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Wilmington NC Real Estate News

Real Estate Jokes

March 31st, 2014

The funniest day of the year has arrived. In honor of April Fool’s Day, here are a few real estate jokes to take your mind off that housing market stress.

Seller to Agent: You’ve done such a great job describing my house in your real estate listing that I’ve decided to keep it!


Agent: Why do you have your front door leading right into the dining room?

Seller: So my relatives won’t have to come all the way inside.


A broker was dismayed when a brand new real estate office, much like his own, opened up next door and erected a huge sign which read BEST AGENTS.

He was horrified when another competitor opened up on his right and announced its arrival with an even larger sign reading LOWEST COMMISIONS.

The broker panicked, until he got an idea. He put up the biggest sign of all over his own office. It read MAIN ENTRANCE.


Home sick is what you feel every month when the mortgage is due.


If you want to know exactly where the property line is, just watch your neighbor cut the grass.


Why didn’t the hipster real estate agent show the oceanside mansion?

It was too current.


How do you save a drowning real estate agent?

Take your foot of his head.

Why Buy a Wilmington, NC Short Sale?

February 28th, 2014

It’s no secret that the Wilmington, NC area, including Wilmington itself, Wrightsville Beach, Carolina Beach and Leland, is one of the best places to live. Wilmington has a population of just under 110,000 people (2012 data), a thriving art scene, an historic downtown and plenty of beaches. It’s one of the most popular tourist destinations in North Carolina with four of the state’s most popular tourist attractions within about half an hour. Wilmington, NC is not just a popular tourist destination though; people move here from all over the country.

One downside to Wilmington’s popularity and the fact that so many people want to live here is that the law of supply and demand keeps the houses more expensive than other areas a little further inland. It’s not as expensive as buying a home in the Hamptons by any means, but the home prices drop a good bit if you head out towards places like Burgaw or Beulaville.

So what if you want to own a home in Wilmington so you can be near the beach, but you don’t want to spend an arm and a leg? Consider a short sale.

To quote myself, a short sale is when a seller attempts to sell their property for an amount that is less than the price they paid for it. Because the other option is a foreclose, which can cost the lending bank $40-50,000, banks see short sales as a way to cut their losses so they are often more inclined to grant a short sale than go through a foreclosure. As a result, a home buyer can save a lot of money by purchasing a short sale.

If you’re one of the many people who wants to own a home in the Wilmington, NC area, but you’re just not sure if you can afford it, give Nilesh Jethwa a call at 910-622-0319. Nilesh is a short sale expert and can help you find and get into the perfect Wilmington, NC short sale home.

Buying Short Sales in Wilmington, NC

January 30th, 2014

Buying Short Sales in Wilmington, NCBuying a short sale in Wilmington, NC, or anywhere for that matter, is not as simple as a usual real estate transaction, and those aren’t exactly easy-breezy themselves.  Not any real estate agent can help you with a short sale either; you’ll want to make sure you’re working with an experienced short sale agent.  (Call Nilesh at 910-622-0319 for one of those if you’re in Wilmington, Leland or the surrounding areas).

Even though you’ll definitely want to have some help, we’ll outline the process of buying a short sale in Wilmington, NC here for you.

Find a short sale

Obviously, the first thing you’ll need to do is find a short sale to buy.  You can look on this website, search popular online real estate listing websites or even check courthouse records to find pre-foreclosures.

Research

A downside to short sales is that they’ve often been somewhat neglected and will need a little fixing up.  Make sure you are able to get a good look at the house to gauge how much money and effort you’ll need to put into it.  You’ll also want to find out what you can about the house and the seller.  What is the property worth?  Are there liens on the property?

Get financing

You’ll want to make sure your financing is lined up once you’ve settled on how much you want to spend on the short sale home.  Once the agreement is done lenders want to move along quickly to sell the home, sometimes closing in as little as three weeks.  If you don’t have all your money lined up, you might miss out.

Talk to the lender

When getting in touch with the lender, make sure you’re not talking to the collections department- their only concern is getting back lost money.  The department you’re looking for might be called loss mitigation or recovery.  Either way, make sure you’ve got signed (preferably notarized) permission from the current homeowner to discuss their mortgage with their lender.  The lender may have a short sale application for you to sign.

Propose and negotiate

There’s a lot that goes into the short sale proposal, and this is one of the areas where a short sale expert will help you out.  We won’t go into all the details here, but there will be a package ranging from the sales contract to the settlement statement.  Once that’s submitted, the lender will probably reject your offer and give you a counteroffer.  Make sure you have your negotiation tactics ready, including knowing the max you’re willing to pay for the short sale property.

Close it

Once everything has been agreed upon between yourself, the seller and the lender you sign some papers, shuffle some money around and congrats: you’ve got a new home at a discounted price!

This is, of course, just a brief overview of the process of buying a short sale.  A lo of complications can arise throughout, and moving quickly, as we said before, is essential.  If you’re interested in buying a short sale in Wilmington, NC, Nilesh will be glad to help.  Give him a call at 910-622-0319.

Five New Year’s Resolutions for Home Buyers

January 30th, 2014

It’s about a month late, but it’s still January, right?  So with the new year upon us, I thought it might be a good opportunity to list five New Year’s resolutions for home buyers.  Sure, we focus on Wilmington, Leland and the southeastern portion of North Carolina, but these homebuying New Year’s resolutions are pertinent to anyone who has been working on or is planning to buy a home.

Homebuying Resolution #1: Make a significant downpayment.

There are reasons to make a significant downpayment when buying a home, the most obvious of which is that the more you put down up front, the more you’ll save in the long run.  Let’s take a look at some numbers.

You’re looking at a $250,000 house.  If you were able to put nothing down on it with current (as of this writing) interest rates, a 30 year fixed mortgage payment (with taxes, insurance and all that fun stuff) would be $1774.  If you were able to save up and make a 20% downpayment, you’d instead be looking at $1319.  That’s a savings of $5460 a year.  To put it in more impressive terms, that’s a savings of $163,800 over the life of the mortgage.

Of course, not everyone can realistically make a 20% downpayment.  However, even a 5% downpayment under the same conditions could save you over $74,500 over the years.  So if you’re looking to buy a home, try to put as many pennies as you can into that initial downpayment.

Homebuying Resolution #2: Get your credit in order.

Unless you are planning to buy your home with cash, which, let’s face it, very few of us can do, you’re going to need a loan, and your loan will be determined by you credit score.  To get a good loan, you’re going to need to get your credit score above 700 in order to get the best possible interest rate.  Some lenders even want to see a score of 720 or more.  So what can you do to help get your credit up there?

The best way to do it is to pay all your bills in full on time.  And while some people are tempted to cut up their credit cards after taking care of any outstanding issues, that’s actually not the best thing to do to keep your score up.  You should have several open and active lines of credit at any time.  You don’t need to max them out; in fact you should probably not use more than 20% of what’s available to you.  Just remember the first part of this resolution: Pay everything off in full every month.

Homebuying Resolution #3: Get the best loan you can.

You’ve saved up your money for a nice, large downpayment and you’ve got that credit score above 700.  What do you do now?  Now you go out and get a home loan.  Don’t take the first loan you find though.  Make sure to call around and talk to different lenders in order to get the best interest rate you can.  It doesn’t end at interest rates though.  You’ll want to ask about any other fees, whether there’s a prepayment penalty, points, mortgage insurance and so forth.  You might want to seek the help of a professional once you have all your information together.

And that brings us to…

Homebuying Resolution #4: Use the best real estate professionals you can find.

Real estate is big business, and there are a lot of different people involved in real estate transactions.  There are the buyers and sellers and real estate agents, of course, but then you’ve also got the mortgage company, appraisers and lawyers, at least.  Purchasing a home is a big deal, so you want to make sure you’re surrounding yourself with the best, most competent real estate professionals you can.

How do you find those people?

A lot of people rely on word of mouth.  If your parents or your friends bought a house not too long ago and raved about their lender, they might be someone good to talk to, right?  The answer is “yes” with an asterisk.  The footnote should be that you can start with people who were recommended to you, but you should also do some of your own research.  Check out online reviews or sources like the Better Business Bureau to get more insight about the people who will be helping you move into your home.

Of course, if you’re looking for a real estate agent to help you buy or sell a home in Wilmington, Leland or the surrounding areas of southeastern North Carolina (especially if you’re looking at short sales), look no further than Nilesh Jethwa and Associates.  Give us a call at 910-622-0319.

Homebuying Resolution #5: Do it for yourself.

One thing to remember is that YOU are buying this house.  YOU are going to live in it.  Friends and family sometimes think they know what you should do and apply pressure for you to settle or to live somewhere that might not be your first choice.  They might have your best interests at heart, but remember that this is your house and your investment, so you need to be happy with where you end up.

 

Realty World