If you have looked at new construction ads lately, you have probably seen it: the 2-1 buy down. Builders feature it often, and buyers frequently ask their agent what it means. Stephen Long, the Notorious BIC and Notorious MLO, breaks it down so brokers can explain it with confidence. In short, it is a loan…
The settlement date on the contract has come and gone. The grace period has passed too. So the deal is dead, right? Not so fast. Stephen Long reminds brokers that a contract does not automatically terminate just because the closing date has passed. Under the Offer to Purchase and Contract, the parties are still in…
Every agent has met this buyer, and Stephen Long has been there too. They are not actively looking. They are sitting in their house, a property pops up, and suddenly they are saying, oh my gosh, I want to buy it. But they have done nothing to prepare, their current home is not ready for…
Your buyer just got turned down for an FHA loan. Is the dream over? Not necessarily. Stephen Long, the Notorious BIC and Notorious MLO, explains that not every lender’s FHA product is the same. A buyer declined for FHA at one lender may actually qualify for FHA somewhere else. Understanding why can keep a deal,…
How many potential buyers are sitting on the sidelines because they believe they need a mountain of cash to buy a home? Stephen Long says plenty, and many of them may be wrong. This tip is all about DPA, or down payment assistance programs, and why every broker should know they exist. For the right…
Your buyer says they are pre-qualified. Great, right? Maybe not as great as they think. Stephen Long, the Notorious BIC and now the Notorious MLO, reminds brokers that pre-qualification and pre-approval are not the same thing, and the difference can matter a lot when your buyer is competing for a home. When it is time…
This one comes with news. The Notorious BIC is now also the Notorious MLO. Stephen Long is a licensed mortgage loan officer, which means he can originate mortgages in addition to coaching brokers as a broker-in-charge. To celebrate, he kicked off a week of lending tips designed to help agents better serve their buyers, starting…
Stick built, modular, manufactured. They get tossed around like they mean the same thing, and Stephen Long says the confusion is still alive and well in the industry. For brokers, the distinction is not just trivia. It affects how you describe the property and, in the case of manufactured homes, whether you are even selling…
Real estate scams are not slowing down, and vacant land scams in particular are still on the rise in North Carolina. Stephen Long notes that the North Carolina Real Estate Commission continues to see an alarming number of complaints about brokers who listed property for someone who was not actually the owner. The fix starts…
Buyer agent compensation has been the hot topic in real estate, and North Carolina brokers have been looking for a clean way to put it on the table. Stephen Long points out that a recent North Carolina law change allows compensation to be attached to an offer to purchase. The catch? The NC REALTORS standard…
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…
It is a smart instinct. A broker wants a clean place to keep business income separate and track every expense, so they ask: can I just have my commissions paid to my LLC? Stephen Long says yes, there is a way to do it. But there is one rule that does not bend: in North…
