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Home Buying in Durham : Real Estate Advice

  • All417
  • Local Info58
  • Home Buying126
  • Home Selling19
  • Market Conditions17

Activity 163
JoAnn Thaxton, Real Estate Pro in Port Royal, SC
Wed May 25, 2011
JoAnn Thaxton answered:
In todays market most sellers are prepared to pay some if not all closing costs associated with the buyers loan closing. I deal alot with foreclosure properties and most times if you are willing to pay a little closer or at asking price banks are more willing to negotiate closing cost assistance. I wish you the best of luck in finding your home!

JoAnn Thaxton,Realtor
Remax By The Water
... more
0 votes 7 answers Share Flag
Nancy Rizzo, Real Estate Pro in Chapel Hill, NC
Wed Jan 12, 2011
Nancy Rizzo answered:
The ownership of these properties can be found on the public tax records. I sugget you visit the Durham NC official web site to explore all the information they have available.
0 votes 2 answers Share Flag
Stanton Homes,  in Raleigh, NC
Mon Jan 10, 2011
Stanton Homes answered:
We recommend making your offer to purchase contingent upon an acceptable perk test result. Just because a property perks, does not necessarily mean that the type of septic specified will work for the type of home you plan to build, or that it will fall within a typical septic budget. We offer free lot inspections and help with research, and will work closely with you or your agent to help ensure that the lot will work well for you! ... more
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Jack Flash,  in Mount Prospect, IL
Sat Jan 1, 2011
Jack Flash answered:
Hi Michael,

My opinion of this issue never changes, regardless what's happening in the market.

People who are interested in homeownership for other than investment purposes shouldn't buy unless they need to do so. When folks buy things they don't need, there's usually not a good outcome.

As for investors, they have to do what makes sense for their business plan. Interest rates may play into that to some degree, but it's a different transaction. As long as the numbers make sense, then the it makes sense to do the deal.

Don't get me wrong. I have, on occasion, suggested people should buy now before interest rates start going up in earnest. But I still couch that within the my earlier statement. So IF one was already wanting to buy, then they SHOULD do it before interest rates start going up. And they will go up. It's a mathematical certainty.


Jack Jentzen
Prudential Starck Realtors
(224) 234-5276
... more
0 votes 6 answers Share Flag
Linda Cromar…, Real Estate Pro in Athens, GA
Mon Oct 4, 2010
Linda Cromartie answered:
Hello Dave,
The only problem you might have in that price range in 27712 is finding a home with only two bedrooms! If you are a golfer, consider Treyburn.
0 votes 10 answers Share Flag
Michael Colv…, Real Estate Pro in
Sat Aug 7, 2010
Michael Colvin answered:
Hello Kaedae
I live near Grove park and have sold many homes there. It is a great neighborhood and has a lot of walking trails and much more to offer. Unfortunately it was hit hard with foreclosures and "distressed" sales, I see that as a great opportunity for you the buyer if your plans are to live there at least 5 years and the home you choose has been cared for reasonably well. Make sure you choose an Agent to help you thru this process.
Michael
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Dp2, Other/Just Looking in Virginia
Mon Jun 28, 2010
Dp2 answered:
A note buyer will have the same rights that the seller has, so you needn't work yourself up about whether or not the seller opts to seller the note. Of course, you could have your attorney try to slip in a first right of refusal clause in case the seller opts to sell the note.

There aren't really any "normal" clauses in those types of agreements; however, some sellers opt to work with note specialists to help them to properly structure the note, and they work with real-estate attorneys to "bless the mess" (ie to ensure that everyone dotted their "I's" and crossed their "T's"). In other words, the seller and you will have to negotiate the terms that you both want to make this deal a win-win.

FYI, buyers with bad credit aren't the only ones who buy properties with seller financing. Some investors (myself included), who prefer to not buy with cash, who already have bank loans on 4-10 properties (depending upon the lender), or who simply prefer to not go to a lender to get a loan, also prefer to buy properties with seller financing.
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0 votes 5 answers Share Flag
Bryan Yonish, Real Estate Pro in Durham, NC
Sun Jun 27, 2010
Bryan Yonish answered:
One interesting suggestion which might fit your needs is to look at planned communities that have a golf course integrated into the neighborhood. You would get the safety and security of an association of homeowners who must meet or exceed a maintenance requirement emposed by the association (good for property values). While, still having a retail establishment (that usually has a restaurant) that is walking distance along well maintained uncongested streets.

One such community is Grove Park (website: www.grovepark.org)
The golf course is The Crossings (website: www.crossingsgolf.com)

I'm happy to help in any way that I can. My 25% buyer's rebate program might help you get closer to the price range you are looking for.
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0 votes 7 answers Share Flag
Hildy Lindsey, Home Buyer in Durham, NC
Sun May 30, 2010
Hildy Lindsey answered:
Thank you ladies and gentlemen,

Deborah Miller has agreed to squire us around on this holiday weekend. Your responses are appreciated.

Hildy
0 votes 5 answers Share Flag
Marie Scheur…, Real Estate Pro in Raleigh, NC
Sun May 9, 2010
Marie Scheuring answered:
Happy Mother's day Marsha,
I have links to two different school searches posted on my website which will provide all the information you need. In addition to the Durham and Wake Public schools, there are outstanding private schools in the area. When schools are a major consideration, it will save you time if you select the district you want and then search for homes in that area. Especially in Wake County, redistricting on a frequent basis is common, so it is a good idea to veryify the district prior to making an offer to purchase. Good luck! ... more
0 votes 4 answers Share Flag
Michael Colv…, Real Estate Pro in
Tue Apr 27, 2010
Michael Colvin answered:
Hi Kaedae
I agree the most of the answers, it is very difficult to predict what will happen in the real estate market. However the SW part of Durham ( Southpoint Area ) has been the most resilient through all of the ups and downs, it is very convenient and where most new comers want to be so I would feel pretty safe buying in this neighborhood. If you would like any additional information or would like to compare prices and or neighborhoods let me know.
Thanks,
Michael
... more
0 votes 7 answers Share Flag
Rufus Parker,  in Durham, NC
Sun Mar 21, 2010
Rufus Parker answered:
Hi Cathi,

I'm located in Durham at 3104 Croasdaile Dr. That's my Fonville Morisey office located in the Croasdaile area. Feel free to give me a call at 919.416.2274. I don't know if you have heard of FMLending but the is one of my primary sources for a lender. Your point of contact person is Chris Holt at 919.416.2274 also www.fmlending.com/durham. Chris provides and assists with all of your first time home buyer programs. He comes highly recommended. Check out my website at www.rufusparker.com. I look forward to meeting with you and helping you with your real estate needs. ... more
0 votes 3 answers Share Flag
Marie Scheur…, Real Estate Pro in Raleigh, NC
Tue Mar 16, 2010
Marie Scheuring answered:
I have a listing in Chapel Hill that has an owner financing option. It is a 1 bedroom condo, not a home but could help you get back on track. You can view it under featured listings on my website. Please contact me for a tour. ... more
0 votes 2 answers Share Flag
Cdw, Home Buyer in Durham, NC
Thu Feb 4, 2010
Cdw answered:
Coast Homebu…, Home Buyer in Orange County, CA
Thu Jan 21, 2010
Coast Homebuyers answered:
The tax value of a home typically isn't relevant at all to the actual market value of the home. In my experience as a mortgage professional, the tax value for homes is typically lower (sometimes far lower) than the appraised value, thus it wouldn't be much of a bargaining chip. ... more
0 votes 2 answers Share Flag
Reginold Jon…, Real Estate Pro in Cary, NC
Tue Jan 19, 2010
Reginold Jones answered:
Well, its hard to clearly explain chaos!!!! Banks do a TERRIBLE job of selling homes and that is why it may take months for a short sale to go through. There is so much stuff going on behind the scene with trustees, banks and attorneys that it can confuse anyone who dares to try to comprehend. Also, when these short sales are listed, sometimes, the agent involved does not have the knowledge or expertise to handle the transaction. This can directly impact your agent's ability to get clear and useful information to pass on to you. I have seen where agents have listed property well below market value and that price has not even been discussed with the bank yet!! Considering that you are not in a rush, I would not concentrate too much on the messy bankruptcy or taxes because you cannot control or impact that part of the transaction. At the end of the day, the seller, (whoever that ends up to be!!) has to be able to convey a fee simple marketable (clear) title, that is insurable. Insurable means that a title company provide insurance that will protect the purchaser (you) from any subsequent claims against the home. In other words, the seller has to clear all of those taxes and deal with the bankruptcy court. As far as you pitfalls, either the bank, trustee and bankruptcy court can all come to an agreement and you can buy the home or they do not come to an agreement, foreclose on the home and your offer is null and void. You will probably see it come back on the market as a foreclosed property and you will have a FAR easier time purchasing the home. Just for future reference, when looking at short sale listings, have your agent research if the sales price has been preapproved or not. Also, try to have your agent determine the level of experience the listing agent has with short sales. This will have a great impact on how smooth the transaction will go for all parties involved.


I wish you all the best
... more
0 votes 2 answers Share Flag
Jeff Johnston,  in Durham, NC
Thu Jan 7, 2010
Jeff Johnston answered:
It is going to be tough finding a flat, brownstone, condo or townhome within walking distance to Duke's west campus for less than $500,000. Here is a link to one nearer East Campus on Trinity Avenue for about $350,000. Again, you can do some searching and looking on maps by going to www.BestHomePro.com and putting in your criteria. If we can help, just give us a call at 919-794-3355

Link to Trinity Avenue property: http://www.besthomepro.com/agent/8792/searchtext/1606744

Also, if you use us we have created The BestHomePro MarketPlace which allows you to search anonymously and then when ready pick your own agent, based on profiles and offers.
... more
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Deborah Mill…, Real Estate Pro in Durham, NC
Fri Nov 13, 2009
Deborah Miller answered:
Dee I would be happy to work with you in finding such a home. We also have an in house lender and I would be happy to have him work with you if your credit rating is the problem. This will allow you to be proactive in preparing yourself so that when you are ready you will be able to be approved for the loan.

Let me know if I can assist you with this.
Deborah Rigsbee Miller, Broker, Consultant
Coldwell Banker Howard Perry and Walston - Southpoint Office
YourAgentDeborah.com

DeborahMiller@hpw.com
... more
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Deborah Mill…, Real Estate Pro in Durham, NC
Fri Nov 13, 2009
Deborah Miller answered:
Hello - When you say multi-family are you referring to perhaps tri/quads? If so, I would be glad to help you. I have been watching this market for the last 6 months for several clients. Right now there is one that was just reduced to 180,000 that has 2 renters in place paying 800 and 700 a month and the third is vacant for showing. There are quite a few on the market in Durham. I am a Durham Native and if you will email me at DeborahMiller@hpw.com I will be happy to set you up to see the properties in the area that are of interest. You may also email me your contact information and I can find out a little more information to so that I can assist you in narrowing down your market.

Looking forward to helping you.
Deborah Rigsbee Miller
Coldwell Banker Howard Perry & Walston - Southpoint Office
Durham, NC 919-491-2826
DeborahMiller@hpw.com
YourAgentDeborah.com
... more
0 votes 1 answer Share Flag
Deborah Mill…, Real Estate Pro in Durham, NC
Thu Nov 12, 2009
Deborah Miller answered:
Condos in Durham (keep in mind this is all condos sold) averaged out in the 2nd quarter of 2009 at $138.49 a square foot and were on the market about 37 days. Urban living as the others have commented is moving up in Durham and as a Durham Native I am excited to see this. I recently toured the planned growth with the Chamber and while there are some new condos planned I do think the prices will be going up. ... more
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