Raleigh NC Real Estate Blog

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Real Estate Forms Update Con't and More

Hello Everyone!

Quick note before discussing the forms changes...

Did you see that Raleigh came in at #1 as the "Healthiest Housing Market" among the 100 largest housing markets in the US. The study was conducted by Builder Magazine. Another great accolade to add to the list! Check out the full article at NewsObserver.com. Posted March 8, 2011

OK, back to the forms changes.

As far as the Due Diligence Period, we're finding it common for the buyer to ask for a window of 30 to 45 days. This window of time allows for the mortgage financing to be put into place with acknowledgement the loan will be funded. Most feel it would be unreasonable for the buyer to commit additional earnest money (deposit)without having firm knowledge they are able to acquire financing. It must be understood once the due diligence deadline passes, the earnest money is now in jeopardy along with whatever costs have already been incurred (home inspections, due diligence fee, appraisal, etc). Keep in mind, if last minute concerns do arise as the deadline approaches, the deadline may be extended should the home buyer and seller agree. If the lender, for example, needs an additional 5 days to firm up loan commitment - should cooler heads prevail - would be a reasonable extention of time.

Home inspections and other due diligence ordinarily take only a couple to several days to complete. Funding is the primary issue when it comes to time.

Determining the length of the due diligence period is entirely negotiable between the buyer and the seller. No guidelines have been established by the North Carolina Real Estate Commission. So if you're a home buyer, find out from your loan officer how many days is required for the underwriting team to complete the entire loan process.

As a seller, the sooner the better!

Any questions, give me a call or pop me an email. Look forward to hearing from you! Thanks!

More on the due diligence fee in the coming days!

Duane

February 22, 2011

Real Estate Forms Update

Hello Everyone!

Some of you may be aware the forms we use in North Carolina have changed (January 1) - primarily the Offer to Purchase and Contract form.

My intention is to post a series of blogs outlining those changes and how best to take this as an opportunity to improve the home buyer and selling experience.

In my opinion the process and forms have been simplified overall. Some additional negotiation now takes place up front, but in return relieves both the buyer and the seller of many possible headaches later in the process.

Also the form is structured in a much more organized fashion. Another plus for certain. In short, the buyer related items are grouped together and the seller the same. The form also addresses all terms in the first section rather than scattered throughout.

Look for my upcoming posts. I'll get to it when able to sneak in break-time here and there. Hopefully it won't be too dull. I'll try my best to keep it somewhat interesting.

Thanks for visiting!

- Duane

May 16, 2008

Hello Everyone!

As you may imagine, things remain in fast gear at Devalle Realty. I'm definitely not complaining! But it has me falling short with updating my blog. If you'd like to contribute anything at all - for everyone to know about - just pop me an email and I'll be glad to post it... with my approval of course. I'm sure everyone wants to know about what's going on in and around the beautiful Triangle Area. Just put in the subject line "For Raleigh Blog". Thanks in advance and look forward to your contributions!

Here's something going on right now... check out today's printing of The News & Observer. Life, etc section cover reads, "Stars in our eyes". The N&O is running its own talent contest. Our very own version of American Idol. You can be a part by going to http://share.triangle.com/star2008 and vote for your favorite.

Please note: real estate articles will continue to be posted in the Real Estate Resourses section of this website. Enjoy!

Thanks again! Duane