New Mortgage Rules For North Carolina Home Buyers & Sellers | New Home Toolkit
Posted by Larry Tollen on
Significant new mortgage rules just went into effect on October 3rd, as part of the regulations created by the Consumer Financial Protection Bureau in 2013. These regulations are designed to provide new homeowners increased loan transparency as well as more protection against reckless lending standards and other lender abuses.
Homebuyers will know up front all of the details of their loans and be given three full days to review their closing settlement sheet. Last minute changes at the time of signing the closing statements will no longer be allowed and this could impact buyers and sellers who aren’t prepared, as any significant changes require a new three-day window for review. Having an experienced Realtor is going to be more critical than ever in…
1153 Views, 0 Comments
If you are planning on buying or selling a home in North Carolina, you are required to sign a disclosure statement that in theory details all known problems with the house. The disclosure statement must be on the form provided by the state. No other disclosure form is allowed.
You have decided to put your house up for sale. But, you want to make sure you get the best sale price possible. So, what do you do? There are several steps you can take to make your house look much better to potential buyers. The better the house looks, the more people will pay for it.
Have you been thinking about moving up to a more luxurious home? Have you been watching the luxury home market wonder if now might be the time to buy? Let’s take a look at the luxury home market.
Many real estate contracts these days contain “as is” clauses. The term “as is” is a signal that the seller makes no warranty as to the condition of the property and intends to make no repairs to the property prior to or after closing. It also often means that the seller will give no credits against the price for needed repairs. Foreclosure sales are almost always “as is” sales, since the banks that own the homes don’t want to put any more money into the properties. While I generally don’t recommend foreclosure deals, as-is property can be a good deal at the right price point if the buyer has sufficient cash reserves and/or the ability to handle any needed repairs.
Should you sell your home or rent it out? This is a question you may be considering if you need to move out of your home. As always, there are pros and cons to both options. Here are some of the factors that you’ll need to weigh as you consider your decision.
Here are six myths and urban legends about buying and selling a home. We hear these from buyers and sellers every now and then.
Chapel Hill based real estate agent Larry Tollen has recently received two noteworthy distinctions for professionalism and customer service. Larry has been selected for the Angie’s List Super Service award for 2014—the second year in a row. Trulia has also recognized him for reaching a performance level that places him in the top 1% of real estate agents in the nation.
“For Sale by Owner” will not save you money. Home sellers sometimes get the mistaken impression that they can save money by selling their own house instead of paying a Realtor’s commission. I could write a book about all of the reasons why this is a bad idea, but some people still only look at one factor: the 6% that they think they can save by cutting the agent out of the picture.
There are thousands of licensed real estate agents in the Triangle, and most of them do a decent job. Some are truly excellent agents and top producers. There are a few you wouldn’t trust to sell a doghouse. Using an experienced agent can reduce or eliminate a lot of the roadblocks involved in buying or selling a home, but only a great agent can make the process seem like a piece of cake (or as close to it as possible!). Here’s how you can separate the wheat from the chaff: