Jay Corbett

Yes, fees are becoming increasingly common, look out. Realy they are just another way to squeeze a few more pennies out of unsuspecting clients.

But not just for "discount brokers" who probably actually explained all the fees upfront.
I've seen more than one of the major brokerage companies in NC charging sellers a $150 doc fee at closing for merely retaining the documentation they are obligated to keep. "Yes, you just paid $13,250 in commission but I am sorry sir we still need another $150 to get this file into the cabinet." I'm sure there is a "good" reason but really it seems so very petty.

The attorneys are getting in on the new fees game too. At one recent closing the attorney said it would cost my clients an additional $50 to get a signed copy of the mortgage docs. At another closing an attorney wanted to charge the seller $75 for verifying the deed of trust satisfaction to confirm that the mortgage company actually cancelled the deed of trust when the attorney sent the payment. After some debate the attorney only agreed to remove the fee when the seller signed a statement agreeing to pay $150/hr to resolve mortgage cancellation issues if the mortgage company failed to cancel it.

Good luck - Sun Sep 30 2007, 21:58

NC keeps "report cards" on all the schools. See web reference.

Please keep in mind many areas of North Carolina are growing very quickly and some counties are barely keeping up with building new schools and converting to alternate schedules such as year round schooling. Consequently there are many reassignments as someone has to go to the new schools. So please keep that in mind and discuss the school assignments with your Real Estate agent in this light.
Website for Charlotte Mecklenburg school district : http://www.cms.k12.nc.us/ - Sun Sep 30 2007, 20:57

Things to consider:
1) How buried is your basement? For example a walk-out basement on one or more sides will be worth more than a no window cellar.
2) Are the finishes of the basement equivalent to those in the rest of the home?
3) What is in the basement? One large room with walls and lights, or multiple rooms with entertainment center, office, bathroom, bedrooms, fireplace, kitchen etc...

To sumarize the more the basement is like the rest of your home the more it will be worth.
If you have a copy of your appraisal from when you purchsed the home, and the basement was finished then all of these issues would have already been addressed by that appraiser to establish the relative value of above and below ground areas.

If you recently finished it, are there comparable home sales in your neighborhood also with basements, they could really help narrow down the basement value.

Similar topic, NC Real Estate Commission Square footage guidleines found at web reference. - Sun Sep 30 2007, 20:31

In all likelyhood your contract provides no provisions for lowering the price.
You should certainly ask for the same reduction and they may agree to it or a lessor amount.

If the reduction amount is greater than your non refundable deposit they may believe you will walk if you highlight that point to them. If there are comprable homes in the area that have also reduced prices you can always let the deposit go and sign up with one of them. As the preceeding answer suggests, if you intend to break the contract get a real estate attorney to review it first (especially if it is one of the big builder "builder do no wrong" contracts).

Let us know how it goes. - Sun Sep 30 2007, 19:35

The best way depends who you ask, as you can see.
If you can find a mobile home where the owner is willing to finance, you could simplfy many of he normal complications of the financing. The owner is taking a risk but if you do not pay they get the trailer back (through foreclosure) and then can sell it again. You'l likely still want to find a local real estate attorney and/or real estate agent to check all the paperwork and contract terms and price. Please be careful there are people who make a businees out of owner fincaning trailers only to foreclose later and sell it again and again in a continuous cycle. - Sun Sep 30 2007, 19:10