Saturday, February 19, 2011
Saturday, January 29, 2011
Tuesday, January 25, 2011
Saturday, January 15, 2011
Real Estate Tips from Bob Rich-Don't Be Turned Off So Fast
If you’re looking for a good buy in an older home, and see one in which the housekeeping leaves something to be desired, don’t be turned off immediately. Look beyond the mess. Don’t let your first impression deter you from the IMPORTANT features of a house.
For example, the structure of the house and the general layout may be in excellent condition, easily convertible to your own ideas of decorating and family living. The kitchen may be cluttered and unkempt, but large and well appointed with cabinets, pantry, and other features. A worn and dirty carpet in the living room may be covering a beautiful hardwood floor that you can make sparkle again. Also carpet can be cleaned or replaced.
It takes a good visual imagination to see how a house can be transformed to meet your own ideas of decorating. If the house is sound and has the features you want, you may find that the poor housekeeping will work to your price advantage.
For example, the structure of the house and the general layout may be in excellent condition, easily convertible to your own ideas of decorating and family living. The kitchen may be cluttered and unkempt, but large and well appointed with cabinets, pantry, and other features. A worn and dirty carpet in the living room may be covering a beautiful hardwood floor that you can make sparkle again. Also carpet can be cleaned or replaced.
It takes a good visual imagination to see how a house can be transformed to meet your own ideas of decorating. If the house is sound and has the features you want, you may find that the poor housekeeping will work to your price advantage.
Thursday, January 6, 2011
Friday, December 17, 2010
Real Estate Tips from Bob Rich-Pre-Sale Seller Homework
Wouldn’t it be nice if selling a house was like selling a watermelon? Here’s the melon – here’s the money. Couldn’t be simpler. Then there’s real estate. Intricate and complicated financial steps must be taken by Realtor’s who know their business to put together a binding sale in today’s unique mortgage market. Often, it is this financial acumen that is the deciding factor in completing a successful sale of property.
You, as the seller can help even before the for-sale sign goes up. Check with one or more local banks (especially the one that holds your mortgage). Determine from the loan officer the size of the mortgage loan that might be available to a family with a good credit rating. It’s a question that’s sure to be asked sooner or later.
While doing the checking, consider the possibility, if your finances permit, of accepting a second mortgage should a buyer with acceptable credit be unable to raise all the required down payment.
You, as the seller can help even before the for-sale sign goes up. Check with one or more local banks (especially the one that holds your mortgage). Determine from the loan officer the size of the mortgage loan that might be available to a family with a good credit rating. It’s a question that’s sure to be asked sooner or later.
While doing the checking, consider the possibility, if your finances permit, of accepting a second mortgage should a buyer with acceptable credit be unable to raise all the required down payment.
Real Estate Tips from Bob Rich-Checking at Different Hours
The location of a home is a prime factor in any buying decision. If you’ve got your eye on a certain one, you’ve probably seen it many times. However, with an investment of that size, there are many things that should be checked and re-checked.
What time of day or night did you visit your prospective home? Was it always at about the same hour--- at, say, 3pm? If that’s the case, we suggest that you make a point of going there at other times such as early evening, late at night, and even very early in the morning! The reason is simple. Things might go on around there at those other times that may affect you when you’re living there. There may be noises, for example, late at night that could interfere with your family’s sleeping.
When you buy a home, you’ll be there around the clock. Therefore you should see what the place is like around the clock. This could save you much grief later on, when it may be too late.
What time of day or night did you visit your prospective home? Was it always at about the same hour--- at, say, 3pm? If that’s the case, we suggest that you make a point of going there at other times such as early evening, late at night, and even very early in the morning! The reason is simple. Things might go on around there at those other times that may affect you when you’re living there. There may be noises, for example, late at night that could interfere with your family’s sleeping.
When you buy a home, you’ll be there around the clock. Therefore you should see what the place is like around the clock. This could save you much grief later on, when it may be too late.
Real Estate Tips from Bob Rich-Think Like a Buyer
People usually decide within a few minutes whether they like your house. Prospects start forming their opinion before they even walk in your front door. So, Mr. Seller, ask yourself if your house is presentable as it can be for a faster sale at the best price.
The best way to fins out is to imagine that YOU are a prospective buyer. You’ve probably been looking at other homes (especially if yours is already for sale), so approach your present home the way you look at other houses.
Get in your car and drive up to your home the way a prospective buyer would. Give the outside an once-over. Check the lawn, the shrubs, and the paint. Would some flowers by the front door be more inviting? Step inside. Is the living room cluttered?
Are the rooms dark or well lit? Does the condition of the kitchen turn you off? Just remember your own reactions when you inspected other homes. If you want to be a seller --- think like a buyer!
The best way to fins out is to imagine that YOU are a prospective buyer. You’ve probably been looking at other homes (especially if yours is already for sale), so approach your present home the way you look at other houses.
Get in your car and drive up to your home the way a prospective buyer would. Give the outside an once-over. Check the lawn, the shrubs, and the paint. Would some flowers by the front door be more inviting? Step inside. Is the living room cluttered?
Are the rooms dark or well lit? Does the condition of the kitchen turn you off? Just remember your own reactions when you inspected other homes. If you want to be a seller --- think like a buyer!
Thursday, November 18, 2010
Pamlico County North Carolina Waterfront
105 +/- acres woodlands w/550' frontage on Goose Creek and 300 +/- ft. Frontage on Tar Gut. Septic permits for 2 waterfront homesites Goose Creek. Incredible wide water views over ICW. Deer and bear hunting and plenty of shoreline for private duck blinds. Ideal for hunting/fishing camp with access to some of our areas best saltwater fishing & duck hunting. Contact Tim Mordecai at The Rich Company.
Spectacular High End Waterfront Home in Washington, NC
Located in River Acres, this waterfront home has it all! Hardwood floors, granite countertops, pool, hot tub, unbelievable view and more. This is a must see for high end waterfront homes in Washington. Contact Chris Respess at The Rich Company.
Real Estate Tips from Bob Rich-Holes in the Attic
Holes in the attic are like holes in your pocket. Step into your attic some winter night. Even if it is insulated at floor level, you may be surprised to find it much warmer than the outside air. That means that some of the expensive heat you need downstairs has escaped up there where it won’t do any good.
It is common to find large openings where pipes, ducts, or exhaust fans are cut through the attic floor. But they can be stuffed with foil-backed insulation. Stopping attic by-passes can save from $25 to $100 a year in heating costs. Many people forget the attic door after they have carefully applied insulation to the rest of the attic. The door should be covered with a batt of foil-backed insulation and the edges of the door weather stripped.
Some no-no’s. Do not cover light fixtures directly with insulation as they may cause a fire and if you fill the opening around a chimney or furnace stack, be sure to use fireproof insulation.
It is common to find large openings where pipes, ducts, or exhaust fans are cut through the attic floor. But they can be stuffed with foil-backed insulation. Stopping attic by-passes can save from $25 to $100 a year in heating costs. Many people forget the attic door after they have carefully applied insulation to the rest of the attic. The door should be covered with a batt of foil-backed insulation and the edges of the door weather stripped.
Some no-no’s. Do not cover light fixtures directly with insulation as they may cause a fire and if you fill the opening around a chimney or furnace stack, be sure to use fireproof insulation.
Real Estate Tips from Bob Rich-New or Old
If you are in the market to buy a home but haven’t made up your mind whether it will be a new or an existing one, you should let your Realtor help you weigh the merits of each. For instance, you will probably find a wider selection of older homes for sale.
Also, when you compare living space, location, construction materials, and other factors, you may be getting more for your money if you buy an older home.
Older homes tend to be closer to established shopping areas, churches, and other neighborhood attractions. Homes in established neighborhoods also have a more “settled” look, with mature trees and shrubbery. On the other hand, new houses have obvious advantages, too.
When you deal with an experienced Real Estate broker, however, you have already made one of the most important decisions long before you find the house you want to buy.
Also, when you compare living space, location, construction materials, and other factors, you may be getting more for your money if you buy an older home.
Older homes tend to be closer to established shopping areas, churches, and other neighborhood attractions. Homes in established neighborhoods also have a more “settled” look, with mature trees and shrubbery. On the other hand, new houses have obvious advantages, too.
When you deal with an experienced Real Estate broker, however, you have already made one of the most important decisions long before you find the house you want to buy.
Real Estate Tips from Bob Rich-Price Negotiations
Let’s face it selling a home is not unlike selling any other negotiable product. Both buyers and sellers expect a little leeway on the final selling price. Often, the house will be sold for somewhat less than the asking price. On the other hand, in today’s strange real estate market, there are houses that are such good buys in good locations that
sell for MORE that the asking price. A lot depends on the reason the seller is selling. If the house has to be sold quickly owners may accept a lower offer to make a fast sale.
Another consideration is the condition of the house. If major repairs are needed,
an owner may be persuaded to reduce the price to pay for the repairs.
Legitimate buyers will normally make an offer within a reasonable negotiating range. Never make an insultingly low offer. If the house is at a fair market price and you don’t want to lose it, don’t play games.
sell for MORE that the asking price. A lot depends on the reason the seller is selling. If the house has to be sold quickly owners may accept a lower offer to make a fast sale.
Another consideration is the condition of the house. If major repairs are needed,
an owner may be persuaded to reduce the price to pay for the repairs.
Legitimate buyers will normally make an offer within a reasonable negotiating range. Never make an insultingly low offer. If the house is at a fair market price and you don’t want to lose it, don’t play games.
Friday, October 29, 2010
Water Access Lot in Eagle Trace Community
Well manicured grassy 1.94 acre lot. New health/septic permit on file which is good through 12/2015. Water access through a community boat ramp and marina, only a 10-minute walk away. A Community clubhouse with 2 tennis courts and boat storage area is less than 5-minutes by foot. This sale includes a 12 x 30 ft. deeded boat slip with 10,000-lb. boatlift already
installed. Water depth at the marina is usually 3-4 ft. The Eagle Trace community is quietly secluded but located on the Pamlico River and offers great boating, fishing, and swimming. A short boat ride away from the Pamlico Sound. Contact Rosie Lilley Smith at The Rich Company.
Family Home in Washington, NC
Home has been remodeled with a new addition of a large kitchen that offers all new appliances, new cabinets, tile floor & granite counter tops. Beautiful new hardwood flooring in living room, foyer, office/bedroom and breakfast/wet bar area. New light fixtures, new paint, updated bathrooms, and new deck. Each upstairs bedroom has private bath. New roof. Great family home located close to city park and pool. Contact Rosie Lilley Smith at The Rich Company.
Tuesday, October 26, 2010
Waterfront Home Bath, NC on Catnip Point
Exceptional waterfront home on Bath Creek in desirable Catnip Point. Great floor plan with master downstairs, large open living room and kitchen. Comfortable screen porch. Patio at water`s edge and boat house/pier. Contact Mayhew Cox at The Rich Company.
Thursday, October 21, 2010
Wednesday, September 22, 2010
Real Estate Tips from Bob Rich-Figuring Monthly Payment
ou have enough funds for the down payment and you qualify for the mortgage. Now --- can you afford the monthly payments?
To figure out how much you can carry, convert all amounts into monthly figures. If you are paid twice a month, add two paychecks. Incorporate infrequent expenses (vacations, gifts, clothes) by adding them up and dividing by 12. Your total monthly income may include salary interest, dividends, and bonuses. Typical monthly expenses are food, utilities, education, transportation, taxes, insurance payments, etc. Your total monthly income minus monthly expenses will give you the amount available for monthly housing costs.
This total must cover all of your housing expenses, including mortgage payments (principal+interest+taxes+insurance), maintenance and repairs. The higher the down payment and the longer repayment time, the lower the monthly payment will be.
To figure out how much you can carry, convert all amounts into monthly figures. If you are paid twice a month, add two paychecks. Incorporate infrequent expenses (vacations, gifts, clothes) by adding them up and dividing by 12. Your total monthly income may include salary interest, dividends, and bonuses. Typical monthly expenses are food, utilities, education, transportation, taxes, insurance payments, etc. Your total monthly income minus monthly expenses will give you the amount available for monthly housing costs.
This total must cover all of your housing expenses, including mortgage payments (principal+interest+taxes+insurance), maintenance and repairs. The higher the down payment and the longer repayment time, the lower the monthly payment will be.
Real Estate Tips from Bob Rich-Finance Contingency Clause
How can you be sure you can get the necessary financing before going ahead with a home purchase. The answer is a contingent offer. Financial contingencies are common negotiations.
For example, you can agree to purchase the house you want contingent upon your obtaining a specified amount of financing. Naturally, the seller must agree to this contingency.
You will be asked to meet the terms of the contingency or eliminate it within a period of time. For instance, the seller may grant you thirty days to obtain a mortgage commitment. In the event you can’t obtain mortgage commitment, the contingency may require you to decide between purchasing the property for cash or voiding the transaction.
When a purchase agreement contains a mortgage contingency clause, the seller will often grant an additional period of time to close the transaction once the buyer obtains financing commitment.
For example, you can agree to purchase the house you want contingent upon your obtaining a specified amount of financing. Naturally, the seller must agree to this contingency.
You will be asked to meet the terms of the contingency or eliminate it within a period of time. For instance, the seller may grant you thirty days to obtain a mortgage commitment. In the event you can’t obtain mortgage commitment, the contingency may require you to decide between purchasing the property for cash or voiding the transaction.
When a purchase agreement contains a mortgage contingency clause, the seller will often grant an additional period of time to close the transaction once the buyer obtains financing commitment.
Real Estate Tips from Bob Rich-If You Can't Pay Mortgage?
If the breadwinner is temporarily unemployed, it is possible that you may not be able to make the mortgage payment.
The likelihood that you will experience foreclosure, however, is rather remote. Your bank’s business is money and not houses. Your banker wants cash coming in not an inventory of real estate that keeps accruing taxes and maintenance expenses.
Don’t wait until you are truly desperate before talking with your lender. If you explain your circumstances and if he sees any chance at all that you will get back on your feet again --- he will probably be inclined toward leniency. He may extend foreclosure time, or even allow you to defer 2, 3 or even more payments and then go to partial payments or even interest-only payments for a decent period of time. If you need a mortgage lender’s understanding help, you’ll ask him for it. Don’t just slide into delinquency and count on sympathy when you get there.
The likelihood that you will experience foreclosure, however, is rather remote. Your bank’s business is money and not houses. Your banker wants cash coming in not an inventory of real estate that keeps accruing taxes and maintenance expenses.
Don’t wait until you are truly desperate before talking with your lender. If you explain your circumstances and if he sees any chance at all that you will get back on your feet again --- he will probably be inclined toward leniency. He may extend foreclosure time, or even allow you to defer 2, 3 or even more payments and then go to partial payments or even interest-only payments for a decent period of time. If you need a mortgage lender’s understanding help, you’ll ask him for it. Don’t just slide into delinquency and count on sympathy when you get there.
Real Estate Tips from Bob Rich-Importance of a Realtor
Essentially, three people are involved in a basic real estate transaction --- the seller, the Realtor, and the buyer. If one were to be singled out as the “key” person, it would be the Realtor.
The Realtor prepares the agreement of sale (the contract). The responsibility in doing this is much greater than many people realize. When making up the contract, the Realtor helps make decisions regarding the obligations and rights of the buyer and seller.
Although the Realtor is the agent of the seller, he or she must keep the protection of the buyer in mind. If the contract is not drawn up properly, there could be trouble --- expensive trouble! The Realtor, in a sense, makes the law that the seller and buyer have to follow. Therefore, the wording must be clear and understandable without any allowances for ambiguous statements.
Many consider the agreement of sale more important that the deed, because it determines what goes INTO the deed.
The Realtor prepares the agreement of sale (the contract). The responsibility in doing this is much greater than many people realize. When making up the contract, the Realtor helps make decisions regarding the obligations and rights of the buyer and seller.
Although the Realtor is the agent of the seller, he or she must keep the protection of the buyer in mind. If the contract is not drawn up properly, there could be trouble --- expensive trouble! The Realtor, in a sense, makes the law that the seller and buyer have to follow. Therefore, the wording must be clear and understandable without any allowances for ambiguous statements.
Many consider the agreement of sale more important that the deed, because it determines what goes INTO the deed.
Waterfront Timberland near Scranton, NC
148.65 acres of waterfront timberland near Scranton in Hyde County. Current timber appraisal dated 4/7/09 estimates the timber value on this tract at over $49,000. Est. 3,000 ft. Of frontage on Smith Creek which opens directly into the Pungo River. Recent soil analysis 11/06 indicated upland soils along the creek frontage. Roughly 7 acres identified as uplands. Wetland area identified as per the US Army Corps of Engineers Wetlands Delineation Manual 1987. Contact Tim Mordecai at The Rich Company.
Monday, September 13, 2010
Saturday, September 4, 2010
Wonderful Home for Sale in Washington, NC
Beautiful 2 story brick traditional home completely renovated, top of the line kitchen with granite countertops, maple cabinets with leaded glass, butlers pantry, wine cooler. Newly refinished hdwd floors, dental moldings, heavy crown & baseboard. Marble fireplace in living room. Bathrms offer marble showers & floors. Thermostatic controlled whirlpool tub. Epay deck, carriage house dining for social backyard. Contact Rosie Lilley Smith at The Rich Company for more information.
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