Short Sale is a Better Way

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What is a Short Sale

A short sale is when the bank is willing to accept less than the actual payoff on the loan. Why would a mortgage company do that? A foreclosure is a lose, lose situation for the mortgage company as they lose revenue, the mortgage insurance company loses premiums and pays a claim, the investor is not collecting principal or interest, there is potential damage to the property and lower property values have a negative effect on the real estate market. But, the homeowner has the most to lose with foreclosure on your credit record for up to 7 years which can be viewed negatively by lenders, employers, and insurance companies. Read the rest of this entry

Categories: Buying Wilmington NC real estate, Home Selling

Will the Feds Bailout the Housing Industry?

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Realtors are asking for a buydown on the rate to 4.5%

With a new President on January 20, 2009, just exactly what does this mean to the housing market. No one knows for sure exactly what this will mean, but, we are hearing pleas from Realtors nationwide. The National Association of Realtors and Realogy Corporation, a global provider for real estate and relocation, have both submitted a proposal to Congress for a federal buy down of the interest rates to 4.5%. “There are millions of credit-worthy people ready to jump back into the housing market, but they need to be motivated,” said Realogy President and CEO Richard A. Smith. “In our view, the incentive of substantially lower mortgage rates would directly stimulate the housing market — both in sales volume and price — and thus accelerate the overall U.S. economic recovery.” They are proposing that the buy down could be funded from the $700 Billion federal plan to put liquidity back into the markets. The buy down proposed would apply to the purchase of all homes under $1 Million Dollars. The NAR is also asking for a temporary $7500 tax credit for all buyers. There is also a request to make permanent the FHA limits to $729,750.

Realogy Corporation conducted a survey amongst their 2300 independently owned and operated real estate companies such as Century 21 and Coldwell Banker and the brokers unanimously stated that they predicted an increase in home sales if the interest rates were in the 4.5% range.

With this in mind, let’s take a closer look at Obama’s plan for the future.
Since the economy won’t wait until January 20th, plans for another economic stimulus package are already in the works. Obama has also mentioned a housing stimulus to include a 90 freeze on foreclosures. He also wants to implement the recently passed rescue plan and the Hope for Homeowners Act. This means the Treasury, HUD, Fannie Mae and Freddie Mac, and all of the banks and loan servicers who benefit from the rescue bill will continue to coordinate broad mortgage restructurings and loan modifications for struggling homeowners. No one knows for sure exactly how this will be implemented or what it even looks like yet.

Obama has also promised to repeal the 2005 bankruptcy bill. A controversial measure, this will allow judges to alter mortgage terms during a bankruptcy, providing more protection for struggling homeowners.

Obama is expected to create a 10% universal mortgage interest credit for those who don’t currently itemize. This means about $500 in savings for 10 million American homeowners.

During the campaign, Obama blamed the financial crisis on lax government regulations, so look for tougher regulations, new criminal penalties for mortgage fraud violators, more funding for enforcement programs, more detailed loan disclosure laws, new counseling programs and other consumer protections, including a new Home Obligation Made Explicit (HOME) score (kind of like a new APR calculation) to help borrowers better understand and compare mortgage costs during the mortgage process.

So it does sound like some good options for the housing market are in the works. That is good news for the real estate market in whole.

Please feel free to email me at kay@cbbaker.com with any questions you may have. You can also search for Wilmington NC Real Estate right here or www.cbbaker.com.

Categories: Economy

A Realtor’s Secret to Selling Your Home for Top Dollar

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Selling your home

Selling your home could be one of the most important decisions you will make in your lifetime. And if you are like most sellers, your ultimate goal is to sell your home for the most money in the shortest possible amount of time. Read the rest of this entry

Categories: Home Selling, Uncategorized

Wilmington NC Real Estate Report for October 2008

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Wilmington NC Real Estate Market Conditions

“The answer, my friend, is blowin in the wind. The answer is blowin in the wind” Bob Dylan. Where is the answer? While the Federal Reserve and the Treasury Department think they have the answer. Congress thinks they have the answer and Wall Street has a bailout, now the Auto Industry is looking for help. With so many plans and paths the consumer is confused and has no confidence in our economic system right now. So they sit and wait and hold on to what they have. What is the answer for the consumer? Read the rest of this entry

Categories: Financing a Home Purchase in Wilmington NC, Uncategorized, Wilmington NC Market Statistics

Top Secrets to Being a Successful Realtor

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In this real estate market that we have today, we need to constantly remind ourselves of our strong work ethic and conduct.

Best strategy for Realtor success

1. Treat this Job as a real job.

2. Be persistent.

3. Don’t take no for an answer.

4. Stay focuses on our business.

5. Don’t get distracted by others.

6. Stay out of office politics.

7. Learn how to get things done quickly.

8. Be a decision maker.

9. Have the courage to admit your mistakes and move on.

10. Have some fun along the way. Read the rest of this entry

Categories: Realtor tips

Don’t Let a Bad Lender or Attorney Ruin Your Real Estate Closing

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As a long time local Realtor, I have seen many closings get postponed or never closed due to the fault of a lender or an attorney. Many times a purchaser will get to the day of closing and the lender will then start asking for additional documentation. These documents should have been requested 2 to 3 weeks prior to closing. I have often put these buyers in touch with a reputable lender that could get the loan documented and closed in a matter of days. Remember, a good buyer’s agent will put you in contact with lenders that can usually get the job done quickly. Read the rest of this entry

Categories: Buying Wilmington NC real estate

Top Ten Ways to Get the Best Home Buy

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1)   Get pre-approved by a reputable lender – Be sure you have a pre-approval letter in hand and present it with your offer to assure your strongest bargaining position. Read the rest of this entry

Categories: Uncategorized

Great Wilmington NC Real Estate Buys Under $100Ft

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Loans are Available

Now is the time to buy! There are great loans available as low as 6% and some are 100% financing. First time home buyers can receive $7500 tax credit! Read the rest of this entry

Categories: Buying Wilmington NC real estate, Financing a Home Purchase in Wilmington NC, Uncategorized

Buy a Vacation Home in Wilmington NC

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Great Time To Purchase A Vacation Home

What a great time to buy the vacation home! You have always dreamed of owning your own cabin in the mountains or an oceanfront home or condo. Well now is the time to invest in this once in a lifetime opportunity. According to the National Association of Realtors the housing market may be already starting a rebound as contracts written in August jumped and home sales are up in popular vacation spots such as Florida and Arizona. Read the rest of this entry

Categories: Buying Wilmington NC real estate, Figure Eight Island


Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.