<h3>Change is Good!!</h3>

So my little boy was looking for a movie to watch yesterday, and he happened to pull out my Atari Flashback. Yes, I said Atari! Although not the original, this is a system that has all the original Atari games in one console. Centipede, Asteroids, Food Fight and all the other favorites! I purchased it about three years ago on a whim when I went to Best Buy to get my Sirius Radio installed in my car. (See, I am current with technology!) There was a huge display of them at the front of the store, and they were on sale for only $14.99. So I thought it would be fun to go back in time and have some fun.

I know you are thinking, Lisa, what does this have to do with real estate. Actually, there are a ton of similarities between technology, ( or in this case, old video games) and real estate.

For example, where would we be today if video games remained the same. We would still be playing the same old Space Invades, BONG, Asteroids, etc... The same with real estate. In order to survive, it has to move forward and change.

One big change this year was to the current Offer to Purchase and Contract. In years past, a buyer who was under contract had a certain time to get his/her loan approved. However, the date was specified as "Time is of the Essence." So as long as the seller was willing to wait, the buyer could drag out the contract, trying to get loan approval. With the new contract, the buyer has so many days to get full loan approval. If he or she does not, then the seller has the right to void the contract, and keep the earnest money. Now granted, it is not as simple as it seems, but it is easier to move contracts along now, and make sure the seller's property is not tied up for log periods of time buy buyers who are not qualified.

One great change for buyers is on the Additional Provisions Addendum. Now there is a section where the buyer can list things that they want repaired to the home, and this is considered pre-negotiating the repairs. So if the buyer requests that the all items found on the summary page of the inspection be repaired, and the seller signs agreeing to it, repair negotiations are done. This makes it easier for both parties: for the buyer, they know that the repairs are going to be done, and for the seller, they agree in advance to do all the repairs, and they know that the buyer has accepted this agreement, no matter how many repairs are listed on the inspection report. Now this is not a perfect world, and differences on repairs can come up, but this is one of the best changes I have seen in a long time.

One major change this year is pertaining to the commission that agents receive. Now all agents must disclose to buyers the compensation that they are receiving from the sale of the property, including all bonuses and gifts. (Such as gift cards, trips, etc...) For more information on this new change, you can visit the North Carolina Real Estate Commissions Web Site:

http://www.ncrec.state.nc.us/bulletin/bulletin.htm

If you are considering purchasing a home, and would like more information on the current changes to North Carolina Real Estate Rules and Regulations, or if you just have questions in general, please feel free to call me at 919-272-4754, or you can visit my web site at:

http://liveinraleighmidtown.com/