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Displaying blog entries 11-14 of 14

Foreclosures as Investment Properties

by Pistol Tingen

With the growing availability of foreclosure properties, many bargain shoppers are thinking about buying one of these “lender-owned” homes. Some of the would-be buyers, though, worry about purchasing a house filled with unknown problems.  When asked for her advice, money-savvy investment expert, Walecia Konrad gave the following advice.

“More properties than ever are in foreclosure, and the number may climb—to 2.5 million by the end of 2009, according to Lehman Brothers. But auctions on the courthouse steps, where speculators pay cash on the spot for homes they probably haven’t inspected, aren’t the place to buy.

Better to try the aftermarket, says Lawrence Yun, chief economist for the National Association of Realtors. Some of the best deals are found in what goes by the awkward term real estate owned or REO homes. These are properties that did not sell at auction and are then put back on the market by the lender. So you can inspect them as you would any home, discover any problems or liens, and know what you’re getting into.

With the glut of properties for sale, Glen Daniels, director of REO sales at Foreclosure.com says that lenders have become very motivated sellers. Daniels also stated that he’s routinely seeing 20 percent discounts on these properties.

Such online services (including ForeclosureS.com and RealtyTrac) collect data on foreclosed and lender-owned homes, then sell access to those listings for a fee, usually about $40 to $50 a month. And there are state-and region-specific sites such as ForeclosuresNH.com.

A real-estate agent who specializes in lender-owned properties can also help you find REO homes. Quiz any brokers you approach on how, and how quickly, they learn of bank-owned property coming to market.”

For both Pitt and Greene counties--which covers Greenville, NC and surrounding communities, all FannieMae Foreclosures are marketed through The Pistol Tingen Team.  Experts in directing home buyers through the maze sometimes associated with lender-owned homes, The Pistol Tingen Team is always the first contact to be made aware of FannieMae properties. (FannieMae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates.)

If you have a question about area FannieMae foreclosures or other foreclosures currently on the market, call The Pistol Tingen Team at 252.321.6161.

Record Your Home Inventory

by Pistol Tingen

Now there's no longer a good reason to put off recording your home inventory for insurance purposes.  Whether you're a first-time home owner or on your fourth home and considering a relocation, cateloging a room-by-room record of your personal posessions has never been easier--thanks to a free download from the Insurance Information Institute.

The Know Your Stuff Home Inventory software (Windows and Mac OS X) is a full featured tool for itemizing your posessions in case disaster should strike. Wizards guide you through the basic setup of your inventory, then using Know Your Stuff's simple interface you can add rooms and items to the inventory.  For each item you enter you can assign photos, receipts or appraisals, make/model/serial number, quantity, and replacement cost.

Don't know how to get started? It's simple!  There are easy to follow guides and prompts to help you get started on the Know Your Stuff website.  This site is especially helpful if you've never done a home inventory before and aren't sure where to start or what to include. 

Once you've created your home inventory record, you may want to take advantage of additional security measures offered by Know Your Stuff.  Through your application you can export the file you've created and save it to external media or to a remote location, upload the file to Vault 24 (a remote backup solution integrated into the software, which unfortunately costs $15 a year), or you can go the old fashioned route and print the inventory and store it in a safe location.

The Know Your Stuff Home Inventory software is a  free download for Windows or Mac. And don't forget as you're conducting your home inventory, if you have any home or real estate-related questions that come to mind be sure to contact The Pistol Tingen Team.

Greenville NC Foreclosures as Investments

by Pistol Tingen

By definition, a foreclosure is “the legal process by which a property that is mortgaged as security for a loan may be sold and the proceeds of the sale applied to the mortgage debt".  

According to FannieMae, "A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the borrower is in default for a reason other than the failure to make timely mortgage payments”. Properties listed as foreclosures have passed the point of auction or public sale. Because an investor did not buy the properties, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers through the assistance of a Realtor®. Even though the U.S. Congress recently passed a national economic package that will enact legislation and help thousands of families, the housing market, and the U.S. economy—for many it comes too late.   

Fortunately, Greenville, NC real estate and Pitt County have experienced immunity, so to speak—in comparison to the majority of the nation’s cities where foreclosures have become far too commonplace.  Although somewhat   sheltered from a severe reaction to the nation’s housing slump and risky lending, Greenville has experienced a variety of  foreclosed properties—presenting both home investors, as well as home buyers, with golden opportunities. Enticing interest rates, some of the lowest in several years, are encouraging many individuals to consider adding real estate to their retirement portfolios.   

For the past 16 years, The Pistol Tingen Team has been the exclusive Realtor® for all Fannie Mae Foreclosures for Pitt and Greene County counties. FannieMae (Federal National Mortgage Association) is a New York stock exchange company and is a public company that operates under a federal charter as the nation’s largest source of financing for home mortgages. FannieMae (FNMA) does not lend money directly to consumers, but instead works to ensure that mortgage funds are available and affordable, by purchasing mortgage loans from institutions that lend directly to consumers. 

Today some of the best deals on the real estate market are foreclosures. If you, your friends, or relatives are interested in receiving advance notification regarding foreclosure properties, please contact Jody Tingen at 252-902-9990 or by email Jody@PistolTingen.com. By letting Jody know the type and price range of properties that interest you, he can subscribe you to our New Listing Alert service. Our personalized, automatic system permits you to be alerted about the "good deals” even before they reach the standard real estate publications

While considering the purchase of a foreclosure property, remember that the Seller’s primary objective is to recover the amount of the loan balance that was not paid by the previous homeowner, as well as the costs of the foreclosure action and other expenses. Put simply, the longer lenders own the property, the more eager they become to sell, whether they collect all of the above or not. 

Pitt County is named among 100 best communities for youth.

by Pistol Tingen

One of the main considerations for relocating families throughout the nation, is the well being of their kids. Families looking to relocate to the Greenville or Winterville, NC area will be interested in reading a recent article making the front page of our local newspaper, The Daily Reflector.

Printed below in its entirety, the article further illustrates that the Greenville, Winterville area is a great place to raise a family. A diverse economic base and a somewhat stable real estate climate further enhance the attractiveness of the Greenville, Pitt County, NC area for families considering relocating. Questions concerning our area can be directed by phone at 252-321-6161 or email at Pistol@PistolTingen.com.

The Daily Reflector

Thursday, January 24, 2008

A national collaborative founded by Colin Powell to nurture America's youth today named Pitt County one of the nation's 100 best communities for young people.

America's Promise Alliance and Capital One Thursday announced the county has been named a winner in a national competition honoring the 100 best communities for young people to grow up.

Citing the county's ability to unite different sectors to work on behalf of its young people, officials picked Pitt from more than 750 participants in 300 communities that applied.

"The prosperity of every community and this country depends on how well we care for our children and youth," Marguerite W. Kondracke, president and CEO of America's Promise Alliance, said. "Although no place is perfect, when we have communities that make young people a priority and are working to make sure they stay in school and have all the resources necessary to lead healthy, productive lives, we must recognize them and by extension inspire other cities and towns to follow their lead."

Winners and participants in the third annual competition are eligible to apply for $300,000 in grants from the group beginning next month.

The group's partners include corporations, nonprofit service organizations, foundations, policymakers, advocacy organizations and faith groups – work collaboratively to ensure that it's "Five Promises" are kept for America's young people.

The promises include caring adults, safe places, a healthy start, effective education and opportunities to help others.

Communities completed an application based upon research from the National Academies of Science, Search Institute, Academy for Educational Development and Child Trends.

Officials submitted information on how their existing programs and initiatives help deliver the five promises.

Winners were chosen by a panel of judges including civic, business and nonprofit leaders.

Displaying blog entries 11-14 of 14

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