Certain locations within Chapel Hill are known for having a history of soil movement, while others are know for being "rock solid". If you suspect their may be a foundation issue, I've found the best course of action is to get an independent structural engineer to evaluate the situation. If there is no issue, they will issue a letter stating as such, which will give you peace of mind and assist you when you go to sell your home, down the line. If a remedy is required, they will determine the course of action and sign off on the repair.
I own several student rentals and have at different times lived temporarily in them between tenants. It varies by neighborhood but you cant count on this:
Students pay a premium per bedroom and so near campus housing costs more per feature than houses further away. If you are renting, you will pay more if you are near campus. If you are buying, you will pay more for less.
Living near campus means living near a concentration of restaurants and stores all in walking distance.
The area between the Northside and Carrboro is the epicenter of development in our town, per the planning departments increased density design, and it is expected that more non-students will live near campus.
If you want to walk to services and are easily bored move uptown and coexist with students.... more
Hi Kelly, I hold a real estate broker's license as well as an auctioneer's license with AuctionFirst NC. A discerning piece of info with regard to whether to AUCTION versus a CONVENTIONAL sale has to do with the amount of equity you have in the property. This is key. It is important to know that though a Seller pays NO COMMISSION via the auction method, the Seller is responsible for up front marketing fees that generally equate to 1-1.5% of the Seller's "reserve price" (lowest acceptable offering price). 91 619-7347... more
I would start with the other family members and see what they want to do with the property. If everybody wants to cash out, you sell all of it and split the proceeds. If one or more want to stay in the property, see if they are interested in buying out your share. If they are not interested in buying you out, you may be able to force the issue, but will need an attorney to advise you on that. You will probably need an attorney no matter what to make sure all paperwork is done correctly, an appraiser to place a value on the property if that has not been done recently (may have been done as a part of settling the estate) and an accountant well versed in these types of situations to minimize tax consequences. If the decision is to sell one or more properties to a third party, a good real estate agent will also be needed. Feel free to contact me if you need help. I have worked extensively with rental property and investors in this area for 28years and own investment property of my own, so am well positioned to give you good advice.... more
Here in Texas the buyer can get out of the contract for any reason if they have agreed to an Option Period, usually thats 10 days after the signing of the contract...this time is for inspections and time to negotiate repairs, if they need to change the closing date during that time and the seller doesn't agree then they can be released from the contract. If the seller does not want to close earlier than the agreed closing date on the contract the buyer can pull out of the deal but they would stand a chance of forfieting the earnest money.... more
1% is a rule of thumb, but it can vary depending on how your contract is designed. A buyer's agent ,who represents your best interests, will be able to help you negotiate the contract which would include how much the earnest money will be. Do you have an agent representing you?