Brand New on the Market…
Take tour? Call me at (980) 722 – 4971!
0.75 Acres - 3900-4700 SF - 3 Car Garage - New Construction - $474,900
Listed by Moss Realty
New Foreclosure in Denver, NC – Lakewood
12 04 2010Comments : Leave a Comment »
Tags: Builders, Buyers, Denver, Denver Home Sales, Foreclosure, Lake Norman, Lincoln County, new homes, Real Estate
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Denver, NC Foreclosures
9 04 2010All buyers are actively seeking a deal these days and one of the best ways to get a deal is with a foreclosure. I will keep you updated on new foreclosures that come on the market. Keep checking back for updates.
If one of these properties interests you, please call me for a tour (980) 722-4971!
1.27 Acres - 1400-1800 SF - Denver, NC - $79,900
Listed by United Country Gates Real Estate & Auction Group
0.194 Acres - 1100-1400 SF - 2 Car Garage - $106,500 - Denver, NC
Listed by Realty Executives Lake Norman
Boat Slip - 0.77 Acre - 2600-3100 SF - 2 Car Garage - $299,900 - Denver, NC
0.126 Acres - 1800-2200 SF - 2 Car Garage - $179,900 - Denver, NC
Listed by Benham Real Estate Group, Inc.
0.53 Acres - 1900-2400 SF - 2 Car Garage - 1 Car Detached - $249,900 - Denver, NC
Listed by Coldwell Banker Boyd & Hassell
Boat Slip - 0.77 Acre - 2600-3100 SF - 2 Car Garage - $299,900 - Denver, NC
Listed by Moss Realty
1.5 Acres - 3200-3900 SF - 3 Car Garage - Denver, NC
Listed by Coldwell Banker United, Realtors
Renovated - Waterfront - 0.5 Acre - 2000-2400 SF - 2 Car Garage - $399,900
Listed by Realty Executives Lake Norman
0.937 Acres - Waterview - 3200-3900 SF - 3 Car Garage - $399,900
Listed by Nestlewood Realty, LLC
Waterfront - 0.57 Acres - 2800-3400 SF - 2 Car Garage - $479,900
Listed by Nord Realty
New Custom with Basement - 0.49 Acres - 3000-3600 SF - 3 Car Garage - $529,900
Listed by RAS Realty LLC dba Charlotte Home Advisers
Updated Foreclosures will be coming daily!
If one of these properties interests you, please call me for a tour (980) 722-4971!
Properties reported may be listed or sold by various participants in the MLS.
This information may be subject to errors and should be verified by the user.
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Tags: Builders, Buyers, Denver, Denver Home Sales, Foreclosure, Lake Norman, Lake Norman Waterfront Properties, Lincoln County, NC, new homes, Real Estate, Westport
Categories : General Information
Lease/Purchase – What you need to know!
24 02 2010
Lease/Purchases
Let’s start by talking about the differences between a lease/purchase and other types of purchases…
*A Lease Agreement with an Option to Purchase is simply a rental and at the end of the rental period the renter has an option to purchase the home. No rental money goes toward the purchase price.
*The traditional way to make a purchase is to get a loan through a bank, write a contract on a listed home, complete inspections, and close on the home within 30-90 typically.
*Some Sellers have the ability to do Seller Financing, because their home is paid off or they have a bit of equity in their home. In this case, the loan is through the seller. The Deed of Trust is recorded at the courthouse just like other loans and the title is transferred to the buyer. These loans are usually for a short period of time until the buyer can get a traditional loan through a bank. The seller still has the right to foreclose on the propety if the buyer defaults.
*A Contract for Deed is when a Seller holds the deed for the property while the buyer is making payments. There is nothing recorded, just an agreement between buyer and seller. The problem here is that the seller holds all of the authority and could change his mind, etc and the buyer is out of luck.
*A Lease/Purchase is when the buyer can not make the purchase at this time with a traditional mortgage. Typically, lease/purchases are utilized these days because the buyer has another home they are trying to sell out of state or they have some credit issues they need to work on. Lease/Purchases usually last a year or two. The buyer pays an upfront non-refundable fee to the seller, that will be credited at closing to the buyer toward the purchase price. They pay rent by the month to the seller. Usually a small portion of the rent is put toward the purchase price. Purchase Price, Closing date and inspections are all completed prior to the buyer moving into the home.
Lease/Purchase Agreements are drafted by an attorney and the Offer to Purchase part of the agreement is drafted by your real estate agent. All conditions must be ironed out up front… How long will the lease/purchase be in place until they close, Rental amount and portion to be put toward the purchase price, purchase price, closing costs, pets, commissions, etc.
The Lease/Purchase Agreement drafted by the attorney nails down all of the specifics during the lease period and that the buyers non-refundable, upfront payment will belong to the seller should the buyer not close. The Offer to Purchase written by the real estate agent works like it would with any other type of contract….the purchase price is spelled out, home inspection and loan approval dates, repair negotiations, etc. Both the Contract and Lease/Purchase Agreement are signed at the same ime by the buyer and seller.
The buyer should be working with a lender in advance to assure they will be prepared to close at the date set forth in the contract. The buyer also needs to assure that the lender will allow the non refundable deposit to be used toward the loan on the HUD (Settlement Statement) at closing.
The Seller may be requested to pay some sort of commission at the time the lease/purchase and contract are signed due to the work required prior to the closing and the rest of the commission would be paid at closing.
The seller needs to be sure that their homeowner’s insurance will allow for a tenant or the buyer to live in the home and that their current mortgage company is also ok with the lease/purchase. Mortgage companies could utilize the “Due on Sale Clause” and this will require the loan be paid in full at that very moment.
The buyer should complete their home inspection prior to moving into the property, negotiate repairs with the seller and the seller should complete repairs prior to the buyer moving into the property. This is both protection for the buyer and seller.
If the buyer were to default and stop paying the seller would still have to go through getting the buyers out of the property, which could take 45-60 days of their personal time and money.
In these uncertain times, what if the seller stops making their mortgage payments? It might be a smart idea for the seller to send their payments to the attorney, so the attorney can assure the payment is being made and they will forward the payment to the mortage company. If a seller defaults on their loan, there is little protection for the buyer. The Lease/Purchase will address these issues.
The Buyer may also want to request a Title Search up front and every 3 months or so after to assure there have not been any liens put on the property. No one would want the seller not to be able to sell the home at closing due to an unexpected lien the seller is unable to pay off.
Be sure to negotiate up front who will make repairs that come up during the time the buyer lives in the home. Often sellers do not want to make these repairs, because they do not wish to play the part of a landlord. If the buyer were to make repairs during that time period, be sure to have the attorney to write into the lease/purchase that the buyer must have written consent from the seller to make any specific changes or repairs and show proof of payment. If the buyer were to call out someone to make a repair and not pay them, this contractor could put a Mechanic’s Lien on the home. If the buyer defaulted on their payments to the seller, the seller could get stuck with this lien.
As the buyer, be sure a Memorandum of Lease is recorded at the courthouse. Let’s say market conditions improve and the seller can sell the home for more money as the closing with the current buyer approaches, no one would realize that this property is tied up if the seller tried to sell it to another buyer at a higher price if this information is not recorded.
Usually this buyer is going to treat the home much better than your typical tenant, which is a plus for the seller.
With all of this said, very, very few Lease/Purchases actually close. For the seller it can often be a headache, but in this market, it could also buy them some time until the market improves.
Have other questions? Feel free to call me!
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Tags: Buyers, Home Inspections, Lease Purchases
Categories : Buyers, Sellers
2010 Extended Home Buyer Tax Credit
5 01 2010
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
- The price of the home.
- The buyer’s income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Resource: NAR
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Tags: Buyers, Home Buyer Tax Credit, Lake Norman, Real Estate
Categories : Buyers, Sellers
Extending the Tax Credit
12 10 2009
REALOGY SUPPORTS NEW BI-PARTISAN SENATE BILL TO EXTEND FIRST-TIME HOMEBUYER TAX CREDIT FOR 6 MONTHS
CEO Richard A. Smith Applauds Proposed Extension as
‘An Important Next Step’ and will Continue Efforts to Expand the Tax Credit to All Homebuyers
PARSIPPANY, N.J., September 17, 2009 – Realogy Corporation, a global provider of real estate and relocation services, today announced its support of a bi-partisan Senate bill (S. 1678) introduced last night that would create a six-month extension of the $8,000 federal tax credit for first-time homebuyers and move the current expiration date forward to June 1, 2010.
“This is an important next step for maintaining positive momentum toward a recovery in the housing markets and the overall U.S. economy,” said Realogy President & CEO Richard A. Smith, who also serves as chair of the Business Roundtable’s Housing Working Group. “While we applaud this effort and support passage of this prudent and necessary legislation, we also want to make it clear that we will continue to work with Congress to broaden the scope of the credit.
“Specifically, Realogy supports expanding the existing first-time homebuyer tax credit to all homebuyers of a principal residence, increasing the size of the tax credit, and eliminating the existing income eligibility caps, all of which we believe are critical to the ‘move-up’ or repeat buyers who we expect will drive the essential second phase of a housing recovery.
“We believe that stimulating demand for housing – particularly in the repeat buyer or ‘move-up’ market – is the most effective way for Congress to truly accelerate a broader economic recovery,” said Smith.
The bill was introduced last night by U.S. Senator Benjamin L. Cardin (D-MD), along with Senators John Ensign (R-NV), Harry Reid (D-NV), Johnny Isakson (R-GA) and Debbie Stabenow (D-MI). The current tax credit provision for first-time homebuyers, passed as part of the American Recovery and Reinvestment Act, expires December 1, 2009. According to the most recent data from the Department of the Treasury, nearly 530,000 Americans have applied for the tax cut to help them purchase their first home. About 40 percent of all homebuyers this year will be eligible for the tax credit.
About Realogy Corporation
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy’s world-renowned brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby’s International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy’s franchise systems have approximately 14,400 offices and 270,000 sales associates doing business in 93 countries around the world.
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Tags: Buyers, Home Buyer Tax Credit, Real Estate
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Jumbo Lending Still Available
9 07 2009Here at Lake Norman we have continued to see little to no showings and sales in the upper price ranges. I found this article particularly helpful. The loans are available.
$1,350,000 on the Shores of Lake Norman
Bank of America has cut interest rates on jumbo mortgage loans in the hopes of expanding its share of what the bank sees as an underserved market for loans too big for purchase or guarantee by Fannie Mae and Freddie Mac.
Not everybody will qualify for the 30-year, fixed-rate loans of up to $3 million that Bank of America has been offering at reduced rates since January, with interest rates currently in the high 5 percent range.
In order to qualify, borrowers will need strong credit (a 720 FICO score or above), down payments of 20 percent or more, documented income, full appraisals, and assets sufficient to cover six months of payments, said Bank of America product management executive Vijay Lala.
But Bank of America thinks its fixed-rate jumbo loans will prove to be attractive to qualifying borrowers, because many competitors will be hard-pressed to match its rates.
Jumbo loans have become more expensive and harder to come by since September 2007, when rising delinquencies gave investors who fund most home loans through the purchases of mortgage-backed securities cold feet about “private label” securities that don’t carry the backing of Fannie and Freddie.
Unlike some lenders who must securitize and sell the loans they originate, Lala said Bank of America has plenty of room on its balance sheet to fund jumbo loans and hold them for investment, and is “putting the pedal down on our pricing and going after this market.”
Lala said Bank of America and Countrywide Financial Corp., which it acquired last year, funded $16.12 billion in jumbo loans in 2008. Although jumbo loan funding dropped to just $2.4 billion in the fourth quarter, Bank of America is already seeing “very nice volume” since introducing its more aggressive pricing.
Bank of America will only offer the loans directly to consumers — and not through independent mortgage brokers — through retail bank branches and Countrywide Home Loans (which will be re-branded Bank of America Home Loans on April 22). Lala said he expects many borrowers will be existing Bank of America customers.
The loans are aimed not only at homebuyers, but homeowners with adjustable-rate mortgage (ARM) jumbo loans who are looking to refinance at better rates. For both purchases and refinancings, the loan-to-value ratio can’t exceed 80 percent on loans up to $1.5 million, or 70 percent on loans up to $3 million.
While some other national lenders, such as ING Direct, offer jumbo loans, in many markets small community banks that lend against local deposits have been the main players, said Dan Green, a Cincinnati-based loan officer for Mobium Mortgage Group Inc.
Many of those lenders are able to aggressively price jumbo ARM loans but may not offer fixed-rate jumbo loans at all, Green said, because they are more sensitive than Bank America to changes in interest rates that affect lenders’ own funding costs.
Although niche lenders are offering rates on 3-year or 5-year jumbo ARM loans of around 4.5 percent that carry significantly lower monthly payments at the outset, some borrowers may prefer the certainty provided by the higher rate offered by Bank of America on its 30-year fixed-rate loans, Green said.
“It’s nice there’s an outlet, and I suspect there will be competition soon,” Green said. He said Bank of America’s underwriting standards “aren’t the loosest or the strictest — they’re right down the middle of the road.”
After the secondary market for jumbo loans seized up in 2007, lawmakers raised the loan limits for Fannie, Freddie and FHA loan guarantee programs. For most of 2008, the $417,000 conforming loan limit was allowed to stretch to 125 percent of the median home price in high-cost markets, with a ceiling of $729,750.
Assuming that the jumbo loan market would be on its way to a recovery by now, Congress mandated the limits would step back down to 115 percent of median home price on Jan. 1, with a ceiling of $625,500.
The $787 billion economic stimulus bill passed by Congress in February, the American Recovery and Reinvestment Act, restored the limits in place during most of 2008 for the remainder of this year.
By Matt Carter, Friday, March 20, 2009.
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Tags: Buyers, Denver, Denver Home Sales, Interest Rates, Jumbo Loans, Lake Norman, Lake Norman Waterfront Properties, Michelle's Homes for Sale, The Club at Westport, Westport
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Mortgage Interest Rates from Peoples Bank
9 07 2009
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Tags: Buyers, Denver, Denver Home Sales, FHA Loans, Home Buyer Tax Credit, Interest Rates, Jumbo Loans, Real Estate, USDA Loans, VA Loans
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National Sales Stats 2008 vs. 2009
25 06 2009This graph provided by RealTrends is an easy way to view the year over year stats. You will notice in the South we are starting to see a turn around and I can feel it happening in the Lake Norman area too. Chin up! Positive Thoughts equal Positive Results!
Information Provided by Real Trends
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Tags: Buyers, Real Estate, Statistics
Categories : Buyers, General Information, Local Information, Sellers
How to Sell Your Home to First Time Home Buyers
21 06 2009First-time home buyers can be tough to catch because they are wary of overpaying and skeptical about buying homes in need of improvement.
A survey for Coldwell Banker last year found that 81 percent of first-time buyers said move-in conditions were very important. Only 7 percent were willing to consider fixer-uppers that they could buy cheaply.
Here, according to Coldwell Banker Associated Brokers in Southern California, are ways to lure a first-time buyer:
- New paint, decluttering, and removing odors are very important, but don’t urge too many expensive modifications.
- Offer to pay closing costs.
- Provide a home warranty.
- Make a counteroffer, even if the first offer is really low-ball.
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Tags: Buyers, Denver Home Sales, Preparing Your Home to Sell
Categories : Sellers
First Time Home Buyers Tax Credit – Upfront Loan Information
21 06 2009
RISMEDIA, June 11, 2009-First-time home buyers who would otherwise qualify for the $8,000 tax credit, but don’t have the money for a down payment or closing fees, may now be able to get a loan to help cover those upfront costs.
The U.S. Department of Housing and Urban Development (HUD) announced on May 29 that the Federal Housing Administration (FHA) will allow state housing finance agencies to provide second mortgages “monetizing” the tax credit so that borrowers can use the funds toward their down payments and closing costs for the purchase of homes with FHA-insured mortgage loans.
“This is great news for thousands of families who want to take advantage of today’s low interest rates, competitive prices, great selection and the federal tax credit that is only available until Nov. 30, but could not save enough money for a down payment and closing costs,” said National Association of Home Builders Chairman Joe Robson, a home builder from Tulsa, Okla.
HUD also announced that FHA-approved lenders may purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or to make a down payment in addition to the 3.5% minimum. Home buyers who go directly to FHA-approved lenders will still need to come up with the 3.5% minimum down payment that is required for an FHA-insured loan.
Home buyers previously would be able to use the funds from the tax credit only after filing their federal tax returns and had to come up with the pre-purchase costs on their own.
NAHB estimates that 40,000 more homes will be purchased due to the new FHA monetization program, in addition to the 160,000 sales already expected as a result of the tax credit.
The National Council of State Housing Agencies has a list of states offering first time home buyer tax credit loan programs on their website, www.ncsha.org.
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Tags: Buyers, Denver Home Sales, FHA Loans, Home Buyer Tax Credit, new homes, North Carolina, Real Estate, USDA Loans, VA Loans
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