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Raleigh, Durham Chapel Hill, NC

Triangle & Coast Realty Blog

By Margaret Moore | Broker in Chapel Hill, NC
  • Figuring Closing Costs

    Posted Under: Home Buying in Durham, Financing in Durham, Moving in Durham  |  April 6, 2013 7:55 AM  |  186 views  |  2 comments

    Figuring Closing Costs 

    Before you start looking for a home, it’s important to know all of the fees and expenses that you may be required to pay at closing in addition to the purchase price of a home.  When you meet with your lender they will provide you with a good-faith estimate of the applicable closing costs, which can include:

    Lender Related Closing Costs

    ·          Down Payment (amount will depend upon type of loan)

    ·          Private mortgage insurance (normally required if down payment is less than 20%)

    ·          Loan origination – 1% of loan amount

    ·          Discount Points (form of pre-paid interest used to lower interest rate) - 0-3%

    ·          Appraisal Fee - $400+/-

    ·          Credit Report -$30+/-

    ·          Flood Certification- $18+/-

    ·          Interim Interest on Loan– (amount collected is figured from date of closing to end of month)

    ·          Hazard Insurance -1 year premium paid at closing

    ·          Escrow Deposits (funds collected in advance at closing for taxes, & insurance)

    ·          Taxes (pro-rated between buyer & seller)

    ·          Title Insurance = $2/$1000 of coverage

    ·          Survey - $350 (for typical .25 acre lot)

    Closing Costs & Fees for Transferring Ownership

    ·          Attorney’s Fee - $700+/-

    ·          Recording Fees for Deed/Deed of Trust

    ·          HOA Dues-Capital Contribution/Transfer fee/Dues (pro-rated between buyer & seller)

    Miscellaneous Closing Costs & Fees

    ·          Home Inspection - $250-$500+ (Depends upon size, age of home)

    ·          Termite Inspection - $75+/-

    ·          Any other costs/fees


    (Figures are estimates only and will vary with depending on service providers, location, etc.) 

  • 10 Things to do Before You Sell

    Posted Under: General Area in Raleigh, Home Selling in Raleigh, Moving in Raleigh  |  January 4, 2013 12:36 PM  |  108 views  |  No comments

    10 Things To Do Before You Sell

    If you’re going to put your home on the market in 2013, proper planning can have a big impact on market time and pricing.

    Start by thinking about it as a house not as your home, and look at it through the eyes of a potential buyer. 

    • Pre Inspection- A buyer will hire a home inspector to take a close look at your home to identify any obvious problems or safety issues.  As a seller you have the opportunity to have an inspection done in advance to identify potential problems and fix them prior to listing. 

    • De-clutter- You’ve made the decision to move so keep that in mind when deciding what to keep and what to get rid of.  Less is usually best.  If you have a lot of furniture or belongings you can store them short term in a rental pod or storage facility.  A clutter free home allows buyers to visualize what their furnishings will look like in the home.

    • De-personalize- Your goal is to get buyers to see it as their potential home. A picture here and there is fine, but a wall filled with family photos or a room overflowing with keepsakes will keep a buyer from seeing this as their future home.

    • Organize- Buyers will look everywhere including closets and garages, so keep them neat and organized.  If closets are jam-packed and the garage is filled, buyers will be left with the impression that there isn’t enough storage space in the house. 

    • Clean- Potential buyers will be turned off by a dirty or untidy home.  Go room by room looking at the carpeting, woodwork, door hardware, light switches, fan blades, windows, etc. Re-grout and re-caulk where necessary.  Replace HVAC filters. Also make sure any offending smells are removed.  Nothing will send a buyer running quicker than an offending smell. 

    • Fix Ups/Estimates- You’ve lived with the leaky faucet, but buyers won’t, plus they’ll over estimate the cost of doing such repairs.  Replace dated light and plumbing fixtures.  If any system is nearing the end of it’s useful life but still working, it’s a good idea to have an estimate ready for buyers so they have an idea of what it will cost down the road to repair or replace.

    • Neutralize/Stage- Now is the time to paint over the shocking pink your daughter just had to have.  A fresh coat of paint can make a huge impact.  Furniture placement can make or break a room.  If you prefer the recliner right in front of the TV, but it looks better to one side then move it.  It’s a short-term compromise. 

    • Exterior- Power wash the homes exterior, driveway, walkways and patio. If the house needs to be painted do it now, it will pay off in the end.  Detail your landscaping by edging beds, adding new mulch, filling pots with colorful flowers. 

    • Gather relevant paperwork/manuals.  Survey, Title Company, Mortgage Documents, Builder Warranties (if applicable), Appliance Manuals, etc.

    • Choose an agent with knowledge and experience.  One who knows the ins and outs of the real estate transaction, how to negotiate, knowing what the pitfalls are. It’s knowing how to price your property right to begin with.  It’s a matter of trust.
    Margaret Moore

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