Interestingly enough, North Carolina’s Buyer Agency Agreements do not have a termination clause.  I am not sure why not.  In selecting a buyer agent to represent your interests, you want to make sure that you work with an agent that is a good fit and who does what she or he says they are going to do. 

If a Buyer Agent is not meeting your expectations, I think it is very important to do two things.  First, communication is the name of the game.  Make sure you let your agent know what is not working for you.  Second, give your agent a chance to correct the problem.

It is my policy to never twist someone’s arm into doing something they don’t want to do.  I always let my clients know that either party can terminate an Agency agreement if it is not working.  I never want this to happen so this is my way of keeping my feet to the fire.

My recommendation is to discuss with any agent you are interviewing or working with what their policy is on whether or not a Buyer Agency Agreement can be terminated.  My answer is yes you can, it all comes down, however, to how you do it.

You probably know about Cash for Clunkers, the government’s stimulus program that spurred the auto industry while taking less fuel-efficient vehicles off the road. What you may not know about is a new stimulus program that affects your home and appliances.

What Is It?

It’s variously called Cash for Appliances or Cash for Refrigerators. What the program allows is for consumers, you and me, to receive rebates or economic incentives for purchasing energy star appliances—kind of like cash for old appliances. The government has funneled 300 million dollars into funding the program. Right now, North Carolina is shaping their plan to run Cash for Appliances, and will submit finalized plans to the U.S. Department of Energy on October 15. The state has $8.8 million available to fund the program, and may receive additional money from the Economic Recovery and Investment Act.

What’s the Point?

The Cash for Refrigerators program has several benefits. First, it gives the economy a boost. The hard-hit manufacturing and retail industries will get a jump-start from the sale of new appliances. At the same time, old energy-hogging appliances will go off the grid. Replacing the dinosaurs will be energy star appliances, which are far more energy-efficient and earth-friendly. Lastly, consumers will save cash. By purchasing a new heating system or washing machine, energy bills will take a nosedive. The extra cash may provide more impetus for spending—and greater economic uptick.

How Does It Work?

Rather than ditching your fridge and getting a check, the Cash for Appliances program will most likely be confined to actual cash-register purchases of state-selected appliances. Although cash for old appliances makes it sounds like a cash-reward for turning in old products, the cash reward comes in the form of a rebate. Included in the rebate program are energy star appliances like refrigerators, freezers, washing machines, furnaces, central air units, water heaters and other similar appliances. Since North Carolina wants to make cash for used appliances program as easy as possible for consumers, which means eliminating extra paperwork, and allowing it to be a simple one-step process. Details should be available sometime after the October 15 deadline for plan submittal and subsequent government approval.

When Will It Happen?

After mid-October, the government will begin reviewing state-led Cash for Appliances programs. If approved, they will receive the funding and be able to introduce the program to consumers. Some predict that the program will begin as early as December, in time for the Christmas shopping season. It is very likely that at the least, North Carolina will have the program underway by early 2010. At that time details will be available, meaning you can go to the store and start look for new appliances.

What Do You Think?

How will the program help you? What action will you take based on the program? Will this affect your decision to purchase new appliances?

For all potential home owners, I wanted to let you know about a little known FHA program that allows you to purchase a home and get renovation funds at the same time.  It is called the FHA 203 (k) loan program.

Under this program, an owner-occupant can borrow money for the purchase and renovation while putting as little down as 3.5%.

The program requires that the buyer use licensed contractors.  Interestingly, the renovations can be for structural AND cosmetic improvements to the property. 

From what I understand the application process is not easy.  But, I am hearing that it is worth the time and effort.  In 2008, FHA issued about 6,700 of the 203(k) loans.  This year, more than 11,000 loans have already been insured.  Pretty Amazing!

What is even more amazing would be combining this with the $8,000 First Time Home Buyer Tax Credit and/or the Federal Energy Efficiency Tax Credit (up to $1,500).  That would be quite a package.

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