We do things differently in the South. We call off school when snow has been predicted anywhere within a 50 mile radius. We have a very successful restaurant chain whose menu is totally centered on buttermilk biscuits and we drink our tea iced and pre-sweetened.

We also conduct real estate transactions with a minimum number of attorneys. Like - one.

I have never sold property in other parts of the country, but I’ve worked with many folks who’ve moved here from all parts. New England, the midwest and even the true foreigners: Californians.

It seems that when you buy or sell a house in many areas of the United States, everyone brings an attorney. The buyer. The seller. The banker. The candlestick maker. And many times an escrow company conducts the closing. Things are a lot simpler ’round these parts.

A short synopsis of what happens in a routine real estate transaction is that, once the buyers and sellers have agreed to terms, an amount of time passes while the buyer’s loan is processed and the seller packs up. In this time, the closing attorney who, in Greensboro, usually is chosen and paid for by the buyer, conducts a title search to make sure the property can be conveyed to the new owner free of encumbrances. Assuming all is clear and the loan goes through, the lender sends their “package” of closing documents and instructions to the attorney who in turn makes sure all the paperwork required by the lender is prepared.

The closing attorney often also prepares the deed. (This is technically the seller’s responsibility and will be charged to the seller but is usually done by the closing attorney as a matter of convenience. The seller can opt to have the deed drawn by another attorney and provided at the time of closing).

Closings are traditionally conducted at the office of the attorney but this can vary depending on whatever is agreed to by all parties.

Once at closing the attorney instructs all parties who is to sign what, collects the appropriate funds from the buyer and sometimes the seller (eek!) and then also is responsible for distributing funds back out to the appropriate parties - the seller, the holder of the seller’s existing mortgage, payoff of any liens, real estate commissions (my personal favorite). The funds are not distributed until the deed has been recorded at the courthouse but this is almost always within a few hours of the closing.

Here in Greensboro it is usually at this time that the buyer gets the keys to their new home and can take possession. Of course, there are always exceptions to the norm. Many variables can be agreed upon by the parties.

This is just what is considered usual and customary for this area. Easy-Peazy.

With real estate being all over the news lately, and not in a good way, you may wonder whether buying a house now would be ill-advised.

Actually, just the opposite is true. At least here in Greensboro and surrounding areas. The thing is, while the news reports things from a national perspective, all real estate is local. And locally, this is a great time to buy.

Why? Because - partly due to the previously mentioned icky news - the normally active spring sales market was slower than usual. So, there’s plenty of inventory. Interest rates are still good - 6.5% - 6 .75%. Higher supply. Good financing. What more do you need?

Now, this doesn’t mean that any old body should buy a house. It is a painful but true thing that the financial responsibility of a mortgage is just beyond some people’s ability to manage. The fact that so many people who were marginal at best in regards to their money handling skills were loaned lots of money over the past 3 or 4 years is the very reason the news is so negative right now.

But lenders are getting their heads screwed back on correctly (my favorite lender always kept her head) and things will all shake out.

So, talk to a good lender, find out what you can afford, and dive in. It’s a buyer’s market now but this won’t last forever.

It never does.

Ahh, foreclosures. Manna from heaven for those seeking an affordable house or a way to become am investor in real estate.

But, contrary to what one might read in various junk email, see on late night television infomercials, or hear from Uncle Olaf, foreclosed homes are not always a bargain. They aren’t always even priced below market value.

What exactly is a foreclosure? In short, foreclosure is the process by which a lender “takes back” property that they loaned money on. When there is a mortgage on property, the mortgage says “You pay, you stay. You don’t. You won’t” - or something more legal and less poetic. So, if the borrower defaults, after a certain amount of time, the lender can take the property back and sell it for what they can get to cover the outstanding loan.

This can result in some good deals for those who are in a position to buy the house from the lender. But sometimes the amount owed is very close to - or even higher than - market value. This will probably become true more and more as people who were made subprime loans begin to default on them. (As to why this might be true, read my riveting and compelling post, or at least the grammatically correct post, that I recently wrote on the topic)

Since many folks over the last couple of years have gotten 100% mortgages, some of them where they paid only interest (!) and no principal. That means by the time they default on the loan, they could actually owe more then the property is worth. In this case, there won’t be a bargain for the foreclosure hunter.

Add this to the fact that there are professional investors with deep pockets and plenty of time to peruse the public notices for foreclosures that ARE deals, and waiting to buy until you can snag one of these gems is a real challenge.

This is not to say that one shouldn’t try. But I wouldn’t want to be stranded outside a locked bathroom with a full bladder waiting for all the numbers to work out!

Just read a heartening story about a Greensboro company that has done what we should all try to do - turn waste into something productive. There are building products and methods that can at least minimize the waste of initial construction and help reduce the environmental impact of living in the structure over time.

Even in our existing homes we can and should do what we can. Compost. Adjust the thermostat. Open a window instead of turning on the air. Turn off the dad gum light!

OK. It’s Sunday and I’ve done my preaching.