BACKGROUND

It’s exciting to know that you can use your IRA money to not only purchase stocks, bonds, and mutual funds, but you can now purchase real estate investments and other investment vehicles.  Investments within an IRA are capable of compounding on a tax-deferred or tax-free basis that allows your earnings to accumulate at a much greater rate than similar investments made outside of an IRA.   You will need a custodian to perform your investment transactions. Not all self-directed IRA custodians are the same and you need to research who is the best custodian for you considering reputation, fees, experience, results, knowledge, client service, and protection of your assets.

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In some markets home prices are stabilizing and even declining rapidly in combination with adjustable mortgage rates increasing. Many homeowners and banks are considering a short sale as a solution to what seems to be unsolvable financial problems—Is a short sale a good solution?

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BACKGROUND
The number of foreclosures is dramatically increasing in North Carolina and along with it is an increase in the use of the concept of a “short sale” as a remedy.  If the sale of property is contingent upon approval from a lender for a “short sale”, the listing agent should notify all agents of this important condition.  Most agents will indicate “subject to a short sale” in the MLS remarks section.   Currently, the National Association of REALTORS® is debating on whether a “short sale” is a “material fact” that should always be disclosed to all agents; however, we’ll need to wait to hear the opinions of the National Association of REALTORS® and the North and South Carolina Real Estate Commissions.

The situation of a “short sale” is created when the seller of a property, due to economic hardship, becomes “delinquent or behind on their house payments” and needs to sell their property.  When calculating their selling expenses, the seller learns that their house is not worth the sales price they are expecting; moreover, the seller will need to bring money to the closing.  If the seller does have the money needed to close the transaction, then we do not have a problem.  However, if the seller does not have the money needed to close the transaction, then we say the seller is “upside down”.  Read the rest of this entry »

Spring 2008 is here! I want to make you aware of three items of interest.

1. Certified Septic Tank Inspectors
Many licensees have e-mailed requesting information regarding certified septic tank inspectors since a new regulation became effective January 1, 2008.  Please use the following website link to obtain this information: http://www.deh.enr.state.nc.us/oet/septic_tank_cert/septic_tank_rules.htm

2. Charlotte Region Continues to Receive National Attention
Please read the following article regarding the Charlotte region’s housing market:http://biz.yahoo.com/ap/080325/home_prices.html

3. Take CE Elective Courses On-Line “Anytime”
Please remember that you can take your NC Real Estate Elective Course on-line from your home, office, or model home.  You can register on-line, sign off and on as many times as you need, and complete the course within 30 days.  Our most popular on-line CE elective courses include the following: 1031 Tax Free Exchange, The Truth About Mold, Introduction to Commercial Real Estate, Red Flags Home Inspection Guide and Ethics for Realtors. The Ethics for Realtors on-line course satisfies the NAR ethics requirements for an Ethics class by December 31, 2008 and 4 hours of CE.

All elective courses must be completed before midnight, June 10, 2008.

View Online CE Classes Read the rest of this entry »

I hope everyone is enjoying our beautiful March weather and buyers are realizing that interest rates are under six percent! Since you are busy, I wanted to briefly share with you three hot topics being discussed across North Carolina.

1. Septic Tanks/Wells
2. New Question #21 on the NC Residential Property Disclosure Statement
3. Ethics Course Requirement for Realtors

1. Septic Tanks/Wells

• As of 1/1/08, all septic tank inspections must be completed by certified tank inspectors (of which we now have 200+/- newly certified inspectors in NC).
• As of July 1, 2008 there will be new legislature (Bill #2873) concerning private wells and septic tanks creating new regulations as to the distance of these from adjacent properties. The actual distance will be determined by the local health/building departments.

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Compiled by:
Bill Gallagher, Owner/President
Superior School of Real Estate
Written by:
Joan Riordan, General Counsel
Home Buyers Warranty

Before you purchase a new home, two frequently asked questions are, “Does the builder provide a warranty?” and “What’s the North Carolina law regarding warranties and builders?” To help you answer these two questions and to get a better understanding of NC laws and concepts regarding home warranties, I have included a copy of Joan’s information on warranties below.

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Written By:
Bill Gallagher, Owner/President
Superior School of Real Estate
bgallagher@superiorschoolnc.com

Test your knowledge with these True or False questions.

1. In North Carolina, murder and suicide is a material fact.
   False
2. In North Carolina, sexual offenders are a material fact.
   False

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Written By:
Bill Gallagher, Owner/President
Superior School of Real Estate
bgallagher@superiorschoolnc.com

Read the following article on “Tips In Working With Agents” and “3 Frequently Asked Questions”.

The Charlotte Observer, on Monday, October 1st, 2007, published an article giving buyers six “Tips On Working With An Agent”. I want you to be prepared when buyers might ask you some specific questions generated from this information. Read the rest of this entry »

Written By:
Bill Gallagher, Owner/President
Superior School of Real Estate
bgallagher@superiorschoolnc.com

As I teach across the state of North Carolina, I continue to hear remarks from licensees about the issues regarding the proper handling of earnest money deposits according to NC Law. On the NCAR/NCBA Offer To Purchase and Contract 7/2007, the “Note” in provision 4(a) has increased in size and has been updated.

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Considering a career change? Have you considered obtaining a real estate license?

Written By:
Bill Gallagher, Owner/President
Superior School of Real Estate
bgallagher@ssore.com

Many individuals consider careers changes throughout their life. The thoughts of entering the field of real estate excite many people. Success in real estate depends on many factors; however, the initial step is to obtain a real estate license. The most popular question I receive from “Ask the Expert” on www.charlotte.com and from telephone calls, is “how to get a real estate license?”

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