Foreclosures Are Here! Jacksonville Real Estate

Foreclosures are here!

The current market comprised of foreclosure properties is an unfortunate situation for all parties involved, and is increasing daily. HomeTeam Real Estate has positioned itself with local and national banking institutions including national REO asset management companies, which allows us to understand the process more thoroughly, have access to more inventory and work more efficiently for our buyers.

What is a foreclosure?
Foreclosure is the legal process by which a bank seeks to recover the amount owed on a mortgage typically due to default. There are several stages in the foreclosure process:

• Pre-Foreclosure / Short Sale: Basically, when the proceeds of a home "fall short" of what is still owed on a mortgage. During this time, the owner may possibly have the option to sell to a third party for less than what is owed on the mortgage and the bank may potentially avoid a costly and lengthy foreclosure process by accepting this lesser amount.
• Auction: If the property is not sold during the pre-foreclosure period (if there is one), a public auction is then typically held to sell the property to the highest bidder. Foreclosure sales may include a minimum bid amount along with accrued interest, attorney fees and possibly other foreclosure fees. Typically, the property is purchased "as-is."
• Bank-Owned / REO (Real Estate Owned): If the property fails to sell in the pre-foreclosure stage or at auction, ownership reverts back to the lender.

Short Sales

• Mortgage servicers have 10 days to accept or deny a short sale request. After a sale is completed, the borrower could be completely released from debt.
• Borrowers are eligible to receive a $1,500 moving allowance, if they sell their home through a short sale.
• Mortgage servicers will receive $1,000 for each completed short sale.
• Investors who hold first mortgages can get as much as $1,000 for allowing second lienholders to release their liens.
• Second lienholders can get only as much as $3,000 in proceeds from short sale to release their liens.
• The property must be the homeowner's principal residence.
• The homeowner is delinquent on the mortgage or default looks likely.
• The loan was made before Jan. 1 this year and is less than $729,750
• The borrowers' total monthly mortgage payment exceeds 31 percent of their before-tax income.
Source: Keeping Current Matters 3/2010, HAFA Guidelines

Avoid Foreclosure Checklist -- Homeowners' Options

• Bring your loan current and maintain regular payments in a timely manner.
• Work out a repayment plan.
• Refinance your home with better rates and terms.
• Modify your current loan with your lender.
• Rent your home and make the mortgage payments to your lender.
• Sell your home and pay off the loan amount due.
• Borrow money from a relative or friend to bring your payments current.
• Get protection under the Service Members Civil Relief Act (SMCRA).
• Enter into a Deed In Lieu of Foreclosure or "friendly foreclosure."
• File for bankruptcy protection to stall the foreclosure process.
• Sell your home in a "short sale" if the lender will accept a discounted payoff for the outstanding mortgage due.
• For more information about foreclosure laws in your state visit http://www.foreclosurelaw.org

For homeowners struggling to make ends meet or who can no longer afford to keep their mortgage current, there are options!  A qualified REALTOR® can help you realize those options, whether it be a loan modification, short sale, or other type of government relief.  I would love to discuss your options with you, or if you know someone that could benefit from a consultation, please let me know!  

I'm never too busy for any of your referrals!

Getting Your Finances In Order

A crucial step in starting your search for a new home is having a clear idea of your financial situation. One of the first things your Realtor will recommend is that you get in touch with a reliable mortgage broker.  By getting a handle on your income, expenses and debts, you'll have a much better idea of what you can afford and how much you'll need to borrow.  

For lenders to verify this information, though, they're going to need to look at your financial records. It is also important to remember that you should include records for each person who will be an owner of the house. So before you even visit the bank, make sure you'll be able to provide copies of these important documents:

• Paycheck Stubs
  Remember that lenders are most interested in your average income. Not only will they want to see this month's paycheck, but also how much you've been making for the past two years. Steady employment is also more attractive to lenders, so if you've been hopping from job to job, be prepared to discuss the reasons why.  Being in Jacksonville, North Carolina, most of the homebuyers are military personnel.  So, they would be asked to provide their leave and earnings statement (LES) and proof of contract (to show that you have time left in the service.)
• Bank Statements
  In order to qualify you for a loan, most lenders will also ask you for copies of your bank statements. Ideally, they'd like to see a steady history of verified income--or at the very least, that you're not bouncing checks every month.
• Tax Records
  It's always a good idea to save copies of your tax returns, especially if you're self-employed. If you own your own business, it's important to note that lenders generally consider your income as the amount you paid taxes on--not the gross income of the business.
• Dividends & Investments
  Lenders will usually consider long-term investment dividends, as well as your investment portfolio, when evaluating your income.  However, they are not usually necessary.
• Alimony/Child Support
  If you receive steady payments as part of a divorce settlement or for child support, you can also include this as part of your gross income. Just remember that lenders will want to see a copy of your divorce/court settlement verifying the amount of the payments.  As well as the converse- if you are supposed to pay alimony or child support, they will need to know about that.
• Credit Report
  Virtually every lender will want to see a copy of your credit report as part of the loan application process. The report lists all of your long-term debts, as well as your payment history. In general, they will require you to pay for the credit report (approximately $50), but if you have a recent copy, they may accept that instead.  It's usually best to let the lender to the footwork due to how it reflects on the credit report.

If you have any questions about how your credit should look or what you need to prepare for prior to purchasing a home, I would be more than happy to help or refer you to a reputable mortgage broker!  I'm never too busy for any of your referrals!

Why Carolina Plantations Is An Ideal Neighborhood in Jacksonville, North Carolina

Have you heard about Carolina Plantations?  It’s a new construction community off of Ramsey Road in Jacksonville, North Carolina.  Conveniently located in the Carolina Forest school district and outside the city limits, you get the best of both worlds!  Great schools and low taxes!  Still only about 5 minutes away from the hustle and bustle of Jacksonville shopping and commerce, but tucked away in a quiet community featuring a dog park, community center, playgrounds, sidewalks and street lighting, and a community sewer.  

The design of the community allows for plenty of privacy with cul-de-sac lots everywhere and many homesites that back up to corn fields and woods. 

Featuring homes from Wynn Construction, A. Sydes Construction, Northstar Capital Group, Nolan Commercial Contractors, H&H Homes of Fayetteville, the look and feel of this community is far from cookie-cutter!  There are very affordable townhomes at around 1,000 heated square feet, as well as single family one and two story homes from 1,400 heated square feet and up.  

Gorgeous features vary between the floorplans, but for example, you can enjoy the expansive Sonoma floorplan by Wynn Construction with over 3,100 heated square feet, granite countertops and stainless steel appliances, TONS of storage space, extra large two car garage, upgraded trim package, wooden shelving, coffered ceiling and pillars in the dining room, two story living room with fireplace and beautiful built-in shelving, all for right around **$1200/month!  (**Payments based on an estimated 30 year fixed rate loan at 4% for current market price with no down payment.  Should be verified with qualified mortgage broker.)

With over fifty floorplans from five different builders, the possibilities are truly endless.  Carolina Plantations in Jacksonville, North Carolina has something for everyone.  I would love to personally show you some of the great new homes that areavailable, or help you build yours from the ground up!  Check out our buyer's seminar coming up- there will be LOTS of great information for both home buyers as well as home owners!

I'm never too busy for any of your referrals!!

8 Things Going UP in Price in 2013

Despite reaching a fiscal cliff deal that will shield 99 percent of Americans from an income tax increase, more than three quarters of American households will still face higher federal tax bills in 2013. That's because legislators failed to renew a temporary reduction in payroll taxes, worth about $1,000 to a worker earning $50,000 a year.

But that's not the only bad news for consumers' pocketbooks. Regardless of the tax package Congress finally cobbled together Tuesday, a bevy of products Americans use every day are about to get pricier, according to experts.

Here's a look at some items consumers will probably paying more for in 2013:

1. New cars: More stringent fuel-efficiency standards are making engines more expensive to produce, which in turn translates into costlier cars, according to consumer deals site Dealnews.
The sticker price on the Toyota Camry will go up $175 this year and the 2013 Lexus CT 200h will be almost $3,000 more expensive than last year's model.

2. Groceries: Remember the drought this summer that scorched the nation's farming regions? Thanks to the brutal dry spell, food prices are expected to rise as much as 4 percent in 2013, the United States Department of Agriculture says, which translates into an extra $40 a month in food costs according to some estimates.

A scarcity of corn caused livestock feed prices to spike, forcing farmers to cut back herd sizes to keep costs in check. With less supply of beef, poultry, and milk-producing cows, your next visit to the butcher's counter and dairy cooler is likely to be a bit pricier.

Cereal and other bakery products will rise, too, according to experts. Lower wheat yields on account of the drought have crimped supply and driven prices up. The USDA expects prices for those items to creep up by as much as 3.5 percent in the coming year.

3. Health insurance: While increases will vary by state and specific plan, employers will face higher insurance premiums in 2013, with average hikes around 6 percent according to human resources consulting firm Aon Hewitt. Those cost increases will be passed along in part to employees, who will see more of their paycheck--an extra $267 a year on average--going toward health benefits.

4. High-end electronics: Gadget geeks should prepare for some shockingly high price tags on the latest and greatest electronics, according to the Consumer Electronics Association. Ultra HD TVs will sell for as much as $25,000, and advances in audio technology such as Apple Airplay will help drive up equipment costs as well.

Laptops and tablet computers will also see price increases as Apple's new notebooks with retina displays and Microsoft's Windows 8 operating system fuels the adoption of premium--and expensive--touchscreen PCs.

5: College tuition: While Washington is wrangling with fiscal woes at the federal level, states have their own issues and it could mean deep cuts to higher education subsidies. As education costs continue to rise, many states will no longer be able to subsidize as much of their residents' tuition costs.
That means rising costs will get passed along to students, who could end up paying almost 5 percent more for in-state tuition in 2013 and almost 4 percent more in fees, according to the College Board Advocacy & Policy Center.

6. Smartphones: Consumers have gotten used to getting crazy deals when they sign a contract with a cell service provider, but the era of free phones might be coming to end. In 2013, T-Mobile will begin charging full price for its phones, according to Dealnews. While the blow might be softened by cheaper service rates, the higher upfront cost might be a tough pill to swallow for many consumers.

"Most people are unaware of how much a smartphone actually costs because they're so accustomed to the subsidized price tag that they always see," says Lindsay Sakraida, features director at Dealnews.
Still, consumers can actually save money over the long run by rustling up the cash to pay full price for a phone and opting for a cheaper service plan, Sakraida says.

7. Shipping: The cost to ship packages could see an almost 5 percent hike in 2013, with major freight companies UPS and FedEx both planning to up prices in the new year, according to Dealnews. That means free shipping perks from retailers could get scarcer or the dollar-amount thresholds higher.

8. Anything made with copper: A new fund to trade copper approved by the Securities Exchange Commission could result in a scarcity of the metal, which could drive up prices for everything from water pipes used in plumbing to beer and candy. Plenty of consumer items such as pots and kettles are made from copper, as well as equipment used to brew beer and manufacture candy. Higher prices for that equipment could mean you'll pay more for your vices this year.

January Contest Rules!

Happy New Year everyone! As you know, it is the time to make New Year's Resolutions! Studies show that you will be 68% more likely to keep it if you tell someone! In an effort to help you keep your resolution, I am holding a contest! All you have to do it go to my facebook pageHERE and tell me what your New Year's Resolution is! You must also "like" the page to be eligible. Only one entry per person please! The winner will be randomly selected and announced January 21st! 

Want to earn a 2nd entry? SHARE my facebook REALTOR page on your facebook! Once you have done that, make a comment on your New Year's Resolution and let me know you shared it! Good luck!

Since weight loss is the #1 New Year's Resolution, the winner will receive:
-A subscription to your choice of: Women's Health Magazine, Men's Health Magazine, Cooking Light Magazine
 -A $20 Visa Gift Card

Check out these amazing homes for sale!

Thinking of selling your home? Read this!

11 Reasons to List During the Holidays

1.        People who look for a home during the Holidays are more serious buyers!

2.       Serious buyers have fewer homes to choose from during the Holidays and less competition means more money for you!

3.       Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!

4.      Houses show better when decorated for the Holidays!

5.       Buyers are more emotional during the Holidays, so they are more likely to pay your price!

6.      Buyers have more time to look for a home during the Holidays than they do during a working week!

7.      Some people must buy before the end of the year for tax reasons.

8.      December-February is traditionally the time frame military members are "house hunting" to prepare for upcoming transfers and deployment returns.

9.      You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!

10.    You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!

11.     By selling now, you may have an opportunity to be a non-contingent buyer during the spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!

Give me a call for an up-to-date market analysis

and to discuss your real estate options!