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BIC TIP #1130: Post-Closing Repairs
One paragraph. One sentence in bold. And more blown-up deals and post-closing fights than almost anything else in the contract.
Meet Paragraph 4(h) of the Offer to Purchase and Contract.
Can you just take a listing, put it in the MLS, and step aside? Stephen Long hears this question constantly. The answer is that limited service listings are legal in North Carolina. You have probably seen them in the MLS with instructions to contact the seller directly. But there is a big difference between limiting…
Here is a common pitfall that trips up buyer agents, listing agents, and investors alike. If your buyer is using an FHA mortgage and the seller has owned the property for less than 90 days, you are going to have a problem. Stephen Long, who is both a broker-in-charge and a mortgage loan officer, explains…
It is not a contract until it is a contract. In this BIC TIP, Stephen Long reminds brokers that the Offer to Purchase and Contract starts life as exactly what its name says: an offer. It does not become a binding contract until the seller accepts it, signs it unamended, and both parties are in…
One paragraph. One sentence in bold. And more blown-up deals and post-closing fights than almost anything else in the contract.
Meet Paragraph 4(h) of the Offer to Purchase and Contract.
The BIC in the Basement brings you a tip that can save an FHA deal before it falls apart. It is the 90 day flipping rule, as it is known with FHA mortgages. If your buyer is using an FHA loan and falls in love with a property that was purchased within the last 90…
One of the most common assumptions on estate listings is that the seller does not need to complete the Residential Property and Owners Association Disclosure Statement because nobody in the estate ever lived in the home. It sounds reasonable. It is also not correct under North Carolina law. Never Lived There Is Not an Exemption…