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Charlotte Real Estate Blog - Buddy Frey

Buddy Frey

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Displaying blog entries 61-70 of 82

Discovery Place

by Buddy Frey

 

There are several great things to do with the family here in the Queen City.  One must do is visiting the Discovery Place.  Open since 1981, Discovery Place is an interactive museum full of science and nature exibits.  

Discovery Place also features Carolina's largest movie screen (3 stories high and 80 ft wide).  The "IMAX Dome" has several different shows at any give time and just recently began running Disney's Shipwreck!

  http://www.discoveryplace.org/home/discovery_place-home.php

Have fun exploring DP and as and as always...have a great week.  

It's A Good Life,
Buddy

Now for your Morning Coffee!

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

Rain Rain . . . Hey, It's Sunny!

by Buddy Frey

I thought it was April showers bring May flowers...not this year!  What a month.  So far here in the Charlotte area, Mother Nature has sent us 6.8 inches of rain.  A normal May month for us here in the Queen City is 3.3 inches.

May has been crazy wet.  Events like Quail Hollow, Coca-Cola 500, my Golf Game and others have been delayed, postponed and cancelled due to the over abundance of rain.  This month the precipitation has come in what I call the soothing mist form, the all day drizzle and like last night, the monsoon down pour...you know, the kind of storm when you're driving and can't see 50 yards in front of you!

Year to date, we are actually 1 inch above our 18.19 average yearly precip.  Most lakes around the here are getting close to "Full Pool".  And the air quality...Good to Excellent with little to no readings on the allergy index. 

All this rain has but ended last year's drought conditions and water restrictions.  My lawn has made an almost full recovery from last season...(thank goodness for all this rain 'cause I'm not the best lawn farmer in the world).  And across the Piedmont Region...green, green, green.  I can't remember when I've seen it so lush around here. 

So I say enjoy, enjoy all this rain!  Get out there and get wet and muddy.  Hey you know "Singing in the Rain" and "Rain Drops Keep Falling on My Head" (anyone else have others?) just enjoy.  A few sunny days though would be nice too  :-)

Buddy

 

 

Home Prices Inch Up A Bit In March

by Buddy Frey

Considering our unemployment situation here in the Charlotte Region, it is surprising...pleasantly surprising, to see a modest gain in housing prices. 

Of late, the area's deep housing decline has shown signs of slowing.  And while overall sale's volume is still way off, we are actually seeing signs of the decrease slowing.  March's little price hike of 0.3% marks the first housing improvement in a while. 

Nationally though, prices are still down significantly compared to 2008.  "The S&P/Chase Shiller Home Price Index (Top 20 Markets) shows Charlotte remained in 5th place in March, one of a handful of urban areas with losses less than 10% (-9.3%)."  Denver was the best of the bunch at -5.5% from March of 2008 and Phoenix ranked last at -36.0%

Persaonally, I am very optimistic as I feel at least the pulse is back.  Most of Realtors I speak to echo the same thing that the phones are beginning to ring again and sales are picking up...big improvement over even 45 days ago.  Stay cautious though and price your home competitively...we're not out of the woods yet.

If you would like a comple list of the YTY top 20 markets, please shoot me an email and I will be happy to forward!

Buddy

My Refi - What a Nightmare

by Buddy Frey

So back in January of this year my wife and I decided to try and refinance.  I had 2 MTG brokers watching rates and I was waiting for a 30 year, with zero points at 4.5%...mid month on a Friday morning I got a call from BB & T that the rate was there and did I want to lock.  Of course I said, LOCK IT...we were very excited!

Application made and fully documented, I checked in mid February to see how the loan was moving along.  I was told slowly but not to worry, they will get to it as soon as humanly possible and that they were just swamped and under manned.  OK

Now comes early March nearly 2 months later...I called to get an update.  I was told that the appraisal was finally ordered and that I would be contacted when that got back.  Appraisal comes back fine (better than expected) but now they tell me the guidelines have changed because I have a job related to the housing industry and they may not make the loan after all.  Loan officer tells me they want to see 2008 tax returns.  Not great since very few people I know in this industry actually made more in '08 than '07 

Scramble to get tax returns done and send those in.  Mid May now and I finally get an approval but now they won't allow an equity line behind it.  WOW...here's the dilemma:  do I do the refi and basically lose the equity line or do I sit tight with the mortgage that I have and keep the equity line in tact (prime -1/2).  Really don't use it but these days who knows?  May come in handy...

It's been a long frustrating road for us.  I feel like been dragged through the mud and the muck.  It's clear for sure that BB & T was at fault for this whole mess.  In the end though, we went through with the refi because the smart move was obtain the lower mortgage rate and increase our payment contribution towards principle.

I write about this only because many of the stories you hear out there are real (and I could go on about my ordeal in more detail) but the point is, banks just are not lending like they used to.  New and mostly stricter guidelines is making it tough if not impossible for a lot of people.  I just hope things loosen up soon for every one's sake.

Buddy 

 

Displaying blog entries 61-70 of 82

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