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This is a question people ponder all the time; is now the time to buy, or should I rent until the market improves? The answer is one of my favorites; “It depends.” I learned in grad school that unlike undergrad questions, grad school students were encouraged to use critical thinking instead of regurgitating a correct [...] Last week I read an article by Allen Norwood written in the Charlotte Observer that I felt made an inaccurate generalization on how due diligence fees would be negotiated using the new Offer to Purchase approved by the NC Real Estate Commission. In that article Mr. Norwood suggested that the “norm” for due diligence money [...] As I mentioned in an earlier post, January 1, 2011 ushers in a new North Carolina Real Estate Commission approved Offer to Purchase Contract for residential real estate. On that date, the new form is the only one that can be used to write an offer on real property. Pursuant to that, all licensed agents [...] The North Carolina Real Estate Commission is very close to completing a revision of the Offer to Purchase and Contract form that is used by all Lake Norman area real estate agents to connect buyers and sellers with a legal binding contract. I probably am understating the fact by calling it a “revision.” A “revamping” [...] A man walked into my office the other day inquiring about a home that had a defaulted FHA mortgage, and he was interested in making an offer on it. The home in question was now a HUD home. What’s a HUD home, you ask? Well, a home that has been financed with a loan insured by [...] Since we seem to be in a first-time buyer market, with time remaining to take advantage of the $8,000 tax credit, this seems like a good idea to make sure you understand the Federal Housing Administration’s new requirements for securing FHA loans. In effect since January of this year, they are still essentially “new.” First, let’s [...] For those of you planning on buying your first home and qualifying for the $8000 tax credit from the IRS, here’s some information you need to have. You should already know that to qualify for the tax credit, you must be under contract by April 30 of this year, and closed by June 30. Remember [...] It is now just a formality. Having passed the Senate and House, the bill designed to further stimulate the housing market, and thus the economy in general, is sitting on the President’s desk, awaiting his signature. Once signed, the bill becomes law (remember that from your elementary school lesson on government?). The good news for first-time [...] |
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