We are very pleased to announce our new mobile site to search Wilmington NC real estate. Please visit mobile.cbbaker.com and give it a test drive.  If you drive by a house and want to see what the price is, just type in the street and you will get the information you need.  If you want to see if there are any other homes in the neighborhood, just use the tool “Search Nearby Listings”.  There is an advanced tool button that lets you search by price.  We want to make it easy for you to find out the information that you desire.  Call us with any questions.  Enjoy…

FORECLOSURE: What Every Buyer Must Know In today’s market, you’ll hear lots of terms used to describe “bargain” properties – distressed, short sale, pre-foreclosure, auction, REO, bank owned, foreclosure, foreclosed, and more. Confused? That’s understandable. Some of these terms are interchangeable, some are not, and some cover a whole range of bargain property types.

To understand the terms, it’s important to understand the three stages of foreclosure:

1. Pre-foreclosure stage. This stage begins when the homeowner falls behind on home-loan payments (or sometimes other terms of the loan). Lenders may wait for a second, third or even fourth missed payment before sending the homeowner a Notice of Default — which becomes public record. The homeowner then has a given period of time to respond to the notice and/or come up with the outstanding payments and fees — sometimes by selling the home in a pre-foreclosure sale, also known as a distress sale. (If a judicial procedure is required, it occurs after the notice of default is given.)One type of pre-foreclosure or distress sale is a short sale — when proceeds from the sale of a home are less than the amount of mortgage still owed to the homeowner’s lender. A lender-approved short sale (or short payoff) occurs when the homeowner’s lender agrees to accept the proceeds of the home sale as satisfaction of the mortgage owed, even though proceeds are less than the outstanding debt.
2. Foreclosure stage. At this stage, the former homeowner may or may not have been evicted — depending on state law — when the lender puts the home up for public auction (after a judgment of foreclosure in those states requiring judicial procedure).If the home sells at the foreclosure auction, (sometimes called a sheriff’s sale, trustee’s sale or step sale) money from the sale is used to pay off the costs of the foreclosure, taxes and other prior liens, service charges and advances, interest and principal on the mortgage, late charges or fees, and liens recorded after the first mortgage. Any amount left over is paid to the borrower (former homeowner). When proceeds from the sale are less than the various amounts owed, the lender may be able to hold the borrower responsible for the difference (deficiency judgment).
3. Post-foreclosure stage. When a property that does not sell at auction — either because no one bid on it or because bids did not meet the lender’s or agency’s minimum price — the property becomes real estate owned (REO) by the lender or government agency that guaranteed the loan (such as FHA/HUD, VA, etc.). You’ll also hear the term bank-ownedapplied to these properties, whether they are owned by an actual bank or some other type of lender. (Be aware: The term REO also applies to properties purchased by companies from employees who didn’t sell their home on the market before relocating, which is to say that not all REOs are foreclosed properties.)Once the lender or agency has repossessed a property following a failed auction attempt, the home is put back on the market. Most REO properties are listed for sale through real estate brokers and placed on the Multiple Listing Service.

At this stage, the foreclosure process is complete, and the property may be accurately described as a foreclosed property, while in the first two stages the home is in foreclosure and should be referred to as a foreclosure property. (You’ll find, however, that real estate writers and others sometimes misuse this terminology; be sure to ask if you are unsure what stage of foreclosure a particular property is in.)

If you are thinking about buying a foreclosure, make sure that you go to the Register of Deeds and search the property for liens.  These are not posted online.  If there are liens on the property, you will be buying them as well.  To search foreclosures in the Wilmington NC area please visit http://www.cbbaker.com/idx/residential/search . To get guidance if you are close to being in a short sale situation, please visit http://www.cbbaker.com/foreclosureNew.php

We have a Certified Distressed Property Expert on our team. Call us and we would be glad to help.

What do real estate agents mean when they say the three most important factors in selecting a house are “location, location, location”?

The house is wonderful! But before you buy, carefully check the location to be sure this is the house you want to buy.

• Consider destinations

Where will family members go most often from this new location? How easy is it to reach those places from here? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls, and neighborhood services?

• Be sure rooms have a view

What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road planned?

• Check around the clock

Is rush hour traffic a problem? What will be the impact of special events like local high school games or church picnics?

• Crash test the driveway

How easy is it to get into and out of the driveway?

• Be service conscious

What utilities serve this property? Are the rates competitive? Do you want an all-electric house, or do you want gas or oil heat? Where will you get your mail? Where are the easements?

• Dig below the surface

Is the soil stable? Is part of the property on a flood plain — if so, what is the history of floods on the property?

• Visit the neighbors

How will you fit in with the neighbors? Do people seem to be friendly? Are houses well-maintained?

• Read the fine print

If the community has special by-laws or architectural controls over changes to a house, what are the pros and cons?

Make a list of the positive and negative aspects of each property as you tour it. Assign priorities to important elements of the house’s location.

Do you have home questions about a specific location? We can help. Call or e-mail us now. Kay Baker 910-202-3607 or kaybaker@seacoastrealty.com

To search all Wilmington NC real estate please visit www.cbbaker.com

If  spring cleaning is on your to-do list, you’re not alone. A study conducted by International Communications Research for the Soap and Detergent Association (SDA) found that 66% of Americans regularly conduct spring cleaning. According to the survey of 1,000 American men and women, top priority goes to kitchens, living rooms, master bedrooms, and bathrooms.

Cleaning By Gender

The SDA study found those most likely to do spring cleaning were women aged 35 to 54 and men in the 18 to 24 and 55 to 64 age groups. Women reported feeling most rewarded after cleaning kitchens and bathrooms. Men, however, felt most rewarded cleaning garages and basements–the least rewarding choices for women.

Reasons To Clean

“It just needs to be done,” was the answer 53% of spring cleaners chose when asked why they conduct their annual ritual. Other reasons were to: “Get rid of a winter’s worth of dust and dirt” (22%); “It just makes me feel better” (12%); and, “Get organized” (2%).

Rooms By Rank

When asked what their top cleaning priority was, respondents said:

Most Rewarding Cleans

Least Rewards Cleans

Too Busy?

Of the 1,000 respondents, 22% of women and 11% of men said they were too busy to do spring cleaning. To that response, the SDA has some suggestions:

• Put cleaning on your agenda, just as you do professional and personal appointments.
• List your cleaning priorities and the supplies you’ll need to accomplish the jobs.
• Pick up the supplies you need while making your regular rounds to grocery and drug stores.

Convenience Sells

The report indicated single-use wipes and dust mitts have gained popularity for their ease of use and disposability. Such products are now available for glass, furniture, floors, and even leather upholstery. All-in-one electro-static mops have also found a strong market. Another increasingly popular product: all-in-one battery-operated floor cleaning appliances with cleaning pads and all-purpose cleaning solutions.

Today’s housing market is challenging. That’s a given. It’s tough on buyers and sellers alike, who are anxious, not knowing where the real estate market is going next. They both want — and often need — a great deal whether they are buying or selling. Our current real estate market requires a special perspective no matter which side of the settlement table you are on. The rates inched up a bit last week, and the market has been hot.  If you have been waiting for interest rates to get better and home prices to fall, then you might get left out of the chance to buy.

Savvy buyers can readily find a lot to love in today’s market. Buyers feel the love from low interest rates and competitive prices to a huge selection of homes and incredible investment opportunities. Look past the national headlines — which are gloomy at best and don’t apply at worst — to our local real estate market. Here is where buyers benefit the most when the going is tough. Unless, of course, you wait and miss out.

Smart sellers, on the other hand, can benefit from a buyer’s market as well. Successful home sellers in today’s market know they must price their home correctly and be flexible. Providing a buyer with a great deal on their home opens the door for sellers to move on to their own next step — whether it’s moving up, downsizing or relocating. Smart sellers also know what they may give up on price, they can make up — and then some — on their next home purchase. That’s another bright side of today’s real estate market.

Take a moment to learn the seven reasons why it’s a great time to buy a home. And, be sure to contact us when you’re ready to make a move.

1. Loving Low Interest Rates
Historically low interest rates continue to allow home buyers to afford more home for their money. Lower interest rates reduce your monthly payment and increase your buying power. Locking in at a low, fixed-interest rate means your monthly loan payment will never change over the course of your loan.

2. Embracing Investment Property
Even if you’re not in the market to buy a primary residence, you should take a look at the properties available for sale as investments. With ever-increasing numbers of families looking to rent, it’s an opportune time to invest in a rental property. Being a landlord can be a rewarding experience when you find the perfect property.

3. Attractive Home Prices
Home prices have never looked better! Many sellers are motivated to get their homes sold and are pricing accordingly. Don’t be afraid to make an offer on a home or to work with us to negotiate a great price on a great home.

4. Wondrous Selection Of Homes
If your “needs and wants list” of home features can’t be contained, now is the time to be looking at homes. The selection available in our area is outstanding. No matter what your budget, family size or life stage, we can help you find the home that fits.

5. Digging Distressed Properties
Others’ foreclosures, bank-owned and short-sale properties can be the key to your next home. Don’t overlook distressed properties, as you may uncover a hidden gem priced right so you can make upgrades and improvements without breaking your budget. Distressed doesn’t always mean a steal, but it can often lead to a great deal.

6. Engaging Your Financial Options
If you’re tired of seeing your savings yo-yo in the volatile stock market, real estate is a great asset balancer. Consult your financial professional to make sure you have the savings to spare. When you’re ready, we can help you find great investment property or a home to buy for all-cash if you desire.

7. Winning Over Motivated Sellers
Successful sellers keep the market going. Homeowners are eager to sell their homes to buyers who make realistic offers. It’s a crowded market for sellers, but the ones who are motivated will offer a great price and may throw in incentives (e.g., helping with closing costs, etc.) or much-valued sweeteners — such as a home warranty — that are as good as cash.

8. Professional Partner
When you’re buying or selling a home, it’s difficult to go it alone. We can help you every step of the way when it comes to getting a great deal on a new home. Feel free to contact us anytime you’re ready to jump into our real estate market to buy or sell. We’d love to work with you!

The 5th Annual Justice 4 ALL day will be this Friday March 5, 2012 from 7 am – to 7pm. 

North Carolina residents may call in with any legal question they may have and they may be offered referral resources.  The NC Bar lawyers will have the phones manned with volunteers.  There are  7 call centers in NC.  These are the numbers to call for your area of the State.

Wilmington/Southeastern 1.888.442.3428
Greenville/Eastern N.C. 1.888.616.0614
Raleigh/Triangle Area 1.800.424.9725
Greensboro/Triad Area 1.877.391.6179
Charlotte Area 1.866.616.4255
Asheville/Western N.C. 1.800.289.0013

There is a Spanish-speaking number that may be called from any area of the State -  1.855.455.4255 from 8:30 a.m. to 5:30 p.m.

If you need Real Estate advice, please call us 800-497-7325-3607 or email kaybaker@ec.rr.com – please visit  www.cbbaker.com

Whether you are buying or selling a home, it is a good idea to purchase a home warranty to give you peace of mind.  If you are selling, you can use the warranty as an incentive for the buyer.  I would highly recommend purchasing a warranty when you purchase Wilmington NC real estate, as this gives you 1 year to make sure things are working as they should.  Of course, a home inspection should be done before you purchase to let you see what exactly you are buying.  Coldwell Banker Sea Coast Advantage Realty uses 2-10 Home Buyers Resale Warranty.  If a seller is purchasing a warranty, we can start the warranty at the time of actually listing the house.  The seller is covered during the listing agreement time, and for a extra fee the Seller’s AC/Heat Pump are covered as well.

Provided at the closing of your home or purchased directly from 2-10 HBW*, this warranty covers normal wear and tear to your home’s major systems (furnace, hot water heater, air conditioner, plumbing and electrical systems) and major appliances (refrigerator, oven, dishwasher, built-in microwave, disposal, trash compactor). Complementary to your homeowner’s insurance, your 2-10 HBW warranty covers the repair or replacement of the most frequent and likely home system and appliance breakdowns.

When a covered system breaks down, simply place a claim online or call their toll-free number, and we will immediately dispatch a contractor to make the repair. You pay the contractor a small service fee and we pay the rest for all covered items. You don’t have to hassle with finding a contractor or worry about negotiating the cost of the repair work. In the event that a covered system or appliance cannot be repaired, we will replace it with a system or appliance of comparable or better quality. It’s the perfect solution for today’s busy homeowner.  There are warranty plans for existing homeowners who are not planning on selling as well.

For more information please visit http://www.cbbaker.com/pages.php?page=152

If you are selling an above-average-price property in an upscale neighborhood, you know your home is unique. You expect an upscale property to be marketed with the same professionalism you demand in every aspect of your life. That’s where our experience selling homes like yours really pays off.

Keep in mind, buyers who can afford your home lead busy lives like you and look for a hassle-free sale. Move-up buyers don’t need to buy now, so they wait and watch for that just-right home. It might be yours.

Unfortunately, even sophisticated homeowners sometimes make mistakes when they go to sell their upscale homes, netting less than the top-dollar price it’s worth. Or worse, the home just doesn’t sell at all.

Here are seven common pitfalls to avoid:

1. Underestimating The Competition in the Wilmington NC real estate market

Even though your property may be one-of-a-kind, there are other homes on the market being shown to the same potential buyers. Before you list your home, we’ll give you an “armchair tour” of comparable properties listed for sale in your price range. We’ll share our inside observations on how each home compares to yours and what special features stand out.

2. Overestimating The Value

When we tour the competition, you’ll notice how similar homes are priced. Features of interest to today’s buyers include location, house design and size, privacy afforded by the lot and acreage, special amenities, type of community, and quality of local schools and facilities. Together, we’ll help position your home at the right price. By avoiding the over-pricing trap — which often results in repeated price reductions making the property seem distressed — we’ll save time and net the full value of your home.

3. Relying On Location

Homes in the higher price ranges need to look magazine-perfect when shown to potential buyers. Today’s market demands that everything — doors to floors, fixtures to walls — be sparkling clean. Even minor faults loom large in what is expected to be a perfect home. In short, fix up, repair and polish like never before.

4. Over-Improving

Also, avoid over-individualizing the house or grounds. People tend to buy homes they see as an image of themselves. A home that’s too individualized with strong, personalized decorating won’t sell quickly. Avoid dramatic custom flourishes that may not suit many other people. Some buyers will mentally calculate the cost of removing the customization and deduct the cost from their offer.

Although you want your home to look its best, spending thousands of dollars to redecorate will not likely help it sell at a higher price — it may sell more quickly, though.

5. Making Your Own Marketing Decisions

The marketing plan for your home needs to reach out to the right potential buyers. We offer a first-class marketing campaign that requires careful advance planning to allow time for reserving appropriate advertising space, top-notch photography, brochure production, even special events, such as a top-broker open house.

Many homeowners overestimate the value of one-shot marketing such as newspaper or TV spot ads. What typically works better is advertising with a longer “shelf life,” in upscale publications, for example, where ads are directed at an ideal niche.

Let us help you decide whether your house could benefit from an open house or would be better shown by appointment only. Yours is not a home for curious, unqualified walk-ins.

6. Playing Hard To Get

No home sells sight unseen. Working together, we can create a plan to show the house to qualified prospects without disturbing your schedule. Details, such as the security system or guard dogs, may need to be worked out.

Rest assured, all buyers will be financially qualified, perhaps requiring an approval letter from an attorney or banker, before we will bring them to see your property.

7. Being Inflexible

You have a unique home, and you’re looking for a unique buyer. Chances are that buyer will have special needs and concerns. The most likely buyer will probably need to sell a current home to buy yours. Flexible terms, possibly including some extra time to settle on the old home, will help sell your home quickly at the right price.

Thinking of selling within the next 6 months? Call us to help get you started.  910-202-3607 or kaybaker@ec.rr.com

Thinking of updating your kitchen? Re-doing your bath? Adding on to your home? Most likely, you’ll need to hire a home improvement contractor.

You can start your search for a contractor by talking to friends, family members or neighbors who have used a contractor recently. Ask if they would recommend the person or firm they used. To verify each contractor’s reputation, ask these questions:

• Did the contractor begin and end on time?
• Did the contractor try to minimize disruption of your family? How?
• How do you score the contractor on both technical expertise and finished appearance of the project?
• Did the contractor work neatly and clean up at the end of each workday?

Once you have a list of prospective contractors, do some research on your project by reading do-it-yourself magazines and manuals. You don’t need to know how to do the job yourself, you just need an idea of the work involved.

Now it’s time to ask at least three contractors to bid on your project. As you talk through the proposed improvement, ask what special or unexpected problems could arise and ask how the contractor would resolve them. If a contractor is vague or dismisses your question, scratch him off your list.

When adding rooms, rearranging the kitchen, moving walls or performing other major improvements, spend the extra money for a design professional. Be sure anyone who works on your house is licensed and insured.

Once you receive the bids, review them carefully. Don’t automatically go with the lowest bidder. You may get a better job or the contractor may use better materials when you pay a little more.

Write the contract to include exactly what the project will entail, how much it will cost, and at what points payments will be made; how changes in plans will be handled; the quality of materials to be used; the beginning and ending dates and sanctions for tardiness.

Keep on top of the project, checking progress and the quality of workmanship. If you are unhappy with something, talk to the contractor immediately. Make sure all changes from the original contract are made in writing and keep in mind that changes may affect the schedule and delay completion.

If possible, have your chosen contractor do a small job first, so you can learn first-hand the quality of work and what it’s like to have that person temporarily take over a part of your home.

We have concierge list of contractors in the Wilmington NC area that we would be glad to share with you.  Just email me at kaybaker@ec.rr.com and we will get it right out to you.

Have fun with your project!

New Hanover County loves technology… The New Hanover County government is on the cutting edge of new technological advances by utilizing the TV White Space that was abandoned in 2008 with the national launch of digital TV.  Wilmington was the first test city for the use of the non analog device.  The FCC laid ground rules concerning the use of the White Space Spectrum and New Hanover County is the first to utilize the technology.  The first commercial installation of the White Space network was set up at Hugh McCrae park. Phase 2 will include other parks and gardens such as Vetarans Park and Airlie Gardens.  Wi Fi on caffeine will be available.

“Community leaders have been eager to keep the area in the race to develop new technologies and uses since the FCC chose the local television market as the first in the country to transition to digital TV.  New Hanover County and Wilmington are also noted in the FCC’s National Broadband plan as a model of the usability of the spectrum.

New Hanover County has provided network IP cameras, Wi-Fi routers, antennas and other hardware as well as technical installation of the new FCC approved radios.  New Hanover County, city of Wilmington and TVBS have been using white spaces for a number of business applications already, including water quality monitoring and security purposes.

Chaney says the county and city governments collaborated on a pilot project that provided Wi-Fi and video surveillance in the Creekwood housing development.  The county is also using white space to automate the collection of water quality data in environmentally sensitive areas that would have required trenching of wires.