WHY WAIT? Contingencies Designed To Move A Sale Forward

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When you buy or sell a Wilmington NC home, there may be some delays before you can close and load up the moving van to say goodbye to your current neighborhood. These delays happen for a variety of reasons.

Sometimes a buyer is not able to make a decision to purchase. Contingencies are typically used to smooth acceptance of a contract without delaying the buying decision. Most contracts, for example, are contingent upon financing. This is for the protection of the seller as well as the buyer, because a seller doesn’t want to be tied to a buyer who can’t deliver.

Here are some common types of contingencies found in sales contracts:

Home inspection: Placed by the buyer, this type of contingency usually requires that a “satisfactory” home inspection must be conducted, before the buyer will go through with the purchase of a home. Somewhat related is buyer approval of required repairs, such as painting or roofing.

Financing: With today’s pre-approval for mortgages and all-cash buyers, this contingency is not as ubiquitous as it was in the past. However, some buyers will write a contract first, then determine if they can get the loan.

Home of choice: This is a seller’s contingency placed on a buyer’s contract. The seller may want to find another home and write a contract on it before agreeing to sell the home they live in. The buyer who agrees to this contingency will have to delay closing until the seller has purchased a new home.

Home sale: For financial or other reasons, some buyers may have to include this contingency, which gives them the opportunity to sell an existing home first, before completing a sales contract.

Contingencies can raise questions and need to be fulfilled before a contract can be settled. As your local real estate experts, we can give you more information on real estate transactions and what you might encounter in today’s market. Contact us to find out more.

Categories: home contingency, Move Sale of Home Forward, Uncategorized, wilmington nc, wilmington nc foreclosures, wilmington nc real estate, wilmington nc relocation

NEGOTIATE: How To Buy The Home You Love At The Price You Want | Wilmington NC real estate

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www.WilmingtonNC-realestate.com

Found the home of your dreams? Now the negotiations begin.The agent you’re working with can guide you through the process of making a purchase offer. You’ll want to start by learning as much as you can about how much the property is worth.

Check the comparables

spartanburgYour agent has up-to-the-minute price data at hand to help you analyze any comparable properties; just ask. Although every home is unique, here’s some of what makes a home “comparable” to the one you’re considering purchasing:

same neighborhood;
same age and condition;
same size lot;
same home style–equivalent living space, number of rooms and baths;
similar terms of sale.

Follow sales price trends

Ask about recent pricing trends in the neighborhood. Specifically, what has been the average difference between listing price and sales price for recent sales of comparable homes? What is the ratio of assessed tax value to market value?

Offer what you think the house is worth

Some asking prices have built-in padding, but others are already priced to sell. You could lose a well-priced home with a low-ball bid. Remember, a lower mortgage interest rate will allow you to borrow more and pay a higher price for a home without increasing your monthly payment.

Spell out the details

Consider getting a pre-purchase appraisal and home inspection. The appraisal will give an independent valuation of the property, and the inspection will help identify any potential problems you may have overlooked. Consider including a contingency making the contract subject to a satisfactory appraisal and inspection.

Evaluate contingencies

The contract can also be contingent upon an attorney’s review, previous home sale, and acceptable mortgage loan terms, etc. Contingencies are typically used to smooth acceptance of an offer without delaying the final decision. Too many contingencies, however, weaken your bargaining position.

Know what’s important to you

Prioritize the elements of the sale on paper (“must” and “want”) and decide where you have negotiating room–what you’ll give up or accept in exchange for a concession. Items frequently negotiated include adjustments for needed or requested repairs, what personal property stays and what goes with the seller, points and closing costs, and move-in date. Knowing exactly what you want and where you are willing to bargain is your most important negotiating tool.

Put everything in the first purchase offer

If the first offer is accepted it may be too late to add anything. Include a financial statement. Do all negotiating in writing with a deadline for a response, often 48 hours. You are free to cancel an offer until it is accepted by the seller. Require that your binder or deposit be held in an escrow account with the interest credited to you.

Be Patient

Negotiating could take several days. Be patient; you won’t want to rush into one of the most important purchases you’ll ever make.

We can help

If you’d like help finding your dream home, please call or e-mail us. We’ll help with your home search and will give you all the important information we can provide to help you make the right offer for the right home. bakerwyaneassocaites@ec.rr.com

 

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Investment Properties in Wilmington NC From $75,000

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HOME BUYING WILMINGTON NC

Buying real estate can be one of the most significant investments in life. My goal is to provide you with detailed information to assist you in making an intelligent and informed decision. There are some nice investment properties on the market right now.  Banks are paying 1% on your money, make it work harder for you with a real estate investment.

Investment homes from $75,000 – $150,000

Investment homes from $150,000 – $250,000

Investment homes from $250,000 – $500,000
There are many homes on the market today, possibly your dream home may not be on the internet yet. As a specialist in buying and selling Wilmington NC real estate, I have access to all properties currently for sale, and often others that are not officially listed, but still available for purchase. The best real estate properties go quickly. Now you can use my Weekly New Listings service. It’s free and easy. Instead of scouring the paper…you’ll get instant email notification containing the newest listings before other buyers even know about them.

You can also conduct your search right from my website. You can view my listings, orsearch the entire MLS. If you want timely, up to date, full service and full representation at no cost, call or email me!

Categories: Investment Property Wilmington NC, wilmington nc foreclosures, Wilmington NC homes, wilmington nc real estate

How to Win the Mortgage Game When Relocating | Wilmington NC real estate

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www.WilmingtonNC-realestate.com

Money Scale The single smartest move you can make is to put off Wilmington NC house hunting until you have a firm idea of your buying power. If you are pre-approved for a loan, you can save considerable time house hunting and mortgage shopping.

A pre-approved mortgage loan is an excellent guideline to help relocating home buyers know how much home they can afford. For the seller, pre-approval is proof that the buyer’s lender feels confident a loan commitment would not be a problem if all the financial documentation were in order.Pre-Approval Benefits:

  • Streamlines house hunting.
      A pre-approval identifies how much money the transferee can obtain, so precious time isn’t wasted looking at too-costly homes.
  • Offers peace of mind.
      You know for sure how much home you can afford, and there is little chance a lender will not make the requested commitment.
  • Prevents “house poor” homeowners.
      Pre-approval reduces the possibility of you becoming overextended and unable to meet payments later on.
  • Boosts bargaining power.
      Pre-approved buyers tend to be in an advantageous position when bidding against other buyers, as sellers like knowing your loan is guaranteed.
  • Pinpoints best mortgage option.
    The pre-approval process helps you identify ahead of time which type of mortgage best meets your personal needs.

Before you jump into planning your move, there are some terrific services we offer to relocating families moving into or out of our area. Let us help you take advantage of them. Send us an e-mail or give us a call. Please visit www.cbbaker.com for more information.

Categories: Mortgage options, wilmington nc foreclosures, Wilmington NC homes, Wilmington NC Neighborhoods, wilmington nc real estate

Search for Foreclosures in Wilmington NC | Real Estate

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Welcome to our Free Wilmington NC Foreclosure Site.

These prices won’t last for long!

Foreclosure, short sale closeouts.

Many desirable properties sell within 48-72 hours of availability.

Be the first to know about these homes!

Foreclosures from $50,000 – $175,000  Click Here…

Foreclosures from $175,000 – $300,000 Click Here…

Foreclosures from $300,000 Click Here…

Click Here to search on your own

We will provide you with free daily updates on Foreclosures and Short Sales in the Wilmington area.  Save money and enjoy quick equity when you purchase a foreclosed  or a short -sale home.  You provide the price and what you are looking for, and we will put you on our automatic  listing alert service directly from our MLS system, so that only the homes that match your criteria will be emailed to you.  At your convenience look through the listings  and if one catches your eye, call us and we will make arrangements with the bank to get more information about the home. It’s just that simple.
Just fill out the email request below and leave the rest to us.

Our speciality in todays market is short sales, foreclosures and Bank owned property.  We are knowledgeable and up to date on how to get you the very best price. Just have questions about the real estate market, email us anytime and we will be glad to answer your questions or concerns.

This service is available for New Hanover County, Brunswick County & Pender County. Wilmington NC Real Estate searches can be done on our websitewww.cbbaker.com

 

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Buy Your Second Home Now Before Another Boomer Gets It! | Wilmington NC real estate

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You’re someone who knows the value of real estate.

Like you, our clients have seen their personal residence grow in value over the years. They know the only thing better than one valuable property is two valuable properties. The secret is timing. Knowing when to buy BEFORE demand sends prices up.

That’s exactly what experts are predicting will happen to vacation homes soon. In fact, every 7 seconds a baby boomer turns 50, and these “boomers” are beginning to influence second home demand. There has never been a better time than now to buy a second home.

As a neighborhood real estate specialist, we don’t sell beyond our market. But once we know your interests, we’d be happy personally to put you in touch with a pro in the best position to help you. Please give us a call soon. Looking forward to talking with you.

P.S. In the meantime, you can get immediate, expert advice on finding the perfect vacation home to fit you lifesytle. Click here now for our FREE e-Report, PLAY SMART: Savvy Tips On Buying A Vacation Home. You’ll be glad you did!

Start your Wilmington NC real estate search on www.cbbaker.com or on your phone at mobile.cbbaker.com

 

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Why Is It Dangerous To Overprice My Home | Wilmington NC real estate

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Why is it dangerous to overprice my home?

Sometimes sellers are tempted to test a higher price at first to see if they’ll be lucky enough to find an uneducated buyer willing to pay. Unfortunately, experience shows this “Why not?” pricing strategy rarely pays off. Instead, asking the right price from the start avoids the many dangers of overpricing.

The right sales price is based on several factors: size of the house and its special features and amenities, recent home sales, demand for homes in your area and prices of similar homes currently on the market.

Although you may have decorated lovingly or renovated extensively, those improvements may have only a small effect on the market value of your home. In fact, personalized decorating can even slow a sale unless the style has wide appeal.

Overpricing Dangers

Here are 8 proven reasons why it’s dangerous to overprice your home:

  • You will miss out on pent-up demand.
    Most activity on a listing comes within the first 30 days. An initial high price can discourage buyers – causing you to miss out on pent-up demand – or tempt them to wait for the price to come down.
  • You will reduce buyer pool.
    Too high a price will eliminate a whole class of qualified buyers. Many buyers know just how high they can go and don’t even look at homes priced above their ceiling.
  • You might turn off buyers.
    You may experience few or no showings because some prospective buyers who can afford the price won’t waste time with an overpriced listing. They know they can get more house for their money elsewhere.
  • You could sell the competition.
    Overpricing helps sell other, more competitively priced homes first. Your home may be compared to underscore what a good deal another home is.
  • You could frustrate prospects.
    Prospective buyers who might stretch their best offer can become frustrated when they can’t buy the home they want at a fair market value – only because an unreasonable seller insists on accepting only a premium price.
  • You will frustrate your own timetable.
    You could become frustrated, too, when your house fails to sell in a reasonable amount of time, leaving your plans in limbo. Only a price reduction is likely to help sell your house faster and meet your “move out” timetable.
  • You will raise doubts about hidden problems.
    If your overpriced house stays on the market for a long time, it may eventually be seen as “stale inventory” which can suggest structural or mechanical shortcomings, even after you lower your price.
  • You will risk lender rejection.
    If you do get a sales contract, the contract may fall through because of a too-low appraisal. The buyer may not be able to borrow enough to proceed with closing.

If you are thinking of selling your house, give us a call or send an e-mail. We’ll be happy to maximize your return by helping you set the right price.

Search all Wilmington NC real estate on www.cbbaker.com  910-202-3607 bakerwayneassociates@ec.rr.com

Categories: wilmington nc, wilmington nc foreclosures, Wilmington NC Market Statistics, Wilmington NC Neighborhoods, wilmington nc real estate, wilmington nc relocation

De-Clutter Your Lifestyle | Getting the Most Out of a Garage Sale

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A really productive garage sale takes a bit more than stapling up a sign and opening the garage doors. As long as you’re holding a sale at all, make it as big as you can. If you can persuade neighbors to join you in a sale effort, so much the better. Here are some tips that will help you get the most out of your efforts: Rocking Chair

  • Go through your whole house, sorting out items you can do without. Be ruthless. Plan for the sale to run at least two days; weekends are ideal.
  • Advertise ahead of time: Place an ad in your local paper. Distribute fliers. Stick notices on store bulletin boards and street posts (where permitted). Tell your friends and neighbors you’ll be selling your “dear old rocker,” etc. Ask friends to come and assist you on sale days.
  • Price your things sensibly (considering the market value of a new item plus the age and condition of your sale item). Polish, clean, repair or mend everything for sale. Mark the price for each item in bold print and expect some bargaining from buyers.
  • Clean up the garage or yard and provide good lighting. Place your sale items on tables spaced for easy passage throughout the garage. Put key items (furniture, appliances, antiques, attractive toys, etc.) up front and clearly visible from the street. Hang clothes on racks and make a screened dressing room available for try-ons.
  • For your grand opening, float balloons in your yard near the street, stretch streamers around your garage door and hang wind chimes here and there. Provide a low-key musical background. Set up a free refreshment stand. Clear the curbside and drive for parking.
  • Have cash on hand to make change. Accept checks drawn only on local banks and require two IDs.

Have a nice sale! We have information to help you in many ways as you contemplate relocation. Call or e-mail us and put our expertise to work for you.  Anything left over? Donate it.  There is a need out there for everything.  Visit www.cbbaker.com for more Wilmington NC real estate guidance.

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Foreclosures in 28405 | Wilmington NC real estate

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Foreclosures are a way to get quick equity in a home.  The process takes longer than a traditional sale but if you are willing to wait to purchase, it can be done.

We will provide you with free daily updates on Foreclosures and Short Sales in the Wilmington area.  Save money and enjoy quick equity when you purchase a foreclosed  or a short -sale home.  You provide the price and what you are looking for, and we will put you on our automatic  listing alert service directly from our MLS system, so that only the homes that match your criteria will be emailed to you.  At your convenience look through the listings  and if one catches your eye, call us and we will make arrangements with the bank to get more information about the home. It’s just that simple.  Email us at bakerwayneassociates@ec.rr.com for more information and to sign in.

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Foreclosures in Kure and Carolina Beach

 

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Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.