About Pitt County, NC

Greenville Wine & Stein Festival that will be on Sunday, March 21. It is going to be a great event with wineries, breweries, and distributors pouring tastings and local restaurants serving samples. There will be live entertainment as well.

For more information, visit www.greenvillewineandstein.com <http://www.greenvillewineandstein.com/> .

Tickets are available at the Greenville Convention Center or by calling 252-321-7671. There will be a VIP hour that will feature more upscale food and premium wines, and less people will be tasting at this time.

VIP tickets are $50 in advance ($60 at the door if available). General Admission tickets are $35 in advance ($40 at the door).

Discounted tickets ($5 off) are available for groups of 20 or more.

Something to consider when selling your home is the Capital Gains ramifications. Will you owe Uncle Sam money after the sale of your Greenville home? Capital Gains are calculated as the difference between what you paid for your property and what you sell it for. Here is how you calculate your Capital Gains.

Calculating Capital Gains

(+) PURCHASE PRICE - Price paid for property

(+) COST OF PURCHASE - Transfer fees, attorney fees, inspections

(+) COST OF SALE - Repairs, commissions, attorney fees, inspections

(+) COST OF IMPROVEMENT - Room additions, deck, for example, though not replacing existing

(=) ADJUSTED COST BASIS OF YOUR HOME

(-) AMOUNT YOU SELL YOUR HOME

(=) CAPITAL GAIN

A Special Real Estate Exemption for Capital Gains

Even though the above calculation may indicate you owe Capital Gains, there is a special real estate exemption. Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a Greenville home is exempt from taxation if you meet the following criteria:

• You have lived in the home as your principal residence for two out of the last five years.

• You have not sold or exchanged another home during the two years preceding the sale.

NOTE: As of 2003, you may also qualify for this exemption if you meet what the IRS calls "unforeseen circumstances" such as job loss, divorce, or family medical emergency.

Learn more about selling your Greenville home by visiting LizFreeman.com. LizFreemanHomes.com and HomesofGreenvilleNC.com.

Search all Greenville homes for sale.

Always consult a tax attorney regarding current tax laws.

Tax season is here and time for homeowners everywhere to reap the benefits of tax breaks and incentives. If you are a renter now is the time to consider the tax advantages of homeownership. It might just be the right time to purchase. If you currently own or have sold, there are new incentives that will help you make it through this tough housing market. Its always good to know what expenses you can deduct and understand how new laws affect you. Always consult your tax advisor.

• Deduct your mortgage interest you pay on your home
  
• Deduct your property taxes and any points paid to lower your loan's interest
  
• Make sure you take advantage of the new tax credits for first- time buyers
  
• Request a new property tax reassessment if your home's market value had decreased
  
• Any special past or proposed assessments that might apply to your home
  
• Get a new current estimate of your property tax bill, don't rely on the old sellers bill
  
• Put your property taxes into your monthly mortgage payment
  
• Understand how your capital gains tax is calculated
  
• Whether you're buying, selling, refinancing or renting know how you'll be affected tax-wise

For more home buyers tax credit info visit: www.GreenvilleHomeTeam.com

There are currently 327 Pitt County and Greenville NC foreclosure homes with 62 new foreclosures in December 2009, according to RealtyTrac.com.

The average sales price of a Greenville NC home in December 2009 was $136,851. In comparison, the average sales price of a foreclosure home was $118,833, a $18,018 savings.

Pitt County & Greenville NC Foreclosure Activity and Home Price Index

Pitt County home price appreciation in December was -0.35% and there were 62 new foreclosures.

Pitt County foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Pitt County & Greenville NC Foreclosure Geographical Comparison

Pitt County & Greenville NC foreclosures are 0.19% below national statistics and 0.01% below North Carolina figures.

Pitt County & Greenville NC Foreclosure Activity by Month

Pitt County & Greenville NC foreclosure activity has been trending downward over the past 6 months. However, the number of Bank-owned properties increased from 12 to 31 in December. The number of Auctions dropped from 41 to 30 and pre-foreclosures dropped from 2 to 1.

Are you or someone you know behind on mortgage payments and facing a Pitt County & Greenville NC foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE). Give me a call for a private consultation.

HOW CAN RENOVATION LOANS HELP ME?

Most of our present listing INVENTORY consists of bank-owned properties. Many of those properties are in unacceptable "as-is" condition for traditional mortgage financing. Therefore, absent a renovation loan program, they may only be sold for CASH, usually at a substantial discount. The FHA 203K renovation loan program permits buyers to finance those homes in their present "as-is" condition with low money down.

WHAT IS A RENOVATION LOAN??

A Permanent Mortgage that provides funds for both Acquisition (or Refinance) and Renovation.

Loan includes:
The cost to purchase the property;

The cost to fix-up the property; and

Other cost such as consultant fees, mortgage payments during construction
period, permits, contingencies, etc..

After settlement the borrower can fix-up the property to modernize , repair, etc.

Loan amount is based upon what the property will be worth after it is improved. You may close "as-is".

For more info about distressed properties vist: www.GreenvilleHomeTeam.com