New Program for Homeowners Who Sell at a Loss
The newest program by the Obama Administration will encourage homeowners who owe more than the market value on their home to short sale the property and receive moving expenses ($1500) from the Federal Government. The important news is that Lenders will be compelled to accept the short sale arrangement, forgiving the difference between the market price of the property and what they are owed.
Under the new program, a lender would use Real Estate agents to determine the value of a home and the minimum to accept. This value would not be shared with the owner, but if an offer comes in that is equal to or higher than the determined amount, the lender must take it.
The program was announced on November 30 but the details are still being fine tuned.
Information was gathered from the New York Times 3-7-10
“FLIPPING” REAL ESTATE
Flipping real estate refers to buying a property at a low price – and selling it at a profit. Many people have made a fortune doing this but it is also possible to lose money. The properties’ market value, location, cost of repairs, length of time to repair and update and marketability all must be considered. Flipping is also done sometimes without improvements, although condition of the property may or may not be the reason it can be bought under market. It is advisable to have a licensed contractor inspect the property prior to purchasing.
If all these items are considered, “flipping” can be a lucrative venture. The danger in flipping is underestimating repairs or paying too much for the property.
Sometimes properties are bought by investors and then resold “as is” to another investor at a small profit. This is not as profitable as buying the property at a bargain price and fixing it up – but it is a quicker return.
When repairing and fixing up, it is good to discuss with a knowledgeable real estate agent which items are required to be repaired for the property to be eligible for conventional, FHA, VA and other types of financing. The professionals at Choice Jacksonville Realty are available to help with your investment needs.
Bank owned and foreclosed properties can often be purchased for many thousands below value, although not all foreclosures are bargains.
1) Ask your agent to do a current market analysis on any property you are considering to determine fair market value.
2) Be sure you are prequalified with a lending institution before you begin shopping for foreclosures. Once you find a tru bargain, you will need to act quickly. Your real estate agent can assist you in getting prequalified.
3) Most VA owned properties have special financing for the property. If you are planning to live in the property it may be 100% financing. If you are an investor, it may be 95% financing. On VA properties, special loan programs are not credit score driven.
Choice Jacksonville specializes in gonernment and bank owned properties, please call us at 910-455-7284 for a list of foreclosures. We are constantly looking for bargains in order to serve our clients.
Forecasts by CNN Money project that nationwide the national median home price is expected to fall by about 6% by September 2011. CNN’s prediction for Jacksonville NC is far more optimistic. The forecast change for September 2009 to September 2010 was -1.6%. The forecast for THIS year – September 2010 to September 2011 is -0.3%. Jacksonville has and continues to be a great place for real estate investment!
65TH Anniversary of Iwo Jima Flag Raising
It’s been 65 years since the Battle of Iwo Jima during World War II.
Mt. Suribachi, the 550-foot volcanic cone at the islands southern tip, dominates both possible landing beaches. From here, Japanese gunners zeroed in on every inch of the landing beach. Blockhouses and pillboxes flanked the landing areas. Within, more heavy weapons stood ready to blast the attacking Marines. In 36 days of fighting there were 25,851 US casualties (1 in 3 were killed or wounded). More US Marines earned the Medal of Honor on Iwo Jima than in any other battle in US History.
All Americans should take one minute today and say a prayer of thanks for these brave men.
A common reason for septic systems to failure is overloading the system with more water than it can absorb. A septic system is designed for a specific wastewater flow rate based on the number of bedrooms served by the system. When the flow rate is exceeded, the excess water may back up into the house or surface in the yard.
The lack of routine septic tank maintenance is a key cause of premature septic system failure. The main purpose of the septic tank is to stop solids from entering into the drainfield. If solids do reach the drainfield, they will clog the small spaces or pores in the gravel and soil below, resulting in sewage backing up into the house or yard.
Driving, paving, or building on top of a septic system can damage or destroy it. Paving over all or a portion of the drainfield may prevent air from getting into the soil, as well as limit access for repairs or maintenance. Tree roots may clog the drainfield lines and gravel in the trenches. Source: ONWASA Brochure on Septic System Care and Maintenance
1) Dislodge mud and salt that collects under the wheel wells
2) Carry a full strength de-icer to clear ice from the windshield, mirrors, wipers and locks
3) Increase the concentration of your car’s windshield washer fluid to prevent the solution from freezing
4) Don’t use boiling water to clear ice from your windshield as it can crack the glass
5) Don’t drive until your front and rear windshield and side windows are clear of ice
Source: carpages.co.uk Published in Jacksonville Daily News Feb 16
The AARP, Internal Revenue Service and Onslow County Senior Services are sponsoring FREE tax assistance appointments for citizens 55-years-old and older. Appointments are available from 9 a.m. to 4 p.m. Friday, March 19 and April 9 at the Onslow County Multipurpose Complex on Richlands Highway. Call (910) 989-3008 for information and what seniors should bring to the appointment. Source: Jacksonville Daily News Feb 16
LOCATION- If you describe the amenities, the distance you would like to be from work, your interest in certain schools, in town or rural, etc., we can adjust your home search to meet the criteria you would like.
PRICE – It will be helpful if you have in mind a monthly amount you are comfortable investing in your new home. It just may be no more or even less that your rental payment!
FINANCING- Financing may be easier than you thought. We will help by discussing the types of loans available, some require no down payment, sometimes the sellers or new home builders will pay or assist in paying your closing costs. We can put you in touch with the right person to pre qualify your family for a new home. You will learn the requirements for obtaining a loan and idea of a price range for you. There is no obligation for this free service.
FEATURES – What is most important in a home to you? Number of bedrooms? Baths? Garage? Fenced yard?? Garden tub? Privacy? Convenience to town? Let us know and we can search, keeping in mine your wishes!
CURRENT MLS STATISTICS FOR ONSLOW COUNTY FROM JANUARY 2009 TO JANUARY 2010 (as of February 10, 2010)
From January 2009-January 2010
Number of Residential Listings Sold = 3354
Average Price = $166,545
Average days on the Market = 97
Price range from $8,000 to $692,000
CURRENT MLS STATISTICS FOR ONSLOW COUNTY FROM JANUARY 1, 2010 TO FEBRUARY 10, 2010
724 Residential Listings are currently for sale
Since January 1, 2010, 198 Residential Listings have been sold (closed)
Average Price Sold = $160,723
Average days on the Market = 103
As of February 10, 2010 there are 344 homes pending closing – average price $163,875. Price range from $69,750 to $410,000.
