New Hanover County is also a leading county in the state in foreclosures and following suit with the nation in the slowdown. Buyers are wanting the best possible prices in the market and therefore sellers are having to compete with the huge number of  homes that are in foreclosure or short sale.

There are signs in the market place of builders once again gearing up, but they too are limited by the number of foreclosed homes being dumped on the market and possible depressing prices of existing homes. In addition, lenders are still overly cautious in lending money.

But on the bright side, August seems to be showing signs of more buyers coming to the table. But again, they are looking for a deal.

If you are a buyer and looking for Wilmington NC foreclosures or short sales, we can send a list right to your in box. And, you can also begin your home search at www.cbbaker.com. There you can search all homes in the Wilmington NC area by schools, map, zip codes, neighborhoods, price and more.. If you are in the market to sell your home, remember the three main components for a speedy sale are price, condition and marketing. Give us a call or email and we will be happy to discuss.

In Brunswick County, residential lots account for 70% of the foreclosures, due to high speculation of investors in the good times.

What does this all mean to you? Well, if you have a Wilmington NC  home  for sale now, you are competing with all these foreclosures and short sales on the market. The prices are being driven down by this impact. The buyers today are primarily looking at foreclosures and short sales. So, you as a seller have to be very competitive with your price.

If you are in a short sale situation and need assistance, please feel free to contact me at kaybaker@ec.rr.com. We are specialists in the short sale process and know how to get your home sold before foreclosure.

And, if you are looking to take advantage of these great prices, please log onto my website at www.cbbaker.com or contact me and we will send you a detailed list of short sales and foreclosures on the market NOW.

Starting April 5, 2010 the Government will be paying homeowners in default, to relocate. The new program will demand lenders to honor short sales whereby the homeowner can sell the property for less than the mortgage payoff. The Obama administration is trying a different approach to assist more than 5 Million households who are behind on their mortgages. In turn, the homeowner will receive $1500 for relocation assistance and the lender $1000 for expediting the short sale process.  

This arrangement could prove very beneficial to the homeowner, as they will not suffer further credit damage and they will get reassurance from the lender that they will not be sued for the balance. And, under this arrangement, the number of potential  foreclosed homes on the market should drastically decrease which in turn, should improve the  overall housing market.

Finally, short sales will have their day! If you are facing a foreclosure, and need assistance, we are specialists in the Wilmington NC real estate short sale and foreclosure market. We are there for you every step of the way. Just give us a call or email kaybaker@ec.rr.com.

And, if you are looking to purchase a short sale or foreclosure, we have you covered there, as well.  We have a Certified Distressed Property broker on our team and will help you with your short sale or  purchase a short sale or foreclosure with complete knowledge of the process.  Read more here

This could indicate a bottom for our market and a major turnaround if these numbers can hold out for a few months or so.

The sales volume was $104.67 Million and September 2008 was $88 Million. $264,340 was the average sales price for September as opposed to $235,528 for August 2008.

Of course, a lot of the increase could be attributed to the $8000 tax credit due to expire in November. If you are thinking of buying a home now and want to take advantage of this once in a lifetime opportunity, please give us a call or email kaybaker@ec.rr.com. We can send you a detailed list of homes for sale in the Wilmington area and even foreclosures and short sale opportunities. You may also log on to my websites at www.cbbaker.com or www.kaybakerwilmington.com to search all Wilmington NC real estate.

The Pending Home Sales Index a “pending prediction” indicator based on contracts signed in April, rose 6.7 percent to 90.3 from 84.6 in March,
which is even above the April 2008 index of 87.5.

To get the first time home buyer credit of $8,000, contracts must be firmed up by November 30, 2009 to receive the credit, so we look forward to an increase in home sales.

The Wilmington NC real estate market has also enjoyed an increase in pending sales contract and still is in a a strong postion to continue this trend.

To search all Wilmington NC real estate and find out about the $8,000 tax credit please read more about the Wilmington NC real estate market here.

Some of you may be asking exactly ” What is a short sale?” A possible short sale occurs when the homeowner and the lender are willing to accept less than the amount of the mortgage owed on the property. Hopefully the lender will just write off the deficiency, but in some cases the lender actually will require a promissory note for the deficiency. And if the lender writes it off, the seller may actually receive a 1099 as income. In addition, a judgement can be filed for the deficiency. The moral of the story is never assume that the debt you owe is gone unless you receive written confirmation of such.

Also, most banks will not agree to a short sale until they have a written offer in hand. And, before they will approve a short sale the seller has to submit a short sale package consisting of a hardship letter, application, financial statements, bank statements, tax returns, pay stubs etc. This procedure is almost the same as if you were trying to obtain a new loan. So, please understand just because a property is listed as a short sale does not mean that the bank has approved it as a short sale. They have the final word on all terms of the sale.

For the smart investor, a short sale opportunity could be your pie in the sky! Perhaps there are homes that are priced well below market value and just need a little TLC. If you have the time and patience, the could be a great time for you to submit an offer. Short sales usually take longer, but could be worth the wait.

Short Sales in Wilmington NC

The Wilmington NC real estate market offers a variety of short sale opportunities. We can provide you with a detailed list of homes offered for short sale or foreclosures. There are wonderful buying opportunities at the  beaches of Southeastern NC, near Wilmington, NC.

Please contact us at kay@cbbaker.com or www.cbbaker.com.

Check out these great deals!

7505 Promontory Court

Amazing, beautifully decorated and spacious luxury townhome shows like a dream! Many custom upgrades including ceramic tile and hardwood floors. Designer kitchen with italian granite countertops, stainless steel sink, faucet and osmosis water filtration system. Gracious formal dining room boasts white oak wood flooring, crown molding, chair rail, plantation shutters, wall fountain and your very own butlers pantry. Dramatic living room with recessed lighting and gas fireplace opens to a relaxing screened porch overlooking beautiful and quiet natural preserve. Spacious first floor master suite complete with double shower, jacuzzi tub, upgraded faucets and fixtures. Upstairs there are 2 large bedrooms and a media room perfect for home theater with custom entertainment center and surround sound plus a bonus room ideal for office,4th bedroom, game room or library. Professionally landscaped grounds are maintained by the HOA, so enjoy the close proximity to the beach, boating or golf. Wonderful opportunity to own a  second home near the ocean! This massive luxury townhome with over 2600 sq ft is bargain priced at $289,900 and subject to lender approval of short sale. For more details, please log on to www.searchwilmingtonhouses.com or www.cbbaker.com

2716 Valor $139,900

Great location just minutes to Wrightsville Beach, GE, Corning, UNCW. Very good price on a great starter home or perfect for most anyone. Located in one of Wilmingtons most desirable neighborhoods. New paint and carpet, easy to chow. PRICED TO SELL NOW! Subject to bank approval of short sale.

7403 Ern Way $149,900

Great home for anyone. 3 bedrooms, 2 full baths, 1-car garage, large open floor plan and situated on a corner lot. Short distance to Wrightsville Beach, UNCW, Corning, GE and Ogden Park. One level, low maintenance, great value, and priced to sell. NEW CARPET & PAINT! SHOWS GREAT WILL NOT LAST. Subject to lender approval of short sale.
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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.

Short Sale is a Win Win

Therefore, a short sale can actually be a win, win for everyone. The mortgage company reduces their losses, the mortgage insurer minimizes claim payment, and additional damage to the property is avoided during a foreclosure. The real estate market does not experience as much negative stigma, therefore property values do not go lower. And, the homeowner can successfully sell their home and not have a foreclosure on record.

How is all this accomplished?

First of all, any homeowner who is experiencing difficulty in making the monthly payments should call a reputable Realtor experienced in negotiating short sales. There is an art to it, to say the least. The Realtor will discuss the current market value and the amount necessary to payoff your mortgage. The most important action should be to actively list the home on the market for sale. If the homeowner owes more than the current market value, the experienced Realtor will contact the lender’s loss mitigation department and assist the homeowner will all the documentation necessary to facilitate a short sale. One of the most important documents being the hardship letter, which can make or break the deal. Other documents would include 2 years tax returns, 2 months pay stubs, 2 months bank statements, and the most current mortgage statement.

One very important factor that most lenders do not tell you, is that the homeowner is liable for any deficiency in the short sale. But, a Realtor experienced in negotiating short sales can often times negotiate with the lender for the deficiency judgment and 1099 to be waived, reduced or ask for an interest free promissory note.

Lastly, to all homeowners it is never too late or too early. The most important asset you have is your home. Please give us a call to get your home on the market for sale and avoid foreclosure. And, you may know of someone in that situation, tell them to contact us immediately at kay@cbbaker.com.

For investors, a short sale can be a wonderful buying opportunity. We can provide you with a list of short sales and or foreclosures in Wilmington, NC. Just email me a kay@cbbaker.com.

Kay Baker, a life long Top Realtor in Wilmington, NC brings local knowledge and experience to her valued clients. With her decades of experience in the Wilmington, NC real estate market, she can greatly benefit her buyer clients in choosing the perfect Wilmington NC neighborhood, in the negotiation process, obtain the best financing, obtain a home inspection and negotiate the repairs, and assist with the final closing preparations. Her sellers can also reap the rewards of a successful and aggressive Realtor that is always eager to sell their home at a record pace and for the most money possible. Kay has a long track record of selling homes quickly and exposes her listings on over 100 websites.

Kay has earned numerous awards for her outstanding production over the years including the prestigious Coldwell Banker President’s Elite Club.

Kay Baker may be contacted at kay@cbbaker.com or www.cbbaker.com.