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Top 10 Features 55+ Baby Boomer Buyer's Want In A Home.

by Anthony Litz

A recent survey given to 55+ Home Buyers shows what their 10 most important design features are.  This can be important information to you when selling a home or when buying and thinking of selling down the road.  Surprisingly a downstairs master bedroom isn't higher on the list!  --In Pitt County and the Greenville Area, we as Realtors get asked more often about what floor the master bedroom is on than if the house comes with a washing machine.

  1. 90% - Washer/Dryer in the Home
  2. 84% - Storage Space
  3. 81% - Windows that Open Easily
  4. 73% - Garage Door Opener
  5. 73% - Easy-to-use Thermostat
  6. 71% - Master Bedroom on 1st Floor
  7. 67% - Private Patio
  8. 66% - Porch
  9. 65% - Attached Garage
  10. 64% - Bigger Bathrooms.

 

For more information about current real estate topics including selling your home or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resources: National Association of Home Builders

google map to real pro systemsFannie Mae-owned foreclosed properties are currently available for purchase to owner-occupied buyers before investors have an opportunity to buy them.  Fannie Mae calls this program First Look and has offered this incentive for a little more than a year, and recently revamped the program to include some HUD homes. In the Greenville, NC-Pitt County area, the First Look time period is typically the first 15 days the property is initially on the market.  Fannie Mae has made it easy to see what day of First Look the listing is on by visiting www.HomePath.com.

Home owners who plan to occupy a purchased home can put a property under contract during the first 15 days of the listings life. While investors, who typically buy about 70% of all foreclosures, have to wait until the First Look period is over with; ie: day 16.  Fannie Mae says, "While investors play an important role in the REO market, home buyers who intend to occupy a home make an immediate and lasting commitment to the community and therefore merit priority consideration in the REO sales process."  This program is making some inventory sit on the market longer than you would expect; even up to 90 days before investors can make an offer.

The truth of the matter is that most foreclosure and bank owned properties are in unlivable or undesirable conditions and are generally not the type of homes owner-occupants purchase. Buyers typically do not want a lot of clean-up and projects to work on when they first buy and move into a home.  Plus, many foreclosure homes will not qualify for conventional loans because of even small defects in the properties, such as a hole in a wall.  This means foreclosure homes cater to investors because investors more often have the resources to renovate these distressed properties.

From The Pistol Tingen Team’s experience Fannie Mae's First Look program does give more opportunity for home owners to have a leg up on investors.  On the other hand, quite often the program is letting the wrong person buy the house. Which has actually made more deals fall through, foreclosures stay on the market much longer and end up selling for less!

Foreclosures typically are not in the pristine condition that owner-occupant buyers are hoping for. Or buyers can't get a loan because of a defect in the home.  So, the owner-occupant buyer may by contract legally walk away from the deal during their inspection period. Thus the home goes back on the market, still belonging to Fannie Mae and the First Look period restarts at day 0.  In this example, 30+ days of marketing time have been used up, for no deal and to start all over again.  Our Team is seeing some single family Fannie Mae homes that fit this description go under contract 2-3 times before someone actually closes on the home. A lot of times it is an investor, who had realistic expectations to start with (that the home was in poor condition) that finally purchases the house.  Ironically the investor will buy the home for less because the listing is now “old” and due for price reductions. And all the while the investor could have purchased and closed within a fraction of time and would have probably paid more for the home.

In a perfect world it is nice that Fannie Mae is giving such opportunity to these owner-occupants.  But in the real world their program is clogging the market with aging, distressed properties while we are heading into the slowest marketing season of the year.

For more information about current real estate topics including foreclosures or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resource: FannieMae.com

New Trend? Interest Rates Increase -2nd Week In A Row.

by Anthony Litz

Not too long ago mortgage rates reached an all time low, and are still the best that any buyer could hope for.  But a new trend is emerging; 30-year fixed interest rates have increased for the second week in a row according to national averages with Freddie Mac.  This comes after around 10 weeks of decline.

9-17-2010 30-year mortgage rates increase

We may have hit the bottom.  If you are "on the fence" waiting for the house buying market to get even sweeter, it may be time to make a move.

Of course rates are going to vary on a case-by-case basis depending on an individual’s credit history and what programs a lender can offer. Rates are negotiable and competitive.  Shop and compare a couple lenders' quotes to get the best rate and combination of fees. Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like some lender recommendations along with their phone numbers.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

3 Hot Foreclosure Listings:

by Anthony Litz

103 N Outerbridge St, Robersonville, NC

Foreclosure home for sale in Robersonville, 103 N Outerbridge St

$28,000
Tax Value=$122,970
3,086sqft
2 Bedrooms
2 Bathooms
1-Car Attached Garage
1-Car Detached Garage/Shop


3086sqft, Covered porch, 2-Sunrooms, 1-Detached Garage/shop, 1-Attached Garage, Hardwoods, Home has somewhat been updated recently, but repairs are not complete and home does need work. Foreclosure, Fannie Mae Home. Purchase this prop for as little as 3 percent down! Home is approved for HomePath.com Mortgage Renovation Financing. Property to be re-keyed at buyers expense.

Click here to view this listing via our team's website with additional photos.

 


671 Tabard Rd, Winterville, NC

Foreclosure home for sale in Winterville, 671 Tabard Rd

$204,900
Tax Value=$221,509
2,228sqft
3 Bedrooms
2.5 Bathooms
2-Car Attached Garage


Built by The Evans Company, this one-owner home is now available for sale as a foreclosure. Situated in Winterville’s Canterbury subdivision, on a tree-lined .24 acre lot with an open backyard, deck, covered front porch and attached 2-car garage makes this home great for family fun and relaxation! The floorplan features approximately 2,228 sq. ft., 3 bedrooms, 2.5 bathrooms, formal dining room, dine-in kitchen and laundry/mud room. Richly toned hardwood floors flow throughout the foyer and dining room. An oversized master suite awaits featuring 2-walk-in closets, private bathroom with tiled shower, oversized-whirlpool tub and double vanity. Other desirable features of this fantastic home include wood trim/ moldings throughout, all bedrooms have ceiling fans, many rooms have recessed lighting, finished bonus room, extra eve-storage as well as an attic. Don’t miss seeing this charming home in a great neighborhood and priced to sell—truly a rare  find!

Click here to view this listing via our team's website with additional photos.

 


2113 5th Street, Greenville, NC

Foreclosure home for sale in Greenville, 2113 5th Street

$139,900
Tax Value=$152,403
2,340sqft
5 Bedrooms
3 Bathooms
2-Car Attached Carport


Conveniently located near downtown Greenville and in the University Area this home sits across the street from Wahl Coates Lab Elementary School. Updated some, this home includes approximately 2,340sq. ft., 5 bedrooms and 3 bathrooms, and a spacious family room with fireplace.  Both cooking and dining  alike will be a pleasure within either the formal dining room, or eat-in kitchen which offers a gas range, and dishwasher. Lots of cabinetry and counter space offer ample, accessible storage solutions.  The fenced-in patio with big backyard is a wonderful area where seasons of outdoor fun and memorable family activities can be created!  Plus, the backyard patio is the perfect spot for both grilling and entertaining. This is a Fannie Mae HomePath property, it is pre-approved for HomePath Mortgage and Renovation Financing. The home may be purchased with as little as 3% down with HomePath. Call us today for a tour or to get more information on HomePath and Fannie Mae Foreclosures!

Click here to view this listing via our team's website with additional photos.



For more information about these foreclosure listings or for assistance searching for other real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.


Foreclosures Increase 25% From Last August

by Anthony Litz

Since the US mortgage crisis began banks and lenders have foreclosed on more homes this past August than ever. The rate of foreclosures has increased annually every month for the last nine months. 95,364 properties nationwide were taken-back in August, only 3% more than July, but that is a 25% increase from a year ago.

Foreclosure sign, Fannie Mae, Homepath.com Experts say even though it seems there are more bank-owned listings for sale today, less than 33% of the current foreclosure inventory is listed for sale! "These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer's market with too much distressed inventory for fear of what it would do for house prices," says Realtytrac.com.

In August 338,836 properties have received a foreclosure-related warning. This translates into 1 out of every 381 US properties.

For more information about current real estate topics or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

 Homes lost to foreclosure up 25% from last August -USA Today

Fannie Mae Increases Penalties for Borrowers Who Walk Away

by Madeleine Tingen

Fannie Mae has made policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure.  Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure.  Borrowers who have extenuating circumstances may be eligible for a new loan in a shorter timeframe than the “strategic defaulters”.

Fannie Mae is taking steps to educate borrowers by highlighting the importance of working with servicers.  “Walking away from a mortgage is bad for borrowers and bad for communities, and our approach is meant to deter the disturbing trend toward strategic defaulting,” said Terence Edwards, executive vice president for credit portfolio management. “On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer will preserve the option to be considered for a future Fannie Mae loan in the shorter period of time,” noted Edwards.

Additionally, Fannie Mae will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.  Beginning July, Fannie Mae will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the deficiency judgments.

For more information about current real estate topics or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Currently to claim a tax credit of up to $8,000 (or up to $6,500 for non-first time home buyers), home buyers must have purchase contracts accepted by April 30, 2010, and must close escrow by June 30, 2010.

Friday, June 11, Senators Harry Reid of Nevada, Johnny Isaakson of Georgia, and Chris Dodd of Connecticut introduced an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 (H.R.4213) that, if passed, would extend that closing deadline to September 30, 2010.

This amendment would not extend the required April 30 deadline necessary to claim the tax credit. If passed, though, the amendment would extend the date required to close the transaction until September 30, 2010.  

The National Association of REALTORS® has reported that as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.  The Senate amendment would allow home buyers adequate time to complete their purchases in time to claim the credit.

For more information regarding the status of this amendment or to locate real estate in the Greenville, NC and Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

East Carolina University Announces Changes for Dental School

by Madeleine Tingen


The East Carolina University dental school recently announced two major changes that received final approval by UNC General Administration in May 2010. Located in Greenville, North Carolina, the dental school now will be entitled the East Carolina University School of Dental Medicine.  This name reflects the dental profession’s recognition that dental health and oral health are an essential part of one’s overall health, rather than a separate ancillary discipline. The other change is that graduates of the ECU School of Dental Medicine will be awarded the DMD (Doctor of Dental Medicine) degree.  This is the degree awarded by the vast majority of dental schools that have opened since the 1960s, and is used for the same reason for having Dental Medicine in a school or college’s title.

The D.M.D. and D.D.S. degrees are considered equivalent--offering the same education and accreditation standards, as well as requiring the same licensure examinations.  Both degrees are recognized by all national and state dental associations and state and specialty boards. The scope of practice allowed by law is also the same for both degrees.  Throughout the United States, the state of North Carolina, and the city of Greenville, there are dentists with both degrees.

For more information regarding East Carolina University or real estate in Greenville, NC and the Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

Mortgage Rates Reach Lowest Level of 2010

by Madeleine Tingen

Today Freddie Mac released the results of its Primary Mortgage Market Survey® in which the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged 5.00 percent. At this time last year, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent.

The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. One year ago at this time, the 15-year FRM averaged 4.52 percent. The 15-year FRM has not been lower since the week ending December 3, 2009 when it averaged 4.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, down from last week when it averaged 3.97 percent. A year ago, the 5-year ARM averaged 4.82 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in January of 2005.

The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. At this time last year, the 1-year ARM averaged 4.71 percent. The 1-year ARM has not been lower since the week ending November 4, 2004, when it averaged 4.00 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, announced that interest rates on fixed-rate mortgage have declined for the 5th straight week.
The National Association of Realtors noted that the median house prices are recovering in more local areas in the latest quarter.

For the most current information on mortgage rates and real estate in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Fannie Mae announced April 27 the extension of its seller assistance incentive on all Fannie Mae-owned HomePath properties. Buyers will receive 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of selected appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on www.HomePath.com by June 30, 2010.

"We are happy with the results of the program, which has helped us to sell properties quickly, thereby stabilizing neighborhoods and property values," said Terry Edwards, Executive Vice President of Credit Portfolio Management.

Properties listed on www.HomePath.com are owned by Fannie Mae and include a wide selection of homes, including single-family homes, condominiums, and townhouses. HomePath properties may also be eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers prospective buyers an opportunity to purchase properties with as little as 3 percent down.

For information on Fannie Mae properties within the Greenville, NC and Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

Displaying blog entries 21-30 of 85

BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.

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