Real Estate in North Carolina

In North Carolina the agent and the firm that lists a property represent the seller. All other agents and their firms also represent the seller except when an agent signs a written agreement that commits him/her to represent a particular buyer. That agent is said to be that buyer's buyer agent.

Most real estate firms in North Carolina also practice dual agency, which allows property to be listed and sold within the same firm under the supervision of one principal broker. Should dual agency occur, the agents involved are obligated to reveal any information that is material to the transaction, but will not discuss personal matters that could work to the disadvantage of either client.

 

Your Credit Score

Before you begin to look at property it is smart to know your credit score. Do you know your credit scores? It's no big deal if you are independently wealthy or if you never intend to borrow money again. But for those who might be purchasing a new home in the near future, here is information that could ensure you the least hassle and the best rate and terms.

When you go to a mortgage lender the person across the desk will retrieve two or three of your credit scores from a credit bureau that processes your credit history from three national credit repositories …TRW, Trans Union and Equifax. It all appears on the credit report.

Even though all three repositories use the same credit risk assessment model developed by the Fair Isaac Company, the scores will vary because the information each receives from creditors is rarely identical. Each of your scores will be somewhere between 350 and 900 points, and like the SAT, higher is better!

The score indicates the risk of your account defaulting. Scores below 600 yield approximately 8 good loans for every bad one. A score between 700 and 730 predicts 130 good loans for each bad one. Scores above 800 yield 1,292 good loans for one bad one.

Along with the numerical score, you will be given four of the most influential of the 33 variables that affected your score. These "reasons" will give you clues as to how you can improve your credit score.

As a rule, the scoring goes back at least 2-years of payment on installment and revolving accounts and even farther back for bankruptcies, collections and judgements.

If you want to raise your scores here are some things you can do:

· Pay all of your accounts on time
· Close all but two or three revolving accounts
· Close all accounts that have ever been late
· Lower credit limits to just what you need
· Pay down cards to below 50% of the high credit limit
· Pay all of your accounts within 30 days
· Resolve all disputed debts when they occur
· Write a dispute letter to all three repositories about any erroneous account

Getting Pre-Qualified

Before you actually go to see properties with a buyer agent, you should meet with a mortgage lender to get pre-qualified. It keeps you from wasting time looking at properties that you cannot afford. It also speeds up the loan approval process once you've found the right property. Possessing a pre-qualification letter is a powerful negotiating tool to submit with your offer to purchase. Go to finances to see a list of mortgage lenders in the area. We have included links to the web-sites of mortgage lenders that have given exceptional service to our clients.

If you have any further questions at all, feel free to contact me.

Bob Jamieson, Broker
CRS, ABR, GRI

Intracoastal Realty Corporation
1900 Eastwood Road at Lumina Station
Wilmington, North Carolina 28403

Toll Free 877.505.5272
Business 910.232.1893
Fax 910.397.2825

email bob@bobjamieson.com
web www.bobjamieson.com