THE EARNHARDT GROUP - Triangle Midtown Realty
THE EARNHARDT GROUP - Triangle Midtown Realty
We've put together some resources to help Sellers understand some of the nuances of selling real estate in NC.
Please feel free to browse without any obligation and do not hesitate to reach out at anytime if you have any questions or are ready to get started with selling your home– Enjoy!
Understanding who your broker is working for is of vital importance. Before an agent/firm can begin marketing your proerty for sale, you will be asked to sign a listing agreement. It is important to understand how agency in NC works; by whom and how you are represented.
The following useful links provide more information:
WRAL (March 18, 2016) – “Understanding the Importance of a Buyer’s Agent”
Whether it’s a buyer’s market or a seller’s market, it’s always a good idea for sellers to put their best foot forward when preparing to sell their home. Look at your home objectively. Pretend you are seeing it for the first time, through a buyer’s eyes! First impressions are very important as well! A clean, well-maintained home will receive more buyer interest and less scrutiny from inspectors. Here are some easy and/or free things you can do…
· Declutter! Remove papers, unnecessary pictures, and personal items from view. Always present a clean living space/clean slate to prospective buyers.
· Consider touching up your interior paint. This isn’t always necessary, but it’s something to consider if you have faded/dirty walls. Also be aware that many buyers do not like bold color schemes, so it might be worth your while to go with more neutral colors.
· Clean all carpets (and require buyers to take off shoes or wear booties that we provide).
· Complete simple repairs. Caulk visible nail holes, tighten loose doorknobs and drawer pulls, tighten loose handrails, replace burned out lightbulbs, replace dirty air filters.
· Simple cleaning goes a long way. Clean grout in kitchen/bath tiles, clean appliances inside and out, remove scuff marks from walls, clean out your fireplace.
· Check your crawl space and attic. Remove unnecessary clutter and cobwebs.
· Remove unusual odors. Nothing turns off potential buyers than walking into a home that smells bad. Consider limiting animal/pet access to parts of the home while it’s on the market. Do not smoke inside the home. Simple air fresheners can be effective, but professional cleaning may be required.
· Maximize the natural lighting in your home by keeping curtains/blinds open.
· Pressure wash the exterior of the house, the driveway and all walkways, if needed.
· Clean your gutters and remove moss and stains from your roof.
· Keep your yard mowed and tidy.
· Pack away valuables, store extra furniture, knick-knacks, guns and medicines.
· Kitchens and Bathrooms help sell homes. Make theses room sparkle
· Staging may be an effective way to prep your home for sale. It’s not inexpensive and it may not have the same impact for every home. We do recommend to owners of larger, vacant homes to consider this option. We would be happy to put you in touch with area home stagers. And there is virtual staging available in some cases.
· Clean/replace all air filters in the HVAC system. This is often a red flag to a buyer/inspector of general lack of home maintenance.
· Make sure you have at least one working smoke detector and carbon monoxide detector per floor. The absence of either will be noted in a home inspection report.
· Locate and make available all keys for sheds and out-buildings.
· Make sure all utilities are turned on and functioning during showings and inspections.
· Remove debris (stacked wood, trash, etc.) away from the foundation. Buyers and inspectors will assume the presence of such is conducive to wood destroying insects.
Not every home is in the same condition. Some are immaculate while others are really in need of repair and may be sold “as is” and allowing for the need of repairs in the list price. But if your home just needs basic repairs that are beyond your ability, we would be happy to put you in touch with area tradesmen. We would also be happy to discuss services that will complete home repairs before you list….and you can pay them back at closing out of your sale proceeds.
We will review the things that we would suggest you do to prepare to sell it, after previewing your home with you. The bottom line is that you want to get the best price possible for your house, and preparing it properly is key!
In 2011, North Carolina revised its Offer to Purchase and Contract (Form 2-T) and implemented the concept of a Due Diligence period and a Due Diligence (DD) fee to be offered to the seller, in addition to the customary Earnest money (EM). The DD period is a negotiated time frame, during which, buyers should arrange for and complete necessary actions required before closing on the property. During that time frame, buyers can walk away from the deal "for any or no reason" but will forfeit that DD money. Both DD money and EM money are refunded back to the buyer as a credit at closing, if the transaction is fully executed and buyer closes on the home.
For the buyer, the DD period provides time for securing financing and arranging for inspections, title search, an appraisal, survey... to make sure that they are able to/desire to move forward with the purchase after the DD period ends. It is also during this period that the buyer and seller should negotiate and agree upon repairs (if any). Because a buyer in North Carolina is now free to walk away from the contract “for any or no reason” during the DD period, due diligence money serves as a counterbalance to protect the seller for effectively taking the house off the market during this time period. DD fees vary widely, depending on the market and specific situation... and your agent will guide you on what is an appropriate DD offering. The DD check is made payable to the sellers, who will deposit into their personal account/cash it right away. If the buyer proceeds to closing, the DD money will be applied back to the buyer as a credit on the closing documents.
The earnest money deposit, refundable up until the DD period ends, is an amount used to show additional good faith and a security instrument that will protect the seller after the DD period ends, should the buyer fail to complete the transaction. In most cases, the EM is not refundable after the DD period ends. The earnest money check is made payable to an escrow account (often with the closing attorney or one of the real estate firms) and will be applied to the buyer as a credit at closing.
We can explain, in much more depth, the details about these deposits. We know it can be very confusing...that's why we are here for you!
Here is good article on the subject by the NC Real Estate Commission (PDF file):
Sellers will typically be responsible for the following:
· Attorney Fee for Deed Preparation
· Attorney Fees, Including Faxes, Copies and Courier
· Recording Fees to Satisfy Deed of Trust
· State Revenue Tax Stamps
· Pro-ration of Taxes and HOA
· Payoff of any Mortgages or Additional Liens Associated with the Property
· Any Negotiated Seller Paid Closing Costs
· Real Estate Agent Commissions
· HOA Closing Statements
These are just typical fees. Some do not apply and there may be additional fees not listed here. We can further discuss with you what to expect for closing costs/net profit.
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Information deemed reliable, but not guaranteed.
The Earnhardt Group with Triangle Midtown Realty
PO Box 18851, Raleigh, NC 27619
Learn about agency in NC https://www.ncrec.gov/Brochures/WWREABrochure.pdf
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