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Hurry, Because It is Going Fast!

by TeamForYOUrDreams

There have been so many false predictions of the recovery of the real estate market that every bit of good news is greeted with scepticism.  Oh, yeah, hurry because it is going fast!  As a result, many buyers are sitting there being sceptical while the market takes off and leaves them behind.  Or, they could look at the numbers and react to the reality while there is still time.

Across the nation, we used to have many to many homes for sale compared to the number of properties that were actually purchased.  If the sales continued at the same pace, it would take years to work through the inventory.  Now, ProTech Valuation Services May Home Forecast shows that there is a 6.3 month supply of homes for sale.  That means that if sales continue at the same pace, the current inventory will be sold in 6.3 months.  This is the lowest level since 2006.

All real estate is local.  In Raleigh, Durham, Chapel Hill and the rest of the Triangle, the inventory is down and the number of sales are up.  As a result, the prices are starting to rise.

I enjoy the buyers agents I deal with who try to justify their outrageously low offers for homes in Raleigh, Cary and the Triangle by trying to reference the poor real estate market.  That is about as believeable as trying to convince Mrs. Lincoln that she and Abe had a wonderful time at the play at Ford's theater. 

The market still has some areas that are slower to recover.  However, the numbers show it is starting to change.  So, you should change to keep up with what is happening now. 

More Short Sales in the Triangle Means Less Foreclosures

by TeamForYOUrDreams

The more Short Sales in Raleigh, Cary, Wake Forest and the rest of the Triangle area of North Carolina the fewer foreclosures. Every Short Sales is one less foreclosure.   I hope we can do the same in every neighborhood in the United States.  My method to spread the message is to send a video to my friends, neighbors and clients asking for them to help save their neighborhood from foreclosures.  I hope they tell anyone they know who is in trouble about short sales.  I used this video http://www.youtube.com/watch?v=LBRaB6U_PTE on YouTube.  There are a lot of people in trouble do not know how much Short Sales can help them out of trouble.  Without this knowledge, they let their home head toward foreclosure.  For certain people, the video gets a better reaction as it presents the information more personally than my Short Sale website www.ShortSalesR.us .  The Short Sale website works for the people that prefer to study Short Sales in detail.  On the other hand, the video provides a face to face presentation.  The new short sale procedures are easier and faster, so they work better.  If you tell anyone you know who is in trouble, the real estate market will improve more quickly and America will recover faster.  Thank you for helping.

Raleigh Amphitheater "Gets Around"

by TeamForYOUrDreams

Raleigh's Downtown has gone through a renaissance with the creation of the Convention Center, new hotels and my favorite spot, the Raleigh Ampitheater.  It is a small outdoor venue that takes advantage of Raleigh's southern weather.  Preferred seating is in chairs close to the stage while at the back there is an elevated lawn where you can spread out your beach towel.  There is not a bad seat in the house, as it is an intimate venue.  The Ampitheater is in easy walking distance of more than a dozen restaurants from Italian to Barbecue.  The site has all the parking for the convention center, with three major lots within a couple blocks, so getting in and out of the Ampitheater is easy.  Judy and I went to Tuscan Blu restraunt in The Depot nearby and just walked from there.  By the way, Maurizio Privilegi, the owner of Tuscan Blu, is delightful with his Italian accent and wonderful stories.  The Beach Boys were playing at the Ampitheater, the perfect music for this aging surfer who grew up on the beaches of Southern California before moving to North Raleigh in 1996.  Since many people have relocated to Raleigh, I was not the only aging surfer who moved to the Triangle area.  However, I was surprised that most of the audience was young as they danced, sang and cheered.  Here is a video of the performance that shows the PNC Center with its condos on the upper floor (the tall tower with the pointed antenna), the Progress energy building (taller brown building) and the Convention Center with its high tech mural made of LEDs. The Raleigh Amphitheater will Get Around, just like the Beach Boys song.   Click on the video below and you can watch the beach balls fly throughout the audience. Who is that woman who smiles at the end of the video?

 

Help! The Lender Wants More Money From Your Short Sale

by TeamForYOUrDreams

What if the bank demands more money from your Short Sale?

If you have a contract to sell your home in Raleigh, North Carolina for $200,000. You might feel that the sale is hard enough to face when you consider that it was once worth about $215,000 .  When the mortgage is larger than the money you will get from the sale it is a Short Sale. You submit the package to the lender who says they are going to disapprove the Short Sale because your sale price is way below their opinion of the market value for the home.  Maybe your lender believes your home is worth more than a similar size home in Cary.

What went wrong?  The bank wants to aviod giving the property away, so it gets an appraisal or a broker price opinion (BPO).   Many times that price is too high.  This was such a big issue in California that they had to pass a law that makes it a crime for a real estate agent to intentionally put too high a price on the property.  Why was this necessary?  The BPOs are frequently created by the real estate agents who will be the ones to sell the property if it is foreclosed.  In other words, if these agents caused the short sale to fail with a high value in BPO, these agents could get to list and sell the home. 

What do you do now?  Don't lay down and play dead.  Nearly every lender has a way to dispute the value in the appraisal or BPO.  Let's look at the method that Fannie Mae uses.

The standard Fannie Mae messages from their Valuation desk says that the Realtor needs to submit a package to the loan servicer and they say


"Complete packages includes a completed Submission form in Excel format and agent documents which may prove a lowered FNMA value. The qualifying criteria for a value dispute is as follows:
When disputing Minimum Net Reserve, at least one of the following documents must be included in the submission for review:
-Appraisal or Buyer's BPO (BPO that the Servicer did not order)
-CMA Report (w/ comp photos and descriptions), Listing History & Realtor Comments
-MLS Sheets of 3 to 6 Comps, Listing History & Realtor Comments
-Inspection Report with photos of repairs needed
-Detailed Contractor's Estimate with photos of repairs needed."

The real estate agent who has the property listed for sale will submit any one of the above items.  If the house is in bad condition, the simplest thing is to get a contractor to bid the cost of the repairs.  Appraisals are costly, so real estate agents typically submit a Comparative Market Analysis (CMA) with a history of the listing and some analysis by the real estate agent.  As an example, I have a Short Sale in Durham that is being reviewed by Wells Fargo.  The sales price in the contract is $100,000 and Wells Fargo believes the value is $115,000.  So, I sent them six comparable properties, three of which were sold in the last six months and the other three are for sale.  I included the showing service report of all of the times that the property was shown to a prospective buyer.  At one time, I had the property listed at $115,000, and  we had virtually no showings.  Every Realtor knows that if no buyer will even take a look at the property at that price, it will not sell for that much.  While real estate agents understand this, it is takes a little education to get a loss mitigation negotiator to believe it.

So, if your lender says it wants a higher price because its BPO indicates a higher value, that is not the final answer.  You challenge the value by furnishing the facts and figures like you see in the Fannie Mae procedure.  Then, you hope that the mistake will be corrected and your Short Sale will be approved.

For a more complete discussion of correcting BPO values in a Short Sale, go to http://shortsalesr.us/short-sale-dos-and-donts/bad-bpo-creates-a-bad-short-sale-decision/

The more Short Sales that get approved in the Triangle area of North Carolina, the less number of foreclosures and the faster the market will recover.

Short Sales Should Speed Up with Lawsuit Settlement

by TeamForYOUrDreams

Triangle Short Sales Will Become Shorter

One of the difficulties with short sales in Raleigh, Cary and the rest of the Triangle area is that the buyer of a Raleigh, Cary or other Triangle home has to make an offer then wait and wait for the lender to agree to accept a short payment.  In other words, the thing that is short about a short sale is the payment to the bank not the time for the sale to be reviewed. There is a lawsuit brought by the Attorneys General of most of America's states that is being settled with all the major banks.  The lawsuit was brought because of claimed violations of foreclosure procedures by these banks.  One fortunate sidelight of the settlement of this lawsuit that was mainly brought to correct the sale of bank owned properties (REOs) is a requirement that will make short sales faster for sellers in Wake Forest, Holly Springs and the rest of the Triangle area.  The faster the approval, the more buyers will see the process though to completion and there will be an increase in the number of short sales that close.

The following is a quote of the article in Realtor Magazine that picked up a feed from Real Estate Daily News

 " As part of a settlement with state attorneys general, the five largest mortgage servicers are adopting new requirements for short sales, which is expected to speed-up what has been known as a lengthy process.

Here are some of the new requirements for servicers under the settlement: 

  • Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request. 
  • Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request. 
  • Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale. They also must provide an estimated amount for the deficiency payment needed for the short sale. 
  • Servicers are also required to form an internal group to review all short sale requests. 
  • Banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sale requests. Violations can carry fines of up to $1 million and $5 million for repeat offenses." 

This report is good news. The biggest problem with short sale's loss mitigation departments is that the departments are understaffed, so the overworked employees have a hard time handling their big case load.  With penalties of $1 million to $5 million, these banks should greatly increase their staffing to spend the money on negotiators who will get more accomplished for their firm instead of paying penalties. Since a lender makes between 20% and 30% more from a short sale than a sale of the same property after foreclosure, this increase in the loss mitigation department will be a huge benefit the lenders because there will be more short sales and less foreclosures.  Meanwhile, it will benefit sellers in Chapel Hill, Durham and the rest of the Triangle area who will get faster approvals, buyers who will get new homes more quickly and Realtors who will have a shorter processing time and an increase in closings. 

This sounds great to me.  What do you think?

Should a First Time Homebuyer Buy a Short Sale

by TeamForYOUrDreams

Should a first time home buyer make an offer on a property that is a short sale?  Short sales can be complicated, so some first time home buyers in Raleigh and the Triangle area of North Carolina sometimes avoid them.  Let me explain why.  A short sale has all the elements of a normal sale where the buyer and seller have to agree on a price and all the other terms. In addition to that, the agreement has to be approved by the bank that has a loan on the property i.e. the seller's lender has to agree to the deal.  More specifically, the lender has to agree to take the net proceeds of the sale.  The buyer is asking that lender to allow the sale to close in return for a "short" payment instead of a full payoff on the loan. While the payment is short, the time it takes to get the banks approval may be long.  As a result, many Raleigh and Cary first time home buyers do not want to wait for the approval.  If you want more detailed information on short sales, visit another of my websites at www.CreateAShortSale.com.

In addition to the delay in getting the approval, the approval is not a sure thing.  Across the nation, only 27% of short sales get final approval.  So, if you believe in following the national averages, you have a bit over a 1 in 4 chance of getting your Triangle short sale approved.  Instead of applying the national averages, you should look at the success rate of agents in Raleigh, Cary and other parts of the Triangle, as our listing agents are better trained so that more of the short sales are approved in the Triangle.  The buyers and their agents need to focus on the agent who represents the seller, called the listing agent.  That agent is the biggest factor in determining whether the short sale gets approved.  In other words, a first time home buyer in the Triangle needs to find out who has the property listed, because that agent is responsible for processing the short sale with the lender.  For example, you can count the number of short sales where I have not been able to reach an approval on your fingers.  So, I ran out of time to get the sale approved in less than 10 sales.  There are some other agents like me who get nearly all of their short sales approved.

Buying a short sale give a Triangle first time home buyer the opportunity to buy a home at a price that is usually below the market price.  In order to be successful with the purchase of a short sale property, the first time home buyers in the Triangle area of North Carolina need to analyze more than the property when they are deciding whether to make an offer on a Triangle short sale.  They have to first look at the property.  Then, they need to find out the success rate of the listing agent in getting short sales approved.

Instead of listening to me analyze the situation, listen to Rang, a Triangle first time home buyer who just bought his first condominium.  Feel free to let me know your ideas about short sale properties being purchased by first time home buyers.

http://www.youtube.com/watch?v=wW2GR35E0JQ

Cary now a Title Town

by

Posted by Lisabeth Tunell

Cary may be a town, but the NCSS selected the Raleigh suburb for its "Championship City" pilot program. The program is a long-term agreement that will bring several championships to the area over the course of several years. Cary was chosen along with Cleveland, Indianapolis, St. Louis, San Diego and San Antonio. Cary was chosen because of its combination of the facilities, track record and the partners involved. Cary has hosted several Division I soccer championships at WakeMed Soccer Park (was called SAS) and Cary's USA Baseball Complex was the sight of Division I baseball postseason games last spring. This program will likely help the RBC Center get more NCAA basketball tournament games. "There's no guarantee, but we hope it will add weight to our bids," said Scott Dupree, vice president for sports marketing at the Raleigh Convention and Visitors Bureau. The announcement brought with it five championship events over the next four years. The events include two Division I soccer championships, a Division II baseball championship, and Division II men's and women's championships in cross country and tennis. Cary already had another Division I women's soccer championship locked in and the NCAA is also including the 2009 Division I women's basketball regional at the RBC Center in Raleigh.

So don't miss out on all these exciting events coming up in the Raleigh/Cary area. Call us  at Team For YOUr Dreams (919.812.5111) and let us help you find your home so you can attend!

Posted by Lisabeth Tunell

Get Ready for a 3-Day Weekend!

SAS Championship presented by Forbes presents the "Round of Championship Play" starting today and runs through Sunday at Prestonwood Country Club in Cary, NC.

Jay Haas, Fred Funk, Tom Kite, Nick Price and Bernhard Langer are among the big time golfers playing in this tournament. Today is WakeMed Cary Hospital Health Day and begins at 8am. Saturdays 2nd round is the News & Observer Family Day and play begins off the 1st and 10th Tees at 9:00 am. The Final Round of the Championship Play which is ePrescribe Day, play begins off the 1st and 10th Tees again at 9:00 am.

You can buy daily tickets or a 3-Day pass and attend the whole event. If for some reason you cannot attend the event and see the spectacular golf course you can catch it on the Golf Channel Live on Saturday and Sunday 1:00 pm- 3:30 pm. Free admission for you and one guest on Sunday if you show your BlueCross BlueShield of North Carolina Blue Card at the main entrance, courtesy of BCBS. Children under 17 Admitted Free!

For ticket information go to saschampionship.com or call 919-531-4653.

This is a GREAT way to see some of the BEST golfers! Another reason to live in the Triangle!

Hope to see you there....

"Shred It" Event Coming to Raleigh and Cary

by

Posted by Judy Burrell.  NBC17 will hold its annual "Shred It" event this Saturday September 27 at two locations in the Raleigh area.  This is the fifth annual shredding event put on by our local NBC affiliate.  You will also be able to donate things to the Goodwill at both locations.

The first location is in Bedford at Falls River off of Falls of Neuse north of the 540 in North Raleigh.   Directions:  From the 540 go north on Falls of Neuse, turn right on Dunn Rd. in Bedford at Falls River.  Go around the fountain and continue on Falls River Avenue.  After the 2nd roundabout, the event will be on your right.

The second location is in Cary at The Peninsula at Amberly off of Highway 55 and McCrimmon Parkway   The address is 105 Painted Turtle Lane, Cary, NC 27519.  From the 540 West, take the Highway 55 exit (#66A) toward Apex.  At the first stoplight, turn right on McCrimmon Parkway.  Keep going straight into Amberly.  Go straight through the rotary and turn left on Yates Store Rd.  About a mile down the road turn right on Ashdown Forest Lane.  Turn left on Painted Turtle Lane.  The Shredding Event will be on the corner of Painted Turtle and Burris Hall Circle.

So clean out your attic and bring those old personal tax forms, etc. (and old clothing too) to this great service NBC17 is providing.  Shred those papers and donate items to the Good Will Saturday September 27 from 10am to 2pm.  NBC17 will be doing some broadcasting from the events and maybe you'll be able to see your favorite local TV news personality.  And they'll even be serving food, too.  See you there.

Strike For Survival

by Team for YOUr Dreams

posted by: Melanie

STRIKE FOR SURVIVAL

So what is Strike for Survival? Simply put, they have created a unique community “fun-raiser”—a night of bowling focused more on socializing than scores—with all proceeds directed to the American Cancer Society and their efforts to find a cure for cancer.

There are many ways to get involved—sponsor, bowl - (bowling is only $25.00 per bowler and includes Pizza, drinks, shoe rental, raffle ticket, goody bag and entertainment), volunteer. Whichever way you choose, you are guaranteed to be part of a fun event for a great cause. Find details of each event by clicking on the city links.

RALEIGH GLENWOOD | RALEIGH CAPITAL | CARY

Displaying blog entries 1-10 of 10

Contact Information

Photo of Team For Your Dreams, Inc. Real Estate
Team For Your Dreams, Inc.
REMAX United
7721 Six Forks Road, Suite 110, Raleigh, NC 27615
Raleigh NC 27615
919-846-3272
919-812-5111
Fax: 310-347-4041