Down Payment Assistance for HomeTown Heros in the Triangle Area

I work with Parkmont Lending who has a wonderful program that helps my buyer clients with several forms of downpayment assistance.  You could end up saving thousands of dollars just by calling Gene Allen at Fathom Realty.  If you live in the Durham/Raleigh area of North Carolina give me a call so that we can go over the details.  Please don't miss out on this great opportunity to own a home.

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What Is A Google Keep? 

 

BY GENE ALLEN

Real Estate Agent with Fathom Realty

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July 27, 2016 12:17 PM

 

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I know in the olden days of English lore a Keep was a fortified area inside a castle.  Now in this day we have the Google Keep. It is always with me in my travels in Cary and Raleigh as well as Durham.  What exactly is it and how can you use it in your day to day real estate world.

Keep is an organizational and note taking platform.  I think of it as more then just that.  It has reminders, you can take pictures, write notes, you can talk to it, collaborate with it and much more.  Once you get that information in there you can search it.  You can now add labels to Keep which makes searching easier, you can color code your notes.  Your reminders can be time  or location based.  Pretty cool.  Think Alexis is neat because it lets you add something to a shopping list.  Tell Keep to add AA batteries to a shopping list and it will.  Better yet when you are on your computer or Tablet and logged into Chrome just push the speaker button and say the same thing.  There is a label in Keep that is called Shopping and your AA batteries will go there.  Do it on your phone, do it on your computer or your tablet and there it is.  

So I can transcribe texts from photos, use it as a stenographer, set reminders, copy to Google Docs, share and collaborate with others and filter a search.  Google keeps adding to Keep and making it better.  Don't forget if you want to see what reminders you have for the day just go to your browser and type MY REMINDERS and your days reminders are there.  

When Do I Need To Be A BIC?

If my LLC joins a "team", do I need to designate myself as broker-in-charge?

Release Date: 03/08/2016

QUESTION:  I am a broker with XYZ Real Estate. At the suggestion of my accountant, I formed a Limited Liability Company for the purpose of receiving the compensation paid to me by XYZ. Although my LLC is licensed, I have never had anyone else associated with me and have never had to designate myself as broker-in-charge. I am now thinking of forming a "team" with another XYZ agent (John) to work together on transactions. XYZ's broker-in-charge has told me that I should officially associate John with my LLC on the Real Estate Commission's records. Doesn't that mean I would have to designate myself as the broker-in-charge of my firm (and complete the required 12 hour course)?

ANSWER:  The answer is yes. The broker-in-charge rule includes a provision - Rule A.0110(d) - which states that a licensed real estate firm is not required to have a broker-in-charge if it meets four tests. One of those tests is that the firm "has no licensed or unlicensed person associated with it other than its qualifying broker". If John associates with your firm, your firm no longer qualifies for the exemption.

In the Real Estate Commission's 2013-2014 Broker-in-Charge Course Materials relating to "Advertising Issues", the Commission suggests that there is a way for you to avoid the broker-in-charge requirement in the team context: do not have a separate licensed entity involved in your "team". The Course Materials point out that some teams are comprised of brokers who are associated solely with one company but who have agreed to cooperate on transactions in some form, and to have all production reported primarily under one broker's name. The Course Materials note: "So long as the team leader does not create an entity (thus requiring a firm license), she and all members of her team still only have one official affiliation in Commission records and that is with XYZ Realty under (its) broker-in-charge."

If your LLC is not used to receive shared "team" compensation from XYZ, then XYZ's broker-in-charge would bear full responsibility for fulfilling all of the broker-in-charge duties relating to its affiliated agents. 

Buyer fails to deliver earnest money or due diligence fee. Now what?

I sell residential homes in Cary, NC and wonder how would a seller deliver notice to the buyer of his property when he fails to deliver the earnest money or due diligence fee.  Thanks to our local association I now have the answer.  Now if I can get the agents to fill in those blanks on the purchase offer I would be in there.

What kind of notice is necessary when the buyer has failed to deliver the earnest money deposit and the due diligence fee?

Release Date: 04/05/2016

Question: We have a fully executed contract, but the time has passed for the buyers to deliver the earnest money deposit and the due diligence fee. When we send a notice to the buyers to deliver cash or immediately available funds within one banking day, does it have to be in an old-fashioned, real paper, writing; or can the notice be an email or a letter that is created through DocuSign? In other words, what means are necessary to provide the buyers with sufficient notice under the standard form Offer to Purchase and Contract (“OTPC”)?

Answer: Paragraph 1(d) of the OTPC does require notice concerning the earnest money deposit and due diligence fee to be in writing. However, paragraph 21 of the OTPC states that any action under the contract, including notices, can be communicated by “electronic means.” Physical paper is not necessary.

Paragraph 21 also provides that notice may be sent “to any mailing address, e-mail address or fax number set forth in the ‘Notice Information’ section” of the OTPC, and that notice may be given to either the party or the party’s agent. Before sending your notice, be sure to double check the Notice Information section to make sure you are sending notice to the right place. 

Golden Belt Historical District Takes Shape In Durham

What is the Golden Belt Historical District in Durham, NC and why should home sellers and home buyers care?  The local historic designation helps protect the character of Durham's most intact historic mill village.  That is a mouthful to only say that certain types of buildings will be allowed, zoning will be restricted and the use of certain building materials is restricted.  

The boundries are roughly Elizabeth Street to the west, and extends east acrooss Alston Ave to Holman St. The northern boundary runs along the former Golden Belt factories and Taylor St.  The south includes parts of East Main Street and Morning Glory Ave.

The Golden Belt Co. built factories and also houses in the mill village.  Several properties are on the National Historic Register as well.  The designation discourages tear-downs and is aimed at slowing down gentrification.  Residents are worried that once the McMansions start being built the affordability of the entire area is in jeopardy.  Right now most of the homes are modest, affordable and close to downtown and that is a good thing.