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Brad & Angela Lawrence - Realtors/Owners - Greensboro - Winston Salem -High Point

Statistics for NC Piedmont Triad - New Listings/Current Actives/SOLDS for Sept 2009

The following numbers are the New Listings/Current Actives for Sept 2009

Source - Triad MLS

County New Listings Current Actives
Guilford 794 4130
Forsyth 633 3340
Davidson 192 1225
Randolph 119 736
Davie 56 419
Stokes 55 296
Surry 73 448
Yadkin 19 147
Alamance 72 348
Rockingham 78 508

The following numbers are the sold homes in each county for Sept - 2008 vs 2009

Source - Triad MLS

County SOLDS Sept 2008 SOLDS Sept 2009
Guilford 452 274
Forsyth 357 229
Davidson 105 70
Randolph 63 47
Davie 35 14
Stokes 34 21
Surry 38 26
Yadkin 12 6
Alamance 42 31
Rockingham 50 33

What to expect when making an offer on a foreclosure type property.

Here is General Information about investment properties (foreclosures, REO, bank-owned, HUD, etc) and what is usually involved (but not always the case) in making an offer on these type of investment properties.

  • AS-IS - These type of properties are sold "as-is" and the seller will not make any repairs. They are exempt from disclosure and usually have never occupied the property. Most cases, no history is available on the property or prior owners. These properties are marketed/priced assuming repairs will be needed and seller is not responsible for structural defects, code violations, or lead-based paint, radon, termite damage, active termites or mold.
  • Inspections and Utilities - An offer can be made on these homes contingent on inspection results.
    * In most cases, the utilities are not on and if a buyer wants an inspection, sellers require inspections to be done within 10 days after offer is accepted.
    * Usually the sellers listing agent has to be contacted to arrange utilities to be turned on, at buyers expense.
    * When given timeframes for utilities to be on, it is recommended that buyer agent confirms that utilities are working before inspection is made, as some inspectors will refuse to turn on breakers, etc.
    * In order for utilities to be activated in a timely manner, it is the buyer's responsibility prior to requesting utilities to confirm all breakers at panel are off to allow activation of electric and all water spigots, etc. are turned off to allow activation of water services.
    * Water service will be established, but left off to house to prevent any water damage as property is vacant. Buyer will be responsible for turning on water to house for inspections only and MUST turn off water immediately following inspections.
    * Electric service will likewise often be on but turned off at breaker panel or meter.
    * If gas service is established, buyer will be responsible for lighting pilot lights, etc as required for inspections.
    * Any damages or liability resulting from inspections or improperly attempting to activate an utility will be the buyer and buyer's representatives.
  • Winterization - Most properties are winterized during the fall/winter.
    * Water is turned off, plumbing lines drained, and antifreeze is put in all drains. This also includes draining of hot water heater and breakers to heater being turned off/taped over.
    * It will be buyer's responsibility at their expense and liability to have the property de-winterized by a qualified plumber for the purpose of any inspections. Any property de-winterized in any other person than a qualified plumber will result in a buyers liability should any damage occur.
    * After the home is purchased, it will be buyer's responsibility to de-winterize home again if it was re-winterized after inspections.
  • Financing for these type of properties - Seller will not accept offers contingent on sale/closing of another property.
    * A pre-approval letter is required (NOT pre-qualified) from a lender if financing, or a proof of funds letter if a CASH offer and the letter must accompany all offers. Note: Credit Lines, IRA's, Stocks are NOT CASH.
    * Pre-approval letter must clearly state that a credit report has been reviewed as part of the pre-approval. The pre-approval letter must be signed by the loan officer: (If mobile/manufactured home, the pre-approval must also state that lender is aware the property is manufactured housing. If listing says "Rehab loan only" the letter must state "rehab loan".
    * Loan Commitment Letter - If financing, a loan commitment letter must be received within the timeframe specified in the offer to purchase. Failure to do so will result in buyer's earnest money becoming non-refundable should the closing not occur due to failure to secure financing within the contract timelines.
  • Addendums - There will be special seller addendums to be filled out after an offer is accepted, these seller addendums pretty much read that the buyer is buying property in as-is condition and seller is not responsible for anything related to sale of the property once closed.
  • Per Diem - There will be a charge to the buyer for everyday that passes the original closing date. This can be reason connected to fault of the buyer or buyers agent or buyers lender or buyers closing attorney.
  • Multi-offers - If the seller receives more than one offer on the property, the seller MAY request Highest & Best offer from all buyers. In that situation, the seller still may reject, accept or counter the highest and best offers.
  • Sellers response to offer - Unfortunately, banks do not work on weekends or holidays. The banks will respond when they can (many are overwhelmed and understaffed) and it may take several days to receive a response.
  • Closings - Due to the fact that these properties were acquired through foreclosure, there may be closing and title problems, which sometimes do occur, and delay closings. So beware that just because there is a closing date, it does not mean the property will close on that date.....take into consideration when scheduling movers, contractors, etc. Buyers may not make alterations or occupy the property prior to closing - NO EXCEPTIONS.
  • Get in line NOW for the $8K tax credit

    If your wanting to claim the $8K tax credit, you MUST purchase and close on a home by 11/30/09. You must start the process now and get a home under contract by mid October to have time for lending approval, inspections and any other unforeseen problems that may arise.

    Almost 45,000 home buyers have already claimed the $8K tax credit in North Carolina.

    Not sure if you able to purchase a home, contact us for several lender contacts to get pre-approved. Once approved........then lets start looking for a home!

    Statistics for NC Piedmont Triad - New Listings/Current Actives/SOLDS for Aug 2009

    The following numbers are the New Listings/Current Actives for Aug 2009

    Source - Triad MLS

    County New Listings Current Actives
    Guilford 768 4167
    Forsyth 604 3377
    Davidson 234 1243
    Randolph 132 726
    Davie 49 423
    Stokes 51 304
    Surry 60 451
    Yadkin 21 150
    Alamance 71 351
    Rockingham 81 515

    The following numbers are the sold homes in each county for Aug - 2008 vs 2009

    Source - Triad MLS

    County SOLDS Aug 2008 SOLDS Aug 2009
    Guilford 527 382
    Forsyth 429 311
    Davidson 125 87
    Randolph 74 67
    Davie 39 31
    Stokes 21 31
    Surry 27 25
    Yadkin 6 7
    Alamance 41 31
    Rockingham 52 36

    Just another reminder

    I am sure everyone knows about the $8,000 tax credit by now. But this is just another reminder that you must purchase a home before 12/1/2009 to qualify along with other requirements. But the deadline is the biggest hurdle to meet.

    It is the very best time to purchase a home ........... tax credit, low rates, home values are down, sellers are most likely to be more negotiable, may be able to find a foreclosure deal.

    Let us know if your ready to find a home quickly.

    If you need to speak with an experienced home mortgage lender, let us know.