7 things you need to know about real estate and mortgage

7 things you need to know about buying real estate

  1.  Working with a Realtor

It is customary for the seller to pay for all realtor fees.  If for some reason you decide to purchase a home that is for sale by owner, you’ll pay your buyers agent.

When you buy a home, you should always be represented by your own realtor who is your buyer’s agent. Especially if you are buying new construction or FSBO (for sale by owner)

If you are selling your home, your realtor is there to protect your interest in the transaction, A dual agent is a realtor that represents both buyer and seller.

2.  Values of homes are based on data not desire

If you are financing a home, an appraisal is required by your lender.  The contract is negotiated prior to an appraisal value.  If the home does not appraise, you have 4 options as a buyer

Ask the seller to sell for appraise value—they are not required to do so.

Agree to pay ½ of the shortage with the seller

Pay all the shortage of appraisal value

Find another home

Most cash deals do not require appraisals, which is another reason they close faster.

3. Supply and Demand

There are very few homes for sale in relations to available buyers.  Demand is HIGH!  When you shop, be ready to offer immediately, or you will miss out.

Currently we are in seller’s market.  This means that homes are selling at or above what sellers are requesting them to sell for.  Most sellers are not offering closing cost to buyers.  Be prepared to pay your down payments and closing cost.

4. Repairs and Renovations

When you purchase a home, you are buying it the way it presently is.  We call it an “as is” sale.

You get an opportunity to negotiate any repairs needed with the seller based on the home inspection.

Due to the current demand of the market, many sellers are not making repairs to their home.

You may have to prepare to get a renovation loan for repairs that are needed for the home.

Renovation Loans are ideal because you can purchase in a fantastic location for excellent value, and make the improvements to your desire/requirements.

5. Due Diligence

It is the buyer’s responsibility to find out any concerns with the property before closing on the home.

This is why you order inspections.  A buyer must pay for all inspections done to the property in advance of closing.

It is best to get a home inspection so that you confident in the condition of the home, and or you can make any repairs needed.

The NC contract gives you a period of time to complete your “due diligence”.

When you go under contract you are required to give contract deposits.  The due diligence fee is money you pay to the seller for going under contract with you.  It is nonrefundable.

The Earnest Monday deposit is held in escrow with the realty firm or real estate attorney, and can be refunded upon termination of contract, (if all terms are met)

When you go under contract for a house, you need to be vested in the transaction WIN or LOOSE.

The same is true for new construction

6. Possibility vs. Probability

When you are buying a home, it’s exciting!  You are telling your friends and family.  You are comparing details to prepare yourself.

All things in real estate are negotiable.  However, just because you want it to be a certain way, does not mean that the it will be that way.

You may have to choose a highest desire/priority, and improve a property later to meet you other standards.  Sellers are not required to sell to you, and don’t have to negotiate.   Keep an open mind and listen to the advisement of your professional real estate agent

 7. Experience Matters

 Any realtor can sell your house, or help you buy one.  However, all realtors are not created equal.

The difference is experience.  Some realtors have seen enough transactions, they know how and when to respond to many difference circumstances.

When working with a realtor, you need the person that knows the business, and the market.  Most importantly that is there to protect your interest of time and money.  Work with a referred realtor with experience.

We are a  veteran owned business that  employees over 20 agents.  We specialize in listing foreclosed properties, and creating home ownership.  We have over 40 years of experience with selling real estate, and would love to be your realtor.  For more information please contact us at 888-362-1706;  Morton Malloy Realty.

Bidding Wars and Selling Frenzy


Bidding Wars

How do you avoid a bidding war in a seller’s market? You don’t avoid It. You can control your time and effort by giving the asking price or a slightly higher amount.

Some tips for placing highest and best offer

  • Know your limitations. Pre-determine a max offer price and what that payment with out of pocket expenses will be.
  • Offer odd increments. (ex.$345670) Sellers want the most money in their pocket—even by a few dollars
  • Lead with your highest and best offer. If you’ll be told no, then you’ll get that answer sooner, vs. later.
  • Check the value. Work with a SMART realtor who is advising you with factual market data. It is foolish to over bid on a property where it will NOT appraise for that amount If you don’t intend to pay the difference.

Selling  FRENZY

What makes one house sell faster than the one next door? We call these slight differences, “curb appeal”.

There are few things you can do this year to increase the demand for your home.


For more information in buying or selling your next property with an advantage, please contact us at

Morton Malloy Realtors





Get a Realtor

Is it possible for you to purchase or sell your home without a real estate agent? Possibly. However, what will that cost you? As a buyer, the seller pays for your agent. Regardless of buying or selling, a realtor’s greatest value is saving you time, money, and stress.

A great real estate agent knows your local market. They have networks of people who solve problems every day. They know how to recognize a trend, a steal, and a treasure. They can also identify when things are smoke and mirrors, and when to walk away.

So many would be buyers are relying on marketing. Marketing only shows part of a whole story. Most marketing sites show homes available for sale have out dated information. This can be confusing to a potential buyer. It creates a false sense of “supply”

Another reason not to rely upon online marketing tools solely is that you may not be getting the information directly from the source. In the case of foreclosed homes. Those properties belong to an entity. Most entities have an “official site” or an exclusive listing agent that Is designated to promote the home for sale. Marketing sites often become a middle man, and sometimes can mislead potential buyers without having 100% of the information of status updates.

If you are looking to purchase a home, do yourself a favor. Work with a reliable real estate agent. You will thank yourself later. Realtors save you time and money. They also save you the stress of having to deal with negotiating with 3rd parties directly.

For more information on how to get a great deal on your next home sale or purchase, contact us at 888-362-1706.