Four Ways Home Sellers Can Respond To A Purchase Offer

Wilmington NC real estateWhen a home is for sale, a homebuyer who wants to purchase the property will submit a purchase offer to the seller. The offer is valid for a specified amount of time.

Sellers can do one of four things with the contract:

1. Accept contract as-is.

The seller agrees to the offered price and terms and signs the contract. Next step is for buyer to proceed to get closed/settled on home (arrange inspections, finalize financing, etc.).

2. Counter contract with different price, terms, conditions.

Most often, sellers may take issue with the price and/or terms or conditions offered. To keep the negotiation going, sellers may counter on any part of the contract. Buyers should be prepared to accept the counteroffer or continue negotiating.

3. Reject contract in its entirety.

It’s possible that the purchase offer is too unrealistic (too low of a price offered, unrealistic terms, etc.) and the seller will choose to not counteroffer. Ensure that there is open communication between the real estate professionals representing each side to resurrect negotiations or submit a new, revised purchase offer based on seller feedback.

4. Let the contract expire.

Very rarely would a motivated seller allow a contract to expire. Again, make sure the lines of communication are clear between the real estate professionals involved if this appears likely.

Let us help. kaybakerassociates@ec.rr.com or http://www.cbbaker.com

What are the essential steps every first-time buyer should know?

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KeyIf you think it’s about time you bought a home instead of renting, a little homework before you start looking will increase your odds of finding the best buy for you. First, you must educate yourself about the home buying process. You can take a class or pick up books from your local library. Also be sure to read the real estate sections of your newspaper to familiarize yourself with properties and prices in your area. Consumer magazines that focus on the home can also be a good source of information.

Here are some things you will want to do:

  • Separate needs from wants

      What are your priorities for your next home? How important are public transportation, community facilities, on-street parking, lot size, privacy? How many bedrooms and baths will you need? Will you need a space for a home office? How important are quality neighborhood schools?

  • Investigate neighborhood prices

      What neighborhoods feature homes in your price range? Are there areas you may have overlooked? With the help of a trusted real estate agent, you may discover neighborhoods and home types you may not have considered. We’ll introduce you to a wide range of possibilities and help you find the home that best suits your needs.

  • Determine how much house you can afford

      It’s tough to home shop if you don’t know what you can afford. Together with a reputable lender, we can help you determine how much home you can afford and which loan program will maximize your buying power. Also, by getting pre-approved for a loan before you start looking for your first home, you’ll be a better prospect in the seller’s eyes.

  • Shop for the best loan

      Which type of loan is best for you? Will you be in the house several years and benefit most from a long-term fixed rate, or do you want a lower, short-term rate because you plan to move soon or expect your income to increase rapidly over the next few years? You may want to interview several lenders to learn about the many mortgages available.

  • Check out interest rates

      What are current local mortgage interest rates for 15-year and 30-year fixed rate mortgages, and for 1-, 3- and 5-year adjustable rate mortgages?

  • Dig up your down payment

      Know where your down payment cash will come from. If it’s coming from stocks, go ahead and sell them. If Aunt Mabel is loaning you the money, get it in hand so you are ready to go.

  • Relax and let an experienced real estate agent to help you through the process

    Buying your first home can be an overwhelming experience, but, with the help of a professional real estate agent, you can easily manage the process and confidently close the deal.

Chances are you can answer a couple of these questions on your own, but you may need some assistance with others. If you do, please call or e-mail us. We can make sure you have the preliminary house-hunting information you need.

LOCATION: The Most Important Questions Every Buyer Should Ask

It’s a maxim in real estate that the three most crucial factors in selecting a home are “location, location, location.” It’s also true! No matter how wonderful the home is, the location is key to how well you’ll like living in it and how well it sells when you’re ready to move on. Before you buy, carefully check the following factors to be sure the home you like is really the one you want to live in.

Wilmington NC real estateConsider destinations

Where will family members go most often from this new location? How easy is it to reach those places from the home? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls and emergency services?

Be sure rooms have a view

What is the view from the home and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road or commercial development planned?

Check around the clock

{short description of image}Is rush hour traffic a problem? What will be the impact of special events such as local high-school games or church picnics? Test the driveway. How easy is it to get into and out of the driveway?

Be service conscious

What utilities serve the property? Are the rates competitive? Do you want an all-electric home, or do you want gas or oil heat? Where will your mail get delivered? Are there any easements?

Dig below the surface

Is the soil stable? Is part of the property on a flood plain? If so, what is the history of floods on the property and what would flood insurance cost?

Visit the neighbors

How will you fit in with the neighbors? Do people seem to be friendly? Are homes well-maintained?

Read the fine print

If the community has special by-laws or architectural controls over changes to a homes in the area?Make a list of the positive and negative aspects of each property as you tour it. Assign priorities to important elements of the home’s location. If you have questions about a home’s location, we can help. Call or e-mail us now.

 

I Have A Dream | Martin Luther King Parade Downtown Wilmington NC 2014

martin_luther

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This year’s Martin Luther King parade will be held in downtown Wilmington NC. and it is expected to be bigger than ever.  Over the years the parade and festivities have grown and a new venue should allow more visitors.
The MLK Parade Monday – January 20, 2014 Parade Begins 11:00 NOON Historic Downtown Wilmington Parade starting point: Front St. & Hanover St.  Here is parade route if you would like a pick a spot to watch.  Route

There are many local events leading up to the parade on Monday.  Some of them are:

Friday January, 17 2014 6:30 PM MARTIN LUTHER KING, JR. ANNUAL BANQUET  Wilmington Convention Center 10 Convention Ctr. Dr. Wilmington, NC  Guest Speaker: N.C.  Supreme Court Justice Cherie Beasley  Tickets: $50.00 click to close frame

Saturday January, 18 2014 9:00 AM N.A.A.C.P. / MLK BREAKFAST  UNCW Warwick Center UNCW  Main Campus Wilmington, NC  Guest Speaker: Rev. Curtis Gatewood NAACP HK on J Coordinator Saturday January, 18 2014 11:00 AM - 4:00 PM KIDS FUN DAY  WILLIAM E. MURPHY SPORTS COMPLEX 401 S. 8th Street Wilmington, NC  presented by the: Wilmington Parks & Recreation Dept. (Fun, games, face painting, refreshments for all ages)  Saturday January, 18 2014 11:00 AM - 4:00 PM CAR & BIKE SHOW AND SOUL FOOD COOK-OFF (for grown folk)  WILLIAM E. MURPHY SPORTS COMPLEX 401 S. 8th Street Wilmington, NC  (Best Mortorcycle and Best Antique Car awards)  click to close frame

For more information please visit the website  http://www.mlkjrcelebration-senc10.com/index.htm

Enjoy….

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2013 in review | Wilmington NC Real Estate Blog

The WordPress.com stats helper monkeys prepared a 2013 annual report for this blog.

Here’s an excerpt:

A New York City subway train holds 1,200 people. This blog was viewed about 4,900 times in 2013. If it were a NYC subway train, it would take about 4 trips to carry that many people.

Click here to see the complete report.

Cucalorus 19 Film Festival| November 13-17 | Wilmington NC

Cucalorus Annual Film Festival Starts Tonight  November 13 – 17

There are some great films being offered, something for everyone.  For a full list visit http://www.cucalorus.org/filmlist.asp

cucalorus

welcome to cucalorus.
is it a film festival? well, not really
it’s a gathering, a congregation of creatives
an ensemble of artmakers
energy sources, swamp surfers
rolling down the cape fear river

Get your tickets and passes online http://www.cucalorus.org/tickets.asp or at the TicketBox. The TicketBox, your top top spot for festival info, is located in the Thalian Ballroom, at 310 Chestnut Street.

For schedule visit – http://www.cucalorus.org/calendar.asp

http://www.cucalorus.org/

First Time? How To Buy The Most Home For YOUR Money | Wilmington NC

 

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{short description of image}You’re neither rich nor poor, and you’re ready to buy your first home. You look around. All those homes on the market! All seemingly priced out of reach!

Cheer up. You’re not alone. With some solid real estate counseling and some help from your lender and/or sellers and others, you can not only get your toe in the door, but you can own the house too. It just takes some creativity, a few inside tips and a bit of homework to buy a Wilmington NC home.

For starters:

Examine your goals

How ironclad are your dreams? Can your ideal of a formal dining room or a hot tub on a redwood deck be postponed? Must you have a two-car garage? Lowering your expectations and starting out modestly (in decent housing that meets your needs) can lead to owning those dreams — in time.

Start saving

Get your priorities straight. Without taking all the fun out of life, what’s more important to you, weekends on the road and dinners out or stashing away at least part of your down payment? (Most lenders want to see that some of the money you invest is your own.)

Keep your credit record clean

When you go mortgage shopping, lenders will be looking over your payment records. Don’t let a late-payment habit rise to haunt you. (Reformed late-payers can request creditors to erase the blots on their records — for a small fee.)

Look for financial assistance

Your parents and other relatives may be able and willing to give you gifts that will get you over the down payment hurdle. (Loans from relatives will be counted as debts and will lower the amount of mortgage payments your lender will allow you to carry.)

Get some co-signers

Parents, relatives (and unrelated investors) can either co-sign a loan or share the ownership of your home. With shared ownership, you’ll be the resident but your co-investor may share specified expenses (plus tax advantages and equity accrual), and will share in your profit on sale.

Shop for mortgage loans

Qualifying for a mortgage can be managed in several ways to fit your down payment and monthly-payment abilities. FHA and VA loans come with low down payment requirements, and lenders offer ARMs (adjustable-rate mortgages) at initially low interest rates. (Look for an ARM that can be converted to a fixed rate should rates drop.)

Consider creative financing

Also, new-home builders and other sellers may offer buy-downs that lower your interest rate in the first few years of a mortgage, thereby making a home more affordable. Balloon loans (if they have at least a 7-year term) can often bridge gaps and give you time to accumulate equity and/or cash to pay them off. Home sellers can sometimes help you financially — with a lease-purchase arrangement or a take-back loan. Lenders and sellers are constantly creating new ways to help buyers buy homes. We can help you check them out.

Look at starter homes

Once freed of the vision of “instant dream home,” you can look for housing that will start you on the equity-building path to realizing your dream. Condominiums and townhouses are often much less expensive than detached houses and buying one now can serve well as a stepping stone.

Search for bargains

If you’re handy with tools, a fixer-upper home gives you the opportunity to buy inexpensively, fix up and, in a few years, trade up. And if you’re adventurous, auctioned properties in suitable neighborhoods can also be good values. If you don’t mind a longer commute to work, outlying areas frequently offer homes at lower prices than those found close to town.

Whatever route you choose toward buying your first home, keep cool. It may take time to find the right combination of elements, but there is a home out there for you and a way to obtain it. We’ll be most happy to help you create your path to its door.

Call or e-mail us for more information on buying your first home.