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Archive for January, 2011

I will gladly put up with a little noise in order to have such a lovely park within walking distance of my home.

The Herald-Sun – Noise complaints get louder.

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1316 Glendale Avenue
This classic cottage is located just a short distance from Duke’s East Campus and the thriving Downtown Durham dining and entertainment district.
You will love the hardwood flooring, the new windows, the new roof, new heat, new kitchen and yet the classic homey feel of this postwar cottage.
Living space moves outside to a huge rear deck, a fenced patio/courtyard area and a delightful screened porch. Vehicles are kept neatly out of sight beyond the fenced backyard space.
If charm is what you desire, phone or email Team Michael Sullivan today to view this adorable home.
Reach us at 919-608-2372 or MSullivan@fmrealty.com
TeamMichaelSullivan.com

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Finding the right agent.

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The right buyer’s agent; how the heck do you know?
I suppose before you can know, you need to understand exactly what it is a buyer’s agent is supposed to do and how they are supposed to operate.

In North Carolina a real estate agent is required to work for someone. That someone can either be a buyer or a seller or sometimes both. Being a seller’s agent is traditional agency, the agent is working for the seller’s best interest. Being a buyer’s agent is just that, working for the buyer’s best interest. Being a dual agent is working for both parties best interests. Believe it or not with experience this is not tough to do.

So back to buyer agency; most if not all problems associated with a real estate transaction boil down to communication.

1. An agent doesn’t have the experience to know and understand where pitfalls may be within a specific transaction.

2. Through training or lack thereof, the pitfalls have not been communicated to the agent and the agent has not communicated to the buyer the pitfalls.

3. The buyer agent does not adequately communicate to the listing agent what it is the buyer wants or expects.

4. The listing agent doesn’t know about a particular deficiency in the property.

5. Through training or lack thereof, the seller agent has not explored the red flags that would uncover a deficiency.

6. The buyer agent doesn’t show the buyers what they want to see.

7. The buyer agent has not asked the proper questions to determine and vet out exactly what the buyer wants or can afford.

8. The buyer agent doesn’t know the market and cannot adequately inform or show the buyer what is available in the market.

It boils down to communication. As a consumer of real estate take your time, sit down with your potential buyer agent or seller’s agent and talk to them, interview them. One of the most important practices that I typically engage in with my clients is an interview. We sit down and before we look at one home, we talk for a half hour. I ask a million questions so that I can better assist my buyers in making a home buying decision.

There is more but a blog is not the venue to go into all of that. Call me, Michael Sullivan at 919-608-2372 for a free no obligation consultation where we will discuss whether I am the right agent for you. I have 17 years market experience in the Raleigh, Durham, Cary and Chapel Hill real estate market where I have helped thousands of families find their spot to call home. You may text to 919-608-2372 or email me at MSullivan@fmrealty.com. Learn more about Team Michael Sullivan at TeamMichaelSullivan.com

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If you build it they will...hopefully come!


Oh boy, more sub-urban growth for southern Durham County.  My concern isn’t Jordan Lake; even though it is an emergancy water supply for the Bull City.  my worry isn’t the loss of rural charcter is the southern part of Durham.  Um…hello…rural character is gone, gone, gone, faster than you can see Streets at Southpoint Mall, Target or Melting Pot.  (all close to this proposed 751 South Devleopment.)

My worry is…wait for it…wait for it…wait for it…TRAFFIC.  Stagecoach Road between 751 and Farrington Road is a MESS at rush hour.  Fayetteville Road is a MESS at rush hour south of Southpoint, 751 if there is an accident is a MESS at rush hour and now, now we’re going to add som 1300 more homes and businesses. 

Ok, go for it Durham, I know that it is all about revenue.  Let’s just hope the economy recovers and the buyers come.

The Herald-Sun – Council extends growth line for 751 South.

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The ideal property that needs...HELP!

Spotlight on the HUD 203K Loan Program
So, you have your eye on a property that needs work? You have good credit and you qualify for a home loan but, you don’t have the capital required to renovate a home. Think about the HUD/FHA 203K loan.
• You can acquire a home loan to rehabilitate the home of your dreams.
• You close on your mortgage only once.
• You use an account as a draw to renovate your home.
• You must use a licensed general contractor.

Who do you talk to?
• You start with me; I will put you in touch with a terrific lender who will get you started on the pre-approval process.
• Once approved we shop for your home.
• We submit and offer and hopefully push it through to contract.
• We have two levels of inspection; a home inspection to determine condition of the home and then
• An inspection by a licensed general contractor to help us determine the costs of items needing replacement or renovation.

Once all of that is complete we close and you begin fixing up your new home.

Your “draw” can be used for the following:
• Insulation
• Carpeting
• Ventilation
• Heating and Air Conditioning
• Paint
• Vinyl flooring and the list goes on and on.
• Permitting fees
• Up to six month outside living expenses.
• Contingency reserve

Other requirements:
• This will be your primary residence so no flipping is allowed.
• You may not use a 203K on investment properties
• There are caps on how much can be borrowed.
• The program takes LONGER than conventional financing, but not painfully so.

There is more but a blog is not the venue to go into all of that. Call me, Michael Sullivan at 919-608-2372 for a free no obligation consultation where we will discuss whether or not a 203K loan is right for you. I have 17 years market experience in the Raleigh, Durham, Cary and Chapel Hill real estate market where I have helped thousands of families find their spot to call home. You may text to 919-608-2372 or email me at MSullivan@fmrealty.com. Learn more about Team Michael Sullivan at TeamMichaelSullivan.com

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