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Aberdeen : Real Estate Advice

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  • Home Buying10
  • Home Selling0
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Activity 13
Sat May 28, 2016
Josh Jaajaa answered:
When it comes to buying real estate or applying for a rental I like to tell people not to get their hopes up, and be prepared to keep your options open. As much as all realtors, brokers, and bankers would have you believe that their all trust worthy and honest people, their still just people. A lot of times a banker, or an agent will bring their friends or relatives in on a deal, or tip them off that an offers been made for them to counter, or even block another buyers offer from the seller. They like to say these types of things don't happen, because its unethical, or just straight up illegal, but believe me it does happen more often than not.
I say trust no one, and don't assume your broker, or agent has your best interest at heart, because a lot of them don't. Be on top of any deal or inquiry. Don't feel bad about blowing up your agents phone or emailing them if their not getting back to you right away. They have other clients and you need to make yourself priority, because some homes do go fast on the market.
Also understand that it is a very competitive market. Its cut throat. There will always be someone with more money than you who will make a higher offer than yours. You have to be prepared for that and ready to walk away and move onto the next prospective property. So don't take it personal or get upset if someone buys a property out from under you.
Its all about being in the right place at the right time when no one else is making an offer on the same property, but don't be surprised if someone comes in and makes an offer at the last minute. It happened to me. I was looking at a home that needed major renovations that had been sitting on the market for six months. As soon as I made an offer someone came in with an even higher one. You also have to consider someone may have made an offer before you, but the seller decided to sit on the offer, and wait for a better one.
If your willing to settle and compromise on a property that needs more renovations or is in a less desirable area you have better chance of completing a sale. Because if your looking at properties that have a lot of traffic from buyers don't expect your offer to be chosen unless your prepared to go way above asking price and offering incentives like offering to pay closing costs, and waving your right to have inspections done.
And to answer your question yes the seller can accept any other offer unless you've completed a sales contract on the house. There are buyers too that make an offer and waste everyones time by not following through with the offer and a house will go back on the market after so many months.
Real estate is one big game of chance and you have to be willing to play and take a gamble. I came down to Ohio from Los Angeles thinking buying a house with cash would be easy, but little did I realize you have people coming from all over, even other countries looking to do the same thing. There's retired folks or investors even with money to blow. So never underestimate the market. Don't think your the only one.
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2 votes 9 answers Share Flag
Wed May 18, 2016
CMC2010 asked:
I made a very good offer on a priced-down house, almost 15% more than the asking price but someone else got the house, due to multiple offers situation. Do I have the right to ask for details…
0 votes 0 Answers Share Flag
Wed Dec 16, 2015
Schultz4 asked:
Wed Oct 22, 2014
Annette Lawrence answered:
Yes, simply wait.
In a few days the property status will change.
0 votes 1 answer Share Flag
Sun Sep 15, 2013
Jill Ford answered:
Jason,
Your question doesn't appear to be connected to a specific house. Would enjoy the opportunity to talk about properties and values with you. You might send me a link to the house you want to know about. Reach me at fordjill@gmail.com.

If I can assist you in your search for investment opportunities, I woul be happy to help. Email me or call at 910-315-9977

Thanks and have a great rest of your weekend!
Jill
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1 vote 1 answer Share Flag
Sun Sep 15, 2013
jasonecherry asked:
Fri Feb 8, 2013
My NC Homes Team answered:
Short answer: Everything is negotiable and up to each individual agent.

The more nuanced, and lengthy answer is below :

Based on your questions you're indicating to me that you believe you know as much or more than I do about real estate marketing and don't value my experience. I'm not your average agent, I'm in the top 5% of all agents in terms of successfully closed transactions a year. I spend more money marketing my listings and my business in a year than the average Realtor earns before taxes in a year as well as money for professional staging consultations for my sellers, appraisers to draw up accurate floor plans for my marketing, professional photographers, house cleaning once you've left, home warranties for the buyer to remove any objections etc. I don't sell 100% of my listings, but i do sell 90+% and they tend to sell in 120 days or less because of my experience, advanced marketing techniques and negotiating skills. My time is valuable and it's all I can really control. I don't waste it and have long ago learned my pragmatic, realistic approach doesn't resonate with all sellers. That's fine, I don't need every seller. Now given that most full time agents take home less than $25,000 a year and are living from pay check to pay check it's easy enough to find an agent who will take just about any listing their offered under the most ridiculous of terms. Weak agents are happy to give away money, it's really about all they have to offer someone in order to get them to work with them. Savvy sellers should be asking themselves," If this agent is so ready to give away their own money, how hard will they fight for my money.?"

I also don't waste my time with buyers who think they know more than I do about my market place. Honestly I've never met one that knows half of what I know, but I've met plenty who think they do, which is their prerogative. My prerogative is to chose who I'll spend my time with.
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0 votes 3 answers Share Flag
Sun Jan 15, 2012
Mack McCoy answered:
Well, what happens if the agent lies about there being multiple offers and it scares people like you away? Now, they have no offer and they can't really come back to you and say, "uh, well, all those offers went away."

My advice to people like you who worry about this is to get a better grip on the market and have a better feel for value so that when you come upon a desirable property, you have a really good idea of what the property is actually worth to you. When this happens, you won't care about other offers - you'll make the offer you think is best, and let the chips fall where they may.

All the best,
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0 votes 8 answers Share Flag
Thu Nov 17, 2011
Dan Tabit answered:
Carmel,
Thanks for clarifying. If you were to contact me in this type of event, I would endeavor to determine the value of the property, check issues like easements, utilities, setbacks and encroachments (with the help of the Title company and possibly a survey). I would also write the contract, although this varies in different states and manage the transaction to closing.
If you are paying cash, I would work with you and my escrow office to ensure the earnest money was deposited and verify the HUD settlement statements. If you were financing a portion I would suggest financing options with you and discuss the programs as I see them and assist any way necessary.
Because this is not a typical transaction we could discuss the costs of my services in other than a traditional percentage commission.
Now, whether you can find an agent in N. Carolina willing to do all this will depend on those agents. I suspect there are some and if you would like, I may be able to refer someone to you. I would need to know the town or county your property is in. Best of luck.
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0 votes 4 answers Share Flag
Mon Aug 9, 2010
Keane Ng answered:
Here are the specifics.

Matt is correct in that most lender treat short sales as drastic as a foreclosure. However, there are loopholes that will allow you to buy right away.

FHA has very specific guidelines for homeowners who were not in default during the short sale or if the short sale was due to a hardship outside their control, such as medical conditions that resulted in job loss.

The guidelines state that the homeowner must not be buying a new home in the same area for a profit. It also states that the lender who is accepting a short payoff must state that the balance is paid in full and cannot come after the homeowner for a deficiency.

If you can meet these guides, FHA will allow a client to purchase a home immediately following a short sale. Not all FHA lenders will honor this rule, so be sure to check your local lenders.

If you do not meet these guidelines, you must wait 2 years to qualify for a conventional loan and 3 years for a FHA loan.

More details on this can be found on this blog post I published following this change.
http://www.keaneloans.com/2009/12/22/how-long-do-i-have-to-wait-to-buy-a-house-after-a-short-sale/

Referenced HUD Mortgagee Letter:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-52ml.pdf
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0 votes 8 answers Share Flag
Sat Feb 13, 2010
Robert Robbins answered:
Hello Carolyn,
Moore Regional Hospital is located on HWY 211 West a short distance from the 15/501 traffic circle in Pinehurst. A short distance past the hospital you will find the First Health fitness center that also houses the Cardiac Rehab Facility.
The clinics are located around the hospital most are a short distance away from the Hospital.
At the present time the hospital is in the midst of constructing the new cardiac center. Moore regional has one of the best cardiac facilities in the state if not the nation. The Cardiac Surgions at Moore regional are pushing the envelope in cardicac care.
In general you will be hard pressed to find a community with better medical care facilities anywhere in the state.
Bob Robbins SFR 203K
Agent/Broker/REALTOR
Pinewild Properties INC.
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0 votes 3 answers Share Flag
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