Raleigh Residential Real Estate Blog

Raleigh Residential Real Estate - Good News for Raleigh, NC Home Buyers - Home Inspections - Home Inspectors can still recommend repairs

A move to limit home inspectors in Raleigh, NC and other areas of the state of North Carolina was turned down by State regulators on Friday of last week.

Many in the real estate industry were in favor of not allowing home inspectors to recommend upgrades and safety repairs for homes in the summary section of their reports. Their opposition was based upon the idea that “the change would benefit consumers by standardizing all reports and making information uniform and readable throughout.”

Read the News and Observer article on this topic at: Home inspection limits scuttled

The Poling Team does not agree and supports the defeat of this rule change. There are challenges with section 16, Property Inspection of the Offer to Purchase and Contract, but our feeling is that it is important for a buyer to be fully informed of potentially needed repairs.

The challenges with section 16, Property Inspection have primarily arisen with the use of Alternative 1. It is our hope that Alternative 2 will be used more and more buy home buyers and sellers so that the process can be streamlined.

Raleigh Residential Real Estate – 3 More tips on How to Avoid Foreclosure on your Raleigh, NC Home?

Yesterday, I discussed a 4th Tip on How to Avoid Foreclosure on your Raleigh, NC Home. Today, I will give three more but first, just to review, here are the first 4 tips on how to avoid foreclosure on your Raleigh, NC home:

1. Don’t ignore the issue
2. As soon as you have a problem paying, give your lender a call..
3. Respond to all mail from your lender.
4. Know Your Rights.

The next tip is to prioritize your spending. Your top priority after your health care should be to keep your home. You may want to consider paying your mortgage payment before paying any other debts.

Number six, don’t be taken in by mortgage scammers. You may run across someone claiming to be able to prevent foreclosure. Don’t sign any document of any kind from them! You should not have to pay large fees  to get assistance avoiding foreclosure on your Raleigh, NC home.

Number seven, contact FHA for help.
Here are some helpful links to contact FHA and to get additional help to avoid foreclosure on your Raleigh, NC Home:

http://www.fha.gov/foreclosure/index.cfm    This page is excellent and it was a major source for these recent Raleigh Residential Real Estate blogs. 
HUD-approved housing counseling agencies - this link will allow you to search by state.
 
For consumer debt advice, contact http://www.debtadvice.org/

As always, if the Poling Team can help in any way, don’t hesitate to contact us. We’re also happy to give you a free no obligation market analysis of what your home is currently worth, just click here: What’s My Home’s Value?
 

Raleigh Residential Real Estate – Another tip on How to Avoid Foreclosure on your Raleigh, NC Home?

Yesterday I discussed 3 Tips on How to Avoid Foreclosure on your Raleigh, NC Home
1. Don’t ignore the issue
2. As soon as you have a problem paying, give your lender a call..
3. Respond to all mail from your lender.

The next tip is to Know Your Rights. The first place to look is the loan papers you received at the time you purchased your home. Yes, you may have to dig for them, but you may already have some options available.

Next spend some time to learn about foreclosure laws in North Carolina or the state where you have the home or second home.

One place to look is the government website for the Department of Housing and Urban Development - HUD  Avoiding Foreclosure: North Carolina
Another website that has a good overview of NC Foreclosure law is stopforeclosure.com Here’s a link: North Carolina Foreclosure Law Summary

As always, if the Poling Team can help in any way, don’t hesitate to contact us. We’re also happy to give you a free no obligation market analysis of what your home is currently worth, just click here: What’s My Home’s Value?

 

Reason #5 - “By owner” sellers often DO NOT KNOW THE CONTRACT.
Sellers selling their homes “by owner” often do not know the contract and what exactly they are committing themselves to.  Having an attorney look at the contract is an alternative sellers selling “by owner” choose rather than having an agent assisted sale.  But attorneys are not licensed real estate agents.  Surgeries done at hospitals are done by trained professionals who know what to look for when things go wrong.  When you hire an attorney to review an offer, you have to pay his fee whether or not the transaction closes, and he doesn’t offer E&O insurance to cover his (and your) unintentional errors and non-fraudulent omissions. 
To Be Continued…

Reason #4 - “By owner” sellers put themselves and their families IN HARM’S WAY.

Sellers selling “by owner” put themselves, families and possessions in harm’s way by letting complete strangers into their home.  Are folks really there as a prospective buyer or are they looking over the home for another reason.  With an agent-assisted sale, the only people coming through the seller’s home will be qualified, serious buyers, who are accompanied by a licensed real estate agent. 

The Poling Team would love to help you sell your home. Visit us at www.PolingTeam.com

 

REASONS WHY SELLERS SHOULD HAVE AN AGENT-ASSISTED HOME SALE RATHER THAN SELLING BY-OWNER:

Reason #3 – “By owner” sellers have DIRECTLY CONFLICTING INTERESTS WITH THE BUYERS they hope to attract. 

A real estate transaction is adversarial for both seller and buyer.  Buyers are looking to get the best value for their money and sellers are looking to get top dollar.    Most buyers will not put themselves in the position of finding a property and negotiating a sale themselves, but instead will hire an agent to negotiate on their behalf.
 
In addition, a real estate transaction involves two of the hottest emotional buttons - peoples’ homes and their money.  In fact, it has been said that a real estate transaction is equal to death and divorce in terms of emotional stress for both buyer and seller … and that is in the best of circumstances with full representation on both sides of the transaction. 

Sellers selling “by owner” do not have needed representation for themselves.  Why would a seller want to position himself to negotiate a sale and follow through on details of a transaction (during a highly emotional and stressful time period) with a highly trained professional who is representing the buyer’s best interests, which directly conflict with his best interests?  Would he do this to “save” the commission that he would pay to a seller’s agent?  (Remember, he is already paying the buyer’s agent.)  Knowing the statistics, would that be the outcome he would likely receive?  Or would he be more likely to leave equity on the table for the buyer?
Continued …

 Want to learn more about our high level of personalized service in buying and selling a home? Visit our website at www.PolingTeam.com or Search for all homes in the Raleigh , North Carolina area:   Search Raleigh, NC Homes
 

Raleigh Residential Real Estate - Reasons Why Sellers Should Have An Agent-Assisted Home Sale Rather Than Selling By-Owner:  

Reason #2 – “By owner” sellers have NO FINANCIAL SAFETY NET.

Sellers have no financial safety net when selling on their own, while agents carry a million dollars or more on every single transaction that they do.  It is noteworthy that real estate agents are highly trained and know what they are doing, and yet they still carry insurance called “Errors and Omissions” insurance.  Sellers selling “by owner” have no insurance to cover them if a buyer comes back in 3-4-5 years and decides to litigate against the seller.  In agent-assisted home sales, it is an agent’s E&O policy that protects the seller’s assets against unintentional errors and non-fraudulent omissions.   Since this is a business transaction and you never know who you are selling to, why would a seller consider doing a transaction without the protection and security of E&O insurance?  It represents the seller’s future, his retirement, his equity, and his future earnings.
Continued…

More Information for Home Sellers can be found on our website: The Poling Team

Raleigh Residential Real Estate – More FAQ’s on Renting Raleigh, NC Residential Real Estate – Contracts – Ordinary Wear and Tear

In yesterday’s blog I mentioned under the use of security deposits that a security deposits could be used for repairs other than due to “ordinary wear and tear” Today, we’ll look at the answer another question regarding what is involved in renting residential real estate in the Raleigh, North Carolina area – What is considered ordinary wear and tear?

What is considered Ordinary Wear and Tear?  *

1. Worn or dirty carpeting
2. Failed or cracked paint
3. Dirty windows and walls
4. Faded or broken curtain or blind strings
5. Leaking faucets or toilets
6. Small nail holes in the walls that result from hanging pictures
7. Burned out range heating elements.

To see what is not considered “ordinary” check out September 13th’s blog, where I listed of damage to rental property other than “ordinary wear and Tear”.

We still have a home in Garner, NC that is available for lease or lease purchase (we do have several potential renters who are submitting applications). This home would make a good residential real estate investment property. You can see the home at: www.201HutchinsDrive.com or on our website: www.PolingTeam.com

Looking to buy Raleigh, NC residential real estate?  Click here: Search Virtually All Raleigh NC Homes

*Source: North Carolina Real Estate Manual, North Carolina Real Estate Commission 2003 – 2003 Edition
 

Raleigh Residential Real Estate – Are you purchasing a home in the Raleigh, North Carolina area? Here’s some information about Radon.

What is Radon?
Radon is a colorless and odorless radioactive gas that comes from the natural breakdown or decay of uranium in soil, rock and water. Radon can be found all over the U.S. You cannot see, smell, or taste radon. It can get into any type of building through the ground or cracks in the foundations of homes, offices, and schools. It mixes with the air you breathe. Radon can also enter your home through well water. The Surgeon General has warned that radon is the second leading cause of lung cancer in the United States today.

Should you test for Radon in the Raleigh, NC area?

Yes. It is the only way that you can know if your family is at risk to exposure to radon. The EPA recommends that you test all homes below the third floor.

What is the acceptable level for Radon?

4 pCi/L or more is considered to be a level of risk.

Can you fix a home that is found to contain radon?

Yes. Radon reduction systems work and they can be reasonable in price. Some radon reduction systems can reduce radon levels in your home by up to 99%. Because of this even very high levels can be reduced to acceptable levels.

The Poling Team provides a simple radon test to all our clients at no charge. If you list your home with us, we will test you home for free before it goes on the market, so you will know if there is a problem. For our buyer clients, we also provide this service as a part of the home inspection process. If the simple carbon filter test reveals a potential problem, then we will recommend a more sensitive testing solution.

We have links for more information on Radon and other important Raleigh, NC disclosures here: Raleigh, North Carolina Area Disclosures

Here is a link to the EPA Radon Guide in PDF format: Home Buyer’s and Seller’s Guide to Radon

Want to test your Raleigh, NC home? Contact us for information on how to get a radon test performed.

Looking to buy Raleigh North Carolina residential real estate?  Click here: Search Raleigh Residential Real Estate
 

Raleigh Residential Real Estate – More FAQ’s on Renting Raleigh, NC Residential Real Estate – Contracts

Today’s blog will answer another questions regarding what is involved in renting residential real estate in North Carolina.

What are some examples of damage to rental property other than “ordinary wear and Tear”?

Dirty walls or windows.
Faded or cracked paint.
Leaking faucets or toilets.
Worn or dirty carpeting. New stains or burns are not ordinary wear and tear.
Burned-out range heating elements.
Small nail holes in the walls from hanging pictures.

The Poling Team currently is helping out one of our clients to rent his investment property in Garner, NC. It is located at 201 Hutchins Drive, Garner, NC 27529 and it is available for lease or lease purchase or to buy. The rent is $1,100 per month for a lovely 4 bedroom home. See the home at: www.201HutchinsDrive.com or on our website: www.PolingTeam.com

Looking to buy Raleigh, NC residential real estate?  Click here: Search Raleigh NC Real Estate