Real Estate Terminology 101: Terms You Should Know When Buying a House

Source: Real Estate Terminology 101: Terms You Should Know When Buying a House

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How Technology is Changing the Face of Real Estate

You can almost say that the advent of computers has completely changed the face of real estate. The first big change was when the Multiple Listing Services (MLS) went from printed books of listings that were published weekly or monthly to websites where new listings can be published as soon as they are entered and changes to data updated immediately.
Then came Trulia, Zilllow and Realtor.com and many other sites who saw the ability to consolidate all the MLS data into what is effectively a nationwide searchable data base. So now, a buyer can sit in front of a computer screen anywhere in the county (or even the world) and see what is available in a particular market and a seller can see what their competition is.
That is the front end that the consumer sees, but what about the back end, the trenches the REALTORS are working in? One significant technology change has been to the paperwork needed for a listing or a purchase. A listing or an offer to purchase typically requires multiple forms. Once these were simple NCR forms filled out by hand. Now, in addition to the listing agreement or offer to purchase there are various addenda, disclosures, and other forms all dictated by each state’s real estate laws. Having these forms available online, so that the agent and client can just fill in the blanks and save them in a transaction folder, both simplifies the process and keeps the records straight. The advent of electronic signature systems further facilitates collaboration as the parties do not need to meet face-to-face to execute documents, or suffer delays with the postal or courier services.
But all this paperwork, by law, must be retained for several years. Typically this has meant lots of file cabinets and annual shredding parties once the retention period has passed. The advent of cloud storage has resulted in software that can securely retain documents and facilitate and manage the transaction process. Other documents, such as deed records, covenants, survey plats and tax cards are increasingly becoming available on line from county records offices.
What does this mean for real estate companies and their agents? For the agents, they can work anywhere there is high speed computer access, whether wi-fi or hotspot. Don’t need an office, can work from home, local coffee shop or even from the car. Companies can re-imagine their space. No need for file storage space, agents can potentially “hot desk”, sharing space rather than having individual offices, and conference rooms become more important as meeting spaces.
It seems ironic that the companies that exist to facilitate real estate transactions between sellers and buyers are themselves becoming less dependent on bricks and mortar! The day of the virtual office is fast approaching for the real estate industry.

Looking for a buyer’s agent who can work virtually anywhere in Pamlico, Craven and adjoining counties in North Carolina? Fill out the contact form, and Brian Dodds will get back to you.

 

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RISING FROM THE ASHES

ffh_logoLike the Phoenix of legend, Fairfield Harbour is rising once more. Formerly mired in litigation with the owners of the amenities (two golf courses and two small marinas) the Property Owner’s Association succeeded in buying these amenities at the end of 2016. This put an end to several years of uncertainty over both the future of the amenities and the future of the community.

This community of some 1,500 multi-generational families rallied around the cause when banks would not make a loan and succeeded in raising enough investment from the owners to cover the purchase and gifts to cover the legal fees.

If you are interested in numbers, the acquisition was for 385 acres at a cost of $2.75 million and a further $150,000 in legal and closing costs. 25 active clubs, three marinas and a Billy Casper managed golf course testify to the activity level of the residents in this community.

This puts the destiny of Fairfield Harbour squarely in the hands of the Property Owner’s Association, and by extension the owners. There is no longer an external entity controlling the amenities.

If you want to just find out more about the community go to fairfieldharbournc.com. If you are ready to see some homes and move to here, contact me.

Brian Dodds, ABR  brian_small

252 876 3142

thejbdteam@gmail.com

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IS THIS MAGIC?

spray_walk_awayWe recently had the metal roof on our home painted. The paint crew looked at the green lichen growing on our foundation bricks. When I commented that it was time to get a pressure washer in, they said, “No. Go get some Spray and Walk Away.”

After some more questions (Where can we get this? Sherwin Williams) we decided to give it a go.

Basically, it is a solution you dilute 1:5 in a regular garden sprayer, wet down the growth and walk away! Works on mold, lichen, algae, etc and can be used on roofs, painted surfaces, bricks, vinyl siding, decks.

This is one home maintenance product that lives up to expectations. The green algae on the deck and painted rails was gone in a mater of days. The moss/lichen on the brickwork two weeks later is just a grey haze.

For cleaning home exteriors without the hazards of pressure washing, Spray and Walk Away gets the job done!

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FOR BUYERS: SO YOU’VE DECIDED TO BUY A HOME

One thing is for certain- you’re ready to buy a house. But there are so many other things that you need to know as well! How do you ensure that you have all of the information that you need? As an Accredited Buyer’s Representative (ABR®), I understand that this is an exciting and overwhelming time in your life, and I am here to make sure that you get your perfect home at the end of this process. Please let me know if you have any questions!

Everything I Wish I Knew Before Buying a House by Kelly Burch. ©2016 Time Inc. All rights reserved.

brian_smallBrian Dodds, ABR
252 876 3142
thejbdteam@gmail.com

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CarolinaEast Medical Center ranked fifth best in State.

carolina_eastIn the Business North Carolina March issue the feature “The State’s Top Hospitals” has CarolinaEast listed in four categories. The Business North Carolina “Top 25 Best Hospitals” saw CarolinaEast tie for fifth place based on criteria from several respected rating agencies including Centers for Medicare and Medicaid Services, Blue Cross and Blue Shield, U.S. News and World Report and The Leafrog Group. Blue Cross and Blue Shield ranked CarolinaEast Medical Center a Cutting-Edge Hospital for Cardiac Care and U.S. News and World Report named CarolinaEast a Top Performing Tar Heel Hospitals regionally for Chronic Obstructive Pulmonary Disease (COPD) and Heart Bypass Surgery.

In their statement Ray Leggett, President and CEO of CarolinaEast said “I am extremely proud of the CarolinaEast professionals that are responsible for this prestigious recognition,” said . “It is indicative that we are meeting our goals to do what is right, every encounter, every opportunity, every day…no exceptions.”

If you are contemplating a move to the New Bern or surrounding areas and health care is high on your list of priorities, here is a summary of available services from an earlier blog.

As an Accredited Buyer’s Representative Brian Dodds specializes in meeting your home buying needs. Give me a call at 252 876 3142, or email to thejbdteam@gmail.com.

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VISITORS TO ORIENTAL’S TOWN DOCK

20160115_090612Town Dock is a free berth in Oriental Harbor used by both locals and transients. Boats can tie up for 48 hours and usually you see a mix of both sailboats and power boats. This morning was an unusual visitor – a steel three masted schooner. Unfortunately her name was on the stern, which extended beyond the dock, as did the bowsprit in the other direction. What drew me to her was the use of cheek blocks to tension the shrouds and beautiful belaying pins to secure the lines. Both of these are from a time before turnbuckles and cleats. What a joy to see these old systems still in use.

 

Cheek blocks to tension rigging

Cheek blocks to tension rigging

Belaying pins behind the cheek blocks

 

 

 

 

 

For more information on Oriental and surrounding areas, contact Brian at 252 876 3142 or thejbdteam@gmail.com

Brian Dodds Broker/REALTOR
Coldwell Banker Willis Smith
Oriental, NC 28571

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