Great advice from today’s Charlotte Observer:
BE CHOOSY ABOUT YOUR AGENT
Interview several agents to find out who will serve you best, says Charlotte buyer’s agent Julie Tuggle. A buyer’s agent is contractually obligated to represent your interests, not the seller’s. A dual agent also can represent your interests, but if you choose a house listed by that agency, your agent also might be beholden to the seller’s interests. Ask what the agent’s policy is for those in-house listings.
HOW IS YOUR AGENT PAID?
Sellers typically pay a total commission of up to 6 percent, which is usually split between the buyer’s agency and the seller’s agency. Some home sellers also offer bonuses on particular homes. If your agency is receiving a bonus, you are paying more for a house. Ask your agent about these bonuses. When would the agent notify you that a bonus is available? Will it be shared with you?
GET IT IN WRITING
Before you start looking at homes with an agent, establish your relationship in writing, says Charlotte buyer’s agent Kristen Haynes. If your agent makes specific promises about commissions or bonus payments from sellers, make sure they are included in your agreement.
FIND OUT HOW MUCH YOU CAN AFFORD
Get preapproved for a mortgage from three independent sources, and stick to that price limit. A good agent can explain the latest mortgage financing programs, but buyers also should get a “Good Faith Estimate” from each lender they’re considering. That estimate includes mortgage rates, closing costs, property taxes, insurance and other fees.
DO YOUR OWN WORK
Don’t rely solely on your agent to present you with available homes. Drive through neighborhoods you like and scout real estate ads and online listings. Then go to your agent with houses you want to see. Don’t allow your agent to talk you into spending more than you’re comfortable with.
GET IT IN WRITING — PART 2
Before closing, get a copy of the HUD settlement statement, says Haynes. This document, which is often available the day before or the morning of closing, details all costs being paid by the buyer and seller. The agent’s compensation is listed at the top of the second page. Make sure your agent is getting paid the amount you discussed, and that there are no unexpected charges for you. — Peter St. Onge
Filed under Buy Your Dream House, Carolina Real Estate, Hiring An Agent, Mortgage Rates, Sell Your Home by 
This article brings to light the importance of carefully scrutinizing the person you choose to represent you.
The entire article is definitely worth the read.
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Filed under Carolina Real Estate by
As if we needed anymore evidence of the financial difficulties facing home owners these days. Again, this is just more evidence of the need to carefully select an agent that can look out for your best interest.
This includes working closely with a mortgage broker that’s not going to force you into a financial noose!
Political Rhetoric Heats UpOn Mortgage, Housing Issues
By DAMIAN PALETTA and HENRY J. PULIZZI
October 3, 2007 2:52 p.m.WASHINGTON — Top Democrats in Congress traded barbs with the White House Wednesday, with both sides accusing the other of failing to do more to prevent major mortgage market problems and rising foreclosure levels across the country.
Speaker of the House Nancy Pelosi (D., Calif.) and Senate Majority Leader Harry Reid (D., Nev.) held a joint press conference calling on the Bush administration to appoint a senior adviser charged with limiting the record number of homeowners entering the foreclosure process.
“This is a national crisis,” Mr. Reid said, standing before a large sign that said “Protecting the American Dream.”
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As if the rocky financial and home markets aren’t enough, now we have to deal with the loss of Jake Delhomme for the season.
Wow, what a blow.
Let’s just hope the Panther’s offseason acquisition of David Carr can pay dividends now. It certainly hasn’t looked all the promising the last 2 games, but now that Delhomme’s officially on the shelf for the season, maybe Carr can quit looking over his shoulder and just play like the 1st pick of the draft he’s supposed to be.
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In spite all the doom and gloom about the current downturn in the housing market, Veros Real Estate Solutions, an industry leader in predictive technology for the real estate industry has predicted that 2 Carolina markets will continue to see an appreciation in real estate values. So, in spite of what many of the ‘Chicken Little’ naysayers might want you to believe, real estate is still very strong in the Carolinas.
Here’s a bit of the Veros’ report:
 Veros Forecasts Nation’s 10 Strongest and Weakest Markets
—Proven Forecasting Technology Indicates Some Markets Still Have Strong Home Price Appreciation—
94th Annual Mortgage Bankers Association Convention and Expo
BOSTON–(BUSINESS WIRE)–Santa Ana, Calif.-based Veros Real Estate Solutions, the industry leader in predictive technology, announced from the 94th Annual Mortgage Bankers Association Convention and Expo the release of its latest quarterly forecast results for Q3 2007 through Q2 2008, revealing the strongest and weakest markets for the next 12 months. Since its initial release in October of 2003, VeroFORECAST continues to be the most accurate forecasting model in the residential real estate market. Based on the company’s proprietary forecasting modeling the results clearly indicate that, although there are areas of significant concern, not all markets are experiencing drastic reductions in real estate values.
According to Veros, the markets that will experience the strongest growth and, in contrast, the most rapid depreciation in home values for Q3 2007 through Q2 2008 are:
Top 5 Strongest Markets Raleigh-Cary, NC (7%) Austin-Round Rock, TX (6%) Charlotte-Gastonia-Concord, NC-SC (6%) Salt Lake City, UT (6%) Albuquerque, NM (5%)
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