Cheryl Powell - ABR, Broker, Realtor - Remax Signature- Concord NC Real Estate

Not many Realtors in Concord NC and the surrounding areas are aware of this great loan program offered by the USDA. I suspect the same is true in other states across the country. This program is very similar to the Farmer's Home Administration Loans that used to be offered by the USDA.

USDA Rural Development Loans are available for low to middle income owner occupant borrowers. It is a 100% loan to value program... that's right there are still a few NO MONEY DOWN programs available. This loan also has NO PMI!

Only a few lenders are qualified to underwrite these loans, so make sure to check out the List of Approved Lenders.

Here's a list of eligibility requirements:

One of the biggest hurdles in getting a home using a USDA Rural Development Guaranteed Loan, is finding a home that is located in a Rural Development eligible area. Location restrictions vary from county to county; some counties are completely eligible (such as Lincoln County NC), in some counties the property needs to be in a County Taxes Only area (such as Cabarrus County/Concord area NC), and in some counties only small portions are excluded (such as Iredell County/Mooresville area NC).

So, when helping a buyer purchase a home using this financing program, it is important to investigate the eligible areas within the county/counties where your client wishes to live and set up your property searches accordingly. Also, you and/or your client can check the eligibility of a property by visiting the Rural Development eligible area map online. That way, you won't waste a lot of time looking at properties that won't qualify.

I've helped several buyers purchase homes using this program, it works great and can help a buyer qualify for a more expensive home since there is NO PMI! Plus, if a buyer doesn't have any money for a downpayment, there currently aren't many other options for 100% financing programs available. If you have any questions about this program check out their website or contact me anytime.

Has anyone else helped a buyer get a home using this program?

#1 Best Place to Live #9 Recession-Proof City

High Foreclosure Rates? #1 Best Place to Buy Foreclosed Homes!

Is it possible for one city to be America's #1 Best Place to Live on the Relocate America Top 100 Places to Live in 2008 list, #9 most Recession-Proof City in America on the Forbes.com America's Recession-Proof Cities list, AND still have High Foreclosure Rates? The answer is yes, and that city is Charlotte North Carolina.

Add it all together and you will find that Charlotte is America's #1 Best Place to Buy Foreclosed Homes! I completely agree, since Charlotte has one of the most active real estate markets in America right now, it is one of the few areas in the country that experienced an increase in property values during 2007, and there are some real bargains available right now.

Statewide North Carolina ranks #25 in RealtyTrac's State Rankings by Foreclosure Rate list for 2008 Q 1 with one filing in every 392 households and a total of 10,283 filings in the state. The Charlotte/Gastonia area was ranked #53 on realtytrac's Metro Area Foreclosure Rankings list. There was a decrease in the foreclosure rate as compared to the 2007 Q4 (Good News)! However, there was a .75% increase as compared to 2007 Q 1. Based on that information it seems that North Carolina's foreclosure rate is still at a fairly high rate but leveling out.

Even though there are many cities across the country with higher foreclosure rates than Charlotte I still see them everywhere! It would be VERY interesting to see statistics combining the instance of all distress sales, including foreclosures/pre-foreclosures/short sales.

Great deals can be found on foreclosure properties as well as pre-foreclosure/short sale properties in Charlotte and the entire Metro area, including Concord, Kannapolis, Salisbury, Mooresville, and the Lake Norman Area. Fortunately, these properties are selling very well right now, since people from across the country are continuing to relocate to North Carolina in huge numbers.

the firm that I'm associated with, is located in Concord NC and at this time my business is dominated by foreclosure/pre-foreclosure/short sale SALES and by short sale LISTINGS. I have a lot of experience with foreclosure/pre-foreclosure/short sale properties, and would appreciate any referrals that you send my way! I'll do a GREAT JOB representing all of your referral clients.

I worked in new construction sales for more than 2 years before starting my career as a general brokerage agent. In my experience, approximately 75% of new home buyers bought their home directly from the builder, without Buyer Agent representaion. Why do you think this is? I think one of the main reasons is that buyers think they will get a better deal if they don't use a Buyer's Agent.

Builders and builder's agents can be very friendly, however they are working in the best interest of the seller. But who is representing buyer? I'm not sure how many new construction buyers are actually aware of this fact.

I've been making a list of the reasons why buyers of new construction homes should have Buyer's Agent representation. Here a few of my ideas:

* First of all, Buyer Agency representation is FREE to the buyer. The commission is paid by the seller and is already included in the price of the home.

* Buyer's Agents negotiate on the buyer's behalf. Buyers shouldn't believe the myth that the price of new construction homes is NEVER negotiable, because in many cases it is. Even if the builder won't reduce the price, they may include additional upgrades at the same price.

* Buyer's Agents can provide buyers with a Comparative Market Analysis of similar homes recently sold in the neighborhood where they are interested.

* Buyer's Agents can provide advice on how your lot choice may affect future resale value and help you make the best building lot decision.

Do you have other reasons why buyers of new construction should use a Buyer's Agent? I look forward to hearing your ideas.

Charlotte's recent inclusion at #9 on Forbes.com's "Real Estate...America's Recession-Proof Cities" top 10 list, provides another affirmation that Charlotte's real estate market is alive and well! The list was compiled from the country's 50 largest metropolitan areas and cites the cities for their high job growth, rising home values and low unemployment amid a national economic downturn.

CLICK HERE to check out what Forbes.com has to say about Charlotte. The article also mentions Concord and Gastonia in a positive light. CLICK HERE to read the entire story.

It's been somewhat difficult to fight the image of real estate doom and gloom that has been portrayed by the national news media. Some buyers don't want to buy right now, because they "heard" that the real estate "bubble" might burst and they will lose money. Some seller's don't want to list their homes right now, because they heard that the market is slow and that they won't be able to get as much for their home.

Hopefully, those of us who make our livings in Charlotte area real estate professions will be able to educate area consumers with the true facts about OUR local economy and real estate market. The Charlotte area economy and real estate market are far different than that of the nation as a whole.

Personally, I've had a great 2008 so far. Let's all do our part to provide the facts to the general public!

WOW! $30,000 Below Tax Value

• 1600+ Heated Square Feet
• 3 Bedroom - 2 1/2 Bath
• Attached 2-car garage
• All Bedrooms & Laundry Upstairs
• Conveniently located near the new Kannapolis NC Biotech Research Campus & I-85 access.
• Desired Cabarrus County School District
• Offered at $119,900

Another home SOLD by Cheryl Powell & The Powell Team with RE/MAX Gold!

MLS#: 771835

For more information on this house or other homes for sale in Cabarrus County and Concord NC, or general information on Charlotte NC area real estate, call Cheryl Powell with The Powell Team at 704-363-8902 or visit our website.