Real Estate brokers have sometimes been accused of “shortening our words” or using terms that we think everyone already knows! So, here’s a little helpful guide, if you have trouble navigating real estate terminology!
What it says versus What it means
conveys with sale … it will STAY with the home
EIK … eat in kitchen
SS … stainless steel
HDW, HWF, Hdwd ….. hardwood floors
FDR ….. formal dining room
MLS...multiple listing system
FSBO ….. for sale by owner
Pre-approval … based on information you are able to provide to the lender. This will look much better than a pre-qualification to the seller.
Pre-qualified …. based on a 5 minute phone call to the lender and only on what you tell the lender. This is needed in order to even make an offer on a home.
due diligence funds …the funds the buyer gives the seller at time of contract to “buy time” off the market while they do their due diligence
due diligence or DD…all of the inspections and loan process, etc a buyer can exercise on a prospective home during their due diligence time period
Due diligence money- is non-refundable The good news is the money is typically credited towards the purchase of the home at closing.
Earnest money is “good faith” money. The buyer is showing the seller they are serious about buying the home.
contingency … a contract on a home that is dependent on you selling your existing home
3 BR/2BA 3 bedrooms and 2 baths
I’m sure we’ve missed a few, feel free to leave comments with any you might still be wondering about and we’ll do our best to define them.
We are here to help you navigate your real estate needs and ALL the terms that come along with that!
FRONT PORCH REALTY has exciting news; we are the #1 LOCAL Independent Real Estate firm in southwestern Wake County!
See our 3rd quarter local real estate market snapshot . It is no surprise that we are still in a seller’s market; inventory is still extremely low across the Triangle. Know that in this competitive market, Front Porch Realty brokers are equipped with professionalism and the expertise to help both our seller and buyer clients navigate multiple offer situations. If we can be of any assistance to you or someone you know, rest assured they will be extremely satisfied.
Please watch our website, Facebook, and Instagram for all housing, and other local news around town and to see our new listings as soon as they hit the market.
If you would rather receive this report either by email or snail mail please contact Laura .
Broker/Owner Front Porch Realty
Front Porch Realty recently sat down and spoke with Corey Mullen, at Clay Hamilton’s State Farm Insurance in Fuquay Varina, about the importance of having homeowners insurance and how it works.
Your home is your refuge after a long day of work. It’s the hub of everything that really matters, where you can relax with your family. So you shouldn’t trust just any company to protect it. You should go with an insurer with the financial strength to cover a wide variety of losses, trusted by more homeowners than any other insurer. That’s State Farm®. When the unexpected hits home, a good neighbor can help.
Think of homeowners insurance as financial protection for what the future might bring. For example, if your home were damaged by a fire, or burglars broke in and stole your belongings, your policy could help pay to rebuild your home or replace your possessions.
Without a policy, you’d have to cover those expenses out of your own pocket. So if you’re a homeowner, homeowners insurance is an absolute necessity.
Your policy could help pay for a variety of property and liability claims:
• Your house: This includes your home and other structures on your property, such as a detached garage or a shed.
• Your possessions: This includes personal belongings inside your home, such as your clothing, furniture, and electronics—and with limitations—certain valuables. It could even cover belongings you take with you while away from home.
• Financial protection against lawsuits: In certain situations, your State Farm Homeowners Policy could help protect your finances by paying for damages which you’re legally responsible for, and even your legal defense. For example, the policy could help cover legal defense costs if a visitor accidentally got hurt at your place and took you to court.
Other costs covered by the policy
Your policy may also help pay for:
• Removal of your damaged property after a fire, or other loss covered by the policy.
• Temporary repairs necessary to protect covered property from more damage.
• Extra expenses for your household to live elsewhere, if your home is uninhabitable because of damage covered by the policy.
• Water damage caused by flood.
• Liability for business-related activities
• Liability for intentional injury or property damage
• Damage caused by earthquake or mudslide
You may want to talk to your agent about a separate earthquake policy.
With coverage directly through the federal government. There is generally a 30-day waiting period for the policy to go into effect
A “deductible” is the amount that you are responsible for when you file a claim. Your deductible can be a fixed amount, such as $1,000 or $2,000, or a percentage of the coverage amount, such as one or two percent. So if your home is covered for $200,000 and you have a one percent deductible, your deductible is $2,000.
Here’s how a deductible works: say you file a claim for $10,000 after a burglary, and you had chosen a fixed amount deductible of $1,000. So the policy covers you for $9,000 and you are only responsible for $1,000.
Generally, the higher your deductible, the lower your premium. But with a higher deductible, your financial responsibility would be higher if you file a claim. Your agent can help you determine the deductible that’s right for you.
Your State Farm Homeowners Policy has coverage limits on certain types of property, such as computers, collectibles, jewelry, and other valuables.
Here’s an example: Suppose your home had been broken into and your computer and printer were stolen. If the policy limit for home computers and equipment was $5,000, the policy would reimburse you up to that limit after your deductible has been met.
The choice is yours, but State Farm recommends you choose a coverage limit at least equal to your home’s estimated replacement cost: the amount necessary to rebuild your entire home. (The replacement cost isn’t the same as the market value, which is the price you can expect your home to yield on the market.)
If you choose a coverage amount less than the estimated replacement cost, you may not be eligible for certain coverages. Since no one can say what the exact cost will be to replace your home in the future, you’ll need enough coverage to account for unforeseen circumstances.
For a replacement cost estimate, you can ask a contractor, hire a professional replacement cost appraisal service, or ask your State Farm agent to help you develop an estimate. Make sure to point out any architectural details or unique building materials that affect your estimate.
As your life changes, your home may change along with it. We recommend you review your homeowners’ coverage if:
• You move, improve your existing home, or build a new home.
• You add a fire and/or burglar alarm system.
• You purchase items—such as home computers, jewelry, and furs—that might exceed your basic coverage.
To help make sure your coverage is up to date, it’s a good idea to review your policy with your agent every year.
Extra coverage you just might need. Depending on your situation, you may need separate, broader coverage for additional financial protection.
|Have concerns about your personal liability?||A Personal Liability Umbrella Policy (PLUP) for extra liability coverage in increments of $1 million, in case you’re sued for damages that exceed your State Farm Homeowners or Auto Policy liability limits.|
|Own jewelry, fine arts or other valuables?||Other policy options or a Personal Articles Policy (PAP), which can give you higher coverage limits or broader protection.|
|Work out of your home?||Other policy options for home business coverage, which may cover your business-related property and liability. You may also want to consider a separate, more comprehensive business policy for your home-based business.|
|Want to protect yourself against identity fraud?||Adding the Identity Restoration Coverage Endorsement to your State Farm Homeowners Policy. It offers coverage for specific expenses caused by identity fraud and case management services to help counteract the effects of identity fraud.|
Clay Hamilton and Corey Mullen are available to answer all of your insurance questions.
STATE FARM® INSURANCE AGENT, FUQUAY VARINA, NC
1000 N Main Street Suite 101
Fuquay Varina, NC 27526
Cory Mullen, Insurance and Financial Sales Advisor
1000 N Main Street Suite 101
Fuquay-Varina, N.C 27526
Cell at 919-356-3607
This week we have a “Guest Post” written by one of our Mortgage Professionals, Jennifer Miller with Sierra Pacific Mortgage Company.
To Buy or Not to Buy?
You’ve heard the news reports on the housing market in our lately – low inventory, good prices, quick sales – and maybe you’re wondering where you fit into this latest market swing.
We should probably start with the news reports. Yes, it’s true that in some price ranges, namely homes priced under $300,000 there is low inventory. The same cannot be said for higher priced homes, especially those priced above $500,000; there are still plenty of homes available at that price point. And yes, the appraisals are coming back at reasonable levels; meaning that in many cases the appraised value and the sales price are matching up; although that’s not always the case. As far as quick sales, well that depends on how you define “quick”. Most people are closing in the normal 30 to 45 day range.
When you’ve got a home to sell…
So, should you pursue your dream home, or the home that’s closer to work so that you can eliminate that 45 minute commute you face twice daily? Putting your house on the market requires effort, commitment and sometimes, money.
The effort and money come in once you’ve had a Realtor to your home for a preliminary meeting. The first order of business is deciding whether you feel comfortable listing your home at a price comparable to what other homes in your area are selling for. If the answer is yes, then it’s likely that your Realtor will want you to change or improve your home in a few areas. You may need to “de-clutter” and pack away your belongings that you’re not using every day to make the home appear larger. You may be asked to paint, install new carpet or work on the landscaping to improve the homes’ curb appeal. Depending on how handy you are; you may be able to do some, or all of those things yourself; without having to pay a professional. Certainly, that is the least expensive way to go. If you can’t do these things on your own or if you’re too busy to attempt them you may find yourself shelling out up to $2,500.00 to cover these costs.
This is where the commitment component kicks in: if you’re not really committed to selling your home, chances are that you’re not going to be very motivated to get all this work done. Realtors are fairly savvy these days when it comes to assessing their clients’ needs and wants. If you want a nicer home but you don’t really need one your Realtor may decide that you’re not the right client for them.
What if you’re not currently a home owner?
Maybe you’re a young professional who’s never owned a home before, or maybe you owned a home previously in another state or at a different time in your life. If you’re wondering whether a good time to buy is now, the short answer is yes!
As I said at the beginning there is some low inventory with homes priced under $300,000.00; however, if you don’t look for a home then you surely won’t fine one, and there are homes to be found even in that price range. So what else do you need to consider in a home purchase? First, do you have enough money to buy a home?
The Price Tag…..
There are several loan programs available that will get you into a home for zero or a very low down payment with reasonable interest rates. But you will need to have some cash to cover expenses like the appraisal ($450) which is paid upfront and out-of-pocket in the home buying process. You will also need money for closing costs, which come due on the day you sign the promissory note at closing.
If you don’t have enough cash to cover the closing costs, talk to your realtor about negotiating these into the sales contract. There is an easy way to handle this scenario. Let’s say that you want to purchase a home that’s listed at $187,500.00. You would like to pay $185,000 for the house and you know that you need $5,000 to help cover closing costs. Simply ask your Realtor to write the offer to purchase for $190,000 with the seller paying $5,000 in closing costs.
Show me the Money…
But how do you know how much closing costs are going to be? And, how do you know if you earn enough money to be able to qualify for a mortgage loan to begin with? Now we come to the crux of the matter. The best way to answer these questions is to call me and start the application process. With just a little information, I can quickly see if you can be prequalified for a mortgage loan. I can also make sure that you’re taking advantage of the best loan programs available.
Home-ownership is part of the American dream; and with interest rates still at historically low levels now is a great time to explore your options. Call me today and let’s get started on getting you into the home of your dreams!
Sierra Pacific Mortgage Company
6736 Falls of Neuse Road Suite 120
Raleigh, NC 27615
Sierra Pacific Mortgage Company, Inc. NMLS # 1788. Licensed in North Carolina L-127865. Sierra Pacific Mortgage Company, Inc. is not affiliated with the Real Estate Agent and/or Brokerage identified in this advertisement, you are not required to use Sierra Pacific Mortgage Company, Inc. to obtain mortgage financing. This advertisement is provided for informational purpose only. www.nmlsconsumeraccess.org. Not all borrowers will qualify. This is not a commitment to lend. [Insert and program and/or additional disclaimers]. Equal Housing Lender.
To FSBO or not to FSBO, that is the question…
It’s no secret that the Triangle Area Real Estate Market is busy. Why not just be a For Sale by owner and save a little cash?
We can totally understand why a NC Homeowner might be enticed to sell their real property “on their own” in this busy Real Estate market. You have worked hard to build up the equity in your home…why give it all to an agent?
From Larissa, a recent FRONT PORCH REALTY Seller Client ” …Selling you home is always stressful but working with a professional real estate professional ensures that the process goes as smoothly as possible and that your best interests are kept in mind while your home is being marketed and sold so that you can get the highest return on your investment…”
Did you know it is illegal for anyone in the state of NC to pay a “referral fee” to a non-licensed person? Yep, it is actually a felony. It’s better to avoid this and stay out of trouble!
We sell real estate FULL TIME and we have a professional state license to do so. We are experts in this Market and we want to work for you.
So…why not leave it to us?
AGENT of the MONTH SPOTLIGHT
Congratulations to Lisa Notini, Front Porch Realty’s Agent of the Month – March 2017
Lisa ALWAYS gives 110% to all of her buyer and seller clients. She goes above and beyond to listen attentively and if she doesn’t know an answer to any question her client might ask her, she will find someone who does! Lisa works diligently to find her buyer’s that perfect home, and has even matched up sellers and buyers lately when they didn’t even know they needed to be “matched”.
Thank you LISA NOTINI for all of your dedication as a FRONT PORCH REALTY real estate professional!
Lisa is a Boston native who relocated with her family six years ago to Fuquay-Varina. She thought she would stay here for a few years until she decided where she would settle but Lisa loved our town so much that she decided to call Fuquay-Varina home. She is now selling homes to others who love the Triangle area as much as she does. Lisa and her husband, Doug are at the tail end of raising 13 – yes, thirteen – children!
“Believe me, if I can manage and negotiate raising such a large family, then I can be a strong and great advocate for you during one of your most important purchases or sales of your life, your home.”
– Lisa Notini
Here is a snapshot of our local housing activity. Housing, and the lack there of, in the entire Triangle seems to be the buzzword these days, and our market is no different. Inventory is still low and demand is high, causing sales prices to soar and days on market to decrease to almost 0 in some price points! Enclosed is a detailed look at all of our activity by price point and area. With all of the growing we are doing on our end of the county I changed my reporting a bit; as always I welcome any feedback. I have reported “pending” listings separately from “active”, this is the first time I have seen the need to do this, so this is great news for our thriving town.
I know you must have a plethora of real estate professionals in your “circle” but I would love for FRONT PORCH REALTY to be your “top of the mind” company when it comes to real estate in the Fuquay-Varina/Holly Springs area. I am celebrating 20 years of selling real estate this year and would personally like to invite you the FV Chamber of Commerce Business After Hours Front Porch Realty will be hosting Thursday, May 12, 5:30 pm – 7 pm. Hope to see you there!
We are super excited to announce a new way of giving back to our community. Front Porch Realty and Sherry Riano’s team at DNJ Gateway Mortgage have teamed up to offer Benefits for Heroes for our community teachers, medical, military, police, and fireman personnel, with special discounted mortgage and real estate perks totaling a savings of over $1,000. Please help spread the word.
Please join me in celebrating 20 years of helping the people of Fuquay-Varina and the surrounding areas and pass our name to your co-workers, employees, relatives and neighbors. Please think of Front Porch Realty as YOUR LOCAL real estate professionals!
Laura Moody McCorry
Front Porch Realty
Happy New Year! While all of us in the housing industry are trying to catch our breath, I took some time once again to look at our year end local SW Wake county real estate numbers. I was both surprised and pleased to see that Triangle MLS reported the Fuquay-Varina/Holly Springs market 3rd in the Raleigh housing market for market share for 2015. With our crazy growth, I decided to add an even more in depth comparison of re-sale homes to new construction in our region. According to the TMLS report, the Fuquay-Varina/Holly Springs market also showed a lower than average Days on Market of 50 (the Triangle average was 60) as well as a higher than average sales price increase of 7.5% (the Triangle average was 5.6%).
Across the board, re-sale and new construction of all SW Wake markets showed an increase in number of solds, sales prices, and price per square foot, as well as decreased days on market compared to 2014 year end. This is not surprising news as we are deep into a “Seller’s Market”. There are just not enough homes out there for sale, new or re-sale, to satisfy the buyers pouring in to our market. Now is the time to sell your home!
FRONT PORCH REALTY has had lots of excitement going on this past year too! We have added 3 more real estate brokers, 2 of them bilingual; we can now help consumers speaking French and Spanish. We have also JUST moved our long standing Cary office to Holly Springs. Watch for some exciting news about our Holly Springs office coming soon.
Front Porch Realty loves selling Fuquay-Varina and the surrounding area, we are helping buyers moving across country as well as those moving across town. I will be celebrating my 20th year selling real estate this year and am proud to offer Fuquay-Varina a team of experienced professionals to make everyone’s dream come true! Please like our Facebook page to stay up on all of our LOCAL real estate news.
Real Estate professionals and lenders have been getting ready for the new government lending guidelines for awhile now. Historically, when a consumer purchased their home with a mortgage they were bombarded by paperwork requirements and disclosures throughout the entire home buying process. While absolutely necessary, this process can also crush the “fun” of buying their dream home!
Typically, when “closing day” finally arrives, the buyer’s are relieved as they have taken off work, already have their things packed on a moving truck, have slept on a mattress on the floor the last 2 nights, and have already transfered utilities. The buyers are ready to sign on the dotted line and get their keys! Meanwhile, their HUD-1 closing statement (the document that tells them where all their money is going) may have been changed a half dozen times or so in the last 24 hours alone.
As of tomorrow, not anymore! If a loan application is made by the consumer after October 3, 2015, the “closing statement” a borrower will sign at the closing table will now be ready for review 3 BUSINESS DAYS prior to closing so that any questions can be answered and the buyer has a better understanding of the exact terms of their loan. If any changes need to made, the 3 business day wait will begin again. So what does this mean exactly for the buyer, seller, the real estate professionals, lenders, and closing attorneys involved in the real estate transaction? Currently, we write contracts to “close” on a home after 30-45 days but we are being warned by lenders to go ahead and add an extra 7-14 days to the approval process. Essentially, we all need to work towards 2 closing dates; the “closing” of the paperwork being approved by all and then at least 3 business days later the “at the table closing” paperwork, where all documents are signed, the transfer of the deed is recorded, and a seller gets their proceeds and the buyer gets their keys!
While, in the beginning this might be a little scary for all those involved as we all anticipate delays in the closing process; I see, in the not so distant future, the initial kinks getting worked out and the closing process improving for all parties involved. No more of the last minute “morning of closing and we don’t even know if we are closing or not” scenarios that cause stress on every buyer and seller out there! Here is an article from Realtor.com with more information and of course you can call our office and speak to one of our experienced realtors to help answer any further questions.
It’s no surprise our Southwest Triangle Market is HOT this season and our quarterly numbers are certainly proving that. This quarter I have decided to show numbers of a more narrowed down section of our county by reporting only Fuquay Varina, Holly Springs, Apex and Cary. I have also included data comparing re-sale homes to new construction homes as our new starts have certainly heated up this year as well with new construction homes being a significant part of our real estate sales.
In summary, all markets are showing healthy new construction activity. Surprisingly, in most price-points re-sale homes are showing “price per square foot” as high as new construction and “days on market” just as low, if not lower, than new construction. Builders are staying very competitive. Holly Springs is the only market that is actually showing a measurable increase in number of units sold this 2nd quarter 2015 as compared to the same quarter last year with a 27% increase. The other towns show 1-6% increase of total units sold. It should also be noted that our table shows only active and closed sales; calculating months of inventory for this purpose we are considering “pending” sales as “active”.
FRONT PORCH REALTY has settled in to our new Main Street Fuquay office and are enjoying being part of the Link between our two downtowns. We have started a new seminar series on the 3rd Thursday of every month from 6-7 pm. This casual seminar is for potential clients that are just starting to think about a move. We offer a relaxed format with wine and cheese as well as visits from some of our trusted local professionals that also are involved in the selling or buying real estate transaction. Please send over anyone that you believe can benefit!
We love selling Fuquay and the surrounding area, we are helping buyers move across the country as well as those moving across town. With 19 years of experience selling our Triangle market, excellent communication skills and broker support team.