Brandon Farmer

Just south of the infamous Dilworth area in Charlotte NC you will find a subdivision called Sedgefield. The homes in this neighborhood are not as large as the houses in Dilworth and there are not as many bungalow style homes...but the feel of the neighborhood is similar. There are a lot of matured trees, street parking and the neighborhood is quiet. The homes in Sedgefield were built in the late 1940's and early 1950's. If you were driving down Park Road and were not familiar with Charlotte you may miss the subdivision all together or think that you are still in Dilworth. The prices in this area are still very reasonable given that the area is within 5 miles of the city. Three bedroom, 2 bathroom houses in good condition are going for the mid $300,000's (though there are a couple that have been added on to that are starting to look like Dilworth houses and they can go for the $600,000's). The neighborhood has a nice park...from an aerial shot it is shaped like a butterfly...and the high schoolers in Sedgefield will attend Myers Park High School (another plus).

From Uptown Charlotte...go south on Park Rd. and take a right on Poindexter or Marsh and drive through Sedgefield. Let me know what you think of the area.

Fifth and Poplar, located at the intersection of 5th and Pine, is a popular condominium complex located in Uptown Charlotte, NC. The complex is known for its luxurious amenities. The community is gated with security, there is a workout room, concierge service, Starbucks coffee bar, dry cleaning, putting green, pool, grilling area and outside bar area. The HOAdues have recently been raised (some units are over $500/month) because they are having to repair a problem with the roof. The dues are expected to be lowered once the repairs have been made.

I prefer the units that have views into the courtyard. During the summer months the area is busy and is a great place for the residents to make new friends. The VUE is in the process of being built and is affecting the view of units on one side of Fifth and Poplar. Some units will now be staring into the side of a taller condominium building.

There are several units in this complex that are on the market in a short sale situation. The units sold a few years ago for over $400,000 and are now listed in the high $290,000's. This is forcing several of the resales to drop their list prices and it is directly affecting the market value in this complex.

Check out what is currently on the market at Fifth and Poplar by clicking here.

Charlotte, NC has a lot of buyers coming to the area because of the city's large banking presence. Charlotte is the 2nd largest banking center (NYC being #1) and though the banks have been struggling, we are still seeing people being relocated to Charlotte to work for Wells Fargo or GMAC. Most of the buyers are completely new to Charlotte and need the expert advise of a local real estate agent.

In a city that offers as much as Charlotte, it is easy to overwhelm the buyers with all the different areas and attractions. I like to give my clients a one hour tour of the city and surrounding areas. This is just long enough to drive them through the different areas and neighborhoods so that they can get a feel for the different sides of Charlotte. They will want to explore the city on their own and will more than likely stumble across something that they will want me to explain to them.

The streets in Charlotte can be a little confusing for people new to the city. The streets are designed like a bicycle wheel and spokes instead of the more traditional grid system. Once you live here and understand how the different roads connect, you will see how much better the traffic flows with a wheel and spoke design.

Mecklenburg County has great public schools and a rapidly growing public transportation system. If you want to receive more information about Charlotte please call me and ask for a relocation packet. I can mail you all of the information about the city and the housing market so that you will be more educated when you are ready to buy.

Why should I buy instead of rent?

You can deduct the cost of mortgage loan interest from your federal and state income taxes, as well as the property taxes you pay as a home owner. The value of your home will appreciate over time. And nothing beats the joy of having a place to call your own,

Should I use a Realtor®?

Absolutely! The detailed process of buying a home, qualifying for a mortgage and signing the papers at closing can be overwhelming for even experienced buyers. I can help you find a home to meet your needs and price range; negotiate the best price; guide you through the paperwork; and serve as a trusted advisor during the home-buying process - and beyond.

How much money do I need?

Costs will vary depending on the price of the home and type of mortgage. You can expect to pay earnest money (a good-faith deposit.....usually about 1%); a down payment (a percentage of the home and a minimum of 3-5 percent); and closing costs (the costs associated with processing the paperwork, usually 3-4 percent of the cost of your home).

Where do I get a mortgage?

Allen Tate offers a one-stop shopping approach through its Family of Companies, including Allen Tate Mortgage Services, which has access to many loan programs as well as in-house underwriting capabilities for FHA and VA loans. Allen Tate's Best Rate Guarantee program ensures you are getting the best loan package possible. You'll need comprehensive documentation to qualify for a mortgage, and the process generally takes about 3-6 weeks.

How much do I offer?

Consider the following: 1) recent comparable listing and sale prices. 2) condition of the home. 3) time the home has been on the market. 4) amount of mortgage required. 5) how much you want the home. Many sellers in today's market are highly motivated to sell to an interested buyer who makes a reasonable offer. I can help advise you on what makes sense.

You've searched your ideal neighborhoods, and you find a property which appears to be priced significantly lower that the rest. It might just be your lucky day if you are willing to work through the often long and tedious process of buying a short sale.

A short sale is a real estate transaction where the seller's lender is accepting a discounted payoff to release an existing mortgage. It is typically done to prevent a foreclosure, but it is designed as the most economical way for the bank to recover the amount owed on the property, not to help the property owner.

Here's some helpful tips for buying a short sale property:

1. Research public records. Find out whether a foreclosure notice has been filed, and how much is owed to the lender, so you know what to offer.

2. Remember that the lender will not pay for items such as home warranties or termite inspections. Obtain and pay for a home inspection and make your offer contingent upon its approval.

3. Make your offer contingent upon the lender's acceptance and give a time frame for response.

4. A property listed with short sale terms does not mean the lender will accept your offer. A lender will only agree to a short sale if the seller has no equity in the home and cannot repay the difference between your sale price and their loan.

5. Once the seller has accepted your offer, send it to the lender for approval. Offer proof that you are pre-approved for a loan, along with a list of comparable sales supporting your offer price.

If you have any questions or need help with a short sale...please feel free to call me @ 704-975-7848