New on the market, remodeled ranch with quick access to uptown area. This charming ranch has lots of
built-ins for storage and hardwood flooring. Cozy eating area and a kitchen with all the modern amenities, tall cabinets, large island and granite countertops. Three bedrooms, office 2 full bath. $149000
Currently we have several homes on the market were we have a potential short sale situation. First time home buyers here is a great opportunity for a great home selection. If you are interested as a homebuyer or investor please contact us, just remember that short sales will take longer than the normal time process.
Listed are three (3) examples, great location and amenities.
http://tinyurl.com/mp98fg
• 4,575 sq. ft., 4 bath, 5 bdrm 2 story "with Basement" - $449,000
Laurel Creek, Rock Hill - Georgeous 2-story brick home wooded area with view of the pond. Well maintained yard and property, side-load 2 car garage. Enjoy breakfast with a greatview. Large kitchen with silestone countertops, pantry and a beautiul breakfast area with a view of wooded area and pond. Wonderful deck for entertaining and relaxing. BASEMENT with 2 bedrooms full bath and a huge REC room.
Property information
A great article on the revised regulations of Wells Fargo concerning legitimate flipping of properties. Maybe other lenders will begin this commen sense lending practices, with so many distressed properties on the market
somethings need to give.
http://tinyurl.com/ydr9n8p
Within just the past couple of days the senate has reached an agreement on the 1st time homebuyer tax credit extension, so lets hope it will become public very soon. The homebuyer tax credit which is due to expire November 30th would be extended through April 30 of 2010. This would eleviate the stress for first-time buyers who are in the process of making a purchase and now would not need to worry about qualifying for the up to $8,000 credit if they close after the November 30 deadline.
The $8,000 maximum first-time homebuyer credit will continue but the income limit has been increased so a max of up to $225,000. Included are homeowners that would be move-up homeowners who have lived in their current residence for five years could also receive a credit.
According to the new agreement move-up buyers can claim this credit of up to $6500 if the home they are vacating is their primary residence for at least five years, but the money cannot be used to buy a vacation home. “It’s only for a primary residence."
Hopefully we will hear more details about this shortly. On the same note the program in recent weeks has come under fire because of abuse and legislation provisions has been added to the bill to address fraud. Like any good program to help the good folks along there are always those out there ready to cheat and defeat a good purpose.
It's been reported that "The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department’s Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit."
Homebuyers these days will come across properties classified as a short sale more often than not. This is when a homeowner attempts to sell his home for less with lender approval rather than the lender taking it back through foreclosure proceedings. By doing so the homeowner could salvage his credit rating and rid himself of the encumbrance of a huge mortgage.
The seller sets the price either by himself or with the assistance of a real estate agent. Offers submitted to the lender are subject to lender approval. It is easier to work this through if there is a single lender involved. It becomes difficult and very tedious working with several lenders and sometimes with the insurer. Depending how many offers have been submitted and rejected, the potential buyer needs a lot of patience. Lowball offers can be rejected or receive slow recognition.
Homes are usually “sold as is” since there are almost no funds to make repairs. The buyer should keep this in mind when submitting an offer. One other important factor, the buyer must be prepared to close on time. Meaning that the buyer must have his loan and financing ready to go.
The timeline of a short sale, you wait and you wait and you wait.
I have sat in classes and have been told by others about 90 days, but that is not the case. The phrase “short sale” does not refer to short period of time. Make no assumption that it is a quick deal, short sales can take as long as six (6) month.
After submitting the offer you can expect to hear back from the lender in about 4 weeks that they received the offer, then you wait. Four (4) more weeks go by, then you hear that they have assigned the case to a loss mitigation and 4 weeks after that they have ordered an appraisal. Then you wait. If you are lucky in 4 weeks time, the lender acknowledges
receipt of the appraisal. Then you wait. Maybe after 4 weeks you will then get to hear that they are ready to negotiate and 4 weeks after that your final offer acknowledgement. Then you wait. So by my count we are now at 24 weeks
“Time line of a short sale” by Real Estate Central www.barbarakeefauver.com
Why wait to have a home built when you can have this one to move into within a month. This home is loaded with upgrades, from attractive harwood floors in foyer and kitchen to attractive granite countertop in kitchen, fenced-in yard with large deck. Enjoy your morning coffee in the spacious sunroom. This home was built by Ryan and it is the Rosemont plan, located on a premium lot with an attractive brick front elevation. Double car garage is extra deep, room enough for storage or work bench. $329,000 and approximately 3100 square feet.
5 bedrooms or 4 bedrooms and a bonus
Condo for Sale - Southwest Area of Charlotte
2 bedroom, 2 full bath & 1/2 bath
2 story
Freshly painted , professionally cleaned carpet
Breakfast area, Dining Room, Entry Hall, Great Room Kitchen
owner is willing to negotiate for a lease purchase
$105,000
Ryan Home: Rosemont Plan
4 bedroom or bonus room
2 story
Open concept kitchen with breakfast area
granite counter tops and stainless steel appliances
dining room, entry hall, great room, sunroom
approimately 3100 square feet
$314,900
Under $375,000 Very Motivated Seller.
4 bedroom home near Lake Wylie
Great open two story floorplan
in a quiet subdivision that backs up to Lake Wylie SC
Wooded Backyard
4th bedroom optional bonus room, huge loft area
2 car garage - side entrance
tray ceiling in master bedroom down with ensuite bath
approx 3150 sq.ft.
Click her for additional photas or other homes in Fort Mill area:
http://tinyurl.com/mu3b3n
Summer is almost over, school assignments have been handed out and on top of the list is a little reminder that the "The American Recovery and Reinvestment Act of 2009" is slowly winding down. If you are still on the fence, undecided, now is the time to get serious. At Real Estate Central our associates will help you find that house. If you don't like our listings then we will help find one in other SC and NC that are on the market i.e. Fort Mill, Rock Hill and the greater Charlotte area.
First time homebuyer is someone that has not owned their principle residence in the last three years, homes that qualify are as follows:
single family homes, new or pre-owned
condos
townhomes
For more information, rules and regulation concerning 1st time homebuyers and what qualifies as a 1st time homebuyer, contact one of our associates.
1st time homebuyer tax credit and low mortgage rates and given the choices on the market is a win, win situation for home buyers today. There even some great short sales available if you have the time. More bang for your buck, translates into affordable bigger house.
Struggling Home owners needing advice should contact a HUD-approved housing counselor assistnace is FREE.
Further news on the struggling home front comes from a report issued by the Obama Administration and to report struggling homeowners being helped by the program.
The first "Servicer Performance Report", detailing the progress of making homes affordable loan modification program.
http://www.treas.gov/press/releases/docs/MHA_public_report.pdf
MHA (making homes affordable ) provides 75 billion dollars for sustainable loan modifications through the "Making Homes Affordable Modification Program".
Today’s report discloses performance on a servicer-by-servicer basis in order to increase transparency for participating institutions. The data show that servicer performance has been uneven. The Administration has asked servicers to ramp up implementation to a cumulative 500,000 trial modifications started by November 1, 2009. This would more than double in three months the number of trial modifications started in the first five months of the program.
http://tinyurl.com/kqvltu
Click on the link above and it will take you to a great home for sale. Home is located in an established neighborhood. Home has a fenced yard that backs to a Golf Course.
The home is located in the NORTHWOODS sub-division off Mount Holly-Huntersville Road, Charlotte North Carolina
http://www.charlotteobserver.com/business/story/843919.html
If as a homeowner you need answers or help with home preservation start with your bank/mortage company. If you don't seem to get anywhere with them then check out Hope Now Alliance board www.hopenow.com for counseling. These folks can answers questions you may have and best of all the use the counselors are free.
Another great site for information is this website and search for information or contact one of their counselors. http://www.hud.gov/foreclosure/
Don't pay anyone a dime that promises mortgages and credit fixes if they ask for up-front fee's. Call your better business bureau too. Be aware of SCAMS.