YOU’RE UNDER CONTRACT – WHAT’S NEXT?

Here at LG Real Estate, we have noticed a significant upswing in our activity level starting in December.  Our showings have increased, our phones are ringing, and we placed 3 homes under contract the last 2 weeks of January.  Let’s say one of the homes we placed under contract was yours …. What’s next?

First, usually within 7 days of signing the contract, inspections will be set up

These inspections are most often for the home, for radon, and for pests.  If the NC licensed inspector has reason to question what he observes with the HVAC units, the structural integrity, or the rest of the house, other professionals can be scheduled by the buyers to give an opinion.

Next, you as the seller normally wait 7 to 10 days for the inspections to be completed. 

Then, together we review the inspection report and a list of requested repairs.   In today’s market, you need to be prepared to do the majority if not all of the listed items.  In many cases, the buyer’s request that the repair work be done by a NC licensed general contractor.  Our team has great relationships with many contractors / vendors in the area and we can always make suggestions of people that have a proven track record with us. 

Once the agreed repairs are complete, we substantiate the work by sharing the receipts with the buyer’s agent. 

Then, the buyer’s agent will normally schedule a time for the buyers to “walkthru” the home and visually look at the repaired areas.  The buyer’s walkthru can include a re-inspection of the agreed upon repairs by the hired inspector.  This walkthru helps the buyers feel confident about their purchase.  That is why, at this stage, you as a seller can feel a great sense of relief knowing that all the repair work was completed by a quality vendor.

If I can share one tidbit of advice, it is that the money to complete the repairs identified by an inspector needs to be part of your budget from day 1.  A pre-inspection prior to marketing you home is an excellent idea.  My team and I will work diligently with you through this part of the process.  It’s our job to guide and support you through the inspections and repairs so that your “under contract home” is now a “sold home”.

Looking to buy a home in Cary - now is the time to pull the trigger.  Here’s why:

1.  Availability – There are currently 777 detached homes for sale in the Cary, Apex, and Morrisville areas.  The abundance of homes on the market affords you a great opportunity to pick and choose so that finding your dream home is an easier task.

 2.  It’s a buyer’s market –The number of homes for sale in most price ranges far exceeds the number of buyers coming into the market, so it’s a buyer’s market.  Since many of the homes have been on the market for a considerable time, motivated sellers are reducing their price and much more willing to negotiate.

 3.  Interest rates are at historic lows – Earlier this year, rates on conforming 3o year fixed mortgages hit a level not seen in decades and have remained near that low for weeks.  In addition, Capital Bank and Crescent State Bank have designed special low rate mortgage programs to help boost traffic to new home communities in Cary.

 4.  Tax Credits Available for a Limited Time – First-time homebuyers have until April 30, 2010, to take advantage of the federal tax credit of up to $8,000!  Repeat homebuyers have until April 30, 2010, to take advantage of the federal tax credit up to $6,500! Renovations: Are you buying a home that needs a new roof, windows, or insulation? Qualified homeowners may receive a tax credit for 30% of renovation costs, up to a maximum of $1,500, for energy-efficient improvements to their current primary residence.

So now is the ideal time to find your dream home here in Cary.  For an inventory of our current listings in Cary and to view all the available homes, please visit our website at LG Real Estate.