Calling Carolina Home

Top 10 US places with a net influx of movers
Atlas Van Lines report: Washington, D.C., most popular for inbound moves

By Inman News

Only Washington, D.C., and nine states -- primarily in the Southwest and Mid-Atlantic regions -- were labeled "inbound" by receiving a net influx (over 55 percent) of Atlas moves in 2011, according to Atlas Van Lines' 2011 annual migration patterns report, released this month. Atlas has tracked annual Atlas shipment patterns for Canada and the U.S., by state, since 1993.

Those states falling between 55 percent net influx and outgoing moves were labeled "balanced"; those above that percentage, either incoming or outgoing, were labeled "inbound" or "outbound," respectively.

Washington, D.C., had the highest percentage net influx of Atlas shipments in 2011, continuing its six-year run at the top -- 69 percent of its 856 Atlas shipments in 2011 were inbound. North Carolina, at a 61 percent net increase, was second highest in the region, followed by Rhode Island at 60 percent, Tennessee at 58 percent and Virginia at 56 percent.

Texas, also in the net-influx group at 58 percent, experienced the greatest total number of inbound moves at 7,861 shipments, followed closely by California's 7,803 incoming loads. California, however, at a 53 percent net influx, was classified as a "balanced" state in the report, like most states of the West.

Ohio, continued its consecutive nine-year bleed of net out-of-state moves, at 60 percent net outgoing shipments. The Midwest experienced the greatest regional loss in the report. The Rust Belt states of West Virginia, Indiana, Illinois, Missouri and Wisconsin joined Ohio on the outbound list.

All of Canada's provinces, except for New Labrador and New Brunswick, were categorized as "outbound.

" The "inbound" U.S. states (and district), listed alphabetically, are:
Alaska
Maryland
New Mexico
North Carolina
North Dakota
Rhode Island
Tennessee
Texas
Virginia
Washington, D.C.

The "outbound" states, listed alphabetically, are:
Connecticut
Hawaii
Illinois
Indiana
Kansas
Louisiana
Massachusetts
Minnesota
Missouri
Nebraska
New Jersey
New York
Ohio
Utah
West Virginia
Wisconsin

Buyer’s Agents can help with FSBOs

It is especially important to have your own agent when buying a home that does not have one (For Sale By Owner). Most sellers are not experts on various laws and regulations that pertain to real estate, having a competent agent involved is a benefit to both the buyer and the seller. Fortunately, most FSBOs are also aware of this, and are willing to work with agents. Typically they choose not to use an agent to save money however most of them know that prospective buyers are probably already working with a Realtor and therefore they are prepared to co-broke, meaning they’ll still pay us. So, you can still get all the benefits of buyer representation on a FSBO at no cost to you.

FSBO’s have a 75% chance of getting sued to make 12-16% less on the sale of their home.

86% of FSBOs end up using a real estate agent. Of those 14% that sell it themselves, they make 12-16% less on the sale in order to save 6% for having an agent. 75% of all real estate related lawsuits involve an unrepresented party. Source: NAR

http://www.crestlineteam.com/

Tax Credit Can Be Used for Down Payment

It just keeps getting better! The Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. Now, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

• First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
• To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

• The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

• The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
• The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
• The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

• Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

• No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

If you are a prospective home buyer or have additional questions regarding the 2009 First-Time Home Buyer Tax Credit please feel free to contact me at Crestlineteam@Gmail.com or visit us at http://www.crestlineteam.com/

Now’s the Best Time to Purchase a Home

With low mortgage rates and high inventory, the housing market is offering once-in-a-lifetime opportunities.

The purchase of a home is the safest investment you can make for your family and your future. Economic studies consistently show that real estate remains one of the best performing and consistent long-term investments.

For the fourth consecutive year, NC has received the award for the top business climate, according to Site Selection magazine. This is a beautiful state filled with amenities that ensure a wonderful quality of life. There are plenty of opportunities awaiting you.

How you profit by working with a REALTOR® when buying

Buying a home calls for your informed decision.Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of their local Board of REALTORS® and have agreed to act under and adhere to a Code of Ethics.REALTORS® do more...much more...Than you may think.

• A REALTOR® can help you determine how much home you can afford. Often a REALTOR® can suggest ways to accrue the down payment and explain alternative financing methods.
• A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring with you when you apply for a loan.
• A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
• A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service -- even if you are relocating to another city.
• A REALTOR® can help familiarize you with the closing process.
• A REALTOR® shows you only those homes best suited to your needs -- size, style, features, location, accessibility to schools, transportation, shopping, and other personal preferences.
• A REALTOR® often can suggest simple, imaginative changes that could make a home more suitable for you and improve its utility and value.
• A REALTOR®, though generally acting as an agent for the property owner, is bound and obligated by the Code of Ethics to give fair treatment to all parties in the transaction.
• A REALTOR® is sensitive to the importance you place on this major commitment you are about to make. Count on this real estate professional to facilitate negotiation of an agreement satisfactory to both seller and buyer.

If you see a home as one of your most important investments, the REALTOR® you work with could be one of your most valuable resources. As a home buyer, you can expect the commitment, integrity and expertise that you'll find in REALTORS®. It is the business of a REALTOR® to work with you by understanding your home buying needs and showing you properties that fit your lifestyle and budget.

If you or someone you know are in need of a REALTOR® then contact the Crestlineteam today.

Opportunity of a Lifetime for First-Time Home Buyers

For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.

The tax credit is part of recently-enacted legislation to help the nation recover from the current mortgage crisis. Basically, the first-time home buyer tax credit is designed to keep Americans buying homes, along with soft real estate prices, and record low interest rates, make it an excellent time to buy.

To find out more visit:
http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf

Let me know if I can be of help in your home search
Crestlineteam@gmail.com
www.crestlineteam.com

Short Sales: Rescuing homeowners from financial catastrophe

There has been a surge in the number of foreclosures throughout Charlotte and the surrounding areas and this dilemma not only affects modest, starter based homes, but homes in the million dollar price ranges as well. Homeowners and neighborhoods are suffering. The downward cycle of foreclosures and falling prices can eventually feed on itself, continually building momentum until everyone feels the effects. However, there is help available to remedy the situation and many mortgage companies, community-based programs and real estate professionals are actively working together to help alleviate foreclosures. A short sale might be the answer.

A short sale is a sale of a property in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what they owe.

Many homeowners seeking relief often times do not understand the benefits and tradeoffs of undergoing the short sale process. This is especially due to the fact that there are as many different types of short sale qualification processes and guidelines as there are banks. These guidelines depend upon a number of factors such as the type of the loan undergoing the short sale approval process, the loan's servicer (who monitors and collects the loan payments on behalf of the mortgage company/investor), the organization/program financially backing the loan, the specific mortgagor's pre-foreclosure/short sale requirements and the length of time the loan has been in default.

Throw in misinformation spreading rampantly, scam artists targeting those homeowners in default, and some mortgage companies unwilling or uncooperatively discouraging homeowners to just give up and turn in the keys…. It's no wonder homeowners become so frustrated and decide to give up. Don't give up. Get educated on the basic steps you must take to avoid foreclosure and contact us so we can intervene on your behalf, advise you of your options and apply our experience and due diligence in dealing directly with your mortgage company and avoid foreclosure all together.

There are several reasons to consider a short sale:
- The homeowner has suffered a financial hardship which does not appear will get better within the next six months to a year.
- The homeowner or their spouse/partner has suffered a medical condition that prohibits him/her from working or obtaining financial support to save their home.
- The homeowner has agreed to sell their home to avoid foreclosure, but cannot make the necessary repairs to bring the home up to par to command a price equal to or greater than what is currently owed on their mortgage balance.
- The homeowner became over-extended financially and as a result, is in a financial bind that prohibits them to continue to make payments on their home. For example, this may be a result of a job layoff, divorce, job termination, or overall increase in everyday living expenses.
- The homeowner has suffered an extenuating family situation that resulted in the family's overall budget to decrease significantly. For example, a spouse may have become extremely ill and unable to work, a divorce or separation has gone into effect, or one of the mortgage borrowers has become incarcerated.
- The homeowner is currently 30 days or more behind on their mortgage payments and the collection process has begun. The homeowner wants to avoid a foreclosure and save their credit.
- The homeowner has been in collections status for some time and in fact, time and their options are running out in saving their home. The homeowner thought he/she would be able to overcome foreclosure by "catching up" on payments, but things have unfortunately turned for the worst.

If any of these reasons fit your circumstances then foreclosure may be imminent. Contact your mortgage company for current options to help you save your home or contact us to help assist you with this cumbersome process.

Here is how the process works:
We will need to make the lender aware of your financial hardship. However they will require a letter of authorization for us to negotiate on your behalf.

What to include in the letter of authorization:
- A short letter authorizing us to negotiate on your behalf
- Loan reference or account numbers
- The date
- Property address
- Owner’s full name and signatures
- Owner’s contact information
- Agent’s name and contact information

Once we’ve contacted the lender and are authorized to have a conversation, we’ll begin to negotiate with someone in their loss mitigation department. The lender will usually not consider approving a short sale until there is a legitimate offer but the loss mitigation officer will supply us with a short sale packet to get us closer to avoiding foreclosure.

A typical short sale packet includes the following:
- Cover letter with everyone’s contact info: If foreclosure is imminent, put that in the cover letter. If an offer is made include a summary of the offer in the cover letter.
- Hardship Letter: Letter from owner documenting the financial facts that led to the short sale request.
- Proof of hardship: Job termination letter, medical bills, death certificates, divorce decrees, etc to support your assertion that the bank should take less.
- Proof of income and assets: Bank statements, last two pay stubs or if self employed, last 6 months of profit and loss statements, bank statements, last two years of tax returns.
- Disclose and document all assets: Investments accounts (401k, IRA, etc.), Stocks, Certificates of Deposits, any interest in other real property or businesses, etc.
- Information on other liens on the property (HOA, construction liens)
- Documentation of any and all damage to the property
- Preliminary net sheet: Reflect the sales price you expect to get and any other fees that will be due on sale, including commissions.
Comparative Market Analysis with analysis of current actives, pendings, and solds.
If an offer is made also include:
- Listing Agreement with all signatures
- Complete offer to purchase contract with all signatures
- HUD 1 and Seller’s Net Sheet
- Proof of funds for Cash Offers or Pre-Approval letter for financed deals

Arrange the documents so that they are in order as in the cover letter. Most REO agents will only deal with originals and in this case, I would try to do the same. Illegible faxes only slow down the process. Remember lenders can have a heart, and this may be a lengthy bureaucratic process, but we are committed to help homeowners through it. If you or someone you know is facing foreclosure, get help fast.

This may be the best opportunity you will have in your lifetime to buy a new home

I am a big advocate that this is a good time to buy and the article yesterday in the Charlotte Observer qualified my views. The rates are decreasing as well as the housing prices, and if you or anyone you know is considering purchasing a home for yourself or for investment, now is the time to act. You can wait until the market "hits bottom", but we won't realize that it hit bottom until it's well on its way up again, so you can miss the boat completely.

We have some great listings at very competitive prices, in all price ranges and parts of town. If you know of anyone who should be buying a home, please forward this to them and ask them to contact me. There are 20,867 homes for sale in the Charlotte Metro area, I'm sure we can find them something!

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Thanks so much for your time!
--
Deanna Evans
Broker/Realtor®
Keller Williams Realty
CrestLineTeam@Gmail.com
704-713-7700