off.  If you have outstanding Student Loans, you will need to make payment arrangements, and the underwriter will likely require that you make a few of them on time before loan approval.  If you’ve been hurt by the recent economic turn down and have a bankruptcy, foreclosure or short sale in your history – FHA will still do a loan for you!  If you meet NC Housing Finance Agency Guidelines, in some cases we can make a loan with minimum credit scores between 600 and 620.
  • FHA DownPayment Requirements:  If you are purchasing a “regular” house (not a distressed home), FHA requires a 3.5% downpayment.  The down payment can be a gift, it can be from the sale of an asset (we had one borrower sell a bass boat so he could buy a house), savings and… if you qualify for NC Housing Finance Agency money- up to $8000 of this can be given to you by the Government (with a few strings attached of course).
  • FHA 203K Loans:  FHA has a program for home renovation.  If you purchase a home for $100,000 (for instance) and you want to put in new appliances and carpet, you can do it with this program!  Let’s say the TOTAL amount of repairs you wanted to make to the house is $15000.  As long as the property will appraise for at least $115,000, you would make a down payment based on that “fixed up” value of $115,000.  So 3.5% of $115,000 is $4025!  Sweet!  The maximum amount they will loan for renovation under this Streamline program is $35,000.  The process of working with a contractor is a little complicated – but we can walk you through it!
  • HUD Homes with $100 Down Payments: If you are purchasing a HUD foreclosed Home, and we write it in the contract – HUD will allow you to get an FHA mortgage on that property with a $100 down payment.  HUD will also contribute to your closing costs.  The buyer must be an owner occupant to qualify, and they must offer full price.  You must be willing to live in the property for a year.  You can not combine this program with a FHA 203K.
  • FHA Good Neighbor Next Door:  If you are purchasing a HUD Home in a qualifying “Revitalization” area, HUD allows Teachers, Firemen, Police Officers, and qualifying EMT’s to purchase the home at 50% of the asking price.  They must be willing to Owner Occupy the home for 3 years – and you can not own residential real estate for 12 months prior to the offer.
  • FHA PMI Charges:  FHA Charges a 1% upfront mortgage premium on all loans, in addition to collecting PMI (mortgage insurance premiums) each month.  Depending on your tax situation, these premiums could be tax deductible – and they serve to insure the lender, and FHA against defaults and foreclosures.
  • FHA Appraisal Requirements: With a HUD Foreclosed Home, there’s already an appraisal that has been done – If the appraisal is more than 6 months old, we can request a new one, and that’s what you would likely use to make an offer from.  ALL FHA appraisals are done by an FHA Approved Appraiser.  While they do not have the strict property guidelines that USDA Home Loans do, the house still needs to be in fairly good condition, the heat has to work, no broken windows, or torn up floors.  FHA is highly concerned about lead paint.  If a shed, that is not attached to the home (for instance) looks like it has not been painted in 20 years – they could require that it be painted.
  • FHA and Condos: FHA’s made some pretty significant changes to it’s Condo Approval process.  Now, all Condo projects must be RE-Approved every 2 years.  Additionally, 50% must be owner occupied or sold to owners who intend to reside in the unit. Also, at least half (50%) of all units must be sold before FHA will issue a mortgage on one.  Here’s a list of condominium projects in Raleigh that are already FHA approved.

If you have questions about purchasing a home in NC using a FHA Mortgage Loan, please call  Steve Thorne at 919-649-5058.  We do many FHA loans, we offer today’s lowest mortgage interest rates, and we can help!

Simple Energy Tips to Save Money at Home

 

Smart Tips to Live a Greener Cleaner Life AND Save Money at Home

 

You may have heard recently in the news about the possibility of the House of Representatives repealing light bulb efficiency standards (the BULB Act).  The premise of this Act is to require that incandescent light bulbs be 30% more efficient by 2012.  One of the things I learned from this (I think is fascinating) is that the cheap incandescent bulbs we see in stores (10 for $1 anyone?) haven’t changed since they were created over 100 years ago!  Why fix it if it ain’t broke?   Lots of reasons!! 


This Act will:

  • save the average family $100 annually
  • cut US energy costs by more than $10 billion annually
  • cut the nation’s total electricity consumption by the equivalent of what the state of Indiana uses, according to The Alliance to Save Energy
  • cut global warming pollution by the equivalent of 14 million cars on the road annually (or 70 million tons of CO2)


This is significant! FORTUNATELY the House voted against pulling the plug on the bill so that we can all enjoy more efficient light bulbs (as the standard).  Very proud to live in a nation that strives for more efficiency – both for the environment and our pockets (on some things at least)!!  


Unfortunately we can’t rely on product standards for everything, but there are lots of great ways to cut our energy consumption and keep more money in our pockets!


Included are just a few:Saving Money at Home

  • CFL light bulbs – initial cost is a bit more but with big annual savings the payback time is only a couple months.  Just remember with CFL’s disposal is a tad trickier, since they contain Mercury they can not be disposed of in your household trash or recycling container.  Home Depot, Best Buy and Radio Shack offer free drop-off locations for unbroken bulbs.  If one does break, be sure you know how to safely clean up your CFL.

 

  • Weatherstripping and Caulking – for a low initial cost you can save big bucks by not letting the cool or warm air you pay for escape through cracks or under doors, the more allowed to escape, the harder your heating and cooling source has to work to keep the desired temperature.

Energy Star Appliances - Saving Money at Home

 

  • Energy Star appliances – especially if you’re already in the market for new appliances… Energy Star rated appliances often cost the same as standard appliances and can save big bucks (starting immediately and over the life of the appliance) in energy savings (your utility bills).


  • Programmable Thermostat – For every degree over 72 you set your air conditioning during the warm months you’ll save 3-5% on your energy bill.  Even if the temperature is only adjusted higher when you’re not home… the savings will add up.  For even more savings, close your blinds and draw your shades when you’re not home during the day to reduce solar gain.


For more tips on going green in Raleigh and the Triangle area, check out some of our other blogs:

 


  If you have more ideas you’d like to share – we would love to hear them!

Due Diligence – Part 3: Home Buyers

Due Diligence – Part 3: Home Buyers

A few basics for North Carolina Home Buyers regarding Due Diligence.

Due Diligence Series: Realtors, Buyers & SellersDue Diligence is still so new in our Triangle Area Real Estate Market that there isn’t yet a standard or rule of thumb to guide us.

As we mentioned in Part 1 for Realtors® and Part 2 for Sellers, here in the North Carolina Raleigh-Cary area due diligence (in a nut shell) is a clause in the new Offer to purchase contract that sets a time frame for a buyer to do everything they need to do (the home inspection, appraisal, pest, radon, lead paint inspections, mortgage approval, etc) associated with moving forward with the purchase of the home.  The sellers are compensated for this time frame with a Due Diligence Fee that is non-refundable should the buyers decide the home is not for them for what ever reason or no reason at all…

If you’re not yet familiar with the Due Diligence process take a look at our earlier blog series that explains in details and talks about What’s new in NC Offer to Purchase Contract.

We’ve all heard, buyer beware or caveat emptor… but the new Due Diligence clause (in my opinion) was set in place to protect YOU as the buyer should any unforeseen problems arise.  Making it less tangled in disagreement over the release of earnest money.  Remember, as a buyer you have the right up to 5 PM on the last day of your due diligence period to walk away from the purchase of the home for any reason at all… ranging from inspection problems, mortgage issues, or simply because you changed your mind.

 

There are some things we’ve learned as Realtors® who have experience navigating our clients through this new Due Diligence process that we would like to share.

Guide 3 of 3 in our Due Diligence Series:  Buyers

 

Buyers:

  • Be respectful of the time you have within the due diligence period (asking for an extension can really put off the sellers) and the dates are “time is of the essence”
  • Check with your mortgage lender and make absolutely sure they can have your loan processed and out of underwriting by the end of your due diligence period (that includes surveys, appraisals, etc) as their is no longer a  mortgage/financial contingency associated with the new OTP.
  • Understand that you’re asking the sellers to reserve their home for you for the duration of the due diligence period without any guarantees; and consider this when deciding how to proceed when offering due diligence money.
  • This due diligence fee is what you pay directly to the sellers for the the due diligence period… some contract offers may include earnest money once the due diligence period is over.  This practice can potentially alleviate earnest money falling into dispute  (good to have warm fuzzies about not tying up that larger chunk of change)!
  •   Don’t offer more than you’re comfortable with. Should something come up during your due diligence period and you do decide to terminate the contract remember the seller keeps the due diligence fee.

Work to find a balance everyone feels OK about.

  • Ask questions, and lots of them.  OF your REALTOR®, lender, inspectors ~ everyone! If you’re unsure or curious about how something works or what something means don’t hesitate to ask.  Rely on your experienced North Carolina Realtor® for information and guidance.

 

Gather information, feel comfortable with the process and HAVE SOME FUN!  If done properly this can be a very rewarding process as you move forward on the purchase of your dream home!

Due Diligence – Part 2: Home Sellers

Due Diligence – Part 2:  Home Sellers

A few basics for North Carolina Home Sellers Regarding Due Diligence.


Due Diligence Series: Realtors, Buyers & SellersDue Diligence is still so new in our Triangle Area Real Estate Market that there isn’t yet a standard or rule of thumb to guide us.

As we mentioned in Part 1, Due Diligence for Realtors®, here in the North Carolina Raleigh-Cary area due diligence (in a nut shell) involved the set amount of time a buyer has to do the home inspection, appraisal, pest, radon and lead paint inspections, etc., to decide if they want the home after everything has been thoroughly inspected.  The sellers are compensated for this time with a Due Diligence Fee that is non-refundable should the buyers decide the home is not for them.

If you’re not yet familiar with the Due Diligence process take a look at our earlier blog series that details What’s in the new NC Offer to Purchase Contract.

As the saying goes… buyers beware, but the new Due Diligence period is put in place to protect the buyer should unforeseen problems arise. 

Feedback from a few of our recent sellers we wanted to share with you:

The Due Diligence period = Sellers Beware. 

One of our roles as Realtors® in many home buying and selling transactions is to be the calm in the storm.  Selling a home can be a stressful and emotional time and it’s my job as a Realtor® to allow YOU to stay focused on the excitement of moving on to a new phase in your life.  As Realtors® who have had ample experience navigating our clients through this new Due Diligence process… we’d like to share some of the tips we’ve learned along the way.

Guide 2 of 3 in our Due Diligence Series:  Sellers

Due Diligence Fee

Sellers:

  • When you receive an offer – Make sure you feel comfortable with the length of the due diligence period and with how much you’re being compensated (from the due diligence fee) for that amount of time.

Congratulations you got an offer!!  Before jumping up and down let’s look closely, it’s a bit of a balancing act.  The buyers need time to investigate the home but as a North Carolina home seller there’s NO guarantee during the Due Diligence period the buyers won’t walk for any reason ranging from… a handrail that needs tightening, foundation problems, because they found a different home they like more, or even just because they got cold feet.

It’s probably unrealistic to expect a buyer will put a large percentage of the purchase price down for due diligence… consider that the buyers will also be investing in the appraisal, home inspection, pest, radon, lead paint, survey, etc., BUT you have to feel comfortable with the amount.

  • HOW MUCH?Some feel that buyers should be expected to compensate the home sellers for an equivalent amount of their mortgage for that period of time.Example:  If the home buyer wants 4 weeks for the Due Diligence period and your mortgage is around $2500/month, a seller may expect about $2500 in Due Diligence fee.

In the Triangle market we’re seeing everything from $250 for a 3 week period to thousands for a 60 day period – all is on the table for negotiation.

There doesn’t seem to be a lot of consensus in our Triangle area regarding how much the Due Diligence fee should be.  Naturally, sellers feel the fee should be higher, home buyers want the fee should be lower, and we as Realtors® work to find a comfortable balance between.

The important thing is to stay within your level of comfort.  Assess the risk with the reward, and with your Realtor®, decide if you can live with the results.

Due Diligence – Part 1: Realtors

Due Diligence Do’s & Do Not’s – No Standard Yet

Due Diligence Series: Realtors, Buyers & SellersDue Diligence is still so new in our Triangle Area Real Estate Market that there isn’t a standard or rule of thumb yet to guide us.

I received a call the other night from a colleague with some questions on an offer they just received; it was concerning the new due diligence process.  Here in the North Carolina Raleigh-Cary area due diligence (in a nut shell) involves the set amount of time a buyer has to do the home inspection, appraisal, title search, pest, radon and/or lead paint inspections, survey,  mortgage approval, etc., in this time frame they have to decide if they want to buy the home or not.  Now the sellers are compensated for this Due Diligance time frame with a Due Diligence Fee that is non-refundable should the buyers decide the home is not for them.

If you’re not yet familiar with the Due Diligence process take a look an earlier blog series that explains in detail and talks about What’s new in NC Offer to Purchase Contract.

We all know well… buyer beware, but Due Diligence is put in place to protect the buyer (without forfeiting their Earnest Money) should unforseen problems arise pertaining to major home components. Before 5 PM of the Due Diligence date a buyer can walk away from a purchase contract for any reason OR NO REASON AT ALL. PERIOD.

Feedback from a few of our recent sellers I wanted to share:

The Due Diligence period = Sellers Beware. 

As we all know, one of the major roles of Realtors® in most home buying and selling transactions is to be the calm in the storm.  As Realtors® who have had a decent amount of experience navigating our clients through this new Due Diligence process… I’d like to share some of the tips I’ve learned along the way.

Part 1 of 3 in our Due Diligence Series:  Realtors®

Realtors® TO-DO LIST:

  • Educate your buyers and sellers about how the due diligence process works.  Help your clients understand the pros, cons, caveats and expectations regarding foreseeable situations.
  • Explain how the Due Diligence money is different than the Earnest Money, understanding the role of each allotted amount.
  • (Buyers Agents)  Consider Time Management –  get any and all items on the due diligence home check list completed during the Due Diligence period, without asking for an extension.
  • (Listing Agent)  Keep your clients in the loop throughout the process – they are eager to hear from you.
  • Use your experience to guide your clients through… taking their personal levels of comfort into consideration.

REALTORS® DON’T LIST –

  • DON’T ignore any of the DO items above.

 

For more visit:

Part 2:  Due Diligence for Home Sellers

Part 3:  Due Diligence for Home Buyers

Do you have any Due Diligence Do’s & Don’ts to add?

Do’s & Don’t When It Comes To Your Home Mortgage Loan

What To Do (and NOT to do) When It Comes To Your Home Loan

 

As lending practices are tightening and loan packages are taking longer to prepare, it’s not entirely uncommon that a scheduled closing date may need pushed back a day or two due to holes or required changes in the home loan paperwork. And as an extra note ~ watch those holiday’s as they really play into when you’re going to get the keys to move in!

Do's & Don't When It Comes To Your Mortgage Loan

 

 

 

Right now it’s more important than ever to follow a few simple do’s and don’t to better ensure a smooth closing.

 

 

Included below are a few tips you can do as Triangle Home Buyers to avoid delaying (or even sometimes sabatoging) the timing and details of your home mortgage.

Do:

  • Continue to make all your bill payments on time or early
  • Be honest, and tell your loan officer about all debts and liabilities
  • Pay any and all medical bills and student loans on time
  • Contact your loan officer before changing jobs, quitting your job, or becoming self-employed

Don’t: ...Actually please double “don’t”

  • Close any open accounts
  • Make any big purchases before closing
  • Authorize any inquiries into your credit (don’t apply for any financing including furniture, appliances, vehicles, cell phones, boats, cable, alarm companies, charge cards, etc.)
  • Sign up with any credit repair or consolidation company
  • Incur any additional debts, including increases in credit card balances
  • Co-Sign on a loan for anyone
  • Spend money you have set aside for closing (we hope this is a more obvious one!)


If you have any questions at all please don’t hesitate to contact us and we are happy to put you in touch with excellent home mortgage consultants.  And believe you me, we know the best because our closings count on it!

As always it is so important to have the right resources available at the tip of your fingers when considering Wake County Real Estate.  Just let us know what we can do to help guarantee that your move will be a pleasant experience ~ Welcome to the Triangle!

What inspections should we consider during the due diligence period? More on the new NC Offer to Purchase contract

Part 4 in our series on;

 

What’s new in Residential Real Estate in North Carolina?  

 

A whole new revised offer to purchase contract as of January 1, 2011

 

NC new Offer to Purchase and addendum

 

We started this series on What’s new in the NC Offer to Purchase Contract as a result of questions we’ve been getting since the new forms were announced.  

Next in our series let’s answer the question:

What inspections should we

consider having done during the

due diligence period on the home

we want to purchase?

ASHI Certified
One of the most important elements of the new NC offer to purchase contract is what needs to be done during the Due Diligence Period.  As the buyer one of these options is that you have an opportunity to inspect the property both inside and out.  We highly recommend a licensed, bonded, ASHII certified home inspector be used.  

A home Inspection will determine the condition of the property and assure that anything electrical, mechanical, or structure within the home is in adequate working condition and that it meets all appropriate NC Residential building codes.  Your home inspector will also investigate any improvements that have been done on the home, as well as look for the presence of unusual drainage conditions or evidence of excessive moisture which might adversely affect the home.

Residential Consulting

 

All in all your home inspector will give the home your considering a full review and provide you with a well written report with their findings.  

Your home inspector may also provide an in house monitoring device to test for radon gas too.

 

If the property is on a well and septic system, you will have the opportunity to have those systems inspected too.  

You may also elect to have the home tested for lead base paint, asbestos or other environmental contamination. Homes built prior to 1978 will require a lead base paint addendum.

There’s a saying around the Triangle that it’s not a question of IF you’ll get termites (or other wood destroying pests) but WHEN.  So it’s also highly recommended that you have a pest inspection completed within your due diligence time frame.  The pest inspector will check the home from top to bottom, for evidence of wood-destroying insects, active or dormant and report any signs of past/present  damage.   *In some cases the sellers may have a warranty already on the property in which case it’s a good idea to continue with the company that has that warranty.

So as you can see there are more reasons than ever to consult a full service experienced REALTOR® when considering purchasing a property with the new Offer to Purchase contract in North Carolina.

Contact us if you have any questions or even if you just would like to hear more about the new NC Offer to Purchase Contract and addendums