Termites?  In Cary NC?  Well…. Yes.

One home inspection that home buyers always have performed on a Cary home is to have a licensed pest firm check for termites.  Termites are very common in the Cary area and a smart buyers agent will press the home buyer hard to have the property checked out during the due diligence period of the contract.

It is also common for a home owner to carry a termite protection contract, which usually includes a repair policy for any termite damage.  If the home seller has carried such a plan, the seller should let the listing agent know, and that becomes a selling point in the listing.  If the plan is transferable, it is even more affordable and valuable to the home buyer.

Some folks confuse a termite plan with quarterly pest service.  Those are two very different services, even though they are offered by nearly all pest and termite control firms in the Triangle area.

Disregarding New Construction
127 Resale Homes Closed

Average Listing Agent Days on Market were 87
Average Cumulative Days on Market were 104
Shortest DOM was 2 days
Longest Cumulative DOM was 713 Days.
30 homes went Under Contract in 30 or fewer days.

Average Sale Price was $299,604
High Sale Price was $950,000
Low Sale Price was $65,000

Average Sale Price was 96.1% of the last Listing Price.

So, Sellers are getting homes Closed when they prepare them for market, price them right and hire a good listing agent.
Yes, the Cary NC real estate market is soft, but it works when aggressive Sellers put their best foot forward.

Sure, two parties in a real estate transaction can disagree over the meaning or intent of various words and phrases in a contract.  But the opportunity for disagreement is even greater when both parties must recall the content of verbalized promises and assurances.  

There are too many details in a North Carolina real estate contract, and too many variables, to allow for enforceable verbal contracts.  Ergo, the law says a contract must be in writing to be enforceable.

People of good will, good character, and good intent may differ in their recall of a negotiation.  Contention is best avoided in advance, by getting the resulting agreement into a written contract form.  We North Carolina Realtors have standard forms and contract addenda with blanks we can complete.  If the agreement transcends the bounds of the standard Offer to Purchase and Contract and associated standard forms and language must be drafted; an attorney will be needed to provide the language.  North Carolina Realtors, or other licensed real estate agents in NC, must not draft agreements.

Regardless, the trap of verbal, unwritten, agreements should be avoided by all parties.

“If it ain’t in writing, you ain’t got it.”  Get it in writing!

We may do things differently in North Carolina real estate practice than you did where you relocated from.

You will sign an agency agreement with your Realtor. And a “Working with Real Estate Agents” disclosure.

You will do a written “Offer to Purchase and Contract,” and with that you will include a check for the earnest money deposit.
You should expect to provide a preapproval letter for the financing you propose to apply for.
There will be a couple additional forms.
Unless it is new construction or a foreclosure, you will sign a North Carolina Residential Property Disclosure Statement.
You may also have a Homeowners’ Association Disclosure form to sign.

There may be additional addenda.
Confirmation of Additional Compensation if the commission to your agent varies from what you agreed to in the Agency agreement.
FHA/VA Financing Addendum, if applicable.
Additional Provisions Addendum, if applicable.
And a long list of other possible addenda exists.

We generally put it in writing, negotiate details verbally, and either print the final agreement, or strike, revise, and initial a couple of terms to record the final agreement. If it is more than a couple of strikes and initials, a new contract with the final agreement terms is a good way to go.

You can try a verbal offer, but the best answer from the Listing agent is, “Why, thank you so much! My folks look forward to receiving your written offer.”
Verbal offers are conversation, and are not binding in any legal sense.
A written offer signed by the other side becomes a binding contract.

Like the mortgage broker who couldn’t get a loan through because his supervisor was putting his own business in priority in the queue while there was still USDA money for the period.

Like the agent missing closing because the lender’s warehouse has no funds.

Like the lender who has tried to take clients from the mortgage broker who submitted the application to cut the broker out of the deal.

Like the bank underwriter whose voicemail says, “Email me,” and then her email box is full.  No communication.  In this one, the file was set aside with no notice to my client, and it took a couple of days to find out why.  “Just because” may have been accurate.

And there is more.  While folks fuss about a “bailout,” the current key issue is liquidity, and the willingness and ability of banks to lend funds.  If they have the funds.

And, there are funds out there for qualified Buyers.  My money man tells us this week he is finished with “prequal letters” since they are nearly worthless.  “Pre-approvals” will finally be the norm, backed by pay stubs, employment confirmation, and credit pull with a credit score check.  For an antsy Seller who is concerned about a Buyer’s ability to perform on an offer, that level of due diligence is more important now than ever.  A contract termination is now a red flag to many skittish Buyers.