Your EXIT Mid-Atlantic Real Estate Network

The Lender Has Approved The Short Sale Contract...Now What?

Thu, 09 Feb 2012 04:00:00 +0000

Once the contract has been approved by the lender, depending on the requirements of your particular Short Sale Addendum and/or your contract requirements, the Option or Contingency Period should begin and the Buyer should immediately schedule any inspections and proceed with any financing arrangements. It is important that you remind the Buyer and/or Buyer’s Agent that the house is being sold as-is and that neither the Seller nor the lender can make any contribution toward repairs. The Buyer’s inspections should only be to determine if there is anything so terribly wrong with the property that they would want to terminate the contract.

Also, we recommend that you get the name and contact information of the Buyer’s Mortgage Broker/Lender and confirm with them their understanding of when Buyer’s closing costs are and are not allowed and the maximum allowable amounts depending on the type of loan the Seller has and the type of loan the Buyer is securing. Remember, other than the Loss Mitigation Rep approving the Short Sale, the two other most important players in keeping this deal together are your Escrow Agent and the Buyer’s Mortgage Broker/Lender. They all must be in-sync with each other or your deal could fall apart.

We recommend that you stay in close contact with the Escrow Agent ensuring that he/she understands the Short Sale lender’s rules and guidelines for closing a Short Sale, and that he/she has all the documentation he/she needs to get the transaction closed. We also recommend that you have the Escrow Agent fax/email you a copy of the HUD-1 Settlement Statement at least 72 hours prior to closing. Your Loss Mitigation Rep will usually require that he/she have 48-72 hours prior to closing to review and approve the HUD-1. Make sure the Escrow Agent is aware of this, otherwise your closing might get delayed.

Also, be sure that the HUD-1 nets to zero for the Seller (line 603 of the HUD-1). If it doesn’t, the Loss Mitigation Rep will likely disapprove it and the HUD-1 will have to be reworked until the numbers meet their guidelines (see “Note” below). As you are well aware, figures can get shuffled around on the HUD-1 all the way up until closing. We have found that on occasion, we have arrived to closing and there was an amount due from the Seller, due to various incidentals that invariably pop up at the last minute, such as an increase in HOA or tax delinquencies, etc. It is important to have an Escrow Agent that understands the Short Sale closing procedures in order to avoid the possibility of your commission being reduced because of unnecessary discrepancies or surprises. Again, if you have a good Escrow Agent who is experienced at closing Short Sales and you stay on top of all the communication between all the parties, you should have no trouble getting the transaction closed without a hitch!

**Note: As a general rule, in a Short Sale the HUD-1 should net to zero for the Seller (line 603 of the HUD-1). There is one exception to this rule. If you are doing a HAFA Short Sale, the Seller receives a $3000 Seller Incentive which should be reflected on line 603 as Cash to Seller.

Next week we’ll begin to address some of the Frequently Asked Questions we’ve received through our many years of working with and training agents to successfully facilitate short sales so we can save one more homeowner from foreclosure.

157 Condor Route - Lexington, SC Home for Sale

Thu, 09 Feb 2012 01:40:00 +0000

157 Condor Route - Lexington, SC Home for Sale

This excellent home features 3 bedrooms and 1.5 baths. 157 Condor Route is nestled in the desirable Wrenwood subdivision of Lexington County, SC.

The Master Bedroom includes a separate master bath for added privacy. The Living Room and Dining Room are separated by a beautiful stone wood burning fireplace. Additional energy-efficient and safety features include a smoke detector, ceiling fans, storm doors, and central heating and air.

The kitchen features beautiful, natural wood cabinets. An added bonus to this kitchen includes new appliances replaced in January 2012. Among these new appliances are a free-standing range, and a dishwasher for convenient clean up, after a delicious meal. Other upgrades in this home include a window replacement in 2010, roof and siding replacements in 2006, and the HVAC is just over 6 years old.

The large back yard has a chain link fence making it a great safe place for pets. There's also a workshop on the back of the house that is perfect for keeping all your tools handy for that next great project.

There are no association fees in this great neighborhood. Wrenwood is conveniently located on the outskirts of Lexington, SC, where residents enjoy great local cuisine, arts, entertainment, and shopping. Only 10-15 minutes away is the City of Columbia, the Columbia Metropolitan Airport, shopping malls, museums, movie theaters, and great playhouses. Interstates 26 and 20 are nearby, making Charleston, Charlotte, and Atlanta easily accessible.

Students in Wrenwood attend the award winning schools of Lexington One School District, including Saxe Gotha Elementary, White Knoll Middle, and White Knoll High School - a Lighthouse Blue Ribbon School of Excellence!

Don't miss out on this great home at this price! Call Luz Bouleris today at 803.210.9595.

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Specializing in Lexington County, SC Homes for Sale
Luz Bouleris, REALTOR®

I specialize in digital marketing of homes resulting in faster and more lucrative sales. I actively invest in real estate and am fluent in Spanish. My husband Jim specializes in guiding first time home buyers through the home-buying process. Together, we provide you true "Service Beyond the Sale." Call me 803.210.9595 or Jim 803.807.8093 and let’s discuss how we can help you sell or purchase your home.

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Home and Land Packages for Sale Starting at $78,900 The Retreat in Murphy NC

Wed, 08 Feb 2012 19:20:00 +0000

Brand new log sided 2BR 1BA Ranch Style Mtn Home w/land that features all wood interior, metal roof, fireplace, custom kitchen, granite counter tops, wood floors. Situated on 1.00+/-acres. Turn Key. Mtn views, private, log home community, wooded setting with lots of privacy, underground utilities, high speed internet available, shared well. Beautiful entrance w/stack rock pillars. Pre-Construction Model. Disclosure: These are base prices and prices vary depending on upgrades, Model home model can be shown by Kathy or Corky Vetten. For more information call Kathy @ 828-361-0360 or Corky @ 828-361-0358.

Murphy is located in the most western corner of North Carolina. We are approximately two hours from Chattanooga and Atlanta. If you enjoy the outdoors Murphy has so much to offer. We have several lakes and rivers for fishing, boating, kayaking or just being lazy floating down the river in a tube. We are located within 20 minutes of the Nantahala Gorge going east and 20 minutes from the Ocoee Gorge going west. There are lots of hiking trails to enjoy Mother Nature. There are also very nice restaurants here that serve everything from steaks to fresh caught fish. If you like sporting events we have several establishments in town that show the all important game on their big screen while you enjoy your favorite beverage and wings.

Murphy NC Real Estate Sales and Service - Kathy Vetten Realtor Exit Realty MVP is one of the leaders in marketing mountain properties. I specialize in assisting buyers and sellers investing in Real Estate in Western North Carolina and North Georgia, including the towns of Murphy, Andrews, Hayesville, Ellijay, Blairsville, Blue Ridge and the surrounding areas. 828-361-0360.

If you would like more information, please Contact Kathy Vetten at www.exitmurphy.com or www.kathyvetten.com for all your Real Estate needs, Kathy Vetten / Broker-CRS. Call Toll Free # 877-837-2288 - Murphy NC REAL ESTATE TOOLS AND SOLUTIONS -Kathy Vetten Broker / CRS - Exit Realty Mountain View Properties or visit my web site at www.kathyvetten.com.

3 Hot Trends For Kitchem Remodeling In 2012

Wed, 08 Feb 2012 12:50:00 +0000

Mulling a kitchen remodel but want to keep costs low? You’re au courant with today’s trends that emphasize options and high-tech wizardry at affordable prices.

Trend #1: Remodeling scales back

A new focus on moderation and value has entered the remodeling mind-set. Trends that are likely to show up in your kitchen next year include:

You’ll repair your existing appliances instead of replacing them, extending their life with good maintenance and care. If you’re replacing cabinets, you’re likely to build around your current appliances rather than choosing new models.

You’re scaling back your cabinetry purchases, with an increased emphasis on kitchen storage and functionality over elaborate decoration. For example, rather than stacked crown moldings throughout the kitchen, you’ll put your money into practical roll-out trays and drawer organizers.

Small-scale kitchen projects are big news. Changing out cabinet hardware, replacing a faucet, and refacing your cabinets upgrades your kitchen without major expense.

Trend #2: Simpler, warmer styles dominate

Fussiness and excess have faded away in favor of pared-back looks that present a more timeless, value-conscious style.

Cabinet decoration continues to streamline. For example, massive corbels, once fashionable as undercounter supports, will give way to sleeker countertop supports and cantelivered countertop edges. Stacked moldings will pare back or disappear entirely. Elaborately glazed finishes will yield to simpler paints and stains.

Kitchen finishes will continue to get warmer and darker, and feature natural and stained woods. Walnut especially is growing in popularity.

Laminate countertops will continue to surge in popularity, especially in contemporary design. The latest European-inspired laminates offer more textured and naturalistic finishes than ever before. While exotic wood kitchen cabinets are out of reach for most home owners, glossy, look-alike laminate versions can be had for about one-third the price.

Trend #3: Technology expands its kitchen presence

Many of the techno products and trends that relate to your smartphones and tablets have just started making their way into your local showrooms and home centers.

Appliances will be equipped with USB ports and digital screens so you can display your family photographs and kids’ artwork.

Smart, induction built-in cooktops ($500-$3,000) remember your temperature settings as you move your pans across their entire surface.

One light finger touch is all it takes to open the electronically controlled sliding doors of your kitchen cabinets — a boon to people with limited mobilities. You’ll pay 40% to 70% more for cabinets with electronically controlled doors than standard models.

You’ll be able to use your smart phones and tablets to control lights and appliance settings from anywhere you have a wi-fi connection, as well as to shop for appliances from major manufacturers.

You’ll be opting for LEDs for your recessed lights, under-cabinet task lighting and color-changing accent lighting. You’ll see more LED-powered pendants and chandeliers from major manufacturers as inefficient incandescent bulbs continue their march toward extinction.

A wide selection of affordable microwave ovens with convection and even steam features gives owners of smaller kitchen spaces more high-end cooking power.

What improvements — big or small — are you planning for your kitchen this year?

Elegant Woodards Mill Home For Sale

Mon, 06 Feb 2012 19:35:00 +0000

433 Mill Stone Road is a huge fantastic home for sale in Woodards Mill, Chesapeake, Virginia. The home has over 5700 square feet and over 3 acres of land! There is so much marble in this home! This was such a nice place to take a look at. I am going to take some time here and tell you about it!

The first thing I noticed is how big all the yards in Woodards Mill are. Everyone has nice big green lawns. Pulling into the driveway, you see just how big this house is! My cameraman and I walked into the home and found a huge foyer with wall to wall marble tile and a beautiful winding staircase to the second floor. To the right is a nice office type room. To the left is a formal dining room. Both with tons of tile. Walking into the huge kitchen, you immediately notice the giant center island with granite countertops and oven. There is tons of beautiful cabinetry, a woodburning stove, stainless steel appliances, more marble tile and gorgeous half bath.

The home is in the sought-after Hickory High School District. It is featured on our site, Virginia Beach Residence.com. The site allows you to search for a home by High School, Neighborhood or Military Base! Thank you for your time! Enjoy the Superbowl! WOOOOOOOO!!!!

Tom Taylor
Realtor®
Exit Realty Specialists

Murphy North Carolina Home and Land Packages Lot 31 Carolina Fox Circle NC MLS 114352 GA MLS 216979

Mon, 06 Feb 2012 19:25:00 +0000

Brand New under construction log sided, all wood interior, metal roof, custom kitchen w/granite counter tops, wood floors, ceramic tile in bathrooms, open loft bedroom w/bath, master on main floor, laundry room, level gentle home site top of Fox Ridge, awesome mountain views, paved roads, underground utilities, community water, pictures are of model home only, variety of homes sites available in Fox Ridge.

FoxRidge in Murphy NC Home and Land Packages for Sale NC MLS 114353 GA MLS 216034

Mon, 06 Feb 2012 19:20:00 +0000

Home & Land Packages starting at $129,000, log sided, metal roof, 1Bed/2Ba, custom kitchen cabinets, granite counter tops, kitchen appliance package, master on main floor, ceramic tile in bathrooms, all wood interior, gated private mountain community, underground utilities, paved roads, gravel driveways, awesome mountain views. Many home sites available to choose from in Fox Ridge. Pictures are MODEL HOME.

Home and Land Packages for Sale Murphy NC 1025 Carolina Fox Circle NC MLS 114098 GA MLS 216980

Mon, 06 Feb 2012 19:10:00 +0000

Brand New Log Sided 2BD/2BA home w/open loft, green metal roof, full covered front porch, mix wood interior & drywall, custom kitchen cabinets, granite counter tops, wood floors, carpet in loft, stack rock gas log fireplace, ceramic tile in bathrooms,1250+ Sq Ft living space, large yard, gated, private mountain community FoxRidge, awesome long range mountain Views. Just Finished. A Must See. Asking $129,000.

Downpayment Gifts A Leg Up To Home Ownership But Know The Rules

Mon, 06 Feb 2012 12:30:00 +0000

We explain the tax details around giving the gift of a home down payment.

With lots of inventory and low home prices, your gift of a down payment to your credit-worthy children can be a stepping stone to getting into a first or next house. A nice thought at this time of year. (I’m speaking both of the holidays and the upcoming tax season.) Speaking of which, there are rules — like there’s no tax deduction for giving a non-charitable gift. But your gift of up to $13,000 can be given tax-free.

My husband and I used our parents’ generous wedding gift as a down payment rather than spend it all on the wedding. And we’re not the only couple boosted into home ownership by parents, according to blogger Amy Hoak. She says about one-quarter of first-time home buyers get a down payment gift from relatives or friends (note to my friends: My birthday is coming up in February and nothing says you’re my BFF like a down payment!).

“Many times a gift will allow a buyer to make a down payment without severely depleting their savings — a big plus in an uncertain economy,” writes Hoak. “Most lenders will require borrowers to have some money in the bank after closing. And some parents would rather their adult children keep saving for a rainy day than use all of their funds to make a down payment.”

The rules for using down payment gifts differ depending on which lender you use and whether your loan is guaranteed by Fannie Mae, Freddie Mac, or FHA. Hoak outlines the rules for each in her blog.

If you’re the one making the down payment gift, you won’t have to pay federal income tax, nor will the recipient, as long as you give $13,000 or less in 2011 or 2012. You can give up to $13,000 per person without tax implication to any number of people in one year.

In addition, you and your spouse can each give separate gifts to your child. The IRS calls this gift splitting. For instance, if you’re planning to give to your two children, you and your spouse can each give each child up to $13,000 for a total of $52,000 ($13,000 x 4), says CPA Sue Medicus, owner of Liberty Tax Service in Catonsville, Md.

If you want to give more, you still may not owe taxes, but you have to inform the IRS of your gift using Form 709. Check with your tax adviser to see if the amount above $13,000 counts against a lifetime exclusion that we all get to use to pass along assets via gifts and estates, Medicus says.

You can’t deduct the value of gifts you make (other than gifts that are deductible charitable contributions) or any federal gift resulting from making those gifts.

For more, IRS Publication 950 outlines the rules about gift and estate taxes.

What do you think about making down payment gifts to children? Have you done it? Would it have helped you?

Etheridge Manor, Brandermill, Stonegate, Sawyer's Mill, and Etheridge Lakes Neighborhood Update in Chesapeake VA

Sun, 05 Feb 2012 18:50:00 +0000

Etheridge Manor Real Estate in Hickory Area of Chesapeake

Posted by Robin Gauthier on January 26, 2012

Etheridge Manor is located in the Hickory area of Chesapeake. It is comprised of approximately 400 homes built in the 1990s. It is conviently located off of Etheridge Manor Blvd and Hillwell Road. Etheridge Woods and Brandermill are nearby communities. The children in this neighborhood attend Butts Road Primary, Butts Road Intermediate, Hickory Middle, and Hickory High.

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Brandermill Real Estate in Hickory Area of Chesapeake

Posted by Robin Gauthier on January 20, 2012

Brandermill is located in the Hickory area of Chesapeake. It was built in the 1980s with approximately 250 single homes. It is within 5 minutes of shopping and major highways off of Mt. Pleasant Road and Etheridge Road. Etheridge Meadows and Etheridge Woods are on the border of Brandermill. The children in this neighborhood attend Butts Road Primary, Butts Road Intermediate, Hickory Middle, and Hickory High.

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Stonegate Real Estate in Great Bridge area of Chesapeake

Posted by Robin Gauthier on January 17, 2012

Stonegate is located in the Great Bridge area of Chesapeake. It is comprised of approximately 300 single family homes built in the 1990s. It is located off of Johnstown Road. Southern Pines and Grovedale are nearby neighborhoods. The children attend Southeastern Elementary, Great Bridge Middle, and Great Bridge High.

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Sawyer's Mill in Chesapeake VA Homes for Sale and Recent Sales

Posted by Robin Gauthier on January 6, 2012

Sawyer's Mill is located in the Deep Creek area of Chesapeake. There are approximately 400 single family homes built in the late 1990s and early 2000s. It is conviently located off of Cedar Road and George Washington Highway. Mill Creek and Las Gaviotas are nearby neighborhoods. The children in this neighborhood attend Grassfield Elementary, Hugo Owens Middle, and Grassfield High.

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Etheridge Lakes Real Estate in Chesapeake Virginia

Posted by Robin Gauthier on January 2, 2012

Etheridge Lakes is located in the Hickory area of Chesapeake. It is comprised of approximately 450 single family homes that was built in the 2000s. Most of the homes are over 2400 square feet and are 2 stories. It is conviently located off of Centerville Turnpike and Etheridge Manor Blvd. Etheridge Woods and Etheridge Manor are nearby communities. The children in this neighborhood attend Butts Road Primary, Butts Road Elementary, Hickory Middle, and Hickory High.

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Robin Gauthier Exit Realty Specialists

I specialize in helping buyer and sellers reach their real estate goals in Hampton Roads with my areas of expertise being Great Bridge and Hickory section of Chesapeake and Kempsville section of Virginia Beach.

(757) 739-7754