Real Estate Closing Costs

Just about every new home or mortagage commercial promises "we pay your closing costs." But what does that mean exactly?

First, you need to know that the "closing" is the final step in a home buying transaction. At closing, the buyer pays the purchase price to the seller (usually with proceeds from a loan) and the seller gives the buyer a deed transfering title to the property to the buyer.

Along with the money to buy the home, the buyer has usually acrued some other charges that need to be paid. At closing, the buyer's lawyer collects the monies for these debts and makes sure everything and everybody has been paid.

Some of these debts can be: appraisal fees, inspection fees, banking fees, mortgage payoffs (for the seller), recording fees, and of course the lawyers fees. Trust me when I say, the list above is by no means complete. But if you want to learn more I strongly suggest attending my free home-buying class, Wednesday March 16 from 6-8pm. Give me a call and I'll sign you up. (919) 423-1072

122 S. Peak Dr

A promising new listing in Carrboro today. 122 S. Peak Dr. is a end unit townhome. I will not be able to go inside of the home until tomorrow. (Saturday)

Here are the facts:
List Price: $149,900
Sq/ft: 1600 sq/ft ($93 sq/ft)
Rooms: 4bed/2.5 bath
Description: Bike to campus from this spacious tri-level. Office/study on main level could be 5th BR. LR w/ FP. New stove. Large deck. Very sunny & bright. Skylight in stairwell on main level. Carpet thru-out. Utility room w/ room for full-sized washer and dryer. Lots of storage. Basement study w/ separate entrance.

(the above is the listing agent's description. Remember I haven't seen it yet!)

If the view from the home isn't bad, it makes for a good investment (if you can get it at the right price)

You snooze, you lose...

Once again, another one day listing in Carrboro. 502 W. Poplar #C-1. It is a 954 sq/ft one-level townhome, 2bed/1bath for $117,500. It is too late to wax poetic about it because it is already under contract.

107 Jones Ferry Rd 

251 Sweet Bay Place (inside) 

502 W. Poplar 

304 Manor Ridge Dr. 

251 Sweet Bay Place

New Condo on the market today-251 Sweet Bay Place. $250,000, 1578 sq/ft, 3bed/2.5bath, full unfinished basement, built in 1997.

You can't beat this location in Roberson Place. Not many of these have been available through the MLS (none since 4/03). That similar unit sold for $225,000. So how does this compare to what else is on the market?

If you are talking square footage, you can get a new Twin Magnolias condo in the $230,000's range, or a new Mulberry St. Condo for the upper $260,000's.

In the same price range you have the condos I listed above, or your choice of the detached home, 105 Calumet Ct ($234,000/1523 sq/ft/3bed/2bath, built 1977).

107 Jones Ferry

Looking for a home with a little history? 107 Jones Ferry might be what you are looking for. Built in 1911, this 2500+ sq/ft, 5bed/3bath home is waiting for someone to come in with some money and fix it up into the bungalow that dreams are made of.

Of course, I do have to mention that this isn't an ordinary detached house. It is in fact part of the townhome subdivision that is behind it, Twin Magnolias. Also, I wasn't kidding when I said someone would need to invest some money. It has obviously been used as rental property for a good amount of years. So even though the plumbing and electrical has been updated, it needs a lot of work to make it a home.

And this can all be yours for the price of $329,000...

304 Manor Ridge Dr.

In honor of yesterday's blog, I wanted to talk a bit about the other home available in the BerryHill subdivision.

304 Manor Ridge Dr. is listed at $398,000. 2700 sq/ft, 4beds/3 baths, built in 2000. How does this compare at what else is out there?

Well in Carrboro, the next closest in price homes available for sale are 210 Weathervane ($349,900/3beds/3bath/1700 square ft) and 509 Rockgarden Dr. ($559,900/4bed/2.5baths/3022 sq/ft-this is a spec house, so it is not built yet).

The market is tight right now, it looks like this spring is going to be really busy.

802 Manor Ridge

Once upon a time, in a land called Carrboro, there was a home that went by the address of 802 Manor Ridge Dr. It was 2326 sq/ft, with 4beds/2.5baths, in the BerryHill subdivision, listed at $334,000....

Of course, in the world of the 'Carrboro Real Estate Market' homes like this don't last long. After 16 days on the market, three different people put offers on this home. (In fact, I helped one of those people)...

I'll keep you updated on the results...but it just goes to show you, you can NEVER sleep on this real estate market...