Only the Sun Covers Charlotte Better!

FHA's new rule may hurt the purse of some buyers!

Tue, 23 Feb 2010 11:29:27 -0800

FHA's new rule may hurt the purse of some buyers! Starting April 5, 2010, FHA is raising it's MIP from 1.75 to 2.25%, boosting the minimum down payment for borrowers with a credit score lower than 580 up to 10%! PLUS- it's reducing what the sellers can pay towards closing costs by half (down from 6 to 3%)...

For more information, contact me at 704-201-4602

"Only the Sun Covers Charlotte Better!"

Some February Home Projects!

Tue, 09 Feb 2010 15:31:34 -0800

Let's face it...when the weather is terrible outside and you're getting a bit stir-crazy inside, there's no sense in not letting that time be working for you!

Some things that you can busy yourself with in the winter months, and will come back to please you in the more seasonal months, can be done now....

Things like:

-Straighten your garage! Now is the time to dissassemble and re-organize your shelves! (After all, you probably don't keep your car in the garage, right?) ;0

-Start looking at what the new paint schemes and techniques are....you're going to be inside....might as well spruce things up a bit with some paint. It goes a long way for the buck and it can help brighten your spirits!

- Start some seedlings for your garden. Spinach and other cold-hardy vegetables are easy to grow and by the time they sprout up, you'll be able to drop them into a cold-frame or other weather-hardy garden.

Make a list of everything that you want to get done this year around your home. Don't forget the small things- they make great filler!

If you need any information on what the cost vs. value is in the real estate market (Charlotte NC, or elsewhere!), please don't hesitate to contact me at 704-201-4602! And remember: "Only the Sun Covers Charlotte Better!"

Some Great Homes for Sale!

Mon, 08 Feb 2010 14:41:10 -0800

2523 Buckleigh Drive

JANUARY HAS BEEN GOOD..;)

Mon, 08 Feb 2010 14:28:31 -0800

Lots of listings coming onto the market in pursuit of an April Contract....It's a great time to be on the market, competitively priced , and ready to sell!

If you have questions about the Tax Credit that has been extended thru April, call 704-201-4602!

A great Information for University City Charlotte NC!

Wed, 03 Feb 2010 13:13:19 -0800

Check out this site for more interesting and fun facts surrounding the "what's what" in UC!

http://universitycitypartners.org/

A great resource for Electrolux, Husqvarna and other newcomers to Charlotte NC!

As always, I am here to answer any questions, comments or concerns you may have-704-201-4602!

Warm regards!

Michele Latham

Broker/ Realtor, NC/ SC, ABR, GRI, CRS

"Only The Sun Covers Charlotte Better!"

704-201-4602

Housing Market Demand Increases

Thu, 10 Dec 2009 09:18:43 -0800

Supply and demand drives our economy and determines prices for goods and services. This is especially true in the housing market.

Often, you will hear the housing market categorized as a buyers' market (more houses for sale than demand) or a sellers' market (more buyers than houses for sale). This categorization or type of housing market is determined by looking at the months' supply. Months supply is the ratio of inventory available for sale at the seasonal sales pace in a given month. This figure is calculated by dividing the number of homes for sale by the number of homes sold that month.

According to the National Association of Realtors ® (NAR), the September national months' supply was 7.8 months, down from 9.3 months in August. This means that, at the current rate of sales and available inventory, it would take about 7 months to sell all the homes currently available for sale.

Lawrence Yun, chief economist for the NAR stated, "The current housing supply is the lowest we've seen in two and a half years. If we could continue to absorb inventory at this pace, home prices would return to normal and we'll see modest appreciation patterns next year."

While the national months supply is an average, housing market conditions can vary by region, area, neighborhood and price. For instance, homes under $250,000 are in greater demand because of first-time homebuyers in the marketplace, and therefore have a shorter months' supply. On the opposite end of the scale, the market for homes priced at $1 million and above is virtually frozen at 21 months' supply.

For a true housing market study of your area, ask your Allen Tate Realtor, Michele, for a competitive market analysis (704) 201-4602.

New Updated Information on Tax Credit

Tue, 01 Dec 2009 13:22:52 -0800

The Tax Credit has been extended.

The opportunities have been expanded.

See if you qualify.

On November 6, 2009, President Obama signed into law a bill to extend the $8,000 first-time homebuyer tax credit and expand the tax credit to include repeat buyers and those with higher income levels.

Who qualifies?

First-time buyers

The bill extends the $8,000 tax credit to first-time buyers who purchase a principal residence. Homes must be under contract by April 30, 2010 and close no later than June 30, 2010.

First-time buyers are defined as any taxpayer who has not owned a home during the three years prior to date of purchase.

Repeat buyers

The bill creates a $6,500 tax credit for repeat buyers who purchase a principal residence after living in their current residence for at least five consecutive years in the past eight years. Homes must be under contract by April 30, 2010 and close no later than June 30, 2010.

Are there income restrictions?

Yes, but they have been extended from the previous tax credit. The adjusted gross income cap for first-time buyers or repeat buyers is $125,000 for single filers and $225,000 for joint filers.

Is the amount of the credit tied to the price of the home?

Yes. The credit is for 10 percent of the cost of the home, up to a limit of $8,000, for first-time buyers, and up to a $6,500 limit for repeat buyers. The credits cannot be used on homes costing more than $800,000.

What's the definition of "principal residence?"

Generally, a principal residence is the home where an individual spends most of his/her time. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of dwelling. It does not include second homes or vacation property.

Are there restrictions on the location of the property?

Yes. Eligible property must be located in the United States. Property outside the U.S. is not eligible for the credits.

What is different from the prior credit?

The first-time homebuyer credit is the same as the previous credit which would have expired on

November 30, 2009. However, the income caps have been increased. The previous credit did not offer a provision for repeat buyers.

Both the $8,000 first-time home buyer credit and the $6,500 repeat buyer credit are true tax credits and do not have to be paid back unless the home is sold within three years.

How do I apply for the credit?

Taxpayers can claim the credit on their federal income tax returns filed for the year they purchase their home. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers purchasing a home in 2009 who want immediate refunds can amend their 2008 tax returns to claim the credit.

Source: Joint Committee on Taxation, National Association of Realtors

What's the deadline

for qualifying?

Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30, 2010.

5.3 Acres in Golden Crescent for under $70K!!

Fri, 07 Mar 2008 11:43:18 -0800

Yes- you read that correctly.. I have 5.31 acres that percs for a 4 bd home in the Golden Crescent in Cabarrus County for under $70,000. THAT'S UNDER $13,000/ ACRE!!!!

CALL TODAY- WON'T LAST LONG!

ONLY THE SUN COVERS CHARLOTTE BETTER!

MICHELE LATHAM, BROKER, ABR, GRI, CRS

704-201-4602

FREE SHREDDING OF PERSONAL DOCUMENTS

Fri, 07 Mar 2008 08:20:42 -0800

For those of you in the Charlotte area on Saturday, Shred-It is hosting another privacy party for you to safely rid yourself of hard-drives, documents and other personal items. For further information you may call: (704) 424-5997 WHERE: 1500 N. Graham Street BUSINESS: COMPU-TEL HOURS: 9a-1p Please only 2-3 boxes per person I hope this helps you in your endeavors to maintain the privacy of your identity. If you know anyone who is looking to buy or sell real estate, please have them call me anytime! 704-201-4602 After all,

ONLY THE SUN COVERS CHARLOTTE BETTER!

Michele Latham, Broker, ABR, GRI, CRS

ALLEN TATE REALTORS

Secret Sale on DR Horton's Model Home Furniture!

Wed, 05 Mar 2008 09:35:04 -0800

FOR ONE DAY ONLY!!

CHARLOTTE BUILDER DR HORTON IS HAVING A SECRET SALE ON MODEL HOME FURNITURE! As a preferred Realtor, I have been notified by the following "secret" email:

http://www.drhortonsecretsale.com/drh/DRH_Spring_Cleaning_Sale.pdf

Exceptional savings and discounts on some REALLY GOOD FURNITURE!! Call me if you have any questions, comments or concerns! 704-201-4602

As always, Only The Sun Covers Charlotte Better!

Michele Latham, Broker/ Realtor, ABR, GRI,CRS

WELCOME!

Fri, 22 Feb 2008 12:49:11 -0800

Welcome to the University City group! What a great place to live!

The UC is comprised of areas between I-77 and Albemarle Road. Flexing into Cabarrus county to the NCRC (North Carolina Research Campus) and only 10 minutes from Center City, the University City is THRIVING!

As time permits, more posts for your pleasure will be posted!

If you have any questions, comments or concerns regarding Charlotte real estate market, the University City, foreclosure workshop/ seminars, please don't hesitate to contact me at 704-201-4602!

widgets?

Thu, 21 Feb 2008 22:49:54 -0800

Undergoing MyBlogLog Verification

How to Buy a Foreclosure

Thu, 21 Feb 2008 21:25:12 -0800

Charlotte, NC- On March 1, 2008 there will be an workshop at the Allen Tate Realtors, University office. The workshop will provide information on lender requirements, offer process and availability of foreclosures/ REOs/ OREOs/ HUD properties in the Charlotte and surrounding markets. Beginning at 11 am, until Noon; registration is free, seating limited. For more information, feel free to call 704-201-4602 or email Michele.Latham@topproducer.com

Only The Sun Covers Charlotte Better! Michele Latham, Broker/ Realtor, ABR, GRI, CRS

HOPE NOW! for owners faced w/ foreclosure

Wed, 13 Feb 2008 07:52:59 -0800

Announced on 2/12/2008, there is a 30- day mortgage moratorium on the foreclosure process. You are NOT applicable if:

1. You are already in bankruptcy.

2. Foreclosure sales date less than 30 days away

3. Home being foreclosed is an investment property

4. Home was not occupied at time of foreclosure.

Paticpating banks are:

Bank of America

Countrywide financial

JP Morgan Chase & Co

Washington Mutual

Wells Fargo

For more information on help: 1-888-995-HOPE

If you need further information on this program, or any information on real estate in Charlotte: CALL ANYTIME! 704-201-4602

ONLY THE SUN COVERS CHARLOTTE BETTER! Michele Latham,Broker,ABR, GRI, CRS

FREE shredding for personal documents

Tue, 12 Feb 2008 18:52:25 -0800

Last week, a sponsored free shredding event surpassed all expectations in the Charlotte NC area. I know that I missed it, and as a Realtor in Mecklenburg county, I could have certainly used a safe and controlled method in which peronal documents, items with social security numbers, etc. can be properly destroyed. In case you missed out, the National Consumer Protection Week kicks off March 8th and will be sponsoring another FREE SHREDDING of personal documents, electronic media and hard drives at CompuTel located at 1500 N. Graham St., from 9 am - 1 pm. Fraud detectives will also be on hand to distribute identity theft brochures and to answer questions.

Anyone with large quantities of paper or electronic media should call ComputTel, 704.376.1116, before March 8.

This is message is brought to you as a public service message. Should you, or anyone you care about, be interested in being more informed about real estate matters, or future shredding events, please don't hesitate to contact me anytime at 704-201-4602. After hours, you'll find me showing homes 24/7 at www.allentate.com/michelelatham.

After all, Only The Sun Covers Charlotte Better!

Michele Latham, Broker, ABR, GRI, CRS

ALLEN TATE REALTORS

YIKES! They're HOME! Whaddya say?

Fri, 25 Jan 2008 15:12:53 -0800

Okay- I HATE pulling up to a property to do a BPO- and someone WALKS OUTSIDE! It has happened twice in the last 2 weeks, and it is truly UNNERVING....especially not knowing if the BPO subject is dropping PMI or getting ready to lose their home....

What do you say to the occupants? "Oh, Hi! My name is MUD with A-Z Realty and I'm doing an opinion of homes in your neighborhood for valuation purposes." (which is what usually falls out of the piehole)

But, what do YOU say? I've got to get quicker on the draw for these occasions- they completely throw me into a conundrum.

*although I was able to get allowances from the occupant to walk up to the door and get a pic of the house #! *WHEW*)

Michele Latham

Only the Sun Covers Charlotte Better!

Live Traffic and other Cams for your information!

Sun, 20 Jan 2008 12:58:14 -0800

These cams sure do come in handy here in Charlotte when the weather is inclement and we were SUPPOSED to get 5 inches of snow !

http://www.wcnc.com/traffic/livecams.html

Also- North Carolina Live Web Cam Directory for everything from Lowe's Motor Speedway Cameras to the Mountains of NC camers (including ski slopes!)

www.webcambiglook.com/nc.shtml

For other states' traffic, weather, maps or any other real time cams , check out:

http://www.webcambiglook.com/

The earth and moon viewers are located:

http://www.fourmilab.ch/earthview/vplanet.html

I love the internet!

Hope you enjoy these cams, and if you ever need any real estate needs filled- please remember: ONLY THE SUN COVERS CHARLOTTE BETTER! Call anytime! 704-201-4602

Michele Latham, Broker, ABR, GRI, CRS

Showing Homes 24/7, nights/weekends/holidays online at www.allentate.com/michelelatham

HEY! I got a STAR!!

Thu, 20 Dec 2007 14:19:16 -0800

psstt. what's it for?

Distinguishing Real Buyers from Fakes

Sun, 09 Dec 2007 15:10:33 -0800

Well, first of- I DON'T OWN A CAB COMPANY. It doesn't say Latham Cab company on the side of my car, and if you (THE BUYER) aren't going to spend the time with my lender to get PRE-APPROVED, then I'm going to have to refer you to an agent who isn't with my company.

Second- The reason you are asked to be pre-approved is two-fold.

Sorry I don't believe you when you tell me how much house you can afford...Unless you are a lender, you TRULY don't know yourself. ("Really, Mr. Buyer? Then, pray-tell, what is your DTI? What about your FICO? Are you an ASS?) You get the picture...Besides, I could run all over town showing you homes you can't afford, and when you find out what you CAN afford, YOU WON'T LIKE ANY OF THEM, 'CUZ I DID THE DIS-SERVICE OF SHOWING YOU HOMES MORE THAN WHAT YOU QUALIFY FOR!
Next- if Buyer gets in the position of multi-offers, (or even making an offer) which offer do you think will have more strength? The Buyers' offer who spent the time producing their last 2 years W-2s, paystubs, etc. and has a pre-approval letter, or the "Buyer" who insists that they qualify and the Seller should believe them....

If a Buyer does not provide the time for this WORTHY investment in THEIR future- kick them to the curb and let them go and waste someone else's time....10 years in this business is too long not to know what I'm doing.

Besides, they HAVE to be pre-approved to present an offer to REO's anyway!

If you have any questions, comments or concerns, please don't hesitate to contact me: 704-201-4602 nights, weekends and holidays.

Michele Latham, Broker, ABR, GRI, CRS

Basic Rules of Negotiation

Sun, 09 Dec 2007 14:28:05 -0800

As much as I work to achieve a WIN-WIN position, I still have a duty to provide my Clients with the utmost in professionalism and duty. When we achieve "offer position" it behooves me to remember a couple of things:

1. It is not a "WE" versus "THEM" mentality. After all, I'M NOT MAKING ANY OF THE MORTGAGE PAYMENTS! It is a "the client", "the Seller", "the Buyer", etc. verbage when discussions are between parties.

2. GET EVERYTHING IN WRITING. *nuff said*PERIOD

3. Do your diligence in MAKING TIMELINES AND DEADLINES. In NC, the new contracts have "TIME IS OF THE ESSENCE" stamped all over them! (we went from 3 pages to, like, 8) Do your job...make sure other parties are doing theirs as well- you don't want to not get paid because you didn't prevent something that was preventable, right???????

4. Make sure all questions, comments, concerns are addressed BEFORE the closing statement comes out. You should be able to sit quietly at the closing table with your clients *eating the BON-BONS* not coming across the table to the other agent/ customer (like one of the agents in my office last week witnessed).

If you have any questions, comments or concerns, please give me a call anytime: 704-201-4602

Michele Latham, Broker, ABR, GRI, CRS

6 tips for Savvy Home Sellers

Sun, 09 Dec 2007 14:05:17 -0800

How can you ensure that your home will make the best impression possible? Here are six tips for savvy home sellers:

1. Focus on curb appeal. The outside of your house can be the source of a very good first impression. Keep the grass well-watered and mowed. Have your trees trimmed. Cut back overgrowth. Plant some blooming flowers. Store toys, bicycles, roller-skates, gardening equipment and the like out of sight. Have at least the front of your house and the trim painted, if necessary. Sweep the porch and the front walkway. After dark, turn on your front porch light and any other exterior lighting. "You gotta see it, to believe it!"

2. Clear out the clutter. Real estate agents say buyers won't purchase a home they can't see. If your home has too much furniture, overflowing closets, crowded kitchen and bathroom countertops or lots of family photos or collectibles on display, potential buyers won't be able to see your home. Get rid of anything you don't need or use. Fill up your garage or rent some off-site storage space if that's what it takes to clear out your home. In other words, pack your crap. You're gonna move, right???? Doesn't it make sense to go ahead and get this stuff crated NOW???What would you do if a Buyer gave you FULL PRICE , but you had to get out in 14 days???It's a lot easier to move when there's less to go...

3. Use your nose. Many people are oblivious to scents, but others are extremely sensitive to offensive odors ( I love curry, too,* and understand what wonderful health benefits it has* but I would NEVER cook with it 6 months before I was going to sell my house). To eliminate bad smells, bathe your pets, freshen the cat litter box frequently, shampoo your carpets, dry clean your drapes, and empty trash cans, recycling bins and ash trays. Place open boxes of baking soda in smell-prone areas, and refrain from cooking fish or strong-smelling foods. Introduce pleasing smells by placing flowers or potpourri in your home and using air fresheners. For goodness sakes, you can buy cookies these days that are READY TO BAKE!!! It is a known fact (couldn't tell you from where? ) that olfactory (YOUR NOSE) senses have a strong connection to feelings (safety, comfort, fear, etc). REEL IN THAT BUYER BY HIS NOSE!

4. Make all necessary repairs. duh!! Buyers expect everything in their new home to operate safely and properly. Picky buyers definitely will notice-and likely magnify -- minor maintenance problems you've ignored for months or even years. Leaky faucets, burned-out light bulbs, painted-shut or broken windows, inoperable appliances and the like should be fixed before you put your home on the market. These repairs may seem small, but left undone they can lead buyers to question whether you've taken good care of your home. Which of course you probably haven't, but it is gonna cost you BIG TIME LATER! (Free seller tip: clean your gutters religiously!!! water damage is not something you want showing up on a CLUE report!)

5. Introduce lifestyle accessories and make your home as comfortable and attractive as possible. Set the dining room table with your best dishes. Put out your only-for-company towels. Make up the spare bed. Hang some fresh curtains. Put some logs in the fireplace. Use your imagination. 6. Get a buyer's-eye view. Walk up to your home and pretend you've never seen it before. What do you notice? How do you feel about what you see? Does the home seem inviting? Well-maintained? Would you want to buy this home? Your answer should be an enthusiastic yes! ("By the way, did you bring your checkbook?")

6. Get a buyer's-eye view. Walk up to your home and pretend you've never seen it before. What do you notice? How do you feel about what you see? Does the home seem inviting? Well-maintained? Would you want to buy this home? Again, your answer should be an enthusiastic yes! (If not, you need to move!)

Call me anytime you have questions, comments or concerns....I look forward to hearing from you soon!704-201-4602 Michele Latham , Broker, ABR, GRI, CRS

Info on Short Sales

Sun, 09 Dec 2007 13:36:19 -0800

For those of you who haven't made a mortgage payment lately, or those agent who just got into the business, Here it is:

A short sale is the sale that includes debt forgiveness by the lender (under a deed of trust). The lender agrees to take a lesser amount that what's owed and will release the lien for the property. Of course, the contract is always between the Buyer and the Seller and the closing must occur before the Foreclosure.

Why would a lender do this? You may ask.....HERE's WHY:

Wouldn't YOU rather get SOME than NONE? It's a business decision for the banks to make that they are better off getting some than none.
Lenders are not in the business of OWNING property! Yes, they'll gladly give you money- but they REALLY don't want your property.
REOs cost $$$$$....Over 30k for a property valued at 200k....

As a Owner ( about to become a Seller), when you get into trouble financially with paying your mortgage, you need to contact them IMMEDIATELY!!

Contact the loss mitigation department. You will be assigned a specialist who will be your contact during the process of your short sale.If the Seller has been noticed with a foreclosure hearing, a continuation may be obtained ONCE...You may at least postpone the sale after the hearing for a period of 30-45 days to get more time for the short sale approval.
Get a letter together for your Agent to be authorized to speak with this Loss Mitigation Specialist. Your Agent will reference your address, loan number, name, date along with their information.
Have the agent contact their closing attorney to prepare a prelim HUD-1 that shows all fees associated with closing for the seller. This document will help determine whether the lender will approve a short sale.
Sit down and write out the circumstances for your situation. Have you lost your job? Is there a crisis of some sort?
Provide your financials- last 2 months of all your banks statements (front and back), your last 2 years tax returns , etc. * basically the same information you provided to get into the loan, you provide to get out of the loan*
Have your agent prepare a CMA...(The banks will get their own BPO, regardless)
The lower the number for an appraisal, the greater chance of banks accepting a short sale. (I understand the bank accepts 80-90% of this #)

This process averages 3-8 weeks. Short sales are not guaranteed- they are approved about 50% of the time and each Loss Mitigation Specialist has about 300 files they are working on at any one time.....THEY AREN'T GOING TO CALL YOU!!! YOU MUST STAY IN CONTACT WITH THEM!!!

If you have questions, comments or concerns, please don't hesitate to contact me at any time at 704-201-4602. You may also reach me at michele.latham@topproducer.com

Michele Latham, Broker, ABR, GRI, CRS

University City Neighbors

Sun, 09 Dec 2007 13:04:23 -0800

On Monday, December 10, the NC Dept. of Transportation's Rail Division will host a meeting at Back Creek Presbyterian Church from 5 to 7 pm. The meeting is for public input regarding the Back Creek Church Road widening project and the proposed changes to the rail newar the University City Boulevard intersection. Ko & Associates P.C. from Raleigh are the consulting engineers and will be at the meeting . Several weeks age, the consulting firm met w/ Back Creek Presbyterian and the University Height Homeownrs.

DUH! You think there are foreclosures in starter communities?

Sun, 09 Dec 2007 12:27:09 -0800

Well, more of the same in the local paper! Front page headlines in the Charlotte Observer today regarding easy credit loans for overextender buyers.....HMMMM....it's too bad those mortgage lenders can sleep at night- especially knowing that the homeowners can't.

Charlotte is a great place to live; 3 hours to the mountains, 3 hours to the coast. All 4 seasons are enjoyable. Great Arts & Science council and Professional sports (Carolina Panthers, The Bobcats, and Charlotte Knights). We are a great place to be....unless you are going to lose your home.

Too many buyers don't realize that in NC, they NEED a buyers' agent. I am responsible for looking over the loan, making sure that it is not usurious, doesn't come with a balloon, or is an unreasonable ARM. I have a fiduciary DUTY to protect them... Until Buyers learn that it can save them THOUSANDS to use a Buyers' Agent, we will continue to see more foreclosures.

Don't get me wrong- I realize that there are Buyers out there that won't listen, regardless; but it is still gratifying when I get the call for council.

BPOs into LISTINGS?

Thu, 06 Dec 2007 15:14:41 -0800

Okay, I admit it: I'm a newbie to AR/ blogging, but I've never pursued going after BPOs as listings until the "bottom" fell out * and I mean Buyer confidence not the Charlotte Market WHICH IS STILL GREAT!!

So- with that being said, who has/ has not pursued leaving a letter at the property when you're doing the drive-by asking for the listing? Most BPOs that I've performed either 1- were going to go foreclosure, and I end up seeing them later on (4 months or more) in MLS or 2- dropping the PMI.... Knowing the difference in the form, I finally realized that "Shouldn't I being going after these properties for a listing????" WHY NOT???

Is this cutting off my nose to spite my face if the asset manager realizes that I've asked for the listing? And why would they care? WOULD THEY? Do I really think they have the time to go back and check??? I'm really interested in hearing from others on this....especially before I start going after these as listings :)!