According to research of the foreclosures during the past 7 years, chief among the cited reasons were lack of down payment, undisclosed debt by the buyers, reduced credit requirements, and unstable income. In response to greater accountability to Washington lenders tightened there criteria…too tight by most industry experts. Thankfully, however lenders are beginning to see the light and with fewer homeowners in the marketplace they have to compete for those who actually can buy a home.
While credit and income are still pretty non-negotiable, according to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs Continue reading What is a My Community Mortgage?→
With all the new jobs being created in Raleigh-Cary with companies such as Red Hat, Citrix and MetLife just to name a few of the bigger names, it’s probably no surprise that there are a lot of people moving to Raleigh and Cary.
The following link will take you to a secure site where you can submit either an Express Application which is really just the bare essentials required for me to provide you a pre-qualification which should take about 10 minutes to complete.
Regardless if you’re a first time homebuyer looking for a cozy (realtor speak for small) 3 bedroom ranch styled home or a veteran move up buyer purchasing your dream home one thing that is consistent across that supply of housing in Raleigh-Cary and all over Wake County is that it’s tight! Continue reading Buying a home in Raleigh is getting tough!→
The national statistics are bad, really bad and that’s just for existing non distressed home sales. The numbers are even worse when it comes to short sales.
Some experts today are saying that only 1 out of 10 short sales reach a successful conclusion. Yet others say that 1 out of every 4 close escrow. Regardless a 10% to 25% success ratio is pathetic no matter what your business is! Because my expertise is in Short Sales I find myself frequently being asked the question “Why do many short sales never close?” and this is what I tell them;
My Top 5 Reasons Your Short Sales Won’t Close
1) Unrealistic Buyer Expectations
Somewhere along the way, Buyers got it in their heads that short sales are the end all, be all score of the century. Often I receive calls from out-of-state investors and Buyers who all make similar comments – “Yeah… I had a cousin who bought a $300,000 condo as a short sale for only $50,000”. First, I would refute that the condo was ever worth $300,000. Perhaps in Florida, Nevada, Arizona or California, you might be able to pick up a condo for $50,000 when at once it was sold for $200,000. But outside the anomalous cities, you just don’t score those deals – not in the Raleigh/Durham/Apex/Cary areas of North Carolina.
While consumers certainly struggle with higher gas prices, longer-term inflation trends generally are more influenced by other factors such as wages and housing costs, which recently have been increasing very slowly.