Archive for the ‘Selling a Home’ Category

FHA “Flipping” Rule Has Been Waived

June 9, 2008: FHA’s Assistant Secretary for Housing - Federal Housing Commissioner, Brian D. Montgomery signed the Waiver of Requirements of 24 CFR 203.37a (b)(2) which waives the requirement of the seller of a property holding a property for 90 days prior to obtaining FHA financing. This waiver is good for one year and expires June 9, 2009.

What does this mean to Charlotte?

Buying a home in Charlotte now means more options. No longer does property purchased by an investor, or foreclosed on by a lender have to be held for 90 days prior to selling in order to qualify for a Charlotte FHA mortgage loan!

Under FHA’s guidelines, once the ownership of a property changed hands, it had to be owned for 90 days before FHA would extend a loan on it. This restriction would cause many Charlotte foreclosures to have to sit for 90 days before a contract could even be executed on it!

CORRECTION: After futher review, it appears that investors will still be subject to the 90 day rule. The intent is for mortgage companies with foreclosures to have easier access to liquidate their foreclosed properties. This correction should be noted. This also opens the market up for investors that “flip” homes.

In my opinion, I would love to see this opened up to investors as well. There are many investors that will buy a home that needs some serious work, rehabilitate the home and then sell it for a quick profit. The neighborhood and community benefit from such rehabilitation, and in many cases the home buyer gets a great home at a great price! An investor has to own the home for 90 days before they could sell it to someone using FHA mortgage financing, even if the home was ready in 30 days! If this waived was extended to include investor properties, it would allow Charlotte homes for sale by an investor to be sold as soon as they are ready. Maybe HUD will review this as well.

Regardless, this waiver of foreclosed home should open up many options for home buyers using Charlotte’s FHA mortgage programs. If you are considering purchasing a home in Charlotte, now is time to take advantage!

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In Real Estate, Agency Matters!

When you consider buying or selling a home in Charlotte, you might contact and interview real estate agents and Realtors to help you. Before you go too far in those conversations, you need to know about a term called “agency.”

Agency begins when a home is listed for sale by a real estate agent or a Realtor. The seller of the home hires the agent’s firm to represent them in matters related to selling their home. Notice I said they hire the firm, not the agent. While they do work with the specific real estate agent, they actually hire the real estate firm. Much like hiring an attorney, when you hire an attorney the entire firm is hired to represent you.

When you consider this in its entirety, this means that a seller that has hired a firm with 100 real estate agents actually has 100 agents representing their interests. This brings along the concepts of confidentiality and allegiance. Every one of those agents are bound by law to protect and serve the interests of their clients. When you think of it that way, a seller has an entire army of agents in charge of selling their home.

From the start, all real estate agents and Realtors automatically represent the seller. If a home buyer walks in to buy a home and has not hired an agent to represent them, the agent they speak to is responsible to the seller. This means anything a buyer says can and WILL be used against them in negotiating. That is, unless the buyer has specifically hired that agent to represent them.

There are many dynamics that can occur such as exclusive buyer agency, dual agency and more. These take the agency idea into many different directions, which I will try to explain in future posts. However, one thing you should know before you say anything to a real estate agent is to be careful what you tell them (unless you have signed a contract and hired them.) Regardless of being a seller or buyer, if you provide a real estate agent with information about you can be used against you in negotiations in future dealings.

How can information from a simple interview be used against you? Lets examine this. Read the rest of this entry »

Thank you Jamison Realty

In a time when you hear nothing but negative news and grumblings, there is a very bright spot… Jamison Realty. Jamison Realty is a real estate agency in the Charlotte area (located in Matthews, NC) offering both seller and buyer agency representation.

I watched as Jamison Realty renovated an older home in Matthews and loved what they have done with the place. It appears that everything was done with a great touch of class. And now I hear a new radio spot that just affirms my belief that this is a top quality agency.

Their radio ad is entitled “I’m Positive”. It speaks about the good that is going on in Charlotte real estate and does not use scare tactics or fear to get your attention. The message is upbeat and positive and from my seat it is right on the money! Click the following link to hear the ad: I’m Positive Ad from Jamison Realty

If you are looking for a positive Realtor to work with, you may want to consider Jamison Realty. If this ad is any indication as to the experience they offer, I can only imagine the positive feeling you will get. Better yet, get pre-approved for your Charlotte mortgage first, and then let’s contact Jamison Realty and get things going strong for you!

Charlotte’s Real Estate Market Shines!

Today, Bloomberg reports that the S&P/Case-Shiller home-price index dropped 10.7 percent from January 2007. In 20 major US metropolitan markets, property values dropped overall. The drops were dramatic and many economists are predicting tough times ahead.

Yeah yeah, we have heard all of this time and time again! “The sky is falling, the sky is falling!” And yet again, Charlotte NC real estate remains one of the bright spots in the nation! This report went on to say (very briefly I might add) that Charlotte home prices defied the averages yet again! Read this excerpt:

All but one of the 20 cities in the index showed year-over- year declines in prices in January, led by drops of 19.3 percent in Las Vegas and Miami. Prices rose in Charlotte. (view report)

This is further proof that Real Estate is local. While other areas in the country that saw “crazy - stupid” property value increases are resetting themselves to reality, Charlotte’s real estate market, which has remained steady, is continuing to grow. Remember when your economic’s professor said “slow and steady wins the race”??? Well, here is your proof! Charlotte NC has the best real estate market in the Country! Those of us that live here already know this is the place to live. The rest of the nation is seeing this too! If you are thinking of moving, you should seriously consider moving and buying a home in Charlotte NC!

Existing Home Sales Rise in Feb

According to a report in the Associated Press, the number of sales of existing homes has risen for the first time in 6 months! This news was a surprise to economists, who all expected a further decrease in sales of homes due to a “soft” market and tightened credit.

This is great news! This means that home buyers are seeing a great opportunity to save like never before. Charlotte is in a buyer’s market and still available are the best mortgage rates Charlotte has seen in a long time!

If you have been on the fence about buying a home in Charlotte, now is the time to act. Get started now before the market makes a full recovery and you can still save!

A Step Forward 

Dear friends, clients and partners;

It is with great excitement and anticipation that I am pleased to announce that the Carolina Mortgage Connection has joined Residential Mortgage Center in Charlotte, NC.

Residential Mortgage Center is a licensed Mortgage Lender serving both North and South Carolina and is located at 205 Regency Executive Park Suite 200 Charlotte, NC 28217.

With this move to Residential Mortgage Center, we will continue to offer the best mortgage rates and service in the Charlotte area! In addition to that, there will be on site loan processors to get your mortgage loans closed faster than ever!

Greater Flexibilty

Working with a mortgage lender will give us greater flexibility in the marketplace. In today’s volatile mortgage market, flexibility will be a key difference in getting results! With the ability to adapt mortgage programs to fit the individual needs of our borrowers, the Carolina Mortgage Connection can custom tailor the right program just for you! And because you are working directly with the lender, mortgage rates will be more competitive than ever!

Focused on You 

Change can be a scary thing. But in this case it is very exciting! This business maneuver will allow us to focus on providing our clients and partners with unparalleled service while allowing us to pursue our mission of educating, inspiring and assisting in the American Dream!

As always, you can always contact us by calling 877-411-9327 or via the website at www.EdNailor.com

Sincerely,

Ed Nailor

Square Footage Changes in Charlotte MLS

The Carolina MLS, Charlotte’s multiple listing service for Realtors to list and sell homes and real estate in the Charlotte area, is making a change in how it will describe the square footage of a home for sale in Charlotte. In the past, the listing Realtor would enter the square footage of a home for sale. However, due to the different ways to calculate square footage of a home and all the hassles (and law suits) that come from those calculations, the Carolina MLS service will now list square footage in terms of a range. (homes for sale in Charlotte)

Typically, the square footage of a home is measured by the exterior dimensions. However, there are some exclusions. For example, if you measure the square footage of a bonus room, a very common type of room found in Charlotte real estate, you may have some challenges. According to the way you calculate “official” square footage, the walls must be at least 5 feet tall. In many of these bonus rooms, the exterior walls can get much lower than 5 feet, so one must measure only to where the height is 5 feet! Doesn’t this sound like fun?

The bottom line is that going forward, you may never know what the actual square footage of a Charlotte home really is. Of course you may get an idea from the MLS range and the appraisal of a property will have an approximation. But with these changes, Charlotte real estate is about to get slightly more complicated. Best advice is to seek the help of an excellent Charlotte Realtor.

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Special Contribution Article

1. Take your time…  Many Buyers in 2007 felt ‘rushed’ to make a decision to purchase property for fear that they would either get into a bidding war or the ‘cream of the crop’ would fly off the market.  We have a bit more time in 2008. Read the rest of this entry »
   

Special Contribution Article

So, Hawaii and Florida may be known as ‘vacation’ states but, North Carolina is now the TOP ‘migration’ state!  A recent study by United Van Lines revealed that in over 200,000 interstate moves, NC had the largest number of newcomers and the least number of residents leaving the state!  Charlotte, The Queen City, and the largest city in North Carolina, has been extremely popular due to economic and job growth.  In a recent interview, the Charlotte Chamber of Commerce VP of research, Tony Crumbley, stated that it is ‘fact that we are creating jobs and our quality of life’ are other draws to our beautiful city.  The fact that our region enjoys a four-season year is also a big draw.  Read the rest of this entry »

Attention Home Owners Looking to Sell by Owner:

The Carolina Mortgage Connection has created a system just for you! With the launch of FreeByOwnerSites.com, we are offering help in marketing your home for sale. While we totally believe in working with the right real estate agent to help you market and sell your home, there are still a number of home owners that want to attempt selling by owner. To help in those efforts without all the added expenses, we have put together a FREE for sale by owner marketing system.

Read the rest of this entry »