The Team Elite Fayetteville Real Estate Blog

May 18, 2015

What is Earnest Money and Due Diligence Money?

Understand the process of writing an Offer

 

WHEN YOU’VE FOUND THE HOUSE YOU WANT

As you and your agent decide how much you’d like to offer on a home, you’ll have to weigh some important factors. Here are some things to keep in mind that may affect the amount you want to offer:

 

  • The home’s asking price
  • Recent home sales in the area
  • Market conditions: Has the home sat on the market for a while?
  • How badly do you want the house?
  • The condition of the home 

 

Applied knowledge: Here’s where your Lender Pre-approval flexes its muscle. Sellers know that an offer from a buyer with Pre-approval from a Lender is solid. That’s an advantage over most shoppers who wait to get approved until after they find a home to purchase, since your upfront approval confirms that your financing will not fall through. Sellers also appreciate that buyers like you can close quickly because you’ve already jumpstarted your home loan process! Your real estate professional will prepare the documents that will make your offer official, and will present it to the seller, or to the agent who represents the seller. Usually, the seller will have a few days to make a decision.

 

 Here are a few definitions that will help explain this process:

 

  • Purchase agreement: The purchase agreement is a binding document that indicates the amount of your offer. (Your agent will supply this.) It may also include details like which appliances will stay with the house, and when you’d like to take possession.
  • Earnest money: Earnest money is a deposit to show that you’re committed to buying the home. Typically, the deposit is a small percentage of the asking price that’s comes back as a credit at closing. Your agent will hold the check/deposit (made out to Closing Attorney) until the offer has been accepted.
  • Due Diligence Money will also be collected, this check made out to The Sellers for taking their home off the market. During the Due Diligence Period, you will have a home inspection done, review documents etc...if you back out of a contract during this period, normally a 2 week period, you will lose this money. If you move forward this money will also come back as a credit at closing.
  • Counteroffer: The counteroffer is the seller’s response to your offer – made in part to continue negotiations toward a purchase agreement. 

 

When your agent presents the seller with your offer, sellers can:

  • Agree to your offer 
  • Decline your offer 
  • Make a counteroffer 

 

Sellers can counteroffer with their desired amount – typically within 24 to 48 hours. At this point you can either agree with their terms or make another counteroffer. This process continues until you come to an agreement that satisfies everyone.

 

 

April 27, 2015

Beautiful Pools for backyards!

This Beautiful pool has 2 slides! Awesome addition to any backyard!

April 27, 2015

Builder says to give $7,000 Incentives

Builder says Offer a $7,000 Incentive!

March 21, 2015

Sinclair in Moore County!

MLS 392744 \

Sinclair! Moore County schools, email me for a private showing!! FV193@aol.com

March 21, 2015

Liberty Hill in Kings Grant!

Corinne Smith

Shared publicly  -  10:21 PM

Liberty Hill in Kings Grant!
McKee Homes, The Brooks in a Family Friendly community of the prestigious Kings Grant! Frml Dining, Mud rm, Lg open family rm, breakfast nook and gourmet kitchen w/island! Other room downstairs with full bath, Bonus/Game rms! SS appliances, covered porch! Spacious Living, the McKee Way! 3rd story unfinished gameroom!
http://teamelitenc.com/libertyhill.php

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March 21, 2015

River Glen in Fayetteville NC

McKee Homes offering The Mallard in a family friendly community with a country setting!! An open Flplan with large living room and huge kitchen area. Laminates in foyer and designer kitchen with tiered kitchen cabinets, granite countertops, stainless appliances!Lots of house for the money!! New floorplan with HUGE bonus rm! Covered porch,30 year architectural shingles on the roof, covered porch, 2" blinds and pocket door in laundry room.
http://teamelitenc.com/riverglen.php

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March 21, 2015

Plantation Point in MidSouth Club!!

McKee Homes offering The Riddick in Plantation Pointe in Mid South Club! 5 Bedrm, 2.5 bath w/spacious living! Owner's suite down, Frml Dining and den, Lg Family rm, Open gourmet Kitchen and breakfast area, loft area upstairs, plus Huge gamerm (could be 5th bedroom),covered patio.Tankless water heater!Fenced backyard.It's the lifestyle that brings people to Mid South Club, a lifestyle you deserve!Great Golf courses, located near Ft Bragg! Minutes from shopping & dining in the Village of Pinehurst.
www.TeamEliteNC.com

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Sept. 17, 2014

It's Your Wednesday Fayetteville Neighborhood Update!

by Team Elite.

Hi everyone,
Hope you're having a great week so far! We're back today with another big neighborhood update for you - we've just added 8 more Fayetteville area neighborhoods to the site - each with new property listings added within just the last week! If you're looking to buy a home in the area, you'll want to give these a look. Here they are:

Woodland Village (homes on the west side of Fayetteville):
http://www.teamelitenc.com/woodlandvillage.php

Woodland Hills (homes for sale in Hope Mills):
http://www.teamelitenc.com/woodlandhills.php

Olde Farm (homes in Spring Lake):
http://www.teamelitenc.com/oldefarm.php

Farrington (west side of Fayetteville):
http://www.teamelitenc.com/farrington.php

Kinwood by the River (homes on the east side of Fayetteville, along the Cape Fear River):
http://www.teamelitenc.com/kinwoodbytheriver.php

Arran Lakes (homes along Arran Lake):
http://www.teamelitenc.com/arranlakes.php

Forest View (homes in Raeford):
http://www.teamelitenc.com/forestview.php

Carolina Seasons (golf community homes in Cameron - Ponderosa Golf Club):
http://www.teamelitenc.com/carolinaseasons.php

As always, if you'd like to see any of the properties listed in any of these neighborhoods, give us a call or send us an email. Already own a home here in the Fayetteville/Fort Bragg area and thinking about selling? Contact us today about listing your property - we deliver results!
-Team Elite

Sept. 10, 2014

It's West Side Wednesday! West Fayetteville Neighborhoods!

by Team Elite.

Hi everyone!
Hope you've all been having a great week so far! We've been busy adding a ton more neighborhood pages to the website, all with fresh new property listings in them within the last week. In today's post we're focusing on the neighborhoods we've added that are on the west side of Fayetteville, so if you're looking in that part of town, you'll want to check these out! Here they are:

Asbury (near Seventy First High School):
http://www.teamelitenc.com/asbury.php

Hunters Crossing (near E.E. Miller Elementary School):
http://www.teamelitenc.com/hunterscrossing.php

Scotts Mill South (homes near Lake Rim Elementary School):
http://www.teamelitenc.com/scottsmillsouth.php

Scotts Mill North (near Lake Rim Elementary School):
http://www.teamelitenc.com/scottsmillnorth.php

The Lakes (homes along McFayden Lake):
http://www.teamelitenc.com/thelakes.php

Lake Rim North (near Lake Rim):
http://www.teamelitenc.com/lakerimnorth.php

Holly Chase (off Raeford Rd at Acacia Dr):
http://www.teamelitenc.com/hollychase.php

Westwood (off Cliffdale Rd at Palomar St):
http://www.teamelitenc.com/westwood.php

Remember, you can always see the entire list of Fayetteville subdivisions we've featured so far by clicking here, or here for the list of Fayetteville condominium communities.

Interested in any of the homes listed for sale in any of todays featured neighborhoods? Give us a call or send us an email! Already own a home here in Fayetteville and thinking about selling? Contact Team Elite today about listing your property - we deliver results!
-Team Elite

 

Aug. 28, 2014

New Listings in Raeford NC Neighborhoods!

by Team Elite.

Hi everyone,
Hope you're all having a great week! We're back again today with another neighborhood update for you - today featuring three neighborhoods in Raeford, each with new listings in them. Take a look!

The Oaks at Westgate (Raeford homes with community pool!):
http://www.teamelitenc.com/theoaksatwestgate.php

The Pines at Westgate (Raeford homes with community pool!):
http://www.teamelitenc.com/thepinesatwestgate.php

Twelve Oaks (Sandy Grove Elementary School district):
http://www.teamelitenc.com/twelveoaks.php

Looking to buy a home in Raeford and interested in seeing any of the properties listed in today's featured neighborhoods? Give us a call or send us an email! Already own a home in Raeford and thinking about selling? Contact us today about listing your property - we deliver results!
-Team Elite