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http://www.thecharlottepost.com Cliarlotte $os!t THURSDAY, FEBRUARY 9, 2006 3D REAL ESTATE Use a pro to protect interests Most people would not go to court without legal represen tation. So why would anyone purchase a home without the guidance of a realtor. There are over 5000 real estate agents in the Char- lotte-Mecklenbui^ area. Find ing a good buyer’s agent shouldn’t be very difficult. Having the benefit of a profes- sional real estate agent will only bol ster the buy ing process. North Car olina ‘ and South Caroli- Roland ^ -. sidered buy- Hawkins states. Under these state laws, every poten tial homebuyer is entitled to professional representation when buying property This representation is not limited to the purchasing of resale homes. Whether you buy a new or resale home you have the right to a licensed real estate agent to represent you. Most Carolinas listing agreements and contracts provide for the compensation for the buyer’s agent. This is known as procurement for the sale. Although commissions are built into the real estate contracts, some agents may also request an advance retainer in order to commit his or her services. This retainer can be of any mone tary amount, which is solely at the discretion of the agent. All retainers must also be agreed upon in advance between the agent and the potential home purchaser. Therefore, a buya* has a ri^t to agree or disagree to paying a retainer in addition to the built-in commission the agent is scheduled to receive. Many potential home buy ers drive around without the guidance of a real estate pro fessional jotting down addresses of homes they believe are available for sale. This sometimes-firustrating process can be avoided by obtaining current information fix)m a “multiple listing” ser vice agent. Most first-time buyers believe that they can save money if they do not have to pay a realtor’s com mission. This is a misconcep tion since the listing agree ment allows payment to a buyer’s agent in the listing contract and the sale procure ment agreement. It is called a dual agency relationship when a buyer purchases real estate fix)m the same firm or agent. In this transaction the listing agent’s firm gets colnjjensated for representing both the buyer and seller at the same time. No money is saved by not hav ing a realtor to help you Tb the contrary, you have a good chance at obtaining a better deal by having a real estate professional working on your behalf Some firms offer a dual agency option known as designated agraicy Under this option a buyer can select another agent fiom the same firm to exclusively represent the buyer’s interest. Understanding your ri^ts is essential when buying a home. The average Am«ican will not have time to go to school to learn all the intricate details of purchasing real estate. Tliat is why it may be in the be^.^interest of all potential hcowwners to hire a buyer’s agent tb guide them though all the perpfedties of a real estate deal. It>^ the stall agent’s fiduciary duties talook Please see PRO’SMD ^ PHOTO/ARA CONTENT From wine to Wedgewood, insure your collectibles . .ARTICLE RESOURCE ASSOCIAVON From fine art and vintage wine to Faberge eggs and shrunken heads, the variety of what people choose to collect can be vast, impressive or even amazingly eccentric. More amazing still is how much these collections are actually worth. However, even the most experienced collectors might not know the ins and outs of assess ing the value of their most dier- ished valuables and protecting their treasures accordin^y TVeating any collectible, whether it’s art, wine or even baseball cards, as an investment is crucial. Numerous unforeseen hazards and uncontrollable fac tors can ruin your collection, caus ing significant financial loss and often sentimental loss. “Properly protecting collections you are passionate about includes planning ways to prevent loss and properly insuring your items if a loss does occur,” suggests Bob Courtemandie, president of per sonal insurance. Fireman’s Fund Insurance Co. “If they are already insured, be sure to imder- stand their most recent appraisal value and the terms of your policy regarding exactly what is and is not insured. TTie right protection can help prevent mcgor emotional and/or financial distress if cata strophe strikes.” Following are three common misperceptions about insurance Please see FROM/4D Make your house a hot property .ARIICLE RESOL RCEASS(X'IAVO.\’ When selling yoior home, you want the experience to be short and sweet. That is, you don’t want to suffer throu^ months and months of fimt- less showings; and once you find a buyer, you want the ti'ansaction to go smoothly fix)iu start to finish. A big pait of ensuring that your house sells quickly, for a fair price and without any hitches is to liire the right realtor You want someone who is experienced, who works regularly with houses in your price i*ange and who is well i^pected by colleagues and dients. You want someone like Chaz Wal ters, He and his company. Hot Proper ty are well-known for success, action and willingness to go the exti'a mile for clients and service, Walters’ bou tique-style residential real estate office is a step ahead of the industiy The company provides the latest in teclmology to each agent and mai’ket- ing fix)m cutting edge billboards to public relations to advertising cam paigns. Walters is one of Chicago’s leading residential real estate sales agerits with average aimual sales of $50 mil lion. He has established a reputation in the real estate market for action and excellence nationally as well as locally Following a close to 15-year career at ano^er mqjoi* real estate fi'anchise, Chaz decided to open an office that fosters a p)eople-driven phi losophy and facilitates a ailture of working closely with clients to buy and sell real estate and surpass client’s expectations. “Because your home is the single most valuable - and valued - posses sion, entrust the sale of your home or find your future home with a real estate agent who is working hard for you,” says Walters. Hot Property is bringing together the best of both worlds — the knowledge of estab lished real estate leaders and brands with the edginess, drive and passion of entrepreneurship. All the marketing and word of mouth has made Hot Property a recognized brand in the Chicago real estate market. The com pany fields calls fix>m as far away as London. The branding has paid oflf in anoth er, unexpected way, as well. In Octo ber, ABC launched a show called “Hot Properties,” a sitcom about four women who run a Manhattan real estate office. Walters is currently in licensing negotiations with Warner Brothers Tblevision ^WBTV). “We have spent 10 years successful- Please see MAKE/4D When debt mounts, take action to prevent home foreclosure PHOTO/ARA CONTENT ARTICLE RESOURCE ASSOCIAVOS If you have experienced foreclosure, you’re not alone, \\ithin the last five years alone, more than 2.9 million households in the United States have expe rienced foreclosure. Unfortunately, accord ing to a national poll recently funded by the Homeownership Preser vation Foimdation www.hpfonline.org), 53 percent of American homeowners would not contact their mortgage company for help if faced with delinquent pay ments. Fortunately, many fore closures could be prevent ed if a homeowner would call their mortgage com pany or the Fovmdation’s toll-fi*ee, confidential hot line - (888) 995-HOPE - as soon as they recognized that they may have a problem paying their mortgage. The longer a homeowner waits to call for help, the fewer options they have to save their home. Homeowners who call (888) 995-HOPE receive fiee, confidential advice firom HUD-certified coun seling agencies. The counselors work with homeowners to develop an action plan that addresses the homeown er’s financial difficulties. In addition, the coim- selors attempt to connect homeownere with their mortgage company to develop a plan that pre vents a home fixan mov ing into foreclosure. According to Walt Fricke, president and Please see WHEN/4D PHOTO/CORBIS Confused by all the mortgage options? ARTICIT RESOURCE ASS0CIA770\ Fixed rate. Adjustable rate. Interest Only Flex. All of the different types of home loans that are available these days can puzzle many homebuyers. But, say mortgage experts, virtually every home loan is one of two types: a fixed rate loan or an adjustable rate loan. Before you start looking for a home, make sure you understand the pros and cons of each type of loan. Here are the basics you need to know. Fixed rate loaas With most fixed rate mort gages, your monthly principal and interest payment will not change for the term of the loan, regardless of whether interest rates rise ot fall. In exchange for that stability, you may have a higher interest rate than you would with an adjustable rate loan. Fixed rate loans are avail able with dififerent length terms and usually, the longer the term, the lower your monthly principal and interest payment will be. Please see CONFUSED/4D
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