Coves – Depending on the wind direction or heavy rains, coves can be a catch debris and floating weeds.

Depth of water – Shallow water may not provide the recreational activities you desire or allow for a dock if one does not exist.  Also, verify that the water will be adequate in winter when water levels drop. 

Dock restrictions – Check with Duke Energy and your HOA on what is allowed with dock building and/or modification.

Boat traffic patterns – Understand frequency and distance from the home.  Your dock can be damaged by a lot of traffic.  Also, determine if the property is protected by ‘no-wake’ signs.

Location of low bridges - Low bridges exist and you could possible be locked in a specific areas.  If you have a large sail boat, you may want to be south of the 150 bridge.

Check HOA restrictions -  This is important with regard to docks with roofs.  Sometimes they are allowed and sometimes they aren’t.  This impacts your desire for one or your neighbor blocking your view.

Know your neighbors -  Check the surroundings of your potential neighbors dock/yard etc.  This could tell you a lot about their activities and lifestyle.

Here is the story of a Lake Norman area short sale that did not end the way we had all hoped.

In March of 2009 a distressed seller called us to help her through the short sale process.   Having been down this road before, we agreed to guide her.

We assisted her with getting bank approval to short sale the property and listed it for sale in March of 2009.

During this period we marketed the home and had many offers come in only to be withdrawn after the buyers got tired of waiting.

In early October 2009, the bank had us do the customary Pre-HUD statement for them.  They had the BPO done (Broker Price Opinion) and countered.  Subsequently, the buyer walked away since their offer was 40,000 less than the counter.  Tis the season for the lowballers!!

Almost immediately(late October), we received another offer which was more in-line with what the bank countered. Our hopes soared as we felt sure the bank would act quickly.  We immediately and proactively got another pre-HUD created for the bank and submitted it. 

Now we just waited…and we waited…

We made many calls and sent many emails.  We were told to add URGENT to the subject line.  We tried to be a nuisance to the bank!

Still we waited…

February 2010.  Almost a year later.  I got a call from another agent:

Agent to me: “Remember that house you had listed in the Lake Norman area on ____ street? ” 

ME: “Used to have listed, HUH”,

Agent to me: ”Yea I am doing a BPO and the banks have changed the locks”.  “You can however, come get your lockbox”.  “By the way, Is there something major wrong with this house?.  I can’t believe it did not sell for the price you had listed!!”

ME: “THE BANKS”

So, there you have the saga of a short sale in this market.  Almost a year of waiting on the bank and for what? 

After going through a few of these, Here is my advice.

If you are a seller.  By all means try and short sale your home because while it does ding your credit it is not as bad as a foreclosure.  Not all banks are like this but be prepared for a long process. 

If you are a buyer.  Be very patient and in no hurry to move.  Also, banks are not taking every low ball offer just to get rid of the asset, so you have to be reasonable.  If you get the home, it still will be below market value.  If  finding a distressed home is the only thing you will consider (a mistake in my opinion), then you may want to search for homes that have already been foreclosed on and re-listed with an agent.  These homes are priced pretty close to what the bank wants and will typically act a lot quicker.

If you want a list of short sale or foreclosed homes contact me and I will email them to you.

As you are aware there have been tremendous changes to the Good Faith Estimate(GFE) that took effect January 1st, 2010. 

 

Key Points of New GFE/ HUD-1

•  Borrower must have 7 business day from initial disclosures to close
• Lender cannot collect Appraisal fee until the disclosures are signed (GFE and Til)
• If GFE changes, borrower must receive 3 business days after re-disclose prior to closing
• Certain fees on the GFE can only change under specific “Change Circumstances”
• Origination fee/ Discount Points
• 10% Tolerance: Requires services the borrower selects from a list the lender provided

 Page Three of HUD-1 will compare the GFE to the actual closing costs. If out of tolerance, the lender will be forced to refund any funds to bring figures into acceptable tolerances.

Contact your Lake Norman agent and Preferred lender today to find your dream home!

Looking for the a “deal” with a short sale, foreclosure or REO property? You may want to consider the following…..

With the growing number of distressed properties on the market, many buyers are seeking foreclosures, short sales, and REO properties (Real Estate Owned—by a lender) as an the opportunity to take advantage of a good “deal”. But is getting wrapped up in the “deal” always a smart decision choice for you? Consider the following:

1. Do you know the difference between a foreclosure, short sale and REO property? Is the seller the homeowner or the lender? This is important as you determine a realistic price you should expect to pay for the property and the motivation of the seller. Is the list price above, below or at fair market value?

2. How much time do you have? Lenders are notoriously slow to approve short sales because it usually means a write down of the debt owed to them. With the extension of the tax credit deadline ending this April, are you willing to miss out on up to $8000 while you wait for a lender to approve your short sale offer? How will you feel if your offer isn’t accepted in time? What other homes may have sold during your waiting period?

3. Do you like to clean? Many buyers don’t realize anticipate the condition of distressed properties that are sold “as is” and or understand that the home may require substantial work. Often At best, homeowners who are losing their homes to foreclosure do not spend the take time to clean their baseboards or steam clean their carpets before they move; at worst, they have not maintained the home for months. . Be prepared to see homes that may will need some “TLC”.

4. “List price may not be sufficient to cover all liens, encumbrances….” You find a home in a neighborhood you love, it has the space you need and doesn’t require a lot of work. It looks like the deal you have been searching for- $100,000 less than what the seller paid two years ago. But not so fast, especially if it is a short sale- this list price has not been approved by the lender…be prepared to receive counter-offer approval from the lender that is GREATER THAN the list price an offer OVER the list price from the lender.

5. Are you the only one on the block Is the home the only distressed property on the block? ? Finding the one distressed home in an established community neighborhood usually makes for a better investment than being one of several in the community neighborhood. Depending on the age of the neighborhood, there could be several others distressed properties on the market and with more to come as other current homeowners subprime loans interest rates adjust.

6. Are you ready to pull the trigger? Having your own financing in line is the key. If you want to jump into the game, be ready to play. Be prepared with a pre-approval letter, earnest money, and if you have a current home to sell, know if you qualify for the new property if your current home is not sold. Most sellers will not accept contingent contracts on distressed properties.

7. It’s a foreclosure- it must be the best deal right? Not necessarily,. a A motivated seller with an immaculate home may be able to provide you with a better overall value than a conservative lender who doesn’t want to lose their its shirt on the former owner’s loan.

8. Are you willing to ride the an emotional roller coaster? Most buyers buy homes based on emotion and justify their purchase with logic. Are you prepared to fall in love with a home, knowing you may not be able to buy it for the price you think are willing or able to pay? Are you willing to get into a bidding war with other potential buyers? Will you drive by the home every day after work for two months, picturing barbeques in the backyard? and then wWhat will you do if the lender counters your full price offer on the a short sale for the full amount they feel they are owed?  Statistically speaking, Most short sales never make it to closing!

Distressed properties are can be great opportunities to take advantage of the current market conditions. It is important to consider these questions to determine if a distressed property is a good fit for you. Consulting a REALTOR® is an easy first step and those with NAR’s the National Association of Realtor Short Sales and Foreclosure Resource Certification know how to help sellers maneuver the complexities of short sales as well as help buyers you pursue short sale REO and foreclosure opportunities.

Article courtesy of Kay Fisher.  Kay has a short sale certification, is one of Real Living In Style’s top Realtors and can be found at Kay and Brian’s website : The Fisher Team

Waterfront Lake Norman Homes With Pier,Floating Dock and/or Boat Slip

Active – 412 Properties Found
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Days On Market
Min	0	1	1	0	$ 130,000	$ 0	1
Avg	3500 – 4100	3	3	0	$ 1,096,188	$ 0	189
Max	9700 – 11400	8	9	5	$ 4,950,000	$ 0	1298

Of these homes:

16 homes are priced up to $350,000.

44 homes are priced from $350,001 to $500,000

112 homes are priced from$500,001 to $750,000

96 homes are priced from 750,001 to $1,000,000

103 are priced from $1,000,001 to $2,000,000

41 are priced from $2,000,001

As you can see from these statistics, there are a lot of choices for Lake Norman Waterfront Single Family homes.

Contact your Lake Norman agent at 704 451 7051 to get your personalized list of homes in your price range.

USDA Financing with USDA Guaranteed Rural House around Lake Norman

Do you need to check to see if a home around Lake Norman is eligible for USDA loans?  Check out the USDA eligibility site.

The USDA Guaranteed Rural Housing mortgage is available for salaried, non-salaried and self-employed borrowers and is not limited to first time home buyers.

It offers:

• 100% financing up to the appraised value
• Fixed rate financing at FHA interest rates
• Gift Funds allowed for closing costs
• New construction financing options

Rural areas include towns, cities or places with populations of 10,000 or less and towns and cities not a part of Metro Statistical Area (MSA) with populations between 10,000 and 20,000.

To find eligible homes visit the USDA eligibility site.

To find out if you are eligible contact our preferred lender Sherry Connor at www.SherryConnor.com.

Together we can find you a new home around the Lake Norman area.

Lake Norman Short Sales and Foreclosures

REDUCED AGAIN- Lake Norman Foreclosure. Beautiful waterfront home in quiet cove with 100 feet of waterfrontage, private dock/pier,gourmet kitchen(no appliances) w/exquisite granite countertops, tavertine, marble and brazilian cherry floors, over 2200 square feet of outdoor living area, awesome bar/entertainment area in basement, oversized 3 car garage,WAS a builder’s custom home w/all the bells & whistles!

Features

Waterfront home in Denver, NC
2 Story with a Basement
Boat Slip, Deck, In-Ground Irrigation, Outdoor Fireplace, Patio, Porch
3 Car Garage
5 Bedrooms
5 1/2 Baths
5400-6300 Square Feet

Priced at $816,900
Tax records show bank purchased the home back for $1,025.655.
Tax Value is $735,026

Property Courtesy of Lake Norman Realty
© 2010 Carolina Multiple Listing Services, Inc. All rights reserved

See All The Information on this home: Click Lake Norman Foreclosure

Contact me at 704 451 7051 to see this or other Lake Norman Short Sales and Foreclosures.

Solid Start in 2010 in Some Lake Norman Luxury Ranges

It is only a few weeks into 2010 but already we have seen some solid activity in certain Lake Norman area luxury ranges. While the activity is promising prices remain under pressure from distressed and long listed properties.

The number of pending contracts for luxury homes (over 500k) in the theLake Norman area is up to 58 total. A really strong number (in 2008 this number was in the 40’s in January). In The Point  the total homes under contract is up to 10 right now. Very solid for January. River Run now has 7 homes under contract, the best position for that Davidson community since last summer, and The Peninsula has 6 under contract.

The Point saw a 3.3 million dollar distress sale of a house that had been listed as high as 5 million (a new construction). The Point also saw another foreclosure go on the market at 695,000 and get bid up to 799,000, something that’s beginning to happen again as people line up to buy anything labeled “foreclosure”. 

Good News For Lake Norman Buyers and Possibly Bad For Sellers

The biggest concern is still the rise in the number of distressed properties . There were 47 in December and now that number has risen to the 50’s.  These homes will drive pricing  until these numbers reduce significantly meaning  prices are going to remain depressed.

Cute USDA Eligible 100% Financing Mooresville Home For Sale

Price 149,900
Community – Winborne
3 Bedroom
2 Bath
1215 Sq. Ft
Corner Lot

Contact us for more information or visit: Postlets Mooresville Home For Sale

Some Good News For Lake Norman Sellers

Contrary to some’s ideas, homes are selling around Lake Norman. The following statistics are from our MLS in area 13 (Lake Norman) and show our pending homes sales.

Summary – 127 Properties Found
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Days On Market
Min	700 – 900	2	1	0	$ // 32,000	$ // 0	1
Avg	2900 – 3500	3	2	0	$ // 524,015	$ // 0	180
Max	9200 – 10800	6	7	3	$ // 4,400,000	$ // 0	1351

Better News For Lake Norman Buyers

The following statistics are from our MLS in area 13 (Lake Norman) and show our active homes for sale.

 

Summary – 1224 Properties Found
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Days On Market
Min	0	1	1	0	$ // 39,900	$ // 0	1
Avg	3000 – 3600	3	2	0	$ // 673,606	$ // 0	177
Max	10100 – 11900	8	11	4	$ // 7,800,000	$ // 0	1288

 

Need more information about Lake Norman? Visit Lake Norman Communities.