One change in the past 10 days though, agents and buyers are now checking very carefully with the listing agents to make sure the potential sellers are liquid.  They mostly want to make sure a close can take place by the June deadline.  Many are opting to bypass the "Short Sale" right now as response time from banks has been too unpredictable.  Banks should take heed!!!

There still are good values out there...low interest rates and the tax incentive though will keep our market tight in the $200,000 and under price point at least, for the next 50 days.  If you're looking to buy or sell, please call us today...we can help.

Interestingly enough, the 1st paragraph this year happens to relate to both.  Please read below this information from my accountant Brenda Story...

...This has been a busy year with the passing of the American Recovery and Reinvestment Act and the Worker, Homeownership, and Business Act.

Unemployment tax benefits, the homeowner tax credit and the net operattion loss carry back rules are extended into 2010.  The first-time homeowner tax credit of $8,000 is extended to 4/30/10 (Close by 6/30/10 with a written binding contract entered into by 4/30/10).  A new credit to qualifying existing homeowners of $6,500 is added when a new primary residence is purchased if the old residence has been used as a principle residence for any five consecutive years out of eight years prior to the purchase....A new Form 5405 is required to be used for all 2009 returns that claim the credit and for all qualifying home purchases after 11/6/2009.

Time will be running out on this great incentive as we will have just 4 short months after the new year to take advanage of the credit.

I hope this information helps, and as always...if you know of anyone that is interested in buying or selling a home, please pass their name and contact info on and I will be sure to take grate care of them!

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2% to 97.6 from a reading of 94.6 in June, and is 12.0% higher than July 2008 when it was 87.1.The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said. “Other buyers are taking advantage of low home values before prices turn higher. 

1st Time Home Buyers Act NOW:  Please remember that in order to take advatage of the government's $8,000 rebate you must CLOSE on your new home before November 30th.  That means offer to purchases should be complted and loans should be applied for before October 15th.  

MTG rates have been stable but home prices have already begun to firm and the good homes go quick.  Don't let 2009 be the year "I should, woulda, could have".  Call us today and take advantage of what some are calling the best real estate opportunity in 25 years.  704.409.4900

Buddy

When you are ready to buy a home in Charlotte, give me a chance to help you find your dream home... I won't let you down!

Start Your Charlotte Home Search Today!

What is a Short Sale?

A short sale is usually the last step taken by the bank to recover losses from a defaulted mortgagor. When lenders agree to a short sale, it means the lender agrees to accept less than the total amount due. They are willing to forgive a certain amount of debt or deficiency. However, not all lenders will accept a short sale or discounted payoffs, especially if it would make more financial sense to foreclose.

The full process of a short sale will include a contract, an Authorization to Release Information and the addendum. A warranty deed is a tool used in the process. Let's examine the process now, starting with the contract.

Finding Short Sale Properties

As a home buyer, finding these distressed properties can save you alot of money when it comes time to buy your first or next home. In Charlotte, sales of distressed property is on the rise, as it is across the Country.

When you sign up to receive notifications in our Charlotte Foreclosed Listings Search, you will always stay in tune with the best deals to be found in the forclosure market.

There are no obligations and you can unsubscribe at any time - but who would want to?

Sign Up to Receive Foreclosure Listings Today!

Hi All,
A lot of negative coverage has been devoted to today's housing market.  However, there are many reasons why the current real estate market may be beneficial to you...right NOW.

For example, the large selection of homes and low prices make it a great buyer's market.  In addition, interest rates on home loans are historically low, making now a great time to lock in long-term mortgage rates.

Ultimately, though, these favorable conditions will go away.  As inflation rises, so do interest rates. Click on the link below to learn more so you too can take advantage of current market conditions.

                                 For More Click Here

If you are looking to become a homeowner or looking to step up from your current home...you need to strike while the iron is hot!  Please feel free to call us at: 704-409-4900 or on our toll free number:  888-553-5311

Buddy

Sign Up to Receive Foreclosure Alerts Now

Foreclosure No Longer Means its an Ugly Home!

Foreclosures are properties that have been taken over by the bank because the owners were unable to continue making payments on the property. In the past, foreclosed homes were often owned by those in financial distress and likely to have been empty for some time before being sold. In the current housing market, that trend is reversing and distressed homes are usually in as good of condition as any other home on the market!

As a buyer, you gain all the benefits of buying a distressed property, without the hassle of having to reinvest large amounts of money to move in!

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.

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

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      

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

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

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