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Displaying blog entries 1-9 of 9

NC Wineries

by Buddy Frey

 

Happy belated Father's Day!   I had a great day yesterday...my Mom was in town visiting from Chicago, sent my 15 year old daughter Nicole off to an Eco/Green symposium in Raleigh, got beat 49 to 11 by my son Jack in NCAA Football (PS3) and my wife Sarah made an outstanding dinner, finishing with homemade Strawberry Shortcake!

After my daughter left we ventured out north, and a bit east, to one of North Carolina's 72 vineyards.  Uwharrie Vineyards is located in the scenic piedmont of NC in a town called Albemarle, 30 minutes or so from Charlotte.  One of the newer vineyards in NC, we decided to do the full tasting of their 14 selections.  Then, toured the winery, clean and totally modern.  The experience was fantastic and has now made me want to visit the other 71!  Here's a link to wine tasting in NC...have a great week!   www.VisitNCWine.com

 

It's A Good Life,
Buddy

Now for your Morning Coffee!

#10 - Jackson stands alone

by Buddy Frey

 

 

Hats off to the L.A. Lakers... last night they defeated the Magic for their 15th franchise NBA Championship win. 

Laker coach Phil Jackson, who led the Chicago Bulls (yes, that's why I'm writing about this) to 6 Championships, now adds number 4 in L.A. for a total of 10.  #10 broke a tie with legendary Boston coach Red Auerbach as the winningest coach in NBA Finals history. 

Have a great week! 

It's A Good Life,
Buddy

Now for your Morning Coffee!

What Is A Foreclosure Property?

by Buddy Frey

Last week i mentioned that I wanted to help others in the Charlotte area Find Foreclosures in Charlotte. Today, I wanted to start from scratch and see if I can understand all the basics that surround the foreclosure process.

What is a Foreclosure?

Foreclosure is the legal process in which a lender or mortgage company takes legal ownership of the property that was used to secure a loan. Foreclosure is usually the result of the property owner, or person who secured the loan, failing to make the mortgage payments. The lender will ultimately earn a Decree of Foreclosure, which is a court order that then gives the lender the right to sell the property, to repay the outstanding debt.

What Is a Pre-Foreclosure?

After a Homeowner defaults, or fails to make the payments on a their mortgage loan, the lender must file a NOD, or Notice of Default in the county where the property is located. In Charlotte, that would be Mecklenburg County. This is also published in local newspapers, announcing the auction of the property.

The period of time between the NOD being published and the actual auction date of the property, is known as the Pre Foreclosure period. Many prospective buyers will contact the lender directly during the NOD, and try to secure the property before it goes to auction.

How is Foreclosed Property Sold?

If the property goes to full foreclosure, it will be sold at a public auction, usually at the same courthouse where the NOD was filed. Like all auctions, the foreclosure auctions usually draw large groups of investors, who will competitively bid on the foreclosure property.

Finding Foreclosed Homes in Charlotte

by Buddy Frey

As a Realtor in Charlotte, I stay up to date on all the news and happenings in the Charlotte housing market! One of the latest trends in the area surrounds Charlotte foreclosed homes, and the large number of people looking for foreclosure information. Realtors have tools to see all new foreclosures, but what about people like yourself? How do you get your information?

Today, I thought I would head out into the web and see what type of info is available for everyone not in the industry.

Finding Charlotte Foreclosure Lists

One of the first things that jumped at me today, is that almost all of the top search results were commercial businesses, selling foreclosure lists! What happened to the Charlotte Realtors like myself? Why are we not being referred from search engines? After all, we are the local experts when it comes to real estate!

Looking around some of the websites in my network of local Realtors, I saw that many have great information about foreclosures in Charlotte, but none were in the search results.

Starting this week, I am going to help you understand foreclosures, Short Sales, REO's and all the ins and outs of the Charlotte Home Foreclosure market, from a realtors perspective!

Charlotte Foreclosure Lists to Your inbox!

If you want to follow along with all of us, go ahead and sign on to get Charlotte Foreclosure Lists by email. Make sure you put "Foreclosures" in the comment box! I am not going to spam you with email, promise! :-) The lists will however, help you understand the market a bit better and maybe get your feet wet in the Charlotte Foreclosure Homes Market.

What Say You? Do You Follow Foreclosures in Charlotte? Comments are welcomed and encouraged.

Have a Great Day,

Buddy Frey

FHA Loans - A new twist on an old condition

by Buddy Frey

As we move forward through all the new lending guidelines, restrictions and conditions, I see evidence regularly that the process of obtaining a home loan keeps getting harder and tighter. 

Evidence...just recently (on behalf of my buyer client) I was asked by a national MTG company to provide documentation of a clean pest inspection letter.  In the past, if a condition of the loan, this document was signed by buyer and produced at closing then sent with all other loan docs by the closing attorney.

And as in the past, underwriting set several conditions that must be met before final approval; adequate home appraisal, work and income verification, verification of assets and SS# etc.

But just recently, in order to approve an FHA loan, this "all clear" pest document must be signed buy both buyer and seller and inspector then, sent in to underwriting.  It is now another condition of "final approval" before the loan comes back out of underwriting and sent to closing attorney. 

Am I complaining...?  No, not really...just pointing out once again that the way we did business in the past is over.  In today's real estate/mortgage world there are more restrictions and tighter guidelines which,  has made it not only harder to obtain a home loan...but also harder to process.  Propper and timely sent documentation then dotting all the I's and crossing all the T's is critical to a seemles transaction.  We need to get used to it!  

If you are looking to buy a home and need the assistance of a professional real estate agent please let me know.  I personally serve the Charlotte Metro market but, also have a large network of experienced Realtors throughout the country that I can refer.  You may contact me directly at www.BuddyFrey.com

Buddy      

 

    

Summer Pops 2009

by Buddy Frey

 

 

The Charlotte Symphony will perform free outdoor concerts this summer, 5 at South Park Mall and 6 additional concerts throughout the region.  The series kicked off last weekend downtown and, at Village Park in Kannapolis.  For more info go to www.charlottesymphony.org  

It's A Good Life,
Buddy

Buying a Home in a Short Sale in Charlotte

by Buddy Frey

150-250 words about Short Sale Property...

What is a Short Sale?

Pros of Short Sales

Cons of Short Sales

Understanding REO - Real Estate Owned Property?

by Buddy Frey

150-250 words about REO...

What is a REO?

Pros of Buying a REO

Cons of Buying a REO

Charlotte's Foreclosure Market

by Buddy Frey

150-250 words about the Foreclosure Market in Charlotte...

What is a Foreclosure?

Pros of Buying a Foreclosure

Cons of Buying a Foreclosure

Displaying blog entries 1-9 of 9

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