Greenville, NC

Hello Everyone,

Received this from Trulia today...Good information!

With doomsayers declaring that the housing market is freefalling and the media prophesying catastrophe, many sellers have abandoned any thoughts of selling. They’ve figuratively gone back to bed and pulled the covers over their heads.

The pundits are wrong.

Most news is national and doesn’t reflect local trends. While houses may not be selling in other parts, they are definitely selling here in the San Francisco Bay Area. In fact, sales number are rapidly increasing due to the influx of REOs.

Bottom line: local home sales are not dead.

Heed some basic advice and you stand a very good chance of selling your home even in this current market. As has been mentioned in countless other blogs, home preparation is critical for selling quickly and for top dollar. Additionally, professional home staging has proven to increase your chances of a sale.

However, there is only one basic point that will ultimately determine whether or not you sell your home. The Pareto principle states that 80% of effects come from 20% of the causes. In the case of your home this is certainly true: 80% of selling your home comes from one factor alone:

Price.

No matter how much time, effort and finances you invest in your home (the 20%), if it’s not priced correctly (the 80%) it won’t sell. In this enlightened Internet age, savvy buyers are attuned to a home’s true market value like never before. As Realtors put increasing amounts of information and pictures on the web, buyers are visiting “virtual open houses” and making effective buying decisions without viewing a home in person.

Buyers may love a specific home, but if they perceive that the price is too high, they typically assume the seller is over-optimistic and will not come down to a reasonable price.

As a result, they will usually not even darken your door.

It’s the harsh reality of the current market. If priced too high, your home becomes “invisible” to buyers. And it does so from the very start. Buyers will go on to look at other homes instead of yours.

So how do you price your home to sell?

1. Have your Realtor prepare a REALISTIC CMA. (Comparative Market Analysis) Look at EVERYTHING on the market in your area, not just "the chosen few" that you want to see.

2. Run the trends from your area. Usually your local MLS will provide your Realtor with extensive data. Trulia.com is now also providing comprehensive market data and trends that are market specific.

3. Price AHEAD of the market. In a decreasing market, it must be priced BELOW the previous comparable sale or active listing.

Need to sell your home, but won’t get enough to pay off the loans? Then be honest with yourself and get a short sale specialist to help. Although aggressively setting the price is the highest obstacle sellers encounter when selling their home, in the end it is the one action that will reap the highest possible dividend:

A SALE!

Written by Carl Medford, Real Estate Professional in Fremont

If your looking to move to Greenville, North Carolina or other surrounding areas of Pitt County, NC, you've come to the right place. We have the largest selection of Greenville, NC real estate listings and homes for sale. Our subdivision guide contains over 231 of the counties subdivisions. From the established to the new, the starter home to the dream home, we have it all inside!

Make the right move in 09' visit: www.GreenvilleMove.com

You are interested in a property that needs a little work. Well, maybe it needs a lot of work. What do you do?

Unless you have the wherewithal to purchase the property “as is” and pay for the “fix up” from your own money, you may want to consider the FHA 203(k) loan.

FHA offers two variations of the 203(k) program; the traditional and streamline. Both are designed to assist with the repair/rehabilitation of an owner occupied property. Both have a minimum repair limit of $5,000.00.

The FHA 203(k) Streamline provides for a maximum repair allowance of $35,000.00. The traditional program can accommodate repairs above $35,000.00. Both programs are subject to the statutory loan limits for the county in which the property is located.

Once you have located a property and performed a feasibility analysis with your real estate professionals, you may consider executing a contract.

Your contract should state you are seeking a 203(k) loan and is contingent on loan approval based on the additional required repairs by FHA and/or the lender.

Note of caution: when seeking pre-approval prior to making your offer your FHA 203(k) lender will be considering your request for both the amount you intend to offer for the property and the required/desired repairs.

I have been receiving calls from prospective clients wanting to buy distressed properties and requesting pre-approval. Yet, they have not prepared a detailed proposal for the scope of the work to be performed.

If you have not prepared your proposal for repairs you are not ready to seek pre-approval!

To real estate agents, this is a great time to team up with a local builder and assist your clients.

Watch for upcoming posts

Required improvements

Eligible improvements

Ineligible improvements

Previous posts on the 203(k) program

FHA 203(k) A Loan Program Poised For Revival

Related posts for FHA

FHA Minimum Investment Requirements Changing January 1

Buy and Bail FHA Style

FHA Guideline Changes-Effective January 1, 2009-Are You Ready?

Jay Williams

www.myhomeloanwithjay.com

Click here check out my business facebook page and become a fan!

Home loan guidelines changed in rapid fire fashion in 2008. FHA is continuing this trend with the following guideline changes going into effect January 1, 2009.

Down Payment

The minimum down payment requirement increases from 2.25% to 3.5%. For a more detailed explanation of this change with descriptive examples, click here.

Rate and Term Refinances

Quick explanation of “rate and term refinance” , new loan amount only includes existing mortgage balances being refinanced plus closing costs, prepaid expenses and any discount points.

• Maximum loan to value is 97.75% of the appraised value of the property
• If an existing home equity line of credit is being refinances and there has been an advance on the line of credit in excess of $1,000 within the last 12 months, then the line of credit is not eligible for inclusion in the new loan. Unless the advance was for repairs and rehabilitation of the property.
• Streamline Refinances without an appraisal: the new loan balance including the upfront mortgage insurance premium can not exceed the original loan balance.
• New or current 2^nd mortgages (subordinated) are eligible with no maximum CLTV
• The mortgage being refinanced must be current for the month due
• Incidental cash back to the borrower at the time of closing cannot exceed $500

Cash Out Refinances

• Maximum LTV is 95% for loan amounts less than the conforming loan limit and 85% for loan amounts at or above the conforming loan limit
• Two appraisals will be required for all cash out refinances with an LTV above 85%
• For LTV above 85% the property must have been owned by the customer for at least 12 months

Up Front Mortgage Insurance Premiums (UFMIP)

• 1.75% for purchases, rate & term and cash out refinances
• 1.5% for all streamline refinances

Non-Borrower Taking Title At The Time Of Closing

• Eliminates the requirement that all parties that take title also be a borrower on the mortgage

FHA has become the loan program of choices for many interested in a home loan. If you are interested in purchasing a home or refinancing your existing home contact me at www.myhomeloanwithjay.com

Jay Williams

Click here check out my business facebook page and become a fan!

“In with the new and out with the old” This is a phrase we often here this time of year. I don’t know about you, but I certainly hope 2009 is better than 2008.

For the last couple of years as I’ve come to the end of the year I remember thinking, let’s just get this year over with, next year can’t possibly be any more challenging. Guess what? I was wrong, at least from my point of view.

I find myself thinking the same thing again this year. Are you ready for a change? I am!

Just for the fun of it I thought I would look up definitions and synonyms for three words

• Old

• New

• Better

Let me share my thoughts with you.

OLD

(a) ”overfamiliar to the point of tedium” Tedious! Yes I feel like 2008 was a tedious year

(b) “of long standing; having been such for a comparatively long time” 2008 has seemed like a long, long year

(c) "experienced” As tedious and long has 2008 has been to me, I have gained a tremendous amount of experience and I think I have learned a lot

New

(a) “unfamiliar or strange” 2009 will probably take us down some unfamiliar and strange paths. Look for the growth and opportunities!

(b) “coming or occurring afresh” Let us view our upcoming opportunities with a fresh outlook, setting aside burdens of the past

(c) “of recent origin, production, purchase” New construction, rising home sales, increasing mortgage loan production, clients purchasing homes!!! Absolutely, let these things come quickly

Better

(a) "in a more appropriate or acceptable way or manner” I resolve to continue conducting business in an appropriate and acceptable manner, putting the needs of others ahead of my own

(b) “to increase the good qualities of; make better; improve” I resolve to look for the good in all things and continually using current circumstances as opportunities for improvement

(c) "larger; greater" May each of you have a much larger and greater year

Wishing everyone a very Happy New Year. May 2009 be a great year.

Jay Williams

www.myhomeloanwithjay.com

check out my Business Page on facebook