Linda Craft & Team, REALTORS® has produced a video to help explain changes in the new North Carolina Offer to Purchase Contract. Effective January 1st, 2011, every member of the North Carolina Association of REALTORS® must use the new due diligence contract.
“The steps to a real estate closing have dramatically changed this year,” said Linda Craft. “This new contract language changes due diligence allowances for home buyers to allow more time for critical inspections, among other things. Buyers can also put less money into a due diligence period than the previous requirements for earnest money. Home sellers can keep their property on the market and take back-up offers more easily through this time-period too.”
Craft compares the home-buying process to dating, engagement and marriage. “You can date, buy the engagement ring and never get married. If you break-up during the engagement, you lose the cost of the ring. Home sellers are looking for a serious commitment with a happy ending.”
The video link at http://www.lindacraft.com/nccontract includes recommendation on how to prepare for quick action with a mortgage pre-approval for buyers and a pre-inspection for sellers.
Contact: Katherin Burnette