2011 Changes to the North Carolina Offer to Purchase and Contract

The biggest change facing Buyers, Sellers, and REALTORS® in North Carolina is the form’s introduction of the Buyer’s “Due Diligence” process. During a negotiated due diligence period, the Buyer must complete all of the inspections, surveys, and appraisals typically performed by a diligent Buyer. In addition, the Buyer needs to be satisfied with the documents governing the home, the availability and affordability of insurance for the home, and their own ability to be approved for a mortgage. Should the Buyer not be happy with the investigations…or if they simply change their mind about completing the purchase…the Buyer will be able to unilaterally terminate the contract and be entitled to a return of their earnest money deposit, assuming notice of termination is delivered to the Seller prior to the expiration of the due diligence period. After that expiration date, the Buyer loses their ability to terminate the contract and receive a refund of the earnest money deposit (except in the case of a Seller’s breach) and the power of the contract shifts to the Seller.

The new Offer to Purchase and Contract allows for a negotiated, non-refundable fee to be paid by the Buyer directly to the Seller in exchange for the amount of time associated with the due diligence period. While the “due diligence fee” is not a requirement of the Offer to Purchase and Contract, it will serve as further evidence of the Buyer’s sincerity in pursuing the property. The “due diligence fee” is not refundable to the Buyer except in the case of the Seller’s breach. The fee will serve as a credit to the Buyer should they complete the purchase.

Please click on the link below to see the changes to the 2011 offer to purchase and contract.

OTPC – New vs Old

Charlotte Homes for Sale, Royden

Royden is 10 miles south of Downtown Charlotte and gives homeowners the feeling of solace in this stunning neighborhood.

The homes in Royden were built-in the late eighties early nineties and offer large lot sizes for those who want a great yard. You can have a ton of space and still enjoy the amenities of urban living. Houses average between 1400 square feet and up to 5000 square feet.

Shopping is just around the corner with a Harris Teeter. Southpark Mall is close by and perfect for shopping and entertaining guests.

http://www.allentate.com/scottbrowder/DesktopDefault.aspx?pageid=109&pagealias=ATWAgentSearch&AgentSavedSearchCriteriaID=17780&NewSearch=true

LOCATION, LOCATION, LOCATION – Just listed Myers Park Lot with YouTube Video

Check out this fabulous lot with mountain views right off of Sharon Road. Build your dream home minutes from downtown and Southpark. 2820 Briarcliff Place is a hidden gem in Myers Park that not many people think to drive down. See this amazing lot on my website and on YouTube. SHOW, SHOW, SHOW this awesome opportunity to your family coming into town for the holidays.

http://www.youtube.com/watch?v=soRgUH1zay0

http://www.scottbrowder.com/

4327 Castlewood Road Under Contract in Madison Park, Myers Park Schools

Beautiful Updated Ranch Style Home in Madison Park. New Roof, New Refinished Hardwood floors, All New Kitchen Cabinets, Counter tops, Sink & Appliances. New tile floor in kitchen and sunroom.  Bathrooms Updated. Fenced yard, New Concrete Driveway and Sidewalk, New Gutters. Freshly Painted Interior of the home. Excellent School District. Check out this home below on my website.

http://www.allentate.com/scottbrowder/DesktopDefault.aspx?pageid=108&pagealias=ATWAgentListingDetail&ListingID=1884189&ListingPosition=5

Purchasing a Home in Charlotte vs. Renting in Charlotte

	Savings: Buying In many cases, the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on a mortgage. With the tax benefit for homeowners, the savings can be significant.Buy vs. Rent Comparison The chart below shows a cost comparison for a renter and a homeowner over a seven year period. The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000 After 6 years, the homeowner’s payment is lower than the renter’s monthly payment With the tax savings of homeownership, the homeowner’s payment is less than the rental payment after 3 years   Years Rent Payment Mortgage Payment Monthly Difference After Tax Savings Yearly Difference After Tax Savings 1 800 1000 -200 -50 -2400 -600 2 840 1000 -160 -10 -1920 -120 3 882 1000 -118 +32 -1416 +384 4 926 1000 -74 +76 -888 +912 5 972 1000 -28 +122 -336 +1464 6 1021 1000 +21 +171 +252 +2052 7 1072 1000 +72 +222 +864 +2664 8-30     Savings increase every year

 

Plaza Midwood, Charlotte Homes for Sale

Developed in the early 1920s as a streetcar suburb, “Chatham Estates,” Plaza Midwood’s development coincided with that of Myers Park neighborhood. Two prominant local families provided the impetus for the initial development of the neighborhood: the Van Landinghams (2010 The Plaza) and the Victors (1800 The Plaza). Plaza Midwood’s trolley line ran along Central Avenue to The Plaza and down Mecklenburg Avenue to the Mecklenburg Country Club (now the Charlotte Country Club). The Oakland Land Company laid out much of the street design.  

During the Depression, Plaza Midwood underwent many phases, resulting in a diverse architectural heritage. The urban flight of the 1950s and 1960s left parts of the neighborhood on the brink of decline.  By the mid-1970s Plaza Midwood residents began to group together to preserve their neighborhood, and in August 1975, the Plaza Midwood Neighborhood Association (PMNA) was organized.

http://www.allentate.com/scottbrowder/DesktopDefault.aspx?pageid=109&pagealias=ATWAgentSearch&AgentSavedSearchCriteriaID=17713&NewSearch=true

http://www.plazamidwood.org/history.html

Whole Foods Market, Southpark 2012 next to Phillips Place in Ashley Square

Whole Foods Market announced Wednesday last week that it will be coming to the Queen City. The high-end grocery store that I first visited in Orange County California will declare Charlotte, NC its southern home. There were talks that Whole Foods initially wanted to be in the Elizabeth neighborhood but when that fell through Allen Tate Jr. and Peter Pappas were all over it. The company signed a lease for a 42,000 square-foot building next to Allen Tate Southpark in the new Ashley Park diagonal from SouthPark mall and right next door to Phillips Place. I am sure that the TajMateet (Harris Teeter Morrocroft) is very nervous about the competition. What are your thoughts about Whole Foods and are you excited about this new grocer to Charlotte?

Charlotte Homes For Sale, New Construction at 5617 Timber Lane 28270

Check out this spectacular 4,072 square ft home in Mammoth Oaks. At $434,000 this is one heck of a deal. WOW. New Construction in SouthPark on large, private home site. Both formals, large great room, and guest suite/in-law suite with full bath downstairs. Hardwoods, Granite Tops, Large Pantry. Large Master with HUGE walk-in closet, separate tub/shower.Bonus Room is 18′ x 24′. WOW. Has huge walk-in closet also perfect for storage. 3rd floor bonus. Model available to see at other location. Great opportunity just 8 minutes from downtown Charlotte, and 5 minutes to Southpark. Please call me for details and check out the photos of the home under construction.

http://www.allentate.com/scottbrowder/DesktopDefault.aspx?pageid=108&pagealias=ATWAgentListingDetail&ListingID=1861809&ListingPosition=2

Charlotte Real Estate and School Closings, In Depth with Anne Marie Howard

In Depth: Anne Marie Howard, Charlotte Regional Realtor Association

Story Summary:
Charlotte real estate sales went down 23 percent from October 2009 to October 2010. News 14 Carolina’s Rob Boisvert sits down with Anne Marie Howard from the Charlotte Regional Realtor Association to talk about how it’s not all bad news for Charlotte’s home sales and the impact of CMS school closings.

http://charlotte.news14.com/content/632642/in-depth–anne-marie-howard–charlotte-regional-realtor-association

Allen Tate Realtors, Youtube

Image via CrunchBase

Today people are using technology more than ever to search for homes. In order to stay ahead of the game, Allen Tate Companies has produced a new program which puts their realtors’ listings on www.YouTube.com. First you need to sign on to an agent’s webpage and begin your search for your dream home. You may not be able to see the entire home on websites like www.zillow.com and www.trulia.com, simply the highlights of what they want you to view. Allen Tate’s website enables you to find the house, see a virtual tour with 25+ pictures and now a video on www.YouTube.com. As the buyer, this allows you to eliminate homes that would have wasted your time viewing.  This allows you to visit homes you are truly interested in buying, and makes the home buying process more efficient and effective. Check out www.scottbrowder.com to see some examples of this wonderful technology.

http://www.youtube.com/watch?v=o5zWWPgG1LE