In recent history, buyers with little down payment and high credit scores still leaned towards FHA loans for their good rates and low down payment requirements. Currently for as little as 3.5% down, which can still be a gift, a decent FHA loan can be obtained.
In mid-April, FHA will adjust their up front funding fee which may in fact turn the tables for buyers looking for those low down payment loans. It looks like now using conventional financing can save buyers substantial amounts of money at the onset and years down the road.
With new conventional programs, there is no upfront premium, unlike FHA which requires 1% upfront either added to the closing costs or financed into the loan.
On these conventional products there will be lower monthly private mortgage insurance costs than with FHA which means realized savings month over month and year over year.
On some of the conventional products you can get in with as little as 3% down as opposed to FHA's required 3.5%.
If the buyer has the ability to put a little more down with some of these products and can bring a down payment of 5% as opposed to FHA's required 3.5% then in 3 years the buyer can save approximately--
$2116 in monthly mortgage payments
$4005 in mortgage insurance
and will have $5632 more in equity.
When the FHA pricing changes in April, these numbers above will adjust to
$3885 in monthly mortgage savings
$5774 in mortgage insurance costs and this is in just the first three years! Not something to sneeze at!
For more information and details please give me a call or email me so that our team can put you in touch with a mortgage professional who can assess your situation and determine which loan is right for you!
Brooke
Monday, March 21, 2011
Tuesday, March 08, 2011
REDUCTION ON ONE LEVEL-SPLIT BEDROOM PLAN IN KERNERSVILLE!
Recently Reduced in Kernersville! Like a Model Home!
5748 Bromley Drive $225,000--CLICK HERE FOR INFO AND PICS!www.allentate.com/brookecashion/594946
Thursday, March 03, 2011
A Charity That We Love Continues to Make a Difference!
Arts for Life, which is a charity that we support here on our team and personally continues to bring the arts to sick children at Brenner's and other children's hospitals around the state. If you are interested in contributing or knowing how you can help, please contact me and I can give you the info.
Enjoy the article! Brooke
Arts For Life Brings Music to Patients
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!
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" inventory...it'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
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" inventory...it'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!"
http://blogs.wsj.com/developments/2011/02/08/survey-mortgage-process-has-become-too-confusing/
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!"
http://blogs.wsj.com/developments/2011/02/08/survey-mortgage-process-has-become-too-confusing/
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!
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!
Brooke
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!
Brooke
Monday, January 31, 2011
90 Day Flip Rule Takes a Vacation...
Recently the feds overturned the 90 day flip rule that requires sellers to "hold" onto a property for 90 days after the initial seller purchase regardless of whether they can sell the property in a shorter time period.
This move was pushed by the need to get the existing inventory of foreclosures reduced, therefore allowing potential investors to buy properties, do needed improvements and immediately put the property back on the market to sell. Over the past several years, this has not been possible, causing investors to hold back purchasing investment property because hanging onto the properties for 90+ days was just not financially reasonable.
Another consequence the 90 day rule was the impact of contractors losing work as a result of investors not needing projects on distressed properties. These jobs are part of the fuel for a healthy real estate economy.
There may be a glut of homes on the market but the majority need updates or minor repairs, something an investor can certainly handle with cash on hand. Unfortunately, the 90 day rule halted these small improvements in their tracks. Small projects can take less than a week and investors used to be able to get the home back on the market and sold quickly. Repairs and updates such as carpet, paint and minor cosmetics can help a property sell and keeps the buyers from having to come out of pocket with hard-to-get cash since down payment requirements are now larger and there are limitations on seller contributions. The ability for a seller to make these improvements on a recent purchase also helps to steady declining housing values.
All in all, the break will hopefully encourage investment, put contractors back on the job and remove the glut of foreclosures and distressed homes on the market.
Read the waiver from HUD
http://www.hud.gov/offices/hsg/sfh/currentwaiver.pdf
Want to get in on the action? Give me a call 336-817-3598 or shoot an email to me at brooke.cashion@allentate.com. There are some great opportunities out there and we look forward to assisting you in your real estate needs!
Brooke
This move was pushed by the need to get the existing inventory of foreclosures reduced, therefore allowing potential investors to buy properties, do needed improvements and immediately put the property back on the market to sell. Over the past several years, this has not been possible, causing investors to hold back purchasing investment property because hanging onto the properties for 90+ days was just not financially reasonable.
Another consequence the 90 day rule was the impact of contractors losing work as a result of investors not needing projects on distressed properties. These jobs are part of the fuel for a healthy real estate economy.
There may be a glut of homes on the market but the majority need updates or minor repairs, something an investor can certainly handle with cash on hand. Unfortunately, the 90 day rule halted these small improvements in their tracks. Small projects can take less than a week and investors used to be able to get the home back on the market and sold quickly. Repairs and updates such as carpet, paint and minor cosmetics can help a property sell and keeps the buyers from having to come out of pocket with hard-to-get cash since down payment requirements are now larger and there are limitations on seller contributions. The ability for a seller to make these improvements on a recent purchase also helps to steady declining housing values.
All in all, the break will hopefully encourage investment, put contractors back on the job and remove the glut of foreclosures and distressed homes on the market.
Read the waiver from HUD
http://www.hud.gov/offices/hsg/sfh/currentwaiver.pdf
Want to get in on the action? Give me a call 336-817-3598 or shoot an email to me at brooke.cashion@allentate.com. There are some great opportunities out there and we look forward to assisting you in your real estate needs!
Brooke
Wednesday, January 26, 2011
Why Twitter?
Was that an appropriate tweet? Huh? Why tweet? Why blog for that matter? Why use social media at all and if you do, how do you make it work for you? Will anyone read what you post? Recently Constant Contact, the provider of my e-newsletter came out with a nice brochure on the benefits and recommendations for various modes of social media. Here's what they have to say about Twitter, which is probably one of the more mysterious ones to me.
*Tweets are good for quick message and links to photos, articles and other short online content
*You can monitor other "dashboards" that allow you to monitor sites of interest and other social media feeds so that you don't have to keep track of thousands of friends, fans and followers.
*Experts recommend not tweeting more than 5-6 times per day
*Use a scheduling tool to send out tweets on holidays and weekends so that you can take a break from regular tweeting
*Using # tags (hashtags) in front of words that others might search for or reference
*Keep track of handles (people's twitter names with @ signs) you mention you or retweet your content. They can influence their networks.
*Use it to publicize "deals" or mass purchasing coupons like you find on Groupons or Buy Local.
Constant Contact recommends tools that you can use with Twitter such as NutShellMail, HootSuite, your blog, email newsletters and Facebook
Here at Brooke Cashion and Associates we are working to integrate these technologies so that you can access our information from your favorite and most convenient form of social media. Have suggestions on how we can better your experience? Post your comments here! Have a great day!
Brooke
*Tweets are good for quick message and links to photos, articles and other short online content
*You can monitor other "dashboards" that allow you to monitor sites of interest and other social media feeds so that you don't have to keep track of thousands of friends, fans and followers.
*Experts recommend not tweeting more than 5-6 times per day
*Use a scheduling tool to send out tweets on holidays and weekends so that you can take a break from regular tweeting
*Using # tags (hashtags) in front of words that others might search for or reference
*Keep track of handles (people's twitter names with @ signs) you mention you or retweet your content. They can influence their networks.
*Use it to publicize "deals" or mass purchasing coupons like you find on Groupons or Buy Local.
Constant Contact recommends tools that you can use with Twitter such as NutShellMail, HootSuite, your blog, email newsletters and Facebook
Here at Brooke Cashion and Associates we are working to integrate these technologies so that you can access our information from your favorite and most convenient form of social media. Have suggestions on how we can better your experience? Post your comments here! Have a great day!
Brooke
Friday, January 21, 2011
Check Those Receipts! Those Mistakes Add Up!
A quick post today but important nonetheless...
Last Monday while on our way back from Raleigh, Jake, Maddie and I stopped by a couple of stores in order to allow Maddie to spend some of her Christmas cash on some items she had her eyes on.
First stop, a local sporting goods store where she was looking for a new water bottle to carry to school. As we cruised the endless supply of bottles, she finally laid hands on a great metal bottle that changed colors with varying temperatures (think Hypercolor). After waiting an inordinately long period of time in line, we finally reached the register. Maddie took out her "wad" of cash and began peeling off the 23 bills, all the while figuring in tax on the bottle that had a tag for $19.99. I was a proud mama! Keep in mind the line was still quite long and people were becoming impatient with waiting and Maddie was also feeling the pressure. The cashier informed us that $23.00 wasn't going to cut it and the total was $24 and some odd change...seemed a bit much on a $20 bottle but she whipped out two more ones, collected her change and moved on.
I gave her a thumbs up on the way out and reminded her that no matter how long the line is, count back your change and make sure you have the correct amount. Once in the car and back on I40, Maddie pipes up that she's been robbed. I am thinking that the purse of cash is now gone, but no, Maddie was charged two dollars more for her bottle than what was on the label attached. I informed her we would go back and make it right which was why it was important to take our time when at the register. Great learning lesson-right!
Fast forward to the early evening, when on the way home from Davie county, picking up the dog, we stopped at a grocery to buy plates for Maddie's chorus party the next day. Lesson learned mom or not! I bought the plates which were on sale for $2.77 with your rewards card (which I had and presented), when I hit the road I realized that I was charged $3 and some change for each pack.
Two times in one day! We'd been robbed! Seriously, just a reminder that it's easy to get caught up in tight time schedules and rushed errands, but in the course of one day our family lost at least two if not three dollars--easily a cup of coffee! In this day and time of computers, scanning and all sorts of other technology it is easy to think that because human error has been mitigated to a certain extent we can let down our guard on monitoring our charges! Not so! Now I know why my parents are so adamant about saving every receipt and still balancing their checkbook and credit card statements the old fashioned way--by paper! Maybe next time I'll learn my lesson!
Last Monday while on our way back from Raleigh, Jake, Maddie and I stopped by a couple of stores in order to allow Maddie to spend some of her Christmas cash on some items she had her eyes on.
First stop, a local sporting goods store where she was looking for a new water bottle to carry to school. As we cruised the endless supply of bottles, she finally laid hands on a great metal bottle that changed colors with varying temperatures (think Hypercolor). After waiting an inordinately long period of time in line, we finally reached the register. Maddie took out her "wad" of cash and began peeling off the 23 bills, all the while figuring in tax on the bottle that had a tag for $19.99. I was a proud mama! Keep in mind the line was still quite long and people were becoming impatient with waiting and Maddie was also feeling the pressure. The cashier informed us that $23.00 wasn't going to cut it and the total was $24 and some odd change...seemed a bit much on a $20 bottle but she whipped out two more ones, collected her change and moved on.
I gave her a thumbs up on the way out and reminded her that no matter how long the line is, count back your change and make sure you have the correct amount. Once in the car and back on I40, Maddie pipes up that she's been robbed. I am thinking that the purse of cash is now gone, but no, Maddie was charged two dollars more for her bottle than what was on the label attached. I informed her we would go back and make it right which was why it was important to take our time when at the register. Great learning lesson-right!
Fast forward to the early evening, when on the way home from Davie county, picking up the dog, we stopped at a grocery to buy plates for Maddie's chorus party the next day. Lesson learned mom or not! I bought the plates which were on sale for $2.77 with your rewards card (which I had and presented), when I hit the road I realized that I was charged $3 and some change for each pack.
Two times in one day! We'd been robbed! Seriously, just a reminder that it's easy to get caught up in tight time schedules and rushed errands, but in the course of one day our family lost at least two if not three dollars--easily a cup of coffee! In this day and time of computers, scanning and all sorts of other technology it is easy to think that because human error has been mitigated to a certain extent we can let down our guard on monitoring our charges! Not so! Now I know why my parents are so adamant about saving every receipt and still balancing their checkbook and credit card statements the old fashioned way--by paper! Maybe next time I'll learn my lesson!
Friday, January 14, 2011
Industry Update January 14, 2011
Real Estate
What you should know about property taxes
if you own rental property?
http://www.foxbusiness.com/personal-finance/2011/01/13/rental-property-taxes-landlords-need-know/
Insurance
Don't let cheap insurance prices short you from protection...
http://www.foxbusiness.com/personal-finance/2011/01/06/ways-cheap-insurance-prices-bamboozle/
Mortgage
Are rates going up, down or all around?
http://www.huffingtonpost.com/2011/01/13/rebounding-mortgage-rates_n_808186.html
What you should know about property taxes
if you own rental property?
http://www.foxbusiness.com/personal-finance/2011/01/13/rental-property-taxes-landlords-need-know/
Insurance
Don't let cheap insurance prices short you from protection...
http://www.foxbusiness.com/personal-finance/2011/01/06/ways-cheap-insurance-prices-bamboozle/
Mortgage
Are rates going up, down or all around?
http://www.huffingtonpost.com/2011/01/13/rebounding-mortgage-rates_n_808186.html
Wednesday, January 12, 2011
Industry Update January 12, 2010
In addition to my personal real estate and social blog posts, I am going to start including industry updates from various, reliable sources for your enjoyment and convenience. Enjoy and please sign up to receive regular updates through your email and don't forget to share my blog with friends, family and co-workers! And as always, I love to hear your feedback and comments!
Real Estate
Home Buying and Selling Predictions for 2011
http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/top-homebuying-selling-predictions-2011
Insurance
Can you get insurance if you rent your home?
http://www.iii.org/articles/can-i-get-insurance-if-i-rent-my-home.html
Mortgage
Additional incentives for banks to approve short sales
http://www.inman.com/news/2011/01/10/short-sale-incentives-revamped-again
Real Estate
Home Buying and Selling Predictions for 2011
http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/top-homebuying-selling-predictions-2011
Insurance
Can you get insurance if you rent your home?
http://www.iii.org/articles/can-i-get-insurance-if-i-rent-my-home.html
Mortgage
Additional incentives for banks to approve short sales
http://www.inman.com/news/2011/01/10/short-sale-incentives-revamped-again
Monday, January 10, 2011
Bats In Your Belfry?
Occasionally in my field we will obtain an inspection report that shows evidence of some sort of "guest" living in the attic. Sometimes, it's a bird that has nested in the exterior overhang, a bat that has decided that just inside the ridge vent is the place to raise a family, or most often that not it's some sort of mouse-like creature that has taken up residence out of the elements. I have seen "extremes" such as squirrels that had chewed through, yes through, Sheetrock in the ceiling of a media room of a foreclosed home and have heard of raccoons having their young inside of the walls of a home.
Nothing unusual about our animal friends wanting to take up residence in a warm, safe environment, but when it's your home, it's difficult to be hospitable to additional visitors.
In the case of most small rodents, the dangers of having them present in your home can range from unsanitary conditions due to their "droppings" to the more damaging, such as actual deterioration of wood, Sheetrock, insulation and other personal items that you may be storing. If bats have nested, it can be more serious, as their guano or "poop" is toxic and must be removed by a professional. Not to mention bats are considered "protected" and elimination of the bat is not an option, but removal is. Once the bat is removed, it is critical to find the point of entry and seal it with wire or something similar to prevent further problems. As stated above, the larger animals typically do more damage, such as squirrels or raccoons, but the sheer annoyance of these critters as they move about in your walls and above your head is enough to drive anyone, "through the roof". Certainly, owners should be cautious when trying to deal with wild animals in their home, as rabies and other diseases can be transferred to humans if contact is made.
Now that I have you on edge about every little creak and scrape that you hear at night, keep in mind there are ways to prevent and/or remove your new found furry friends. Certainly, keeping an eye on overhanging tree branches, which provide a nice, convenient walkway for your pals is a place to start. Beyond that close up any entry points at vents, roof overhangs, etc. with wire, wood or a netting and keep gutters clean because sometimes small rodents like mice, squirrels or voles like to set up shop in these areas and can make quite a racket.
If the problem persists, call a pest control company that specializes in animal removal and prevention. This may cost a little bit out of your pocket but definitely less expensive than nights spent awake wondering if the little party animals are going to join you later for a nightcap.
Need names of folks who do remove animals or want to share a story about animal guests in a home?...Don't forget to share because I love your posts! You can also share with friends and family and keep in mind you can sign up to receive all new posts by subscribing to the blog at the top of the page~
Enjoy the snow and stay safe!
Brooke
Nothing unusual about our animal friends wanting to take up residence in a warm, safe environment, but when it's your home, it's difficult to be hospitable to additional visitors.
In the case of most small rodents, the dangers of having them present in your home can range from unsanitary conditions due to their "droppings" to the more damaging, such as actual deterioration of wood, Sheetrock, insulation and other personal items that you may be storing. If bats have nested, it can be more serious, as their guano or "poop" is toxic and must be removed by a professional. Not to mention bats are considered "protected" and elimination of the bat is not an option, but removal is. Once the bat is removed, it is critical to find the point of entry and seal it with wire or something similar to prevent further problems. As stated above, the larger animals typically do more damage, such as squirrels or raccoons, but the sheer annoyance of these critters as they move about in your walls and above your head is enough to drive anyone, "through the roof". Certainly, owners should be cautious when trying to deal with wild animals in their home, as rabies and other diseases can be transferred to humans if contact is made.
Now that I have you on edge about every little creak and scrape that you hear at night, keep in mind there are ways to prevent and/or remove your new found furry friends. Certainly, keeping an eye on overhanging tree branches, which provide a nice, convenient walkway for your pals is a place to start. Beyond that close up any entry points at vents, roof overhangs, etc. with wire, wood or a netting and keep gutters clean because sometimes small rodents like mice, squirrels or voles like to set up shop in these areas and can make quite a racket.
If the problem persists, call a pest control company that specializes in animal removal and prevention. This may cost a little bit out of your pocket but definitely less expensive than nights spent awake wondering if the little party animals are going to join you later for a nightcap.
Need names of folks who do remove animals or want to share a story about animal guests in a home?...Don't forget to share because I love your posts! You can also share with friends and family and keep in mind you can sign up to receive all new posts by subscribing to the blog at the top of the page~
Enjoy the snow and stay safe!
Brooke
Tuesday, January 04, 2011
Is FSBO right for you?
ITEMS TO CONSIDER WHEN SELLING YOUR HOME
*MAKE SURE YOUR HOME IS PRICED RIGHT- Pricing is the biggest mistake homeowners make when selling their homes. Over or under pricing can cost thousands of dollars, not only off the price but in months of paid mortgages, insurance, taxes, etc. Make sure that you know what homes LIKE yours in your area have SOLD for in the past year.
*CONSIDER YOUR FAMILY'S SAFETY- FSBO's are targets for folks who are criminally motivated to view your home with one of your family members. These folks have been known to take keys to make copies of, break-in when you are at work or school and harm family members who show the house. Agents are trained to pre-qualify buyers and use specific methods to reduce risks in your home, please do the same.
*SHOWING YOUR HOME- Serious buyers take very few days to look at homes, especially when a decision is needed as a result of relocation. Most buyers have been looking with their agent on websites and have identified homes they want to see when they come to town…how will they make an appointment to see yours? Make sure someone can show your home during the day, when most buyers are looking.
*ADVERTISING- Make sure your advertising includes numbers that you can be reached at and that they are visible on your sign (consider preprinted stickers).
*NEGOTIATING- Have a plan for negotiations, be prepared for a buyer to ask for closing cost assistance or other concessions. Be prepared to back up your reasoning for pricing your home as you have.
*ASSISTANCE- Be wary of companies that offer to help you market your home for sale by owner for reduced fees. Remember they are charging you up front for very limited services and little detail work. You have to pay them whether you sell or not! Agents do not charge you until you CLOSE and often times save you money by eliminating time on the market.
**These are just a few items to consider while selling your home, please contact us if you would like additional information on these topics or if we can be of service to you in any other way**
"When details matter, experience counts!"
Wednesday, December 29, 2010
Not Ready to Let Go of Christmas 2010
For the past month, I have loved waking up to the mingled smell of coffee in the pot and fresh cut evergreen as it decorated our home. Jake would have the tree lit each morning before I woke and it was an inspiring sight. I will have to say, that this year, as far as decorations were concerned, I went a little overboard.
As a result of our home being on the market for the past few months, being under contract for two and then not closing, I decided that "Grinch be damned", I was DECORATING for Christmas, in addition to moving our stuff back in. I say that because normally, other than our tree and a few "homemade" items given to us by our daughter, we usually keep it simple. Not this year-not me.
I hired a very talented friend and former client of mine to decorate my banister, mantle, mailbox and to spruce up my tree and a large wreath. This was no simple undertaking. After giving her my Southern Living Christmas edition (hardback of course), I envisioned pineapples, pears, citrus fruits, magnolia, boxwood, holly and a variety of other fresh decor to grace my home to show that nothing would get me out of the spirit. Hours of toll led to an end product that was marvelous, simply stunning.
Fast forward almost 40 days later and let me just say, I was ready to move on. I took down most of the decor, but this year, unlike others...our tree still stands. It's fresh smell has left, but the lights still twinkle magically each morning as I enjoy my coffee in front of the fire. When will we take it down? Who knows, but this year, I want the beauty and serenity of this Christmas to linger. The Christmas message, the snow and the family and friends contributed to a relaxation over Christmas that was different than Christmases of the past and our tree symbolizes that for me...Jake is going to have a difficult time prying that last thing out of my grasp...funny thing is, I think he doesn't want to see it go either.
As a result of our home being on the market for the past few months, being under contract for two and then not closing, I decided that "Grinch be damned", I was DECORATING for Christmas, in addition to moving our stuff back in. I say that because normally, other than our tree and a few "homemade" items given to us by our daughter, we usually keep it simple. Not this year-not me.
I hired a very talented friend and former client of mine to decorate my banister, mantle, mailbox and to spruce up my tree and a large wreath. This was no simple undertaking. After giving her my Southern Living Christmas edition (hardback of course), I envisioned pineapples, pears, citrus fruits, magnolia, boxwood, holly and a variety of other fresh decor to grace my home to show that nothing would get me out of the spirit. Hours of toll led to an end product that was marvelous, simply stunning.
Fast forward almost 40 days later and let me just say, I was ready to move on. I took down most of the decor, but this year, unlike others...our tree still stands. It's fresh smell has left, but the lights still twinkle magically each morning as I enjoy my coffee in front of the fire. When will we take it down? Who knows, but this year, I want the beauty and serenity of this Christmas to linger. The Christmas message, the snow and the family and friends contributed to a relaxation over Christmas that was different than Christmases of the past and our tree symbolizes that for me...Jake is going to have a difficult time prying that last thing out of my grasp...funny thing is, I think he doesn't want to see it go either.
Tuesday, December 07, 2010
Christmas-A-Plenty Around Town...
The holiday season is certainly a magical time of year. Shorter days, brisk, star-filled nights and the tinkling of bells can be heard on most any sidewalk. Then there are the traditional holiday events such as local parades, caroling, church nativities, shopping, ski-trips and the like. If you just want to stay around the Triad this season, here are a few suggestions to make your season as bright as possible.
*Festival of Lights @ Tanglewood--a seasonal favorite which meanders through a park of magical light displays. The best part is they change it up a little each year, so every holiday, it's a new treat!
*Walk Through Bethlehem--Kernersville 7th Day Adventist Church--only on weekends through the 11th of December, this is a must-see. Journey through Bethlehem during the time of Christ's birth, experience the sights and smells of the holy land during this interactive tour.
*City Sidewalks and Nightscapes--as a kid, our Christmas Eve treat after leaving my nanny's was to drive through downtown Winston-Salem and look at the lights...now several towns have beautiful downtown displays...my favorite? Downtown Kernersville with it's twinkling tree lights and lit figurines make for a simple, yet intriguing holiday drive.
*Tree lots--maybe a fresh tree isn't your thing, but pick a cold Winter evening to stroll the tree lot and take in the sweet excitement of families choosing their own tree, grab a cup of cocoa to stay warm!
*The Nutcracker--produced by students at The NC School of the Arts, this is a long-standing holiday tradition for many families. The pageantry of the costuming, the incredible music and the grand feel of the Stevens Center can be the icing on the cake as far as holiday treats!
*Restaurant Hopping--with so many great ones to choose from, pick a town and grab an appetizer at one, maybe another appetizer at another, an entree at yet a different venue and top off the evening with dessert at your final stop. Why? Because so many of our restaurants have holiday specials that can't be missed and the days of Christmas are certainly limited!
Just a few suggestions... I look forward to you adding some of your suggestions for holiday fun! If you live in a town outside of the Triad, please add yours too, you never know who might be coming to your town to see if you've been naughty or nice!
Merry Christmas!
Brooke
*Festival of Lights @ Tanglewood--a seasonal favorite which meanders through a park of magical light displays. The best part is they change it up a little each year, so every holiday, it's a new treat!
*Walk Through Bethlehem--Kernersville 7th Day Adventist Church--only on weekends through the 11th of December, this is a must-see. Journey through Bethlehem during the time of Christ's birth, experience the sights and smells of the holy land during this interactive tour.
*City Sidewalks and Nightscapes--as a kid, our Christmas Eve treat after leaving my nanny's was to drive through downtown Winston-Salem and look at the lights...now several towns have beautiful downtown displays...my favorite? Downtown Kernersville with it's twinkling tree lights and lit figurines make for a simple, yet intriguing holiday drive.
*Tree lots--maybe a fresh tree isn't your thing, but pick a cold Winter evening to stroll the tree lot and take in the sweet excitement of families choosing their own tree, grab a cup of cocoa to stay warm!
*The Nutcracker--produced by students at The NC School of the Arts, this is a long-standing holiday tradition for many families. The pageantry of the costuming, the incredible music and the grand feel of the Stevens Center can be the icing on the cake as far as holiday treats!
*Restaurant Hopping--with so many great ones to choose from, pick a town and grab an appetizer at one, maybe another appetizer at another, an entree at yet a different venue and top off the evening with dessert at your final stop. Why? Because so many of our restaurants have holiday specials that can't be missed and the days of Christmas are certainly limited!
Just a few suggestions... I look forward to you adding some of your suggestions for holiday fun! If you live in a town outside of the Triad, please add yours too, you never know who might be coming to your town to see if you've been naughty or nice!
Merry Christmas!
Brooke
Friday, December 03, 2010
Tax Time and Closings--Deal Breaker? It doesn't have to be...
You may have received your tax bill in late August or early September, but if you escrow your taxes and insurances, then you probably just received a copy of the bill being sent to your mortgage servicing company.
Though the bills are sent out 3rd quarter our mortgage companies usually hold on to these bills and don't pay them until November or December. The deadline for payment is December 31.
As a result, the question often comes up during closings that occur during October, November and December, why am I paying taxes again on the settlement statement? This amount for many sellers can potentially break a deal, as they forget during the fourth quarter, if the payment from said mortgage company has not arrived and been recorded at the tax office, they are responsible for the bulk of the year and if you live within the city limits it can be thousands of additional dollars.
Now, don't get too panicked. Sometimes, especially in November and December, the mortgage companies have already paid the bill and it takes a friendly phone call to the tax office to get verification of payment. You can handle this confirmation but the final confirmation at closing will have to performed by the attorney or paralegal. Remember, the reason for this, is that there can be no outstanding liens against the home at closing.
If you do have to bring your portion of the year's taxes at closing because they have not been paid yet, you will be reimbursed, but it could take weeks to do so. Once again, if you planned on bringing little to no money to closing because your deal is a "break-even" so to speak, this could really put a wrench in things if you don't have the liquid cash on hand at closing time.
My advice is that if you are currently under contract or think that you may be going under contract soon, have your agent to help you verify the status of your tax bill for the current year. Sometimes, banks will work with you if enough time is given and allow you to use the portion of your escrow that they are holding for taxes to pay the tax bill. Keep in mind this is rare, but I have been made aware of exceptions that have occurred.
Once again, it's a matter of being proactive and having a great agent to help you with these challenges along the way.
"When details matter, experience counts!" Call or post today if you have questions or suggestions regarding this topic. Have a great weekend!
Brooke Cashion
Though the bills are sent out 3rd quarter our mortgage companies usually hold on to these bills and don't pay them until November or December. The deadline for payment is December 31.
As a result, the question often comes up during closings that occur during October, November and December, why am I paying taxes again on the settlement statement? This amount for many sellers can potentially break a deal, as they forget during the fourth quarter, if the payment from said mortgage company has not arrived and been recorded at the tax office, they are responsible for the bulk of the year and if you live within the city limits it can be thousands of additional dollars.
Now, don't get too panicked. Sometimes, especially in November and December, the mortgage companies have already paid the bill and it takes a friendly phone call to the tax office to get verification of payment. You can handle this confirmation but the final confirmation at closing will have to performed by the attorney or paralegal. Remember, the reason for this, is that there can be no outstanding liens against the home at closing.
If you do have to bring your portion of the year's taxes at closing because they have not been paid yet, you will be reimbursed, but it could take weeks to do so. Once again, if you planned on bringing little to no money to closing because your deal is a "break-even" so to speak, this could really put a wrench in things if you don't have the liquid cash on hand at closing time.
My advice is that if you are currently under contract or think that you may be going under contract soon, have your agent to help you verify the status of your tax bill for the current year. Sometimes, banks will work with you if enough time is given and allow you to use the portion of your escrow that they are holding for taxes to pay the tax bill. Keep in mind this is rare, but I have been made aware of exceptions that have occurred.
Once again, it's a matter of being proactive and having a great agent to help you with these challenges along the way.
"When details matter, experience counts!" Call or post today if you have questions or suggestions regarding this topic. Have a great weekend!
Brooke Cashion
Tuesday, November 16, 2010
It Can Happen to Anyone...
Selling your home can certainly be a lesson in patience. We found this out the hard way this past week...
As a seasoned professional I have always worked to dot "i"s and cross "t"s and to look for and mitigate any red flags that come my way and may prevent my clients from closing on time. Of course I would do the same for myself. My "fallthrough" rate is extremely low compared to the average...usually only one to two each year.
After only a couple of months on the market and lots of daily, last-minute cleanings and showings, we had a couple of offers. The offer that we accepted seemed solid, dates were in place, their home was on the market but going under contract within the next few days and the buyers seemed to love the home. Inspections were immediately ordered since that is typically where you get most of your issues, the appraisal followed close behind....all was good. During this time, the conversations between us and the buyers were friendly and we exchanged information on measurements, systems and personal property that we would be willing to leave behind.
My husband, the consummate planner, rented two storage units and started the task of boxing and moving items so that the buyers could move some of their items in three days prior to closing. We felt like it would be a nice gesture so that they would not have to rent a storage unit for a 24-48 hour period if we could be out over the weekend.
I was in constant contact with the lender and buyer and all seemed to be moving smoothly until the last week. The friendly banter ended, no returned phone calls regarding curtain rods or pool furniture. You could tell in the tone of the buyers and the lender that something was amiss. Red flag flapped violently in the breeze...there was a storm a-brewing.
Without getting into the nuts and bolts of the lending process, the bottom line is this:
You shouldn't find out three days before your closing that the buyer can't secure a loan! We as agents are seeing this and several of us, personally experiencing this, more and more frequently. Not a proponent of additional regulation, this is certainly an instance where our elected officials could work with the regulators to flip the process on it's head. What would be the harm in a buyer not getting just pre-approved or approved with conditions, but actually approved for a loan, documents submitted, verified and signed off on by underwriters, before they ever set foot in the first house? Then the contingencies would be only based on satisfactory appraisal and final verification of employment. As it stands now, there are too many what-ifs and not enough confirmations.
No one should have their entire life boxed up weeks prior to an anticipated closing. The time and money spent to get to that point is unbelievable. The buyers walk away with several hundred dollars in inspection expenses and certainly don't have a home to move into, but the sellers are left with virtually nothing but "maybe" an earnest money deposit, an upside down home, storage building expenses and a healthy fear to go back on the market.
The upside is this, it has given me a renewed empathy for my sellers and a fire lit under me to work with our representatives to encourage the system of lending to be more proactive on the front side.
Finding buyers in this economy is certainly hard enough without everyone getting to the final hour and returning to square one.
Have you or someone you know gone through this recently? Could anything in your opinion been done to prevent the situation...post below so that we can pass these stories on to Washington!
As a seasoned professional I have always worked to dot "i"s and cross "t"s and to look for and mitigate any red flags that come my way and may prevent my clients from closing on time. Of course I would do the same for myself. My "fallthrough" rate is extremely low compared to the average...usually only one to two each year.
After only a couple of months on the market and lots of daily, last-minute cleanings and showings, we had a couple of offers. The offer that we accepted seemed solid, dates were in place, their home was on the market but going under contract within the next few days and the buyers seemed to love the home. Inspections were immediately ordered since that is typically where you get most of your issues, the appraisal followed close behind....all was good. During this time, the conversations between us and the buyers were friendly and we exchanged information on measurements, systems and personal property that we would be willing to leave behind.
My husband, the consummate planner, rented two storage units and started the task of boxing and moving items so that the buyers could move some of their items in three days prior to closing. We felt like it would be a nice gesture so that they would not have to rent a storage unit for a 24-48 hour period if we could be out over the weekend.
I was in constant contact with the lender and buyer and all seemed to be moving smoothly until the last week. The friendly banter ended, no returned phone calls regarding curtain rods or pool furniture. You could tell in the tone of the buyers and the lender that something was amiss. Red flag flapped violently in the breeze...there was a storm a-brewing.
Without getting into the nuts and bolts of the lending process, the bottom line is this:
You shouldn't find out three days before your closing that the buyer can't secure a loan! We as agents are seeing this and several of us, personally experiencing this, more and more frequently. Not a proponent of additional regulation, this is certainly an instance where our elected officials could work with the regulators to flip the process on it's head. What would be the harm in a buyer not getting just pre-approved or approved with conditions, but actually approved for a loan, documents submitted, verified and signed off on by underwriters, before they ever set foot in the first house? Then the contingencies would be only based on satisfactory appraisal and final verification of employment. As it stands now, there are too many what-ifs and not enough confirmations.
No one should have their entire life boxed up weeks prior to an anticipated closing. The time and money spent to get to that point is unbelievable. The buyers walk away with several hundred dollars in inspection expenses and certainly don't have a home to move into, but the sellers are left with virtually nothing but "maybe" an earnest money deposit, an upside down home, storage building expenses and a healthy fear to go back on the market.
The upside is this, it has given me a renewed empathy for my sellers and a fire lit under me to work with our representatives to encourage the system of lending to be more proactive on the front side.
Finding buyers in this economy is certainly hard enough without everyone getting to the final hour and returning to square one.
Have you or someone you know gone through this recently? Could anything in your opinion been done to prevent the situation...post below so that we can pass these stories on to Washington!
Thursday, November 04, 2010
Foreclosure 101
Questions and comments swirl in the media, coffee shops and living rooms across America regarding short sales, foreclosures and how they work. You hear of folks living in their homes months, sometimes years after not making a payment. You hear of others who miss one payment and are never able to rebound. So what is the skinny on the foreclosure process?
*Missing one payment does not constitute foreclosure. It can take months or years from the first missed payment for the bank to repossess the home and make the borrower leave.
*According to the NC Commissioner of Banks, over half of foreclosure proceedings that start, actually are foreclosure sales.
*When a buyer misses a payment, the bank starts by sending threatening and ominous letters. These letters include notions of accelerating the loan balance, phone numbers of credit counselors, information for military service, etc.
*Sometime around the 90 day mark, the bank contacts a trustee. This trustee is supposed to make sure that everyone receives proper notice of the pending foreclosure and the proceedings to follow.
*Once notice is given, a date is set to establish a hearing. This usually takes place at the "courthouse"--most of the time in the Clerk of Courts office.
*Proof must be given at the hearing that there is a debt to collect and that all outlets have followed the proper guidelines to get to this point.
*Once the home is foreclosed on actual eviction can occur forcing the borrower to vacate the property. More and more often, borrowers are leaving their homes well before this process occurs.
*Because there are more "strategic defaults" (folks walking away from their homes because continuing to make payments doesn't make financial sense) we are finding more of these foreclosures in better condition than in times past.
*Foreclosed homes that are in good condition are becoming competitive with homes that are owner occupied listings, thus driving prices down and resulting in a vicious cycle of depreciating values.
*Missing one payment does not constitute foreclosure. It can take months or years from the first missed payment for the bank to repossess the home and make the borrower leave.
*According to the NC Commissioner of Banks, over half of foreclosure proceedings that start, actually are foreclosure sales.
*When a buyer misses a payment, the bank starts by sending threatening and ominous letters. These letters include notions of accelerating the loan balance, phone numbers of credit counselors, information for military service, etc.
*Sometime around the 90 day mark, the bank contacts a trustee. This trustee is supposed to make sure that everyone receives proper notice of the pending foreclosure and the proceedings to follow.
*Once notice is given, a date is set to establish a hearing. This usually takes place at the "courthouse"--most of the time in the Clerk of Courts office.
*Proof must be given at the hearing that there is a debt to collect and that all outlets have followed the proper guidelines to get to this point.
*Once the home is foreclosed on actual eviction can occur forcing the borrower to vacate the property. More and more often, borrowers are leaving their homes well before this process occurs.
*Because there are more "strategic defaults" (folks walking away from their homes because continuing to make payments doesn't make financial sense) we are finding more of these foreclosures in better condition than in times past.
*Foreclosed homes that are in good condition are becoming competitive with homes that are owner occupied listings, thus driving prices down and resulting in a vicious cycle of depreciating values.
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