Riley REALTOR®

Dear Riley Realtor:
Why should I list my home with a REALTOR when I think I can sell it For Sale By Owner (FSBO)?                                      Paul W. Chapel Hill

Dear Paul,

You might be successful, but many FSBO's invest time and money then hire a REALTOR when prospects dwindle.  REALTOR sales typically generate a higher seller profit as REALTORS have data on actual home sale prices, will give you a broader exposure to the market, and will negotiate on your behalf.

Dear Riley Realtor:
We moved from New York and had a horrible experience with our cesspool.  We don't want another house with a cesspool but all the houses we like are out in the country.  Help.                                 George and Sandy E. Chapel Hill

Dear George and Sandy,

In this part of the country we have septic systems which differ from cesspools.  Many homes are served by individual or sometimes community septic systems.  You can obtain brochures about septic systems from your local county's environmental health department or from your REALTOR.  Your REALTOR will also guide you through the appropriate inspections to ensure the home you purchase has a system in good working order.

Dear Riley Realtor:
My wife and I are trying to decide if we should refinance our current mortgage.  When does it make sense to refinance?        Harry W. Chapel Hill

Dear Harry,

It makes sense to refinance if you reduce your payment and will recover closing costs in one to two years.  If you're not planning on living in the house that long, then don't go to the expense.  If you have credit card debts or a car loan, you might take cash out of your home to pay these off.  Have your home mortgage consultant analyze the practicality of this.   

Dear Riley Realtor:
My friend is buying my house so I plan to sell it myself.  Are there any pitfalls I need to know about.                                   George D. Chapel Hill

Dear George,

When a REALTOR is not involved there are still laws which apply.  For example, in NC all real estate contracts must be in writing (oral contracts are not enforceable) so you need a written contract.  It's best to hire an attorney if a REALTOR is not assisting you.  Also, NC law requires that any seller complete a "Seller Disclosure" form which contains specific questions about your property.

Dear Riley Realtor:
We are in the process of getting a mortgage and wanted to know if an interest only adjustable rate mortgage is appropriate?   Hanna H. Chapel Hill

Dear Hanna,

An interest only ARM (adjustable rate mortgage) can be great if your plan is thought out and you're buying in the right market, for example, a vacation home where you feel appreciation is certain and you want to keep your payment as low as possible.  Otherwise, a standard amortizing mortgage may be best for you.  Speak to a mortgage professional you trust for guidance, or ask your REALTOR for the name of a good lender.

Dear Riley Realtor:
Identify fraud is the new rising crime in the U.S.  What can I do to protect my identity and credit?                              Caroline T. Chapel Hill

Dear Caroline,

You should review your credit report annually.  You also may place a fraud alert on your credit report by contacting the three major credit bureaus to require that a credit company/bank or lender contact you directly prior to opening any new accounts in your name.  Call your trusted Mortgage lender to obtain contact information for these three companies, or ask your REALTOR.

TO SUBMIT A QUESTION TO RILEY REALTOR, EMAIL THEBOARD@CHAPELHILLREALTORS.COM