As a personal rule of thumb and as an Allen Tate company policy we ALWAYS recommend a property survey when purchasing a home or vacant land. I say that up front because so many buyers choose not to have a survey performed when buying. We see the choice made, not to have a full survey frequently in platted subdivisions or existing homes where sellers sometimes provide the new buyer with an old survey, thus luring the buyer into a sense of security which may not always be accurate.
To start, let's define what a survey is. According to dictionary.com a survey is to determine the exact form, boundaries, position, extent, etc., of (a tract of land, section of a country, etc.) by linear and angular measurements and the application of the principles of geometry and trigonometry.
Now, this may sound complicated because it is. Eye-balling corners or assuming that tree lines are boundaries and that fencing setbacks are correct, is not something that a lay-person can perform with any semblance of accuracy. It takes a trained eye to determine boundaries by looking at historical metes and bounds references, old irons and landmarks and other varying documentation and topography.
Recently, surveys have "saved" several of my clients by providing additional information that was not discovered during the abstract research process that the attorney performs for title, by identifying ownership and therefore maintenance obligations of fencing and by determining appropriate setbacks for desired future improvements to the property.
In the grand scheme of things, surveys are a small price to pay in order to make sure you are getting what you bargained for. Not to mention the actual copy of the survey can be attached to or referenced in the new deed in order to insure additional confidence for yourself and future buyers.
So don't skimp...buying real estate is one of, if not the largest investment, you will ever make. Make sure you have a survey every time you buy so you DO get caught holding the "flag"...
Happy House Hunting!
Brooke
Wednesday, September 28, 2011
Friday, September 09, 2011
Beltway Project to Begin Sooner Than Anticipated...
For residents in Forsyth county affected by the Eastern Loop of the beltway, the news that Governor Perdue delivered at Tuesday's Transportation Summit was music to their ears. For almost 25 years the beltway has been proposed to circumvent the ever-congested highways and interstates that dissect Winston-Salem. The swath of the projected path has held up hundreds if not thousands of residents from selling their homes, making basic permitted improvements and has created a sense of uncertainty that only adds major anxiety in already tough economic times.
If a homeowner in the original projected path wanted to sell, they had to disclose that the area may in fact be either purchased or impacted by the road project. This impact could range from something as simple as being several hundred yards away, no closer than they currently were to I40 or from something complex and usually ambiguous such as noise cone projections, landscape berms and buffers or actually seeing their home in the mist of the proposed road bed. Deciphering these complex engineered maps that were provided online and constantly in a state of flux was left best to engineers and other transportation experts. However, even they could not give a timeline, project approval or home buyout offers. As a result, these land and home owners were forced to "sit" on property that had in many cases decreased in value as a result of the proposal. Bottom line was who would want to buy one of these properties without knowing the true future impact whether good or bad? Fast forward to today.
In recent months the DOT has been very aggressively purchasing properties in the proposed area for residents that can fill out the paperwork, get the appropriate letters in place and prove that they have a financial or physical hardship. These hardship purchases in my opinion were a good start and have gone very smoothly with processes in place that all of the sellers and buyers I have worked with, feel are very fair and seamless.
It is my sincere hope that with the Governor's announcement that the remainder of the properties can be acquired beginning in 2013 so that these folks can move on with their lives and rid themselves of the uncertainty that this has brought. According to Perdue's statement, purchases will begin 2013 with construction on the first segment beginning 2014. Folks that is just around the corner and couldn't come soon enough!
Are you being impacted by this project? If so what are your thoughts on the Governor's plan? To read a great summary article from The Triad Business Journal click the following link:
Governor Perdue Commits To Starting Urban Loop
If a homeowner in the original projected path wanted to sell, they had to disclose that the area may in fact be either purchased or impacted by the road project. This impact could range from something as simple as being several hundred yards away, no closer than they currently were to I40 or from something complex and usually ambiguous such as noise cone projections, landscape berms and buffers or actually seeing their home in the mist of the proposed road bed. Deciphering these complex engineered maps that were provided online and constantly in a state of flux was left best to engineers and other transportation experts. However, even they could not give a timeline, project approval or home buyout offers. As a result, these land and home owners were forced to "sit" on property that had in many cases decreased in value as a result of the proposal. Bottom line was who would want to buy one of these properties without knowing the true future impact whether good or bad? Fast forward to today.
In recent months the DOT has been very aggressively purchasing properties in the proposed area for residents that can fill out the paperwork, get the appropriate letters in place and prove that they have a financial or physical hardship. These hardship purchases in my opinion were a good start and have gone very smoothly with processes in place that all of the sellers and buyers I have worked with, feel are very fair and seamless.
It is my sincere hope that with the Governor's announcement that the remainder of the properties can be acquired beginning in 2013 so that these folks can move on with their lives and rid themselves of the uncertainty that this has brought. According to Perdue's statement, purchases will begin 2013 with construction on the first segment beginning 2014. Folks that is just around the corner and couldn't come soon enough!
Are you being impacted by this project? If so what are your thoughts on the Governor's plan? To read a great summary article from The Triad Business Journal click the following link:
Governor Perdue Commits To Starting Urban Loop
Tuesday, September 06, 2011
Five Great Reasons to Sell Your Home--Steve Harney--KCM
5542 Louis Sells Road Kernersville NC 27284--$375,000
5.5 +/- Acres NO CITY TAXES!!
Like this pic? Check out this new listing www.allentate.com/BrookeCashion/621285
Homes Look Better Now! Find Out Why NOW Is the Time to Sell...
New Appraisal Changes Effective September 1st May Impact Lending Practices
In an attempt to make appraisals more uniform and accurate new changes and additions have recently gone into place effective first of September. These changes mean that the timeframe in which a loan closes could be impacted as more detail will be required on these reports. This may in fact be one step in the right direction in a real estate world where comparable properties can be scarce at best depending on the market you're in. The new standards will require the below "ratings" to be assigned to the properties used, including the subject. In my opinion, this will "fix" the problem of appraisers using "comps" that may be similar in size and location but don't always accurately take into account the overall quality of construction, condtion and upgrades to the properties involved. How do you think these changes will effect lending? I am especially interested in hearing those comments from those of you directly involved in the industry...lenders, agents and appraisers. Please note, the information provided below is courtesy of an information email sent to me by Luann Davis of Starkey Mortgage.
Rating Description
C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling has no physical depreciation.
Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwelling provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep)
C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.
C3 The improvements are well-maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well-maintained.
C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.
C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains usable and functional as a residence.
C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.
Rating Description
Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinement and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality.
Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3 Dwellings with this quality rating are residences of higher quality buildings from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interior that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards.
Q4 Dwelling with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades.
Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration* and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive stock materials with limited refinements and upgrades.
*Fenestration – the design and disposition of windows and other exterior openings of a building.
Q6 Dwelling with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or nonexistent. Older dwellings may feature one or more substandard or nonconforming additions to the original structure.
Rating Description
C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling has no physical depreciation.
Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwelling provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep)
C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.
C3 The improvements are well-maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well-maintained.
C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.
C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains usable and functional as a residence.
C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.
Rating Description
Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinement and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality.
Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3 Dwellings with this quality rating are residences of higher quality buildings from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interior that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards.
Q4 Dwelling with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades.
Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration* and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive stock materials with limited refinements and upgrades.
*Fenestration – the design and disposition of windows and other exterior openings of a building.
Q6 Dwelling with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or nonexistent. Older dwellings may feature one or more substandard or nonconforming additions to the original structure.
Thursday, August 11, 2011
Docusign--Gone With the Wind?
Agents are always looking for ways to help their clients save time, energy and money during the real estate process. Last year, after much skepticism, I purchased a virtual signature program called Docusign. The premise of Docusign is that you can mark up a contract with virtual signature/initial tags in pdf format and send it via email to your clients for their virtual signature. The process is accepted by the attorney general in all 50 states and has a verification process and affidavit that is supposed to protect consumers.
Upon first use of this product, not only was I hooked but my clients loved it! Why drive to my office or print out a bunch of paperwork that is subject to change daily until a contract is negotiated fully? Why scratch through, highlight and mark up illegible faxed copies to the point they look like hieroglyphic nonsense? Here was Docusign, the latest and greatest in real estate mobility and technology, available even as an app on iPhone and ipads and other smart devices. Wow! We were really making progress from the days of old, when I had to drive into my office to even retrieve voice mails!
Fast forward to today, after a year of Docusign investment, docs and templates saved online and the rest of my team signed up for this amazing service we get this--Notification on Monday that one of my buyers who is getting a conventional loan, needs to come in and give a "wet" signature because conventional lenders are no longer allowing Docusigned contracts. Apparently, there has been fraudulent activity and lenders are trying to double-back and prevent future incidents. Funny thing is, FHA and VA loans are still OK with it and allowing virtual signatures. Now, correct me if I'm wrong, but given recent history, who REALLY needs to be watching out for fraudulent activity on our behalf? Is this yet another example of private industry being ahead of the curve or is this just one more hurdle that buyers have to cross while trying to bolster the economy pretty much on their own?
The other interesting instance that has occurred with Docusign took place on a foreclosure that one of my buyers was purchasing. We submitted the offer via Docusign using virtual signatures, well before this recent notification took place (the good 'ol days) and was informed that we could not use the virtual signatures. I met with my client, received "wet" signatures and resubmitted the offer. Of course, this took several days and by the time the offer was sent to the other agent via scan, the quality was seriously compromised. We did receive the signed offer back from Fannie Mae and guess what? They used Docusign or another form of virtual signatures. I guess the message to take from that is that the government is to be trusted and couldn't be fraudulent...hmmm...feels like a rerun of X files...
Upon first use of this product, not only was I hooked but my clients loved it! Why drive to my office or print out a bunch of paperwork that is subject to change daily until a contract is negotiated fully? Why scratch through, highlight and mark up illegible faxed copies to the point they look like hieroglyphic nonsense? Here was Docusign, the latest and greatest in real estate mobility and technology, available even as an app on iPhone and ipads and other smart devices. Wow! We were really making progress from the days of old, when I had to drive into my office to even retrieve voice mails!
Fast forward to today, after a year of Docusign investment, docs and templates saved online and the rest of my team signed up for this amazing service we get this--Notification on Monday that one of my buyers who is getting a conventional loan, needs to come in and give a "wet" signature because conventional lenders are no longer allowing Docusigned contracts. Apparently, there has been fraudulent activity and lenders are trying to double-back and prevent future incidents. Funny thing is, FHA and VA loans are still OK with it and allowing virtual signatures. Now, correct me if I'm wrong, but given recent history, who REALLY needs to be watching out for fraudulent activity on our behalf? Is this yet another example of private industry being ahead of the curve or is this just one more hurdle that buyers have to cross while trying to bolster the economy pretty much on their own?
The other interesting instance that has occurred with Docusign took place on a foreclosure that one of my buyers was purchasing. We submitted the offer via Docusign using virtual signatures, well before this recent notification took place (the good 'ol days) and was informed that we could not use the virtual signatures. I met with my client, received "wet" signatures and resubmitted the offer. Of course, this took several days and by the time the offer was sent to the other agent via scan, the quality was seriously compromised. We did receive the signed offer back from Fannie Mae and guess what? They used Docusign or another form of virtual signatures. I guess the message to take from that is that the government is to be trusted and couldn't be fraudulent...hmmm...feels like a rerun of X files...
Monday, August 01, 2011
Detering Theives...Article in Weekend Paper...
Maddie, my 11 year old daughter pointed this article out to me over the weekend, she really liked the
"burglar's perspective" of the article. I casually read it and found it very well-written and interesting. Then a good friend and business associate of mine, Harry Davis of CPI Security sent the article out in an email today. I thought that you too might find it helpful and who knows, it could save your life and personal belongings. Stay safe and vigilant!!
http://www2.journalnow.com/lifestyles/home-garden/2011/jul/29/deter-thieves-072911-ar-1249271/
"burglar's perspective" of the article. I casually read it and found it very well-written and interesting. Then a good friend and business associate of mine, Harry Davis of CPI Security sent the article out in an email today. I thought that you too might find it helpful and who knows, it could save your life and personal belongings. Stay safe and vigilant!!
http://www2.journalnow.com/lifestyles/home-garden/2011/jul/29/deter-thieves-072911-ar-1249271/
Sunday, July 10, 2011
Personal Bank Account
Great email from our president at Allen Tate...how will you spend yours?
Gift of 86,400
Imagine that you had won the following prize in a contest: Each morning your bank would deposit $86,400.00 in your private account for your use.
However, this prize has rules, just as any game has certain rules.
The first set of rules would be:
Everything that you didn't spend during each day would be taken away from you.
You may not simply transfer money into some other account. You may only spend it.
Each morning upon awakening, the bank opens your account with another $86,400.00 for that day.
The second set of rules:
The bank can end the game without warning; at any time it can say, It’s over, the game is over! It can close the account and you will not receive a new one.
What would you personally do?
You would buy anything and everything you wanted right? Not only for yourself, but for all people you love, right? Even for people you don't know, because you couldn’t possibly spend it all on yourself, right? You would try to spend every cent, and use it all, right?
ACTUALLY This GAME is REALITY!
Each of us is in possession of such a magical bank. We just can't seem to see it.
The MAGICAL BANK is TIME!
Each morning we awaken to receive 86,400 seconds as a gift of life, and when we go to sleep at night, any remaining time is NOT credited to us.
What we haven't lived up that day is forever lost. Yesterday is forever gone.
Each morning the account is refilled, but the bank can dissolve your account at any time....WITHOUT WARNING.
SO, what will YOU do with your 86,400 seconds?
Those seconds are worth so much more than the same amount in dollars.
Think about that, and always think of this:
Enjoy every second of your life, because time races by so much quicker than you think.
So take care of yourself, be Happy, Love Deeply and enjoy life!
Here's wishing you a wonderful and beautiful day.
Start spending.
Till next time!
“Challenges are what make life interesting, overcoming them is what makes life meaningful!!!” Joshua J. Marine
Gift of 86,400
Imagine that you had won the following prize in a contest: Each morning your bank would deposit $86,400.00 in your private account for your use.
However, this prize has rules, just as any game has certain rules.
The first set of rules would be:
Everything that you didn't spend during each day would be taken away from you.
You may not simply transfer money into some other account. You may only spend it.
Each morning upon awakening, the bank opens your account with another $86,400.00 for that day.
The second set of rules:
The bank can end the game without warning; at any time it can say, It’s over, the game is over! It can close the account and you will not receive a new one.
What would you personally do?
You would buy anything and everything you wanted right? Not only for yourself, but for all people you love, right? Even for people you don't know, because you couldn’t possibly spend it all on yourself, right? You would try to spend every cent, and use it all, right?
ACTUALLY This GAME is REALITY!
Each of us is in possession of such a magical bank. We just can't seem to see it.
The MAGICAL BANK is TIME!
Each morning we awaken to receive 86,400 seconds as a gift of life, and when we go to sleep at night, any remaining time is NOT credited to us.
What we haven't lived up that day is forever lost. Yesterday is forever gone.
Each morning the account is refilled, but the bank can dissolve your account at any time....WITHOUT WARNING.
SO, what will YOU do with your 86,400 seconds?
Those seconds are worth so much more than the same amount in dollars.
Think about that, and always think of this:
Enjoy every second of your life, because time races by so much quicker than you think.
So take care of yourself, be Happy, Love Deeply and enjoy life!
Here's wishing you a wonderful and beautiful day.
Start spending.
Till next time!
“Challenges are what make life interesting, overcoming them is what makes life meaningful!!!” Joshua J. Marine
Friday, July 08, 2011
Do You Need a Pre-Qualification or a Pre-Approval?
Chris Cope, President of Allen Tate Mortgage, posted a great piece this morning on pre-qualification vs. pre-approval letters. These may seem like one and the same for most folks, but with the rising number of contract fall throughs, this is information that we can ALL use!
Pre-Approval vs. Pre-Qualification--Chris Cope--Allen Tate Mortgage
Pre-Approval vs. Pre-Qualification--Chris Cope--Allen Tate Mortgage
Monday, June 13, 2011
How Free Are We?
Always interesting to me is how free we perceive ourselves to be when we are inundated with information everyday leading us to believe that we live in either the most free spot in the world or one where our freedoms are being whittled away each day. Check out this website and let me know your thoughts...How Free Are We?
Freedom of the 50 States-Mercatus
Freedom of the 50 States-Mercatus
Wednesday, May 04, 2011
Public v. Private and Need v. Necessity
On a recent trip to St. Pete Beach Florida I noticed an interesting phenomenon, the use of privately-owned "smart cars" as modes of FREE transportation to and from restaurants, beaches and watering holes. Jake and I have been visiting the St. Pete Beach area going on 15 years now and the normal mode of transportation outside of your private or rental car has been the standard taxicab. The taxi was certainly an option but it entailed waiting for unspecified amounts of time, astronomical tabs for short distances and less than stellar interior ride conditions. As years progressed and need demanded, the city saw a niche that it could fill while adding to the "small beach town" ambiance and thus the trolley was introduced. Novel at first to ride a vintage-looking trolley up and down the 5-7 mile strip for less than a dollar each way, the trolley soon wears on your patience. It is nothing to wait 15-30 minutes for a trolley to get to a stop and then the attendants are less than helpful recommending things to see or where you need to get off for a particular venue. For example, one foggy night, we told the trolley conductor that we were headed to Corey Avenue, which is an on-the-water crossroads for restaurants and live music. Did he stop, did he ask, did he indicate that we were close by,even though we were the only ones on the trolley? Nope. Just kept gettin' it down Gulf Boulevard. As I stated, it was unusually foggy and we had a 3 year old to distract us, so we ended up just outside of Treasure Island, some 3 miles from where we wanted to be and the trolley had no plans on coming back to the St. Pete side that evening. Well, let's just say at that point, thank God we had cash and thank God for cabs!
Well, fast-forward to my last few trips this past year and the advent of the entrepreneur has arrived on the Gulf! Little, open-air "smart cars" adorned with advertising, zipping up and down the road and best of all they are FREE!! Restaurants and bars call them, they arrive on time and guess what? They really are FREE, taking tips only, but making the majority of their money off of the advertising. The drivers are great tour guides and remember to pick you back up at specified times from specified places because guess what? They work for tips and their service has a direct impact on their take home each night. So once again, the private sector proves that they do it best and most effectively and at less burden to the tax payer. This service has even upgraded to "green" vans for larger groups.
Looking at the virtually empty trolley crawling lazily up and down the strip may have been nostalgic but one's thing for sure, I for one, am glad it was replaced with something that is effective, efficient, clean and entertaining. A great example of how American ingenuity can take and discern the demands and expectations between a need v. a necessity and capitalize on it...What do you think the next BIG need is, that private business would be better at serving as opposed to public/taxpayer funding?
Well, fast-forward to my last few trips this past year and the advent of the entrepreneur has arrived on the Gulf! Little, open-air "smart cars" adorned with advertising, zipping up and down the road and best of all they are FREE!! Restaurants and bars call them, they arrive on time and guess what? They really are FREE, taking tips only, but making the majority of their money off of the advertising. The drivers are great tour guides and remember to pick you back up at specified times from specified places because guess what? They work for tips and their service has a direct impact on their take home each night. So once again, the private sector proves that they do it best and most effectively and at less burden to the tax payer. This service has even upgraded to "green" vans for larger groups.
Looking at the virtually empty trolley crawling lazily up and down the strip may have been nostalgic but one's thing for sure, I for one, am glad it was replaced with something that is effective, efficient, clean and entertaining. A great example of how American ingenuity can take and discern the demands and expectations between a need v. a necessity and capitalize on it...What do you think the next BIG need is, that private business would be better at serving as opposed to public/taxpayer funding?
Friday, April 15, 2011
As Rents Rise Will Housing Prices Start to Recover?
It's as simple as supply v. demand. Currently, the local rental market is booming with tens of calls a day coming into our office as renters are on the prowl for suitable temporary housing. With the advent of foreclosures, short sales and job loss many folks who previously owned are looking for rental property in order to secure a roof over their heads while waiting for credit to rebound. These are a new breed of renters, used to the luxury and quality of life afforded by home ownership. In our market, which is historically made up of rental homes under $1000 per month, there are not homes suitable for the finicky tenant looking for a place to establish their family after a tumultuous couple of financially challenging years. These renters want cleanliness, quality, space and established neighborhoods that FEEL like home and unfortunately these are few and far between.
The upside is that as prices continue to settle, we are finding more homeowners opting not to sell before moving to that next job or home. This may in fact give rise to a larger availability of properties to choose from and allow high-end renters choices beyond the edges of college campus'.
As rents rise it has been predicted that housing price declines will slow and help to up-end the market.
www.calculatedriskblog.com/2011/04/forecast-rising-rents-to-slow-house.html
So as long as this cycle works itself out it may be in fact a good thing for real estate. On the other hand, if continued intervention and regulation from outside financial and governmental entities occurs, we may not experience the possibility of current homeowners opting to rent rather than sell due to fear of not being able to purchase without selling.
Much remains to be seen but the notion that you can hold on to your current home, allow the market pricing to adjust upwards AND purchase your NEXT home while rates are low, mortgage programs available and inventory is great is something that could help to shore up our shaky real estate foundation.
The upside is that as prices continue to settle, we are finding more homeowners opting not to sell before moving to that next job or home. This may in fact give rise to a larger availability of properties to choose from and allow high-end renters choices beyond the edges of college campus'.
As rents rise it has been predicted that housing price declines will slow and help to up-end the market.
www.calculatedriskblog.com/2011/04/forecast-rising-rents-to-slow-house.html
So as long as this cycle works itself out it may be in fact a good thing for real estate. On the other hand, if continued intervention and regulation from outside financial and governmental entities occurs, we may not experience the possibility of current homeowners opting to rent rather than sell due to fear of not being able to purchase without selling.
Much remains to be seen but the notion that you can hold on to your current home, allow the market pricing to adjust upwards AND purchase your NEXT home while rates are low, mortgage programs available and inventory is great is something that could help to shore up our shaky real estate foundation.
Tuesday, April 05, 2011
Demand Atlas Shrugged Movie Here in NC!!
You guys have read my blog on Atlas Shrugged several months ago and know how much Jake and I love the book and Ayn Rand...now the movie is out and due to the message, (which of course is adverse to everything promoted today in mainstream media), the movie is not being shown in many theatres nationwide. The website and facebook fan page have places where you can "demand" the movie in your locale but anti-Atlas Shrugged folks have hacked into the system to prevent gathering this info. Kinks are being worked out, but check out the trailer and find a way to promote and tell others to "demand" this movie be made available locally!!
http://www.atlasshruggedpart1.com/atlas-shrugged-movie-trailer
If this movie trailer doesn't get you excited, I don't know what will! Read the book!!
http://www.atlasshruggedpart1.com/atlas-shrugged-movie-trailer
If this movie trailer doesn't get you excited, I don't know what will! Read the book!!
Monday, April 04, 2011
It's Been A Long Long Time...I Don't Think We're In Kansas Anymore...
Certainly nothing is more frustrating than trying to find a blogger who posts regularly. Someone you can count on for accurate, up-to-date information. That someone was me, until recently! We have been swamped--not only new listings, buyers, marketing and other real estate related activities, but just life in general--family, soccer, school plays, chorus practice, church--you guys know the drill! Heck, I bet you've been so busy that you haven't even noticed that I hadn't posted in two weeks! Definitely a long time for me! So let me share with you my latest-non-real estate related story!
Stuck in Florida
I headed out to Florida last Sunday to catch up with my college roommate for her 35th birthday. We decided due to several factors (one being cost) that we would stay with my aunt in St. Pete Beach. We have both visited the area, which is steps away from the powdered-sugar shores of the Gulf and knew that this time of year was beautiful--low humidity, mid 80 degree days and inexpensive flights. Rough ride on the way down as we bumped and rolled through a front in southern Georgia, but we made it in one piece. First day was gorgeous as expected, but days 2, 3 and 4 were cloudy with major thunder and windstorms thrown in to boot! We would rush to put on sunscreen or run to get in from extreme lightning--one day it was so windy our nachos blew off of the plate! Nevertheless, we visited and made the best of our time together!
Fast forward to Thursday-time to leave. My aunt chauffers us to our respected airports, mine St.Pete/Clearwater and my friend's, Tampa. This is approximately 9 am. Around 10 am, my friend and I are texting back and forth about the major storm brewing. Rain blowing sideways, tornado watches, hail, windgusts up to 70 mph and the like. Lightning like we rarely see in NC cracked the sky wide open, followed by thunder that lasted for 10 plus seconds and shook the building around you...Then the airplane in front of my window begins to move up and down. The plane looked like something out of a Snoop Dogg video, as if it had hydrolics. Now we aren't talking a small plane, we're talking a 737 anchored to the ground. At one point, though I was only sitting 50 feet away, you couldn't see the plane's nose for the rain and wind. So, still texting in a panic and CRACK, lightning and suddenly no power! The Pinellas County Sherriff's department along with homeland security comes in and assures all of us waiting to board, that in oh, 30 minutes max that the power will be on shortly, as the generator gets up and running. Just then an odd, empty sucking sound and the doors from the terminal to the tarmac are forced opened--later it was determined that this was the pressure change (900mb-think hurricane pressure) as the tornado touched down four times around the airport and the immediate area--tossing small planes and destroying hangars. My friend is frantically texting me that she is in the bathroom in Tampa because the tornado was spotted skipping its way across the bay!
The power doesn't return in 30 minutues or 3 hours...at 4 o'clock, still no power and the airport authority announced that flights were being cancelled. The airport was great for providing free water and drinks but still no food and many people had been there since early morning. Now mind you during this time no one left the interior terminal because there was no way for homeland security to screen you coming back in. So hundreds of us are inside this 80 degree building, no way to get food (registers and service areas down) and no internet. My cell phone battery was waning with no way to charge it, so I made the decision to call my aunt to pick me back up. As I am waiting, more huge waves of this storm batter the airport and the workers trying to restore power-apparently, lightning hit the generator. Also, while waiting, no one is sure if flights will be resumed that evening since poor weather was being called for through the evening. All in all, the Tampa area recieved approximately 3-4 inches of rain during each of these storms over a 5 day period. The damage was described by some locals as worse than what is gotten during hurricanes.
Allegiant rescheduled my flight at no charge later that evening for the upcoming Sunday-a full three days later. Though it put me behind at work and I had never been away from Jake and Maddie that long, the next two days were what Florida weather should be. Skies with no clouds to be found, rustling palms overhead, 70 degree weather when you wake up and handcrafted sunsets!! I thanked God for allowing me safe returns and for knowing that I could use a few extra days to relax.
I am back, refreshed and re-energized and ready to take on the real estate market! The roomie did make it back safely as well, but only after spending almost a full 24 hours either on stand-by, on a tarmac, changing terminals, on a cancelled or delayed flight or driving. Unbelieveable, but an adventure that we won't forget for a long time!
Stuck in Florida
I headed out to Florida last Sunday to catch up with my college roommate for her 35th birthday. We decided due to several factors (one being cost) that we would stay with my aunt in St. Pete Beach. We have both visited the area, which is steps away from the powdered-sugar shores of the Gulf and knew that this time of year was beautiful--low humidity, mid 80 degree days and inexpensive flights. Rough ride on the way down as we bumped and rolled through a front in southern Georgia, but we made it in one piece. First day was gorgeous as expected, but days 2, 3 and 4 were cloudy with major thunder and windstorms thrown in to boot! We would rush to put on sunscreen or run to get in from extreme lightning--one day it was so windy our nachos blew off of the plate! Nevertheless, we visited and made the best of our time together!
Fast forward to Thursday-time to leave. My aunt chauffers us to our respected airports, mine St.Pete/Clearwater and my friend's, Tampa. This is approximately 9 am. Around 10 am, my friend and I are texting back and forth about the major storm brewing. Rain blowing sideways, tornado watches, hail, windgusts up to 70 mph and the like. Lightning like we rarely see in NC cracked the sky wide open, followed by thunder that lasted for 10 plus seconds and shook the building around you...Then the airplane in front of my window begins to move up and down. The plane looked like something out of a Snoop Dogg video, as if it had hydrolics. Now we aren't talking a small plane, we're talking a 737 anchored to the ground. At one point, though I was only sitting 50 feet away, you couldn't see the plane's nose for the rain and wind. So, still texting in a panic and CRACK, lightning and suddenly no power! The Pinellas County Sherriff's department along with homeland security comes in and assures all of us waiting to board, that in oh, 30 minutes max that the power will be on shortly, as the generator gets up and running. Just then an odd, empty sucking sound and the doors from the terminal to the tarmac are forced opened--later it was determined that this was the pressure change (900mb-think hurricane pressure) as the tornado touched down four times around the airport and the immediate area--tossing small planes and destroying hangars. My friend is frantically texting me that she is in the bathroom in Tampa because the tornado was spotted skipping its way across the bay!
The power doesn't return in 30 minutues or 3 hours...at 4 o'clock, still no power and the airport authority announced that flights were being cancelled. The airport was great for providing free water and drinks but still no food and many people had been there since early morning. Now mind you during this time no one left the interior terminal because there was no way for homeland security to screen you coming back in. So hundreds of us are inside this 80 degree building, no way to get food (registers and service areas down) and no internet. My cell phone battery was waning with no way to charge it, so I made the decision to call my aunt to pick me back up. As I am waiting, more huge waves of this storm batter the airport and the workers trying to restore power-apparently, lightning hit the generator. Also, while waiting, no one is sure if flights will be resumed that evening since poor weather was being called for through the evening. All in all, the Tampa area recieved approximately 3-4 inches of rain during each of these storms over a 5 day period. The damage was described by some locals as worse than what is gotten during hurricanes.
Allegiant rescheduled my flight at no charge later that evening for the upcoming Sunday-a full three days later. Though it put me behind at work and I had never been away from Jake and Maddie that long, the next two days were what Florida weather should be. Skies with no clouds to be found, rustling palms overhead, 70 degree weather when you wake up and handcrafted sunsets!! I thanked God for allowing me safe returns and for knowing that I could use a few extra days to relax.
I am back, refreshed and re-energized and ready to take on the real estate market! The roomie did make it back safely as well, but only after spending almost a full 24 hours either on stand-by, on a tarmac, changing terminals, on a cancelled or delayed flight or driving. Unbelieveable, but an adventure that we won't forget for a long time!
Monday, March 21, 2011
Conventional Wisdom--FHA vs. Conventional
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
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
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!
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