Tag Archives for " Foreclosure "
Did you miss our radio show that aired live last Sunday, November 24, 2013 at 10:30 AM? No worries, if you missed it or want to listen again you can watch the podcast available now on ITunes and coming soon to www.charlottemarketradio.com.
Our last episode discussed one common dilemma most homeowners face and this is renting versus buying, which is better? According to Mecktimes and Trulia’s statistics, buying a house is better than renting one; specifically if you live within Charlotte, North Carolina. During the summer of 2013, buying a home was actually cheaper by 44 percent than renting. The difference between both narrowed since summer of 2012, where it was 54 percent cheaper to buy than to rent.
Furthermore, by Trulia’s estimate, the mortgage rate tipping point, when renting becomes cheaper than buying, is at 13.3 percent for Charlotte. And according to Bankrate.com, the current mortgage rates are 4.12 to 4.62.
The benefits of owning a home were also presented, here are a few:
On the other hand, the downside of renting was also discussed.
For first time homebuyers, there are special lending programs you can rely on like HUD homes. If you live in Charlotte, be sure to get a certificate first from attending an 8-hour Home Buyer workshop and get up to $7,500 which you can use as down payment and closing costs.
For those who have been hurt by the economic downturn by a short sale or foreclosure; good news because you can now purchase a house in much less time because of a recent change in the rules. FHA has loosened their guidelines allowing borrowers to get a home loan in as little as 12 months after a foreclosure or short sale.
Last but not the least, the 3 most common myths of buying versus renting were also discussed, which are as follows:
Myth #1 A bigger down payment is always better
You don’t need to put 20% as down payment..
Myth # 2 You get more for your money in the suburbs
Savings from lower-cost housing often are wiped out by unexpectedly high transportation costs.
Myth #3: Renters escape property taxes
Renters don’t pay property taxes directly; any business minded landlord factors in all of their carrying costs into their rental rates so it’s like they’re paying the taxes of the landlord.
For more information and elaboration on the topics discussed, listen to our podcast.
On the next episode of our radio show, we will discuss how to get your home ready for the market. If you have any questions or clarifications, please don’t hesitate to call us at 704-440-0007. We’re always happy to answer your queries.
Don’t forget to register for our
“Become an Expert in 2012: Agent HUD Training Webinar” held Monday from 3-5PM!
Short sales, which many people are still unfamiliar with, are becoming more and more popular throughout the country with a noticeable increase in many states. Large banks including Bank of America and Wells Fargo have also had an increase in the amount of short sales they have seen in the last year, expecting more than double of what they had in 2009.
Short sales are not new and nothing drastic has happened with the process recently, people are just finally starting to understand what it is! Showcase Realty specializes in short sales and encourages sellers to use this process, rather than go through the devastation of a foreclosure. CLICK HERE for more information on short sales, along with the contact information of someone on our team who can help you go through this process quickly and efficiently.
All of the agents and staff here at Showcase Realty are very excited to introduce our brand new website! Same url: www.showcaserealty.net but different layout!
We hope to add to it as we go and continue to supply all of the viewers with as much information as possible to help make your buying or selling journey a successful and smooth process. Please feel free to check it out and look around.
If you were signed up for a listing alert you will need to sign back up through the new site – and if you weren’t signed up for a listing alert this is the perfect time to do so! You will get email updates on new properties according to your search criteria, you can save your searches and mark favorite listings.
So go ahead and take a look: www.ShowcaseRealty.net
We look forward to sharing our information with you!
Homes sold without the help of a real estate professional dropped to a record low over the past year. According to the 2010 NAR Profile of Home Buyers and Sellers, unrepresented sellers made up only 11 percent of the market, down from 13 percent in
Owners who sell their home without the help of an agent usually sell to someone they already know. Factoring out those private sales, the actual number of homes sold on the
open market without professional assistance was a record low 5 percent, compared to 10 percent in 2004.
With the higher rate of foreclosed and short sale properties on the market currently, buyers need to use a certified Realtor to help navigate through a sale or purchase. It is not out of the ordinary for many Realtors to be unfamiliar with the process, and this can make the real estate journey a lot harder for the buyer.
Finding a Realtor that can assist you and your needs is the best way to find a home or have your property sold in a timely manner.
For help with this process you can contact Showcase Realty by clicking here to get started on your way to selling or purchasing a property.
The election is over and so is the need to keep interest rates artificially low. If we absorb the pain now, we’ll be less likely to remember it during the 2012 election. Don’t wait! Rates are rising!
Interest Rate Roundup for Dec. 2, 2010 from Bankrate.com
4.71% (30-year fixed)
0.36 (average points)
Here’s a look at the state of mortgage rates from Bankrate.com’s weekly national survey of large banks and thrifts conducted Dec. 1, 2010.
Mortgage products took a sharp leap upward this week, with the 15- and 30-year home loans rising significantly amid signs that the U.S. economic recovery may also be gathering strength.
The 30-year fixed rate mortgage shot up 13 basis points, to 4.71 percent, its highest level since last summer. A basis point is one-hundredth of 1 percent.
The story was much the same for 15-year fixed rate mortgages, although their ascent was not as steep, climbing 10 basis points to 4.07 percent.
The rises were more moderate for adjustable-rate mortgages. The popular 5/1 ARM rose 8 basis points, settling at 3.74 percent. With a 5/1 ARM, a mortgage has a fixed rate for the first five years, and is adjusted annually — based on market conditions — for the remainder of the loan’s term.
It was the highest rate for 30-year mortgages since July. Bankrate’s July 21 national survey found an average rate of 4.74 percent, after which home loans began a descent that lasted until early November and brought mortgages to record low rates.
Although it is difficult to establish a direct relationship — and the housing market remains troubled by virtually every measure — the strengthening of mortgage rates is occurring as the tepid economic recovery is also gaining momentum.
On Wednesday, the Institute for Supply Management, which tracks manufacturing industries, said factory output has now risen for 16 months in a row. In addition, a Federal Reserve survey found that 10 of its 12 regions are seeing economic expansion, while the other two — St. Louis and Philadelphia — have mixed conditions.
The economic indicator most relevant to housing, however, is unemployment. The country will get an indication of whether the labor market is recovering on Friday, when the government releases figures for unemployment and job creation for the month of November.
Find out monthly mortgage payments using Bankrate’s mortgage calculator.
— Gregg Fields
To take advantage of low mortgage rates and low interest rates while you can, contact a Realtor who can help you! Click here.
According to Fannie Mae, they are lifting some of the holds on eviction actions and REO closings that were put in place in September 2010. The holds were placed in response to the issues of possible defects with affidavits submitted in foreclosure actions. This means the homes that were removed from the market will be placed back on the market and closings will be able to proceed over the next week as Fannie Mae works through lifting the holds.
The following are instructions for brokerages Fannie Mae has issued to inform them of the current situation and how to proceed.
“Effective November 24, 2010, Fannie Mae is issuing the following instructions for REO properties relating to all loans which were formerly serviced by GMAC, Bank of America, PNC Mortgage Corporation, JP Morgan Chase, One West Bank and Sovereign Bank in all states previously on hold:
1. Our prior guidance with respect to evictions and lockouts for each of the affected servicers remains in effect at this time.
2. Proceed with scheduling and holding the closings of Fannie Mae REO property as agreed between the parties. If a title issue arises with respect to the potential defect of an affidavit used in the underlying foreclosure, the Closing entity will identify the issue in AMN as they would any other title issue and will work with their title representative for further instructions.
3. Please reach out to all buyers that have been awaiting closing to ensure that they can now move forward. They may reschedule to an earlier date if needed. It is possible that their loan and/or closing files will need to be updated before their closing can be scheduled.
4. Please reach out to those buyers that elected to terminate their contracts to determine if still interested in purchasing the property. All details of the contact and response must be noted in AMN. We require response/update in comments within 72 hours of this notice if the buyer associated with the terminated contract wishes to re-engage.
Over the next week, impacted properties will be removed from their current “Unable to Market” status in AMN and will again be available to market.”
For more information regarding the foreclosure freeze or for help buying a home that was taken off the market due to a title defect, please click here.
Charlotte is the 18th-largest city in the United States, according to a projections based on the latest U.S. Census data.
The Charlotte area has 729,781 residents as of Monday, up from 569,858 in 2000, according to projections compiled by Business First of Buffalo, N.Y. Business First is a sister publication of the Charlotte Business Journal.
The population projections are generated by a computer formula the publication developed in 2000 and recalibrates annually. The formula uses a decade of U.S. Census Bureau data to extrapolate growth trends.
Thinking about relocating to Charlotte, NC? Click here for information regarding affordable homes in the area!
FOR IMMEDIATE RELEASE
Nancy Braun, Owner & Broker-In-Charge
Local Real Estate Brokerage Uses Foreclosures to ‘Pay It Forward’
Showcase Realty partners with the national REO4Kids effort to raise money for children’s charities through the sale of REO properties.
CHARLOTTE, NC (October 18, 2010) – Nancy Braun, Owner and Broker of Showcase Realty, LLC, has recently teamed up with REO4Kids to become one of the few brokerages across the US donating $100 to children’s charities per REO Asset she sells. In 2009 Nancy’s group donated over $200,000 and expects to donate more than $250,000 in 2010. Because foreclosures affect inner city kids more than anyone else, the group has elected to help the Boys and Girls Club of America as well as Make-a-Wish. Showcase also donates to No Paws Left Behind to help the animal victims of this foreclosure crisis.
The recent partnership of Showcase Realty with REO4Kids is not only raising money for deserving charities but also shining a positive light onto the unfortunate situation that is home foreclosure.
“This is a huge opportunity for Showcase Realty to ‘Pay it Forward’. We want to hold the torch and lead the way for other agents and brokerages to use real estate as a way to give back to their local communities as well as the larger national community in this time of economic need,” says Braun.
Braun, who has been a successful real estate agent for14 years, opened Showcase Realty in 2008. In addition to General Brokerage, the firm launched foreclosure and short sale divisions to address the surge of foreclosures, short sales and distressed properties in the real estate market.
Visit CharlotteREOBroker.com or REO4Kids.com for more information. To find out more about current REO homes Showcase Realty has to offer send an email to firstname.lastname@example.org