April 27

Homebuyers living in rural areas to obtain affordable mortgages
Posted on April 27th, 2010 at 7:41 PM by socar

The continued availability of government guaranteed mortgages for rural homebuyers was virtually assured yesterday when the House Financial Services Committee voted to approve H.R. 5017 . The unanimous vote will send the Rural Housing Preservation and Stabilization Act of 2010 to the full House of Representatives where sources said it was fast tracked for a vote as early as next week. If passed, the bill will correct the Section 502 Single Family Housing Guaranteed Loan Program to make it self-funding. Section 502 assists homebuyers living in rural areas to obtain affordable mortgages guaranteed by the Department of Agriculture (USDA). These loan guarantees have become enormously popular during the financial crisis and consumer demand has tripled the annual number of loans that are typically (READ THE FULL POST)

 More from MND:

If you have trouble viewing , you can read the full post at http://www.mortgagenewsdaily.com/04232010_rural_loan_guarantees.asp

April 27

More Money for the USDA Loans
Posted on April 27th, 2010 at 7:37 PM by socar

USDA is on the fast track to receiving Congressional approval for more funds.  I’m shocked to say this but Congress appears to be working quickly to avoid a lapse of funds this year.  As it stands right now, the House FSC unanimously passed the bill and it’s cleared to be considered by the full House of Representatives early next week.  The way this is progressing, I would recommend to buyers to keep on applying for USDA loans.  They are not out of money yet and it appears Congress may not let them run out of money.  I’ve listed a link to the press release below and attached a copy of the bill. http://www.house.gov/apps/list/press/financialsvcs_dem/pressKanjo_04222010.shtml   

Here are a few changes to the USDA program that are inside this bill. 

Funding fee increased from 2% to 3.5%

  • Currently there is no monthly PMI, but the new bill would authorize 0.50% PMI per year

April 27

Posted on April 27th, 2010 at 7:34 PM by socar

Another Down Payment Assistance Program is coming back online April 19th and Monarch Bank is one of the Community Banks that is permitted to participate in the program. 

•  $1,000,000 available to Monarch Bank for down payment and closing cost assistance

•  5 to 1 matching funds up to $7500. 

•  Example:  Buyer puts in $1500, DPA matches $7500, $9000 total available for down payment and closing cost assistance.

•  Buyer must have $500 minimum in the transaction

•   Income limit (80% of median income)

•  No geographical boundaries

 Money went fast last year so please contact me early.  Please call for more information. 

I am available this weekend for mortgage questions or scenarios for you and your clients,

 704.607-1497 mobile. 

Ritchie Love

7900 Matthews Mint Hill Rd, Ste 115

Charlotte, NC  28227

704.573.4288 x 102

704.545.5930 Fax

rlove@monarchmtg.com  www.monarchmtg.com/rlove

April 27

Hot New Mobile Technology!! MOBILE AGENT 704.269.4121
Posted on April 27th, 2010 at 5:26 PM by socar

Just Released!! HOT NEW Mobile Technology for our area. It so easy and IT FREE. Just Dail the MOBILE AGENT Phone Number and you can enter the House Number(Address #) of any home Listed for sale or enter the MLS Number. You will then have all the Info on the property Right From Your Phone. It’s that simple…Give It  A Try…

MOBILE AGENT  #  704.269.4121

*ANY Home *ANY Phone* ANY Time*

mobile_agent

February 16

We Are Selling Homes!! Call Us if you need you home SOLD
Posted on February 16th, 2010 at 11:06 AM by socar

We have seen a huge increase in the market for Stanly County. Last month we sold 9 homes and this month we are working on 8 that are due to close. March is already shaping up to be the same. I have taken 12 listings and we have already sold a few of those and are showing buyer clients everyday. This is the best time to buy and also sell. The price points have dropped but property is moving and we are moving properties. call us if you are thinking of buying or selling and let us help you make your move with Southern Carolina Realty Inc. We are her for YOU!!

January 13

The Market is coming back!!
Posted on January 13th, 2010 at 6:30 PM by socar

Get ready Stanly County, Our Real Estate Market is coming back. Just this week we have been busy selling and listing all price points. What a great sign. We are Closing 8 properties this month and this is a good thing!! Happy New Year and lets all work together to get our market back in 2010!!

Call us if you have property to sell or if youare looking to buy in 2010!!

Angela Abbatiello

July 1

5 Ways to Expedite a Sell on Your Home
Posted on July 1st, 2009 at 7:00 PM by socar

Ways to Expedite a Sale Selling a home quickly remains a challenge in many markets across the country. Heidi Cole, an associate with the Corcoran Group in Palm Beach, Fla., offers this advice for anyone who wants to expedite a sale:

Cut the asking price to 10 percent to 15 percent below what comparable properties in the neighborhood are selling for.

Spruce up the outside. Update the landscaping.

Power-wash the exterior and paint the door.

Appeal to first-time buyers. Advertise on younger consumers’ favorite Web sites, such as Facebook and Twitter.

Hire a photographer to shoot the house with a wide-angle lens so the rooms look bigger in online photos.

Price the house in the lower end of the range. A $299,000 house is in the high end of the $250,000 to $300,000 range but a $301,000 home is in the low-end of the $300,000 to $400,000 range.

Do what you can to make the deal close quickly.
Be ready to move, offer to pay part of the closing costs, and/or throw in a year’s worth of association fees.

Source: Money Magazine, Beth Braverman (06/30/2009)

June 26

Why Is My House Not Selling?
Posted on June 26th, 2009 at 8:15 AM by socar


Why is my house not selling?
I found this really great article and I wanted to post it on my Blog….
Information provided by :
Davis Farrell on: Tuesday, May 26, 2009, 12:40:43 AM davisfarrell

If you’ve been watching the news at all in the past year, you know that in most areas, the real estate market isn’t in great shape. To say that it’s a buyer’s market right now is like saying the Pacific Ocean has some water in it.
But what, exactly, is going on, and what does it mean to you & your house? I’m going to demystify this for the average home seller, so you know what you’re up against. Here’s a hint… it’s mostly about the banks.
We all know that getting a mortgage is very difficult these days, and what this means is that the only people who can buy right now are folks that banks consider to be virtually zero risk. On its face, this isn’t a terrible thing, considering how crazy things got a few years ago. But it means a whole lot of buyers have been eliminated. Let’s consider:
1) Real estate investors, or anyone who owns rental property.At first, you might be thinking, “this doesn’t apply to me — my house isn’t in an area with a lot of rentals.” But realize that if investors can’t buy, that means that a lot of the “deals” out there aren’t being snapped up, and regular buyers are going for them (i.e. foreclosures, short sales, etc). That leaves many conventional sellers on the outs, waiting for the “deals” to go away. With no banks lending to investors, there’s nobody to buy them.
On top of that, regular people who happen to own a rental property or two are out in the cold. Why? Because these days, banks aren’t “counting” rental income towards the bottom line, and so if there’s a mortgage on any of the rental properties, the banks are counting it against the person’s debt/income ratio without counting the income! That makes it difficult (or impossible) for those buyers to get a mortgage, even if they have good credit/income/assets.
2) “Move up” buyersBuyers who already own a home can no longer get the type of “bridge” financing they used to be able to get, and further, if they decide to lease their current house so they can buy another, see above … the banks won’t count the rental income! That leaves them stuck.
So if you own a house in the “move-up” market (typically $300-500k), this is killing you right now. Potential buyers are hamstrung because they themselves have a house they can’t sell.
So, who’s left? Basically the only person who can get financing these days is a conventional buyer who has no existing mortgage. This means they either own their current home outright, or are renting. By and large, this means first-time home buyers.
First-time home buyers are normally timid, but even doubly so these days. Even though in many areas, this is the best buyer’s market we’ve seen in a long time, first-timers are worried about potentially losing their job, or buying before the market hits bottom. So many are sitting on the sidelines, or out looking, but being extremely picky.
If you’re selling right now, you might have noticed that buyers are nitpicking virtually everything. Here is why. Buyers have so many homes to choose from (partially because there’s no competition from investors right now) so they figure they can wait until they find the Taj Majal for $99k.
If you’ve read this far, you’re probably pretty depressed. It’s indeed very ugly out there right now, and unless you have a flawless property at a great price, it’s challenging to sell in this climate. But don’t despair… things will get better, and possibly sooner than later.
Banks have to start lending eventually. Right now, banks are making all their money on refinances… one after another. Demand is high and risk is low. But eventually rates will rise or demand will slow (or both). And then they are in a pickle. And somewhere, some smart banker will realize that there is massive investor demand and slowly the spigot will open for responsible, creditworthy investors.
When this happens, competition will become fierce for the “deals,” and conventional buyers will have fewer homes to choose from. At that point, more of the “first-time” market will start to turn, and eventually the “move-up” market. And once other banks start seeing their competition making money on responsible investor loans, it’ll snowball.
So in a sense, this is a cautionary tale for buyers … don’t wait too long. And if you’re a seller with a good house at a reasonable price, you will sell.

Angela Abbatiello
Owner / Broker / Realtor
Southern Carolina Realty Inc.
704-888-6699
www.southerncarolinarealty.com
www.mylocust.com
www.mylocusthomes.com
www.commercialbuildernetwork.com