About Catawba County, NC

With the market what it is today , foreclosures and REO properties are the talk of the town. I talk with several buyers through the week that are interested in buying a foreclosure in the Hickory, NC area because they've heard it's the best way to "get a deal." That may be true, but before you think about looking at foreclosures, here's some tips to help you decide if a foreclosure is really the way you need to go.

First, let's define what we mean by 'foreclosure' and REO properties. The term 'foreclosure' is used in a lot of different situations, but here we're referring to when the bank as actually taken possession of the property, become the owner, and has listed it for sale. "REO" stands for Real Estate Owned Property; a term that banks use once they have foreclosed and become the owners.

Okay, on we go!

1. Get qualified for a loan before you begin your search. This is PRIMARY. And I mean fully qualified. REO's generally want a fast sale and they expect to have a good prequal letter or proof of funds (if you're paying cash). At least in the Hickory, NC area (and I'd presume elsewhere as well), you don't have a financing contingency on foreclosure properties. Get Pre-Qualifed Now
2. Understand that REO's will usually need work. Sometimes lot's of work! I say this because I've shown buyers that said that they don't mind some TLC, but then balk at the smallest problems. If you're not handy, or don't have a plan to fix up the home, buying a foreclosure may not be the best bet for you.
3. Foreclosures are rarely in 'show' condition. Similar to above, even if the home needs very little actual repairs, it may be completely trashed. You have to be able to look past the mess and see the possibilities of the home.
4. Foreclosures are truly sold "As Is." Most homes are sold as-is in NC, but in a standard contract, you have a 'condition contingency.' Like the loan contingency, in the Hickory, NC area at least, many REO's have removed ALL contingencies from the offer. In a nutshell, that means that finding damage during an inspection you may have missed will not be a contract contingency to help you get out of the contract and retrieve your earnest money.
5. Be prepared for a Bid War. Especially if the home is already priced right for the condition. There will be a lot of people interested in the property, especially investors, and they will bid higher if it meets their numbers.
6. Don't wait to make an offer. Many people that are interested in a foreclosed home as their primary residence will often wait on making an offer on it. Sometimes, it's because of the condition, but in a lot of cases, it's because they want to wait to see "how low it'll go." If it hits the market over-priced, that may work, to a point, but usually what happens, is that they miss the opportunity to make a bid at all because someone else didn't wait. See #5.
7. Don't get discouraged. You may miss out on a few foreclosures, even if you do get your offer in. That's just part of dealing with foreclosures. Still, if you think a particular house was the "IT" house for you, you may still have a shot. This is still a tough market, especially concerning financing. Many times with foreclosures, something happens in the deal that prevents it from closing and it goes back on the market. So keep checking until it says "SOLD."

If you're interested in buying foreclosures in the Hickory NC area, sign up for my Foreclosure Hunter Program today or give me a call.

photo courtesy of Andrew Bains flickr photostream

Yes, you heard me right. If you're a first time home buyer and you're interested in buying a home in the Catawba county, NC area, I can get you an additional $14900 of funding if you purchase a local foreclosed property.

A little details then.
This is NOT a tax credit (like the $8000 tax credit) and it's not extra money in your pocket. What it is, is an essentially free loan of up to $14900 to help purchase a foreclosed property. That's like getting a $100,000 home for $85,100 without even negotiating!

So how does it work?
I did say "essentially" didn't I? There are conditions. The $14,900 will be a zero percent interest 2nd mortgage on the home that will be forgiven 20% for each full year of ownership. So, if you own and live in the property for at least 5 years, the money is free.

As you might expect, there are a few conditions that must be met, too. Here's the main points.

1. The property must be in Catawba county and be a single-family detached, condo or townhouse (manufactured housing is not eligible).
2. The can't be any structural repairs or deferred maintenance issues (per NC licensed home inspector)
3. All properties must be purchased at or below 99% of the appraised value and the price cannot exceed $210,000
4. All necessary repairs must be completed prior to closing.
5. Eligible borrowers must meet the mortgage financing requirements (you have to qualify for a loan)
6. There is an income limit of approximately $46000 annually (this may be different, but close)
7. Borrowers must contribute $1000 of their own funds into the transaction.
8. Borrowers must complete 8 hours of classroom or one-on-one home buyer counseling from a HUD approved housing counseling agency prior to loan closing (we'll help you find one)

There's a few more particulars, but that covers the big ones.

So, if you're a first time home buyer in the market for a Hickory NC area home for sale, it may be worthwhile to check out some area foreclosures and see if you qualify for an extra $14900 in funding.

Need more information or ready to go look at some homes, just give me a call or visit my website at www.HickoryNCHomes.com

Lake Hickory was created in 1927 with the completion of the Oxford Dam. The dam parallels the NC Highway 16 bridge over the Catawba River between I-40 and Taylorsville. Lake Hickory was named after the nearby city of the same name. The lake covers almost 4,223 acres with 105 miles of shoreline. Full pond elevation is 935 feet. Lake Hickory has so much to offer with recreation, beautiful views, and peaceful tranquility.

Beautiful Home in NE Hickory with a Basement

741 41st Avenue Drive NE, Hickory NC 28601

MLS #9550769 $205,000

Come check out this super home in NE Hickory. The living room features gleaming hardwood floors and a gas fireplace. The dining room also has hardwood floors and opens to a screened in porch that is perfect for enjoying your morning coffee. The kitchen has stainless appliances and a breakfast bar.

The master bedroom is on the main floor and features a large walk in closet, double sinks, and separate tub/shower. Two nice sized bedrooms and bathroom are upstairs.

The finished walkout basement features a large family room with a bar area and high ceilings which is perfect for entertaining. Two additional rooms are used as a playroom and exercise room.

This basement could be configured as an in-law suite. The bar area is rough plumbed to be easily converted to a kitchenette. There is a full bath and one of the rooms could be used as a bedroom.

The home is beautiful and ready for you to move right in.

Click Here for More Pictures of this Beautiful Hickory NC Home for Sale

SCHOOLS:
Clyde Campbell Elementary
Arndt Middle School
St. Stephens High School

WHO: Catawba Science Center - Science After Dark series for adults

WHAT: Organic Gardening Workshop

WHERE: Planetarium Building at Catawba Science Center

WHEN: Tuesday, Feb. 16 7:30 p.m.

HOW MUCH: $8 CSC members and $10 nonmembers

It may be cold, but it's not too soon to start planning this summer's vegetable garden.

As part of its Science After Dark series for adults, in Hickory will present an Organic Gardening Workshop at 7:30 p.m. Tuesday, Feb. 16 in the planetarium building.

Learn the basics of organic gardening - benefits, myths and helpful products. Plan a garden veggie patch and make a starter vermicompost bin to use at home.

The interactive and informative workshop will be led by Judy Sigmon, CSC educator, and Kelly Groves, environment and natural resources agent with NC Cooperative Extension.

Cost to attend the Organic Gardening Workshop is $8 CSC members and $10 nonmembers. Includes hors d'oeuvres. Beer and wine available by donation.

Pre-registration and pre-payment are required. Call (828) 322-8169 to reserve your space today.

More information at www.CatawbaScience.org.

Science After Dark, a series of social and educational programs for adults, is sponsored by 95.7 The Ride, Focus Newspaper and The Best of Beers, LLC.

CSC admission is $6 for adults, $4 for youth (3 to 18), seniors (62+), active military and college students with current ID. Admission is free for CSC members and children under 3. Planetarium show tickets are $2 for members and $3 for nonmembers. Combo admission and planetarium tickets are available.

More information at (828) 322-8169 or www.CatawbaScience.org Catawba Science Center is a nonprofit science and technology museum in the Western Piedmont with traveling exhibits, a digital planetarium theater and North Carolina's only marine touch pool with live sharks and stingrays.

CSC is funded in part by the United Arts Fund of Catawba County and is located in the Arts and Science Center of Catawba Valley, on the SALT Block, 243 3rd Avenue NE, Hickory.