Monday, February 28, 2011

New Restaurant Coming to Kernersville!

For a community that treats its restaurants and businesses so well, I have always found it strange that we have so few really good, independent, sit-down restaurants in Kernersville.  That is about to change!  Some of our local favorites such as Smitty's and Fitz's are niche' restaurants, serving seafood and short order but for a family that likes to dine out, we will not be missing any visits to these "stand-bys".

The new restaurant, which I have very limited information about, will be located on Old Winston Road beside of Kernersville Pharmacy.  According to the sign in front of the building, the name will be J. Pepper's.  I have heard rumblings that it will be high-end Southern cuisine, but have no verification on this speculation.  I do know that there will be an outdoor patio area for drinks and dining that should seat between 50-60 patrons.  The Cashion family certainly welcomes J. Pepper's and I am sure that our friends and neighbors do as well!

Another update on Blend and Brew, formerly known as Espresso Doctors.  The temporary unit in the parking lot of Planet Fitness was given a stay by the town of Kernersville until a new location could be found.  Word on the street is that the current owner has found a suitable location on South Main Street and Century Park just across from Don Juan's Mexican.  Ground has been broken and they hope to have the new locale up and running by end of March-mid-April according to an employee.  Blend and Brew will remain a drive-thru coffee experience and hopes to expand their clientele by having more exposure on South Main.

If you have any additional information you would like to share on either of these businesses or know of some other exciting news as it relates to eats and drinks in and around town...share it on the post!

Tuesday, February 22, 2011

Survey: Sales of Distressed Homes increased in January

Interesting piece in CalculatedRISK today(see link below)...however, in our local market we have not seen the huge influx of distressed property as predicted. Certainly, more homes than in years past that are foreclosing and even fewer being accepted for short sale. This phenomenon highlights the incorrect public perception that banks would rather settle in a short sale situation than foreclosing.

As agents, were are finding that banks are opting for the foreclosure rather than negotiate short sale options. Usually, with outstanding second loans being left in the lurch with little to no money coming their way, the foreclosure process swiftly deals with these outstanding second and third liens and clears the title for the bank to place the home back on the market; in many cases for less than the short sale offers. I have personally seen two instances in the past six months where this has occurred.

As for additional homes coming on the market in this "shadow"'s hard to say if folks are hanging on through the end of their savings, if they are actually finding gainful employment to continue making payments or if the former stigma of foreclosure has softened and folks will let their homes go back to the bank without batting an eye. Only time will tell...

Survey: Sales of Distressed Homes increased in January

Sunday, February 13, 2011

Obtaining a Mortgage...Is It Just Too Much Work?

According to a survey recently published and reported on by the Wall Street Journal (link at bottom of post), obtaining a mortgage is considered the most difficult part of purchasing a home. 

As someone who works day in and out with lenders, buyers and sellers trying to navigate the home-buying process, I can certainly vouch for that sentiment.  Not only do home buyers have to dredge up tons of paperwork that they may have never laid hands on (tax returns, paper pay stubs, divorce or separation agreements, child support documentation, etc.) but they are also asked to find other obscure items or conduct tests on the home being purchased at the last minute.  This would seem to be an issue for the individual mortgage brokers to know what items are needed for a particular loan or buyer, but with guidelines changing and new regulations being handed down from Fannie and Freddie on sometimes a WEEKLY basis, the gauntlet to obtain financing may seem downright impossible.

For example, the basic requirements to submit for a loan are certainly ones that  you can see as necessary in order to verify income, employment, assets, and the like.  There should not be any issue with a buyer being able to produce their last two year tax returns or bank statements.  However, some buyers, since this is not an everyday process, are confused as to where these documents are found and with the advent of online banking and tax filing, paper copies are becoming less the norm.  This is a great example of how critical it is to have an experienced local lender with a trusted company to guide you through the process.  Even the best of these folks are going to be blind-sided every now and then by something like a road maintenance agreement that was never recorded or a separation paper that was never filed or notarized, but these folks keep their cool, keep everyone informed and keep the loan trucking to a successful close.

Lending is changing everyday and it is up to an experienced team of lenders and agents who are up to date on the climate of the market to guide buyers through the challenges.  Please call Brooke Cashion and Associates for a list of lenders that we recommend because they are market relevant, professional and can close the transaction.  Remember..."When Details Matter....Experience Counts!"

Saturday, February 12, 2011

New Advertising Campaign for Spring 2011!

Everything is pretty cyclical and it goes to show that most ideas are recycled...that being said, I myself, am going back to advertising that treated my business pretty well 10 years ago--a billboard!

For my clients the billboard will continue to drive traffic to the website where their homes are featured with virtual tours, school and community information, 21 photo tours, room measurements, mortgage calculators and so much more!  As a result of Allen Tate's great web inquiry follow-up this will result in more buyer to be helped by our team and more folks obtaining information about our team's listings!  Currently, we have over 2000 hits per month and just since the board has been up (less than one week) this number is up approximately 100 more hits a day!

For the public the billboard will serve as a reminder that Brooke Cashion and Associates is here to serve and can and will sell your home by using expertise, current and relevant market knowledge, professionalism and good 'ol fashioned hard work!  As a top Triad producer for over 10 years, it's proven that we can get the job done!

Wanna take a look?  Check it out on Business 40E, on your left just before the Hwy 158 Walkertown/Reidsville exit.  Have a great weekend and enjoy the sunshine!

Wednesday, February 02, 2011

Revisions to 90 Flip-Give and TAKE!!

As our mortgage broker at our office said, what the government giveth, the banks taketh away.

Apparently, someone at the bank didn't think that the 90 flip rule should be shared with regular Joe homeowner, only the banks should be allowed to move their inventory. Hence, we end up today with joint decision-making between some of the big banks like Wells Fargo, B of A, Chase, etc.) who determined that this will no longer pertain to individual sellers. And of course, these cats hold the purse strings because as FHA lenders, they determine who gets a loan and what those terms will be!

*Exemption was extended through 12-31-11. However, the investor decision is that this does not pertain to individuals who have purchased and are reselling a home within 90 days. This DOES include HUD REO's, Sales by Federal Agencies or federally chartered institutions and GSE's and approved non-profits.

*There are still overlays to the above approved purchases which usually means that these banks/investors will not purchase a property that has increased in value more than 20% or acquired within the last 90 days.

*In addition, if a property is being turned over between 91 and 180 days and the sales price is
100% or more over the price paid by the seller, a 2nd appraisal is required but at no additional charge to the borrower.

This all says to me, the layman, that once again, what is good for the government is not for us to use. Saving all the good stuff for themselves and leaving taxpayers to hold the bag! Sorry, but keep in mind, some of these distressed properties are still a great deal and deserve a once over!