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.

A garage sale can be profitable or disastrous, depending on how it’s run. Going to other people’s garage sales can give you an idea of what shoppers go for. A few tips:• Garage-sale shoppers scout newspaper and weekly ads, supermarket bulletin boards, utility poles and other available display spaces. Advertise! Use inviting terms such as “great bargains,” “trendy kids’ clothes, little worn,” “toys, toys, toys–all in good condition,” etc. People are particularly attracted to moving sales.

• Signs posted at major intersections leading into your neighborhood do double duty–advertising and providing clear directions. Make signs large enough to see from a distance and use arrows to indicate where turns should be made.

• Most shoppers have more time to shop on weekends, especially in the early part of the day. Hold your sale on Friday and Saturday (plus Sunday if you don’t sell out in two days).

• Shoppers will stop when parking spaces are available, but will drive on if there’s no visible place to park. Have a friend or family member act as parking attendant, ushering cars to a parking spot.

• Dealers like to get first choice. They’re apt to get to a sale earlier and buy more liberally than later browsers. Start your sale by 8:00 or 9:00 a.m.

• Most shoppers are looking for real bargains. Don’t overprice. Mark items clearly. For antiques and collectibles, expect to get about half to a quarter of what the same items might cost in an antique shop.

• Shoppers will buy more when they have something to carry their purchases in. Provide shopping bags.

• Items that usually sell well: furniture, small appliances (working), collectibles, antiques, toys and clothes for babies and young children, tools, golf clubs and other sports equipment, and books.

65th NC Azalea Festival Wilmington NC 2012 | Wilmington NC real estate

 

 Join us for the 65th NC Azalea Festival in Wilmington NC.  Kenny Logins kicked off the festivities on Thursday night with a concert.   Scotty McCreery is headlining the concert tonight.

From the Azalea Festival Website -

“The North Carolina Azalea Festival is Wilmington’s annual community celebration and the largest festival of its kind in the state. Founded in 1948, the Azalea Festival has emerged as Wilmington’s premier event.

Each April, a full week of natural beauty, big-name entertainment, festive galas, fun family events and Southern hospitality come together to showcase the charms of the Wilmington area. For community pride and springtime pageantry, the North Carolina Azalea Festival has no equal!

The Festival’s concerts, fairs and special events are viewed by more than one million people each year, in person and through media coverage. More than 200,000 are estimated to attend the annual two-day street fair, while more than 100,000 gather to watch the Festival parade. Each event is a celebration, beginning with the traditional arrival of Queen Azalea at the official opening of the five-day event. Stars glitter throughout town as Southern belles and their escorts promenade through lush gardens at the annual garden party. Everywhere the blooming azaleas offer colorful testimony to the rich heritage of coastal Carolina.”

Here is a sampling of the schedule for this weeks festival from the festival website.

Show events for:| Friday | Saturday | Sunday

ERICA DUNLAP

 65th Azalea Queen

 

Circus
4/12/2012 – 4/15/2012
More information

Juried Art Show
4/13/2012 – 4/15/2012
More information

Cape Fear Garden Club Azalea Garden Tour
4/13/2012 – 4/15/2012
More information

Street Fair
4/13/2012 – 4/15/2012
More information

Visiting Ships
4/13/2012 – 4/15/2012
More information

Parade
4/14/2012
More information

Coin Show
4/14/2012 – 4/15/2012
More information

Boxing
4/14/2012 – 4/15/2012
More information

Historic Home Tour
4/14/2012 – 4/15/2012
More information

Street Fair Main Stage
4/14/2012 – 4/15/2012
More information

Street Fair Multicultural Stage

For more information please visit http://www.ncazaleafestival.org/default.asp

To look at real estate when you are in town, please feel free to visit www.cbbaker.com   Enjoy…. Kay Baker & Associates

Video of Wilmington NC Azalea Festival click on photo

 

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!

By tracking all the money you invest in your home, you reduce your capital-gains tax liability at sale time. Aside from the price you paid for the home and some other acquisition costs (again, cost basis), tax law allows you to add the costs of improving your home as adjustments–within limits. So, what can you count?

If the home improvement is a major replacement, addition or alteration, it probably is an adjustment to the cost basis. If it’s a maintenance or repair expense, it usually isn’t. The IRS offers some further guidance.

Improvements are expenditures that add life to your home, increase its value or adapt it to a new use. For example, the addition of a bedroom or storm windows would be improvements. So would upgrading the kitchen or replacing an old heating system with a new high-efficiency unit. (Only the extra expense for upgrading, instead of replacing with similar quality, may be added to the adjusted cost basis.) Want to turn your garage into a family room? It’s an improvement because it adapts the area to a new use.

You may not, however, count improvements for which you have already collected residential energy credits or, in case of casualty, for which you have received insurance payment. Any civic improvements, such as a new sidewalk or street, can be added to the home’s cost basis, unless you have already been paid for an easement or right of way.

Repair And Maintenance
Repair or maintenance work does not affect the cost basis, even though it adds to the aesthetic value of a home. For example, you cannot count costs for:

• painting

• patching damaged walls

• repairing broken windows

• cleaning carpeting

• fixing a leaking faucet

• replacing a non-functioning doorbell

• maintaining lawn and trees

Caveats
Repairs and maintenance when they are part of an extensive remodeling or renovation are considered to be capital improvements–and can be added to the cost basis.

Fix-up expenses to make a home more saleable–if accomplished within 90 days before the sales contract is signed and paid for within 30 days after closing–will become selling expenses that also increase the cost basis.

Consult your professional tax advisor for further details.

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