Century21 First time Home Buyers Greenville NC Real Estate

What can you afford?

2009-08-05T00:39:00.000-07:00

Now that you know what you're looking for, the next step is figuring out what you can afford. A review of your income, savings, monthly expenses, and debt will be necessary. Early on in the process, you'll want to get pre-qualified for a mortgage loan, which helps determine how much you can afford. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to finance through a loan and what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home. Know what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. It pays to check with several lenders before you start searching for a home. The price you can afford to pay for a home will depend on several factors, such as: gross income the funds you have available for the down payment, closing costs and cash reserves required by the lender your debt your credit history the type of mortgage you select

Bridge Loan

2009-07-22T21:45:00.000-07:00

A bridge loan is short-term loan that is used until a person or company secures permanent financing or removes an existing obligation. This type of financing allows the user to meet current obligations by providing immediate cash flow. The loans are short-term (up to one year) with relatively high interest rates and are backed by some form of collateral such as real estate or inventory. Bridge loans are also known as interim financing, gap financing or a swing loan. As the term implies, these loans "bridge the gap" between times when financing is needed. They are used by both corporations and individuals and can be customized for many different situations. For example, let's say that a company is doing a round of equity financing that is expecting to close in six months. A bridge loan could be used to secure working capital until the round of funding goes through. For an individual, bridge loans are common in the real estate market. As there can often be a time lag between the sale of one property and the purchase of another, a bridge loan allows a homeowner some flexibility.

Your Own Real Estate is Your Best Investment

2009-07-21T22:46:00.000-07:00

You probably have heard the concept of making extra principal payments to reduce interest and payoff your mortgage early. The concept may be simple, but it is often overlooked and rarely practiced. A typical promissory note amounts to incredible interest over thirty years. For example, on a thirty year $100,000 loan at 9%, you will pay over $189,000 in interest.

If you have a positive cash flow on your rental properties, consider using it to make extra principle payments. By making extra principle payments, even small ones, you can save significantly on interest. This is because interest is charged on the outstanding balance owed. For example, if you paid an extra $50/month the loan described above, you would save $49,000 in interest and pay off the loan balance six years earlier. If you paid an extra $100 per month, you would save over $75,000 in interest and pay off the balance ten years earlier.

Save Money on Late Fees

If you are in danger of paying your mortgage late, send your payment via overnight mail. The cost of doing so is probably much less than your late payment. For example, a 5% late penalty on a $1,000 payment is $50. Sending the payment via Federal Express will cost you less than $15.

A Few Tips if You are Holding a Mortgage in Default

If you sold a property and took back a mortgage (or you bought an existing mortgage), you have an alternative to the foreclosure procedure . . . sue on the promissory note. Remember that a mortgage is security for a note, and you can always forego the foreclose proceeding and sue the borrower directly for nonpayment on the note. This may be desirable if the property has little equity and the borrower has other assets to attach. Keep in mind, however, that you have to elect one remedy or the other; once you choose to sue on the promissory note, you waive your right to foreclose the property (and vice-versa).

Watch for Bankruptcy

A borrower in default can run into federal court and file for bankruptcy to stop your foreclosure proceeding. Once the federal bankruptcy petition is filed, the state court foreclosure proceeding is subject to an automatic "stay" (which means you must stop all collection efforts). This will delay your foreclosure, but not deprive you of your rights. As a secured creditor you will have first crack at the property over unsecured creditors (credit card debtors, etc.). Simply have your attorney march into federal court and ask the judge to have the stay lifted against you. However, if the debtor files for chapter 13 reorganization, he may be able to ask the court to force you to accept a payout plan. Either way you will get paid, even if it means having to wait.

Consider a "Deed in Lieu of"

If you are in a mortgage state, a borrower can delay the proceeding for months by simply filing an answer to the complaint, raising any number of defenses, including improper service of the summons. If you are on speaking terms with the borrower, try and work it out. It may be cheaper for you to waive the back payments and even pay him to give you a deed in lieu of foreclose. That is, he gives you the property back and you spare him the embarrassment and credit devastation of a foreclosure (as well as a possible deficiency judgment against him). Time is money when it comes to foreclosure, so use it wisely!

Working With An Agent

2009-07-18T02:29:00.001-07:00

Buying a home is one of the most important decisions you will make. That's why it's in your best interest to choose an experienced real estate agent who listens to and understands your needs, and works in the area where you want to live. When you choose a CENTURY 21 Agent, you're dealing with an experienced professional who understands your concerns and will provide you with the personalized service that makes all the difference. CENTURY 21 is in 42 countries, 7,800 offices, 104 languages, and represented by 143,000 agents who understand the life changes that real estate decisions can bring. What should you expect in your first meeting with a real estate agent? A CENTURY 21 agent typically will talk to you about the neighborhood where you want to live, home prices, schools, transportation, and the surrounding commercial and residential areas.

Shopping For A New Home

2009-07-15T02:08:00.000-07:00

An important first step is selecting a buyer's agent to help you find your dream home. He or she can represent the buyer's interest in a real estate transaction. Before making a decision, however, have a realtor explain the pros and cons of using a buyer's agent versus a sales or dual agent. A CENTURY 21® agent can guide you through every step of buying your next home. When you're ready to visit houses, ask your CENTURY 21 professional champion to arrange showings, and be sure to keep track of the properties you've seen. Each time you view more properties, refer to your "what's right for you" notes to immediately eliminate any that clearly do not meet your standards. And bring a digital camera to record what you see – you’ll be happy to have the record afterwards. After touring each home, write down what you liked and didn't like. Develop a rating system that will help narrow the field. For example, pick the house you like best on day one and compare all other houses to it. When you find a better one, use the new favorite as the standard.

What Can You Afford?

2009-07-15T02:05:00.000-07:00

Average Interest rates Fall This Week

2009-07-13T15:17:00.000-07:00

Today 7/02/09 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 5.20% (5.19% in the southeast), down from 5.32% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.69%, down from 4.77% last week. A year ago the 30 year rate was 6.37%.

This is the lowest rates have been in six weeks. There is concern over the labor market and this contributed to the continued fall in interest rates this week. Our economy lost 467,000 jobs in June and this was a little more than had been expected by the "experts". Overall unemployment was at 9.5% nationally, the highest it has been since 1983. Boy, does that seem like ancient history!!!

Weaker employment figures and lower home prices are working together to increase the numbers of defaults on home equity loans and lines of credit. When things were booming and homes were appreciating wildly, many rushed to pull the equity out of their properties. Sometimes for good reasons (send the kids to college), and some for not so wise purposes (buy a new boat). In any case, now some of those chickens have come home to roost. And being a farm boy from way back, I know that roosting birds can make one heck of a mess! If many of these homeowners had stayed with their first mortgage rather than extending its amount to pull equity out of their homes, they would probably not be defaulting in droves now.

Do keep in mind that we are a very large country. So figures that come out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

I would also be happy to assist you in any way that I can. Just call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com

Tax Credit For First Time Home Buyers

2009-07-12T19:37:00.000-07:00

Tax credit for first-time homebuyers boosts market

12:00 AM CDT on Sunday, June 7, 2009
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com

Earlier this year when federal lawmakers voted to give first-time homebuyers a tax incentive, they hoped the move would boost home sales.

And that seems to be happening.

The offer of an $8,000 tax credit – combined with low mortgage rates – has lured thousands of buyers to the beleaguered housing market.

Keller resident Joe Palacios is one of them. He and his wife are purchasing a new home.

"The tax credit was icing on the cake," said Palacios, who's living with friends until the couple's four-bedroom Pulte home is finished this summer. "My wife and I were looking at apartments that were going for $1,200 a month.

"We decided why not go for a home instead?" he said. "With the mortgage rates being down so low, we had to take advantage of the situation."

More than half a million homebuyers have been motivated by the temporary tax credit, according to the National Association of Home Builders.

And so far this year, almost half the home sales nationwide have been to first-time buyers, the National Association of Realtors reports.

The surge in buyers is welcome news in a housing market suffering its worst shakeout in generations.

"We are hoping this will help us have a better summer market," said Teresa Costa, a real estate agent with Dallas' David Griffin Realtors.

Ms. Costa has been talking up the $8,000 tax credit with potential buyers at an Oak Lawn condo complex she's marketing.

"We have three units we put under contract in the last couple of weeks," she said. "And I think all three of them are first-time homebuyers doing that."

Real estate agent Vivian Vance with Century 21 Judge Fite Co. said the tax credit has already made a difference in her business.

"I'm telling everyone I know about it," said Ms. Vance, who sells houses in the Grand Prairie area. "In my 28 years in this business, I've never seen an opportunity like this."

Some builders are also seeing a jump in sales of starter houses, said Ted Wilson of Dallas-based housing analyst Residential Strategies Inc.

"I would expect to see some renewed construction activity at the entry-level price points in the second quarter," Wilson said.

"Because not many builders are building spec houses these days, there is some urgency to commit to a house now so that it is ready to close by Nov. 30, when the tax credit program ceases," he said.

The lure of the tax credit and a recent uptick in mortgage rates has been enough to get some buyers off the fence, said Scott Sim, Pulte Homes' vice president of sales for the Dallas-Fort Worth division.

"You are starting to see a number of things coming into play to get people to buy now," Sim said. "We see a lot of folks who are still anxious and wondering if prices are going to go down further."

Nelson Mitchell, president of Fort Worth-based History Maker Homes, said his firm is stepping up its production to provide new homes for first-time buyers.

"Our April and May sales were up pretty dramatically from the first quarter," Mitchell said. "I think that's attributable to a lot of things, the tax credit being one of them.

"We are pushing it very hard."

Mitchell said that the federal homebuying stimulus would have a broader impact on the housing market if buyers could tap into the tax credit funds when they contract to purchase.

The Federal Housing Administration last month said it would allow buyers to fund certain down payment and closing cost expenses with an advance on the tax credit funds.

"Even the government has finally figured out that the credit didn't do nearly as much good for housing as they hoped since the buyer has to wait until they file their tax return to get the money and therefore can't use the credit as part of the down payment," said Dr. James Gaines, an economist with Texas A&M University's Real Estate Center.

"We are hearing that the credit is stimulating a lot of folks to buy and has contributed to increased sales for first-time buyers," Gaines said.

Making An Offer

2009-07-12T19:28:00.000-07:00

Once you’ve found your dream house, it’s time to get started with the financial and contractual side of the purchase. Let your CENTURY 21® professionals guide you through this process. Purchase contracts vary in length and terms from state to state, and within a state, from locality to locality. Because you and the seller have different goals, rely on your CENTURY 21 agent’s experience and expertise. He or she can bring order and calm to the process and will know what questions you may not know to ask to help you reach a favorable outcome. Multiple offers on the same home are not uncommon, so you may only get one chance to make an offer that the seller will consider. That's why it's important to think carefully about your strategy. In most cases it is better to have your real estate professional negotiate the offer. If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations.

sked Questions About The Home Buyer Tax Credit

2009-07-12T19:22:00.001-07:00

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

Who is eligible to claim the tax credit?
What is the definition of a first-time home buyer?
How is the amount of the tax credit determined?
Are there any income limits for claiming the tax credit?
What is "modified adjusted gross income"?
If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Can you give me an example of how the partial tax credit is determined?
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
How do I claim the tax credit? Do I need to complete a form or application?
What types of homes will qualify for the tax credit?
I read that the tax credit is "refundable." What does that mean?
I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
I am not a U.S. citizen. Can I claim the tax credit?
Is a tax credit the same as a tax deduction?
I bought a home in 2008. Do I qualify for this credit?
Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?

Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.

What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It is important to note that you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. Please consult with your tax advisor for more information. Also see IRS Form 5405.

I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.

I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.

I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.
Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 14 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?
It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.

Under the guidelines announced by HUD, non-profits and FHA-approved lenders will be allowed to give home buyers short-term loans of up to $8,000.

The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.

Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.

In addition, approved FHA lenders will also be able to purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.

More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Common Sense Mortgage Tips

2009-07-10T22:04:00.000-07:00

Your Own Real Estate Is Your Best Investment

You probably have heard the concept of making extra principal payments to reduce interest and payoff your mortgage early. The concept may be simple, but it is often overlooked and rarely practiced. A typical promissory note amounts to incredible interest over thirty years. For example, on a thirty year $100,000 loan at 9%, you will pay over $189,000 in interest.

If you have a positive cash flow on your rental properties, consider using it to make extra principle payments. By making extra principle payments, even small ones, you can save significantly on interest. This is because interest is charged on the outstanding balance owed. For example, if you paid an extra $50/month the loan described above, you would save $49,000 in interest and pay off the loan balance six years earlier. If you paid an extra $100 per month, you would save over $75,000 in interest and pay off the balance ten years earlier.

Save Money on Late Fees

If you are in danger of paying your mortgage late, send your payment via overnight mail. The cost of doing so is probably much less than your late payment. For example, a 5% late penalty on a $1,000 payment is $50. Sending the payment via Federal Express will cost you less than $15.

A Few Tips if You are Holding a Mortgage in Default

If you sold a property and took back a mortgage (or you bought an existing mortgage), you have an alternative to the foreclosure procedure . . . sue on the promissory note. Remember that a mortgage is security for a note, and you can always forego the foreclose proceeding and sue the borrower directly for nonpayment on the note. This may be desirable if the property has little equity and the borrower has other assets to attach. Keep in mind, however, that you have to elect one remedy or the other; once you choose to sue on the promissory note, you waive your right to foreclose the property (and vice-versa).

Watch for Bankruptcy

A borrower in default can run into federal court and file for bankruptcy to stop your foreclosure proceeding. Once the federal bankruptcy petition is filed, the state court foreclosure proceeding is subject to an automatic "stay" (which means you must stop all collection efforts). This will delay your foreclosure, but not deprive you of your rights. As a secured creditor you will have first crack at the property over unsecured creditors (credit card debtors, etc.). Simply have your attorney march into federal court and ask the judge to have the stay lifted against you. However, if the debtor files for chapter 13 reorganization, he may be able to ask the court to force you to accept a payout plan. Either way you will get paid, even if it means having to wait.

Consider a "Deed in Lieu of"

If you are in a mortgage state, a borrower can delay the proceeding for months by simply filing an answer to the complaint, raising any number of defenses, including improper service of the summons. If you are on speaking terms with the borrower, try and work it out. It may be cheaper for you to waive the back payments and even pay him to give you a deed in lieu of foreclose. That is, he gives you the property back and you spare him the embarrassment and credit devastation of a foreclosure (as well as a possible deficiency judgment against him). Time is money when it comes to foreclosure, so use it wisely!

For Sale 200 Chippendale road Greenville NC

2009-07-10T00:33:00.000-07:00

http://bit.ly/OoHPB

Define Target Market

2009-07-08T00:28:00.000-07:00

You need to know what you're hunting so to speak. Just an "I Buy Houses" message to your market doesn't come close to what you need to do in direct mail. There are many, many ways to make money in real estate and finding the truly motivated sellers with direct mail means your message should be reflective of the target market you are seeking. For example if you are targeting pretty house properties that are in pre-foreclosure then included in your message the seller doesn't need to know you take over properties with tenant terrors or that buy junker houses. They need to be informed that you can possibly take over their payments and know how to find tenant buyers that will help resolve their situation so they can move on with their lives. Define your target market because the message you send needs to reflect accordingly.

200 Chippendale road

2009-07-03T21:06:00.000-07:00

http://ml21.offutt-innovia.com/gre/maildoc/sd_AAAa004lC20090704000447.html

200 Chippendale Road

2009-07-02T22:12:00.000-07:00

http://www.cnsrvr.com/TDR/re/Ken_Rakestraw/90404/ec.html

TAx credit can be used on closing cost

2009-07-02T22:08:00.000-07:00

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Real Estate Assistant

2009-07-02T02:31:00.001-07:00

Having an assistant is one of the best investments you’ll make as a real estate entrepreneur. Like all parts of your business (and yes, buying, leasing, and selling houses is a business), they require an investment of your money and also your time. You’ll need to invest a little money in order to hire, train, and compensate them for their services. And, you’ll need to invest some time to help them get the job done right — more in the beginning and much less as time goes on.

In exchange for your investment in them, a good assistant will help you to generate much more money than you are paying (bringing you a rate of return that would make any investor jealous). And, they will save you countless hours for every extra hour you spend developing them.

Although many investors are hell-bent on trying to do it all themselves, or think they can’t afford one, here is a partial list of reasons why you absolutely can’t live without an assistant:

You will do more deals. Marketing is probably the best thing to hire an assistant to do. They will help you to execute advertising campaigns that you just would not have gotten around to doing on your own. They can compile lists, print letters, make calls, stuff envelopes, buy supplies, shop around for pricing, and do plenty of other things that generate leads for you that you would not have had the time or inclination to do otherwise.

You will look more professional. When people receive a call from your assistant, they will know that you are a real player. It makes you look successful, organized, and trustworthy. Your credibility with sellers will increase, which will put them at ease and help you to get more offers accepted. Private lender prospects will acknowledge you as a legitimate business and will feel safer sending money to you knowing that you are not a fly-by-night operation.

You will have less stress in your life. No one likes drowning in work. One of the worst feelings on earth is to have more work due than you can possibly hope to accomplish in the time available. Having an assistant will take a huge burden off of your back, especially when they do tasks that you don’t like doing or are not good at.

You will be able to build a team. Having an assistant will help you to practice your skills at hiring, training, and managing team members. They are the ideal "starter employee" because they are not difficult to find and can immediately begin doing simple tasks for you. And, there is almost always an immediate use for their help. They will help prepare you to hire other team members when the time comes, if you so desire, such as a salesperson, renovations supervisor, or a purchasing representative.

You will have a better lifestyle. Isn’t this one of the reasons why you got into real estate to begin with? When I started my real estate investment company, I had visions of lying around on the beach somewhere, living the good life while the rent money poured in. Then, I found out there’s actually a lot of work involved. A good assistant will give you your life back so you can spend it with your family, working on hobbies, or working on your business (which is always more fun than working in it).

Real Estate Terminology

2009-06-14T22:24:00.000-07:00

Abstract of Title - historical summary of all of the recorded instruments and proceedings that affect title to a property.

Accelerated Cost Recovery System - A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.

Acceleration Clause - a loan provision giving the lender the right to declare the entire amount immediately due and payable upon violation of another specific loan provision, commonly referred to as the Due on Sale Clause.

Acceptance - a buyers or sellers agreement to enter into a contract and be bound by the terms of the offer.

Accrued Interest - interest that has been earned but not paid.

Accumulated Depreciation - in accounting, the amount of depreciation expense that has been claimed to date.

Acknowledgment - a declaration by a person who has signed a document that such signature is a voluntary act, made before a duly authorized person.

Acquisition Cost - the price and all fees required to obtain a property.

Acquisition Loan - money borrowed for the purpose of purchasing a property.

Acre - a two dimensional measure of land equaling 4,840 square yards or 43,560 square feet.

Addendum - something added as an attachment to a contract.

Additional Principal Payment - Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.

Adjoining - contiguous, attached, sharing a common border.

Adjustable Rate Mortgage (ARM) - a mortgage loan that allows the interest rate to be changed at specific intervals over the maturity of the loan, based on a monitored index.

Adjusted Cost Basis - The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.

Adjusted Tax Basis - the original cost or other basis of the property, reduced by depreciation deductions and increased by capital expenditures.

Adjustment Period - The amount of time between interest rate adjustments in an adjustable-rate mortgage.

Administrator - a person appointed by a court to administer the estate of a deceased person who left no will.

Administrator's Deed - A legal document that an administrator of an estate uses to transfer property.

Adverse Possession - a means of acquiring title to real estate where an occupant has been in actual, open, notorious, exclusive and continuous occupancy of property for the period required by state law.

Affidavit - a written statement, sworn to or affirmed before an officer who is authorized to administer an oath or affirmation.

Agency - the legal relationship between a principal and his agent arising from a contract in which the principal engages the agent to perform certain acts on behalf of the principal.

Agreement for Deed - see Contract for Deed.

Alienation - to convey or transfer title and possession of property.

All Inclusive Trust Deed - This applies to states that use trust deeds instead of mortgages. It is the same as a wraparound mortgage.

Amortized Loan - loan that is repaid in a series of installments each of which contains a portion that is applied to reduce the principal amount of the loan and a portion that is applied to pay interest with each successive payment allocates a larger portion to principal reduction and a smaller portion to interest payment until the outstanding balance is ultimately reduced to zero.

Annual Cap - maximum amount the interest rate on an adjustable rate mortgage can be raised or lowered in the course of one twelve month period.

Annual Percentage Rate (APR) - effective rate of interest rate for a loan per year including fees and points, disclosure of which is required by the Truth-in-Lending Law.

Anticipatory Breach - A communication that informs a party that the obligations of the original contract will not be fulfilled.

Appraised Value - opinion or estimate of a value of a property, values are determined by one of three methods: comparable sales (residential), replacement cost (insurance), or income approach (commercial).

Appreciation - an increase in the value of a property.

Arrears - mortgage payment includes interest for prior month, or overdue payments in default.

As-Is - without guarantees as to condition.

Assessed Value - the value established for property tax purposes.

Assignee - the person to whom an agreement or contract is sold or transferred.

Assignment - the method by which a right or contract is transferred.

Assignor - the person who assigns or transfers an agreement or contract to another.

Assumable Mortgage - An existing mortgage which allows the next purchaser of a property to be liable for the payments and other obligations of the note and mortgage. Depending on the type of loan, the assumption of the obligation by this next purchaser may or may not require a qualification and approval process and may or may not release the original mortgagor (borrower) from further liability. A written release from the mortgagee (lender) is required to relieve the original mortgagor of responsibility.

Attornment - A tenant's formal agreement to be a tenant of a new landlord.

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B
Backup Contract - a contract to buy real estate that becomes effective if a prior contract fails to be consummated.

Balance - see Principal Balance.

Balloon Loan - a loan that has level monthly payments that will amortize it over a stated term (e.g., 30 years) but that requires a lump sum payment of the entire principal balance at the end of a shorter term (e.g., 10 years).

Balloon Payment - An installment payment which is larger (most often much larger) than the other scheduled payments. It is usually the last payment. If a note is written for $50,000 at a fixed 9.0% rate of interest with payments based on an amortization schedule of 30 years and a balloon payment due in 5 years, the first 60 payments will each be $402.31 (the normal payment for a 30 year loan at 9.0% interest) and the last payment will be $47,940.15 which will be the outstanding balance remaining after the 60th payment.

Bankruptcy - the financial inability to pay one's debts when due causes the debtor to seek relief through court action.

Bankruptcy Discharge - the release of a bankrupt party from the obligation to repay debts that were or might have been proved in a bankruptcy proceeding.

Basis Point - one 100th of 1%.

Beneficiary - the person who receives or is to receive the benefits resulting from certain acts.

Bilateral Contract - a contract under which each party promises performance.

Bill of Sale - a written instrument given to pass title of personal property.

Bird Dog - someone who identifies a potential good real estate investment opportunity and passes that deal on to another investor for a fee.

Biweekly Mortgage - A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.

Blanket Mortgage - a single mortgage which attaches to more than one property.

Board Of Equalization - A state board charged with ensuring that local property taxes are assessed in a uniform manner

Board of Realtors - a local group of real estate licensees who are members of the state and national association of Realtors.

Bond - (1) a written agreement purchased from a bonding company that guarantees a person will properly carry out a specific act, such as managing funds, showing up in court, providing good title to a piece of real estate or completing a construction project. If the person who purchased the bond fails at his or her task, the bonding company will pay the aggrieved party an amount up to the value of the bond.

Breach of Contract - a violation of the terms of a legal agreement, default.

Bridge Loan - mortgage financing between the termination of one loan and the beginning of another loan.

Broker - An individual who acts as an intermediary between two or more parties for the purpose of negotiating a transaction agreeable to all of the parties. In lending, the broker arranges and negotiates loan amounts, interest rates and loan terms between borrowers and lenders. Depending on the type of loan, the state wherein the transaction is occurring and contractual arrangements, the broker may represent the borrower, the lender or not have a fiduciary responsibility to either. (See definition of "fiduciary responsibility" below.).

Broker Price Opinion (BPO) - real estate broker provides an estimated value of a property

Building Permit - permission granted by a local government or agency to build a specific structure at a specific site.

Bundle of Rights - ownership in real property implies a group of rights, such as the right of occupancy, use and enjoyment, the right to sell in whole or in part, the right to control the use, the right to bequeath, the right to lease any or all of the rights, the right to the benefits derived by occupancy and use of the property, etc.

Buy Down - A payment of discounts points in exchange for a lower rate of interest. It has the effect of providing the lender with a greater yield today in exchange for a lower yield in the future. (See definition of "discount points" below.).

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C
Call Option - A clause in a loan agreement that allows a lender to ask for the balance at any time.

Cancellation Clause - a contract provision that gives the right to terminate the obligations upon the occurrence of specified conditions or events.

Cap - a provision of an adjustable-rate mortgage (ARM) that limits how much the interest rate or loan payments may increase or decrease. In upward rate markets, it protects the borrower from large increases in the interest rate or monthly payment. See lifetime payment cap, lifetime rate cap, periodic payment cap, and periodic rate cap.

Capital - (1) money used to create income, either as an investment in a business or an income property. (2) the money or property comprising the wealth owned or used by a person or business enterprise. (3) the accumulated wealth of a person or business. (4) the net worth of a business represented by the amount by which its assets exceed liabilities.

Capital Expenditure - the cost of an improvement made to extend the useful life of a property or to add to its value, such as adding a room. The cost of repairing a property is not a capital expenditure. Capital expenditures are appreciated over their useful life; repairs are subtracted from income for the current year.

Capital Improvement - any structure or component erected as a permanent improvement to real property that adds to its value and useful life. (See Capital Expenditure).

Capitalization (Cap) Rate - rate of return used to derive the capital value of an income stream, divide annual income by net operating income.

Carrying Charges - expenses necessary for holding property, such as taxes and interest on idle property or property under construction.

Cash Flow - The net operating income minus the total of all debt service payments. (See definition of "net operating income" below.)

Cash Flow Basis - this calculation shows when your monthly payment savings exceed your estimated closing costs and discount points. It does not consider the tax impact or differences in principal balance reduction between your current loan and the refinance suggestions. You can use the Amortization Schedule Calculator to compare principal reduction.

Cash Out - Cash given to the borrower from the proceeds of a loan. While relatively common as part of a refinance, it is uncommon, but not impossible, as a benefit of a small percentage of non-conforming loans used for a purchase.

Cash-Out Refinance - a refinance transaction in which the new loan amount exceeds the total of the principal balance of the existing first mortgage and any secondary mortgages or liens, together with closing costs and points for the new loan. This excess is usually given to the borrower in cash and can often be used for debt consolidation, home improvement, or any other purpose. The borrower effectively borrows against the home equity.

Caveat Emptor - let the buyer beware.

Certificate of Eligibility - issues by the Veterans Administration to those who qualify for a VA loan.

Certificate of Insurance - a document issued by an insurance company to verify the coverage.

Certificate of Occupancy (C.O.) - a document issued by a local government or agency permitting the structure to be occupied by members of the public.

Certified Commercial Investment Member (CCIM) - a designation awarded by the Realtors National Marketing Institute, which is affiliated with the National Association of Realtors.

Certified Residential Broker (CRB) - a designation awarded by the Realtors National Marketing Institute, which is affiliated with the National Association of Realtors.

Certified Residential Specialist (CRS) - a designation awarded by the Realtors National Marketing Institute, which is affiliated with the National Association of Realtors.

Chain of Title - a history of conveyances and encumbrances affecting a title from the time that the original patent was granted or as far back as records are available.

Clear Title - a marketable title, one free of clouds and disputed interests.

Closing - The formal meeting where loan documents are signed and funds disbursed. Note, however, that Federal law requires that funds not be disbursed for three business days on certain loans where personal residences serve as the security. (See definition of "recission" below.)

Closing Costs - The expenses which borrowers incur to complete the loan transaction. These costs may include title searches, title insurance, closing fees, recording fees, processing fees and other charges.

Closing Date - the date on which the seller delivers the deed and the buyer pays for the property.

Closing Statement - an accounting of funds from a real estate transaction, also known as a HUD-1.

Cloud on Title - an outstanding claim or encumbrance that, if valid, would affect or impair the owner's title.

Coinsurance Clause - a provision in a hazard insurance policy stating the minimum amount of coverage that must be maintained - as a percentage of the total value of the property - in order for the insured to collect the full amount of a loss.

Collateral - property pledged as security for a debt.

Collectors Deed - If the Property has not been redeemed during the one-year redemption period, the holder of the Certificate of Purchase may apply for and receive a Collectors Deed to the property

Combined Loan-to-Value (CLTV) - The total of all loans relative to the value of the property. If a property has a value of $100,000 and three loans totaling $125,000, the CLTV is 125% ($125,000 / $100,000).

Commitment - The notification that a lender has approved a loan. Virtually all commitments are issued conditionally; that is, subject to some list of conditions that must be satisfied prior to funding actually taking place. Typical conditions include appraisals of a certain value, clean title, verification of representations by the borrower, etc.

Comparable Sales - As part of the appraisal process, those relatively recently sold properties which will be compared to the subject property (the property being appraised) for the purpose of forming an opinion of value for the subject property. The facts and details of the comparable properties will be compared to those of the subject. In an urban setting, to be of credible assistance in this process, comparable sales must have the same use as the subject, have many similarities to the subject in terms of size of house, size of lot, construction, bedroom count, room count, floor plan, amenities, street traffic and be in the same neighborhood and have been sold in the recent past (preferably no more than six months) by way of an "arms length" transaction (i.e., not sold to a relative or friend and not sold due to a forced sale or distress sale) and be within one mile of the subject property. More liberal standards will apply for rural property and some suburban properties but the basic premise holds, the more similar the comparable sales are to the subject property, the more accurate the value assigned to the subject property will be. Lenders will often compensate for the less precise nature of rural appraised values by allowing only lower loan-to-value ratios than those in urban settings, usually 10% lower. (See definition of "loan-to-value" below.)

Conditions, Covenants, and Restrictions (CCR's) - promises written into deeds and other instruments agreeing to performance or nonperformance of certain acts, or requiring or prohibiting certain uses of the property.

Conforming Loan - A loan which has underwriting criteria consistent with (i.e., conforming to) those strict guidelines of Fannie Mae, Freddie Mac, FHA or VA. These are typically the lowest interest rate loans with very good terms. (See definitions of "Fannie Mae", "Freddie Mac", "FHA", "VA" and "underwriting" below.).

Consideration - anything of value given to induce entering into a contract.

Contiguous - actually touching, having a common boundary.

Contingency - A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.

Contract - an agreement between competent parties to do or not do certain things for consideration.

Contract For Deed - a real estate installment selling arrangement whereby the buyer may use, occupy, and enjoy land, but no deed is given by the seller until all or a specified part of the sale price has been paid, same as land contract.

Contractor - one who contracts to provide specific goods or services.

Conventional Loan - A conforming loan with no government guarantee; that is, a Fannie Mae or Freddie Mac loan. (See definition of "conforming loan" above.).

Conversion - changing property to a different use or form of ownership.

Convey - to deed or transfer title to another.

Cooperative (co-op) - a type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.

Counteroffer - rejection of an offer with a simultaneous substitute offer.

Creative Financing - any financing arrangement other than a traditional mortgage from a third party lending institution.

Credit Line - A loan that allows revolving use of the credit; that is, after funds have been borrowed and repaid they may be borrowed again without applying for a new loan. Typically, a credit limit is established and some or all of the available funds can be optionally disbursed at closing. Undisbursed funds are available for the borrowers use at any time. Payments are required only on the outstanding balance. They are similar in use to a credit card except that they typically use checks to access the funds. They are inexpensive, effective tools for investors.

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D
Dealer - one who holds real property primarily for sale to customers, merchandise is inventory and gain on sale is treated as ordinary income.

Debt Coverage Ratio (DCR) - A ratio used in underwriting loans for income producing property which is created by dividing net operating income by total debt service. Ratios of at least 1.10 are generally required with ratios of 1.20 and higher considered the norm. (See definition of "underwriting" below.).

Debt Ratio (DR, D:I) - Also known as debt to income. The ratio of the total of minimum monthly debt payments to gross monthly income. If minimum monthly payments on a credit card, auto lease, and mortgage (PITI) were $30, $220 and $750 respectively and the gross monthly income was $3000, the debt ratio would be 33.33% ($1000 / $3000). Only debt obligations that will be in place after the loan has funded are considered. Payments for food, utilities, entertainment, medical bills, etc. are not included in the calculation. Contractual obligations for rent (e.g., a lease) would be included in the calculation. The housing ratio in this example would be 25.0% ($750 / $3000). The preferred candidate for conventional loans typically would have debt ratios of 28% for housing and 36% for the total with the maximum ratios allowed (on a case by case basis with compensating factors; i.e., some other strong positive to offset the negative of the higher debt ratio) being around 30% / 40% (housing / total). FHA and VA loans allow a total of approximately 41.0%. Non-conforming loans may allow total debt ratios as high as 55% or so. True "hard money" loans seldom consider debt ratios. (see definitions of "PITI", "Housing Ratio", "Non-conforming Loan" below).

Decree - an order issued by one in authority, a court order or decision.

Deed - written document, properly signed and delivered, that conveys title to real property.

Deed in Lieu of Foreclosure - the act of giving property back to the lender without foreclosure.

Deed of Trust (DOT) - DOT's are similar to mortgages in that they serve as security for a loan by encumbering real estate. However, a mortgage is between two parties (borrower and lender) and a deed of trust involves three parties (borrower, lender and trustee). The trustee holds the property in trust as security for the payment of the debt and can sell the property if the borrower defaults.

Deed Restriction - see Conditions, Covenants, and Restrictions.

Default - Failure to meet all of the commitments and obligations specified in the mortgage or deed of trust. Defaults usually give the lender the right to accelerate payments and start foreclosure.

Defeasance - clause in mortgage that gives the borrower the right to redeem the property after default by paying the full indebtedness and fees incurred.

Deferred Maintenance - a type of physical depreciation due to lack of normal upkeep.

Deferred Payments - payments to be made at some future date.

Deficiency Judgment - a court order stating that the borrower still owes money when the security for a loan does not entirely satisfy a defaulted debt.

Density - the intensity of land use.

Density Test - An analysis of soil to determine if the surface can support the foundation of a house.

Depreciation Recapture - when real property is sold at a gain and accelerated depreciation has been claimed, the owner may be required to pay tax at ordinary income rates to the extent of the excess accelerated depreciation.

Discount Points - One point equals one percent of the loan amount. Paying points has the effect of giving the lender a higher yield. Two points on a $100,000 mortgage would cost $2,000 ($100,000 x 0.02).

Document Preparation - this fee covers the expenses associated with this process of preparing some of the legal documents that you will be signing at the time of closing, such as the mortgage, note, and truth-in-lending statement

Down Payment - The portion of the purchase price paid by a buyer to a seller from sources of funds outside of those provided by a lender.

Draw - a periodic advance of funds from a lender.

Due Diligence - The act of carefully reviewing, checking and verifying all of the facts and issues before proceeding. In lending it is, among other things, verification of employment, income and savings; review of the appraisal; credit report; and status of the title.

Due-on-Sale - see Acceleration Clause - reservation of lender's right to call the loan due and payable upon sale of the property.

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E
Earnest Money - a deposit made by a purchaser of real estate to show good faith.

Easement - the right, privilege, or interest that one party has in the land of another.

Easement by Necessity - the right of an owner to cross over another's property for a special necessary purpose.

Easement by Prescription - continued use of another's property for a special purpose can convert to permanent use if certain conditions are met.

Egress - a means of access or exit.

Eminent Domain - the right of the government or a public utility to acquire property for necessary public use by condemnation, but the owner must be fairly compensated.

Employer-Assisted Housing - a special Fannie Mae housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in purchasing homes.

Encroachment - a building, part of a building, or obstruction that physically intrudes upon, overlaps, or trespasses upon the property of another.

Encumbrance - any right to or interest in land that affects its value, including mortgage loans, unpaid taxes, easements, junior liens, or deed restrictions.

Equal Credit Opportunity Act (ECOA) - a federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

Equitable Conversion - a legal doctrine in some states in which, under a contract of sale, buyers and sellers are treated as though the closing has taken place in that the seller in possession has an obligation to take care of the property.

Equitable Title - the interest held by one who has agreed to purchase, but has not yet closed the transaction.

Equity - The value of the unencumbered interest in real estate as determined by subtracting the total of the unpaid mortgage balances plus the sum of any current liens against the property from the property's fair market value.

Escheat - the reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs.

Escrow - an agreement between two or more parties providing that certain instruments or property be placed with a third party for safekeeping, pending the fulfillment or performance of a specified act or condition.

Escrow Account - An account from which funds can be disbursed only for specified reasons; i.e. the money is held in trust for a specific use. In lending, these accounts are most often used to hold and disburse real estate taxes and hazard insurance premiums which have been paid in advance (usually on a monthly basis) by the borrower.

Escrow Analysis - the periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.

Escrow Collections - funds collected by the loan servicer and set aside in an escrow account to pay borrower expenses such as property taxes, mortgage insurance, and hazard homeowners insurance.

Escrow Disbursements - the use of escrow funds to pay real estate taxes, homeowners insurance, mortgage insurance, and other property expenses as they become due.

Escrow Payment - the portion of a borrower's monthly payment that is held by the loan servicer to pay for taxes, hazard homeowners insurance, mortgage insurance, lease payments, and other items as they become due. Known as "impounds" or "reserves" in some states.

Estate - the degree, nature, and extent of interest that a person has in real property.

Estate at Sufferance - the wrongful occupancy of property by a tenant after the lease has expired.

Estate for Life - see Life Estate.

Estate Tax - a tax on the value of property left by the deceased, subject to certain tax rules.

Estoppel - a doctrine of law that stops one from later denying facts which that person once acknowledged were true and others accepted on good faith.

Eviction - legal proceeding by a lessor (landlord) to recover possession of property.

Exchange - under Section 1031 of the IRS Tax Code, like-kind property used in a trade or business or held as an investment can be exchanged tax-free, subject to certain conditions.

Exclusive Listing - a written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner's right to sell the property alone without the payment of a commission.

Exculpatory Clause - provision in a mortgage allowing the borrower to surrender the property to the lender without personal liability.

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F
Facade - the outside front wall of a building.

Face Value - the dollar amount, shown by words and/or numbers on a document.

Fair Credit Reporting Act - a federal law that allows individuals to examine and correct information used by credit reporting services.

Fannie Mae (FNMA) - Federal National Mortgage Association, a federally chartered corporation that purchases mortgages and packages them to sell as securities.

Federal Fair Housing Law - a federal law that forbids discrimination on the bais of race, color, sex, religion, or national origin in the selling or renting of property.

Federal Housing Administration (FHA) - an agency within HUD that administers many loan programs designed to make housing more available.

Fee Agreement - An agreement between a borrower and a broker which normally specifies the relationship between them and the amount of compensation to the broker.

Fee Simple - absolute ownership of real property.

Fiduciary Responsibility - An obligation to act in the best interest of another party. This type of obligation typically exists when one person places special trust and confidence in another person and that responsibility is accepted.

First Mortgage - That mortgage which is recorded at the earliest time. The time of recording is the sole criteria. Size of loan and type of mortgage are immaterial. When the first mortgage is paid off and released, the second mortgage (if any existed) becomes the first mortgage.

Fixed Payment Mortage - a loan secured by real property which features a periodic payment of interest and principal which is constant over the term of the loan.

Fixed Rate Mortgage - A mortgage with an interest rate that remains the same through the life of the loan.

Floodplain - A level land area subject to periodic flooding from a contiguous body of water.

Forbearance - a course of action a lender may pursue to delay foreclosure or legal action against a delinquent borrower

Foreclosure - The process by which the mortgagor's (borrower's) rights to a property are terminated. While the general process is similar from state to state, the actual procedures tend to vary greatly.

Fractional Ownership - Is a percentage share of an expensive asset or property acquired jointly by a group of persons or businesses. Shares are sold/titled to individual owners. A fractional owner enjoys use or income of such property on an agreed basis. Such as reduced rates, priority access on holidays and income sharing. Conceptually, Fractional Ownership is not the same as a Timeshare. Fractional Ownership affords much of the freedom and usage benefits offered in timeshare, however, the fundamental difference with fractional ownership is that the purchaser owns part of the title (as opposed to units of "time")

FRBO - for rent by owner.

Freddie Mac (FHMLC) - Federal Home Loan Mortgage Corporation, a federally chartered corporation that purchases mortgages and packages them to sell as securities.

FSBO - for sale by owner.

Fully Amortized Adjustable-Rate Mortgage - A mortgage that amortizes, or pays down, the balance of a loan.

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G
Gable Roof - one with a triangle, with the ridge forming an angle at the top and each eave forming an angle at the bottom.

Gain - an increase in money or property value.

Garden Apartments - a housing complex whereby some or all tenants have access to a lawn area.

General Contractor - one who constructs a building or other improvement for the owner or developer.

General Lien - a lien that includes all of the property owned by the debtor, rather than a specific property.

General Warranty Deed - a deed in which the grantor agrees to protect the grantee against any other claim to title of the property.

Gentrification - the displacement of lower income residents by higher income residents in a neighborhood.

Graduated-Payment Mortgage(GPM) - A mortgage that requires a borrower to make larger monthly payments over the term of the loan. The payment is unusually low for the first few years but gradually rises until year three or five, then remains fixed.

Grantee - the party to whom title to real property is conveyed.

Grantor - the party who gives the deed.

Gross Debt Service - the amount of money needed to pay principal, interest and taxes, and sometimes energy costs. If the dwelling unit is a condominium, all or a portion of common fees are excluded, depending on what expenses are covered.

Gross Monthly Income - Income before deductions for taxes, social security, saving plans, court ordered child support, etc.

Gross Rent Multiplier - the sales price divided by the gross annual rental rate.

Ground Lease - one that rents the land only.

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H
Habendum Clause - The "to have and to hold" clause that defines the quantity of the estate granted in the deed.

Hard Money Loan - A loan that is underwritten with the condition and value of the property as the primary criteria for approval. Secondary issues may include the credit of the borrower, the ability of the borrower to repay the loan and/or the ability of the borrower to manage the property or successfully complete a rehab and sell the property. Owner occupancy, debt ratios and other issues are seldom a factor. Appraisals rather than purchase prices are used to determine value. Cash out purchases are often allowed and are another key benefit. These loans are usually approved within days and are often funded in two weeks or under with times as short as two or three days not uncommon. The cost for the benefits of speed of funding, lax underwriting and other advantages is typically a moderately high interest rate (usually low to mid teens) and high points (usually 5 to 10). (See definition of "underwriting" below.)

Hazard Insurance - Insurance to provide compensation if the improvements are damaged or destroyed. It is almost always a requirement of loans.

Hereditaments - property, personal and real, capable of being inherited

Hiatus - A gap between two parcels of land that is not included in the legal description of either property.

Highest and Best Use - the use that is most likely to produce the greatest net return to the land and/or building over a given period.

Holdover Tenant - a tenant who remains in possession of leased property after the expiration of the lease term.

Home Equity Loan - In the most literal sense, this expression applies to virtually all loans (first mortgages and second mortgages, fixed and adjustable interest rates, credit lines and fully amortizing loans, etc.) placed on an owner occupied property when the loan-to-value after the Home Equity Loan closes is no higher than 100%. That is, it is a loan secured by the available equity of an owner occupied residential property.

Homeowner Association (HOA) - an organization of the homeowners in a particular subdivision, planned unit development, or condominium created to enforce deed restrictions and manage common elements of the development.

Homeowners' Warranty - A special insurance policy that covers certain home repairs for a specified amount of time.

Homeowner's Insurance (Hazard Insurance) - insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards. The policy typically combines personal liability insurance and property hazard insurance coverage for a dwelling and its contents. See also homeowner's insurance.

Homestead - status provided to a homeowner's principal residence by some state statutes to protect the home against judgments up to specified amounts.

Homestead Exemption - in some jurisdictions a reduction in the assessed value allowed for one's personal residence.

Housing and Urban Development (HUD) - a federal government agency established to implement certain federal housing and community development programs.

Housing Code - local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings.

Hypothecate - to pledge somehing as security without having to give up possession of it.

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I
Implied Warranty of Habitability - a legal doctrine that requires landlords to offer and maintain livable premises for their tenants. If a landlord fails to provide habitable housing, tenants in most states may legally withhold rent or take other measures, including hiring someone to fix the problem or moving out.

Impound Account - see Escrow Account.

Improvements - additions to raw land such as buildings, streets, sewers, etc. that increase the value of the property.

Incidents of Ownership - any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent--then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax.

Indemnify - to protect another person against loss or damage.

Index - The published cost of money that serves as the minimum basis for determining the interest rate for an adjustable rate mortgage. Among the commonly used indices are the Prime Rate (Prime), the London Interbank Offering Rate (LIBOR), the Cost of Funds (COF) and the 1 year Treasury Bill (1 year T). The particular index is generally, though not always, selected based on how often an interest rate is supposed to adjust. Loans which allow monthly interest rate adjustments commonly use the Prime Rate. Loans that adjust semi-annually may use LIBOR. The 1 year Treasury and the Cost of Funds are often used for loans which adjust on an annual basis. There are other Treasury instruments which are used for 3 and 5 year adjustment periods. The interest rate of the loan is determined by adding a margin to the index. The size of the margin is typically a function of the index used and the credit worthiness of the borrower. Typical margins on a Prime Rate based loan would be 0.0 to 5.0 so that if the Prime Rate were 8.25% and the margin were 2.0 (typical for an "average" borrower), the interest rate would be 10.25% (8.25 + 2.0).

Initial Note Rate - With regard to an adjustable rate mortgage, the note rate upon origination. This rate may differ from the fully indexed note rate.

Installment Contract - see Contract for Deed

Installment Sale - when a seller accepts a mortgage for all or part of the sale, tax on the gain is paid as the mortgage principal is collected.

Insurance Binder - a document that states that insurance is temporarily in effect. Because the coverage will expire by a specified date, a permanent policy must be obtained before the expiration date.

Insured Mortgage - a mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (PMI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

Inter Vivos - during one's life.

Interest Accrual Rate - the percentage rate at which interest accrues on the mortgage. In most cases, it is also the rate used to calculate the monthly payments.

Interest Rate - The percentage of the loan amount charged for borrowing money; i.e., the cost of the money expressed as a percentage.

Interest Rate Buydown Plan - a temporary buydown gives a borrower a reduced monthly payment during the first few years of a home loan and is typically paid for in an initial lump sum made by the seller, lender, or borrower. A permanent buydown is paid the same way but reduces the interest rate over the entire life of a home loan.

Interim Financing - a loan, including a construction loan, used when the property owner is unable or unwilliing to arrange permanent financing.

Intestate - having made no valid will.

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J
Joint and Several Liability - a creditor can demand full repayment from any and all of those who have borrowed, each borrower is liable for the full debt, not just the prorated share.

Joint Tenancy - ownership of realty by two or more persons, each of whom has an undivided interest.

Joint Venture - an agreement between two or more persons who invest in a single business or property.

Judgment - a decree of a court stating that one individual is indebted to another and fixing the amount of the indebtedness.

Judgment Creditor - one who has received a court decree or judgment for money due from a debtor.

Judgment Lien - the claim upon the property of a debtor resulting from recording a judgment.

Judicial Foreclosure - having a defaulted debtor's property sold where the court ratifies the price paid.

Jumbo Loan - A loan larger than the maximum allowed by conforming loans. The threshold amount has traditionally been adjusted more or less on an annual basis and has been in the low $200,000's. Banks and mortgage brokers can quote the current threshold. They are typically available at interest rates slightly higher than those of conforming loans and typically require the same underwriting standards as conforming loans. (see definition of "conforming loan" above).

Junior Mortgage - a mortgage whose claim against the property will be satisfied only after prior mortgages have been repaid.

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K
Kicker - A payment required by a mortgage in addition to normal principal and interest.

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L
Lien - A claim on a property of another as security for money owed. Examples of types of liens would include judgments, mechanic's liens, mortgages and unpaid taxes.

Land Contract - see Contract for Deed.

Land Lease - see Ground Lease.

Land Trust - A revocable, living trust primarily used to hold title to real estate for privacy and anonymity. Also known as an Illinois Land Trust or Nominee Trust. The land trustee is a nominal title holder, with the beneficiaries having the exclusive right to direct and control the actions of the trustee.

Landlocked - condition of a lot that has no access to public thoroughfare except through an adjacent lot.

Lease - a contract in which, for a rent payment, the one entitled to the possession of the real property (lessor) transfers those rights to another (lessee) for a specified period of time.

Lease Option - a lease combined with an option agreement that gives the lessee (tenant) the right to purchase the property under specified conditions.

Lease Purchase - a lease combined with a purchase agreement that obligates the lessee (tenant) to purchase the property under specified conditions.

Leasehold - the interest or estate on which a lessee (tenant) of real estate has a lease.

Leasehold Estate - A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.

Legal Blemish - Blemishes on a piece of property, such as a zoning violation or fraudulent title claim.

Legal Description - legally acceptable identification of real estate by government survey, metes and bounds, or recorded plat.

Lessee - a person to whom property is rented under a lease.

Lessor - one who rents property to another under a lease.

Let - to rent a property to a tenant.

Letter of Intent - written expression of desire to enter into a contract without actually doing so.

Liabilities - a person's debts or financial obligations. Liabilities include long-term and short-term debt, as well as potential losses from legal claims.

Liability Insurance - insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. See also homeowners insurance.

Lien Theory State - Texas is a Lien Theory State, where legal title of mortgaged property resides with the mortgagor (borrower), with the mortgage as a lien against the property. Contrast with title theory state.

Life Estate - an interest in property that terminates upon the death of a specified person.

Life Tenant - one who is allowed to use property for life or the lifetime of another designated person.

Lifetime Cap - The highest amount over the initial interest rate that an adjustable mortgage can be raised. Lifetime caps are typically in the range of 5.0% - 7.0%. If the initial interest rate is 5.25% and the lifetime cap is 6.0%, the highest interest rate a borrower could pay during the course of the loan would be 11.25% (5.25% + 6.0%).

Like-Kind Property - property having the same nature.

Limited Partnership - one in which there is at least one partner who is passive and limits liability to the amount invested and at least one partner whose liability extends beyond monetary investment.

Line Of Credit - an agreement by a lender to extend credit up to a certain amount for a certain time without the need for the borrower to file another application.

Liquidated Damages - an amount agreed upon in a contract that one party will pay the other in the event of a breach of contract.

Liquidity - ease of converting assets to cash.

Lis Pendens - Latin for "suit pending", recorded notice of the filing of a lawsuit, the outcome of which may affect title to real property.

Listing - written agreement between a principal and an agent authorizing the agent to perform services for the principal involving the principal's property.

Loan Application (1003) - A loan application that is required for conforming loans. It has become the standard application for most residential loans, even non-conforming loans.

Loan Origination Fee - Most lenders charge borrowers an origination fee--or points--for processing a loan. A point is 1 percent of the total loan amount.

Loan Package - The organized group of documents that contains all of the information required to obtain an underwriting decision of loan approval or loan denial. Depending on the type of loan and the particular lender, a package may contain some or all of the following as well as other documents: loan application, statement of use of funds, statement of net worth, P & L statements, tax returns, pay stubs, statements from various types of banking and investment accounts, property appraisal, letters of explanation, credit report, verification of employment, verification of housing payments, purchase agreement, etc. (See definition of "underwriting" below.)

Loan-to-Value (LTV) - The ratio of the size of the loan to the value of the property. If the loan is $80,000 and the value of the property is $100,000 the LTV is 80% ($80,000 / $100,000).

Lot and Block - method of identifying legal description of property, see Legal Description.

Lot Line - a line bounding a lot as described in a property survey.

Low-Documentation Loan - A mortgage that requires only minimal verification of income and assets

Low-Down-Payment loan - A home loan that requires the borrower to make only a small down payment before obtaining the financing needed to purchase a house.

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M
Management Agreement - a contract between the owner of property and someone who agrees to manage it.

Margin - A constant (fixed) amount over an index that determines a lender's yield on an adjustable rate loan. The interest rate of an adjustable rate loan is determined by adding a margin to an index. The size of the margin is typically a function of the index used and the credit worthiness of the borrower. Typical margins on a Prime Rate based loan would be 0.0 to 5.0 so that if the Prime Rate were 8.25% and the margin were 2.0 (typical for an "average" borrower), the interest rate would be 10.25% (8.25 + 2.0). (See definition of "index" above.).

Marketable Title - a title free from defect.

Master Lease - a controlling lease.

Maturity - The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable

Maximum Financing - A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.

Mechanic's Lien - a lien given by law upon a building or other improvement upon land as security for the payment of labor and materials furnished for improvement.

Merged Credit Report - A report that draws information from the Big Three credit-reporting companies: Equifax, Experian, and Trans Union Corp.

Minimum Payment - the minimum amount that must be paid monthly on an account. On the HELOC product, the minimum payment is interest only during the draw period. On the Fixed Rate Second products, the minimum payment is principal and interest.

Monthly Mortgage Insurance (MI) Payment - portion of monthly payment that covers the cost of Private Mortgage Insurance.

Monthly Payment (P&I) - this is the monthly mortgage payment on a home loan, this includes principal and interest, but excludes any amounts that are applied to taxes and insurance.

Monthly Principal & Interest (P&I) Payment - portion of monthly payment that covers the principal and interest due on the loan.

Monthly Taxes & Insurance (T&I) Payment - portion of monthly payment that funds the escrow or impound account for taxes and insurance.

Mortgage - A lien against real property given by a borrower to a lender as security for money borrowed.

Mortgage (Open-End) - A mortgage that allows additional money to be borrowed (up to the original loan amount) without refinancing the loan or paying additional financing charges .

Mortgage Balance - see Principal Balance.

Mortgage Insurance Premium (MIP) - The payment made by a borrower of FHA insured mortgages to provide a reserve that protects lenders against losses from very high loan-to-value loans.

Mortgage Loan - A loan which is secured by a mortgage lien filed against real property.

Mortgage-Interest Deduction - The tax write-off that the Internal Revenue Service allows most owners to claim for annual interest payments made on real estate loans. mortgagee

Mortgagee - The entity to whom the mortgage is given; i.e., the lender.

Mortgagor - The entity who gives the mortgage; i.e., the borrower.

Multi-Dwelling Property - A property that contains individual units for several households but carries only one mortgage.

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N
Needs-Based Pricing - A seller's asking price that is based on factors such as the required funds to pay off the mortgage, the cost of remodeling or the purchase of another house.

Negative Amortization - Some adjustable rate mortgages allow the interest rate to fluctuate independently of a required minimum payment. If a borrower makes the minimum payment it may not cover all of the interest that would normally be due at the current interest rate. In essence, the borrower is deferring the interest payment, which is why this is called "deferred interest." The deferred interest is added to the balance of the loan and the loan balance grows larger instead of smaller, which is called negative amortization.

Negotiation - The process of bargaining that precedes an agreement.

Net Cash Flow - Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted

Net Operating Income (NOI) - From income producing property, the gross income minus the total of all expenses except for debt service. Cash flow is defined as NOI minus the total of all debt service payments.

No Cash-Out Refinance - The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan.

No Income Verification Loan (NIV) - A type of loan generally limited to the self-employed that is underwritten based on the borrower's written representation of their annual income as stated on the loan application. No tax returns, operating statements or other verification of the income is required. Debt ratios are computed based on the stated income. The primary intent of these programs is to allow owners of small businesses to use their actual cash flows rather than the net incomes normally reported in tax filings. Higher interest rates on these products compensate lenders for their higher risks. (See definition of "debt ratio" above.)

Non-Assumption Clause - A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval.

Non-conforming Loan - A loan not meeting the underwriting requirements of Fannie Mae and Freddie Mac. I.e., the vast majority of loans.

Non-Qualifying - buyer is not required to qualify through traditional bank financing requirements

Non-Recurring Closing Costs - Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home inspection

Note - A written promise to repay a certain sum of money on specified terms.

Note Broker - An individual who acts as an intermediary between a holder of an existing note and a prospective purchaser of the note.

Notice of Default - A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed.

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O
Obligee - The person in whose favor an obligation is entered into.

Obligor - The person who binds himself or herself to another.

Option - the right to purchase or lease a property upon specified terms within a specified period of time

Ordinances - municipal rules governing the use of land

Origination Fee - A fee paid to either a broker or a lender for originating a loan. It may be the only compensation for their work in arranging and/or processing the loan or it may be only a portion of the compensation. Not every loan has an origination fee.

Originator - An individual who works with a borrower to start a loan. Usually an employee of a financial institution, an employee of a broker or an independent contractor affiliated with several brokers, the originator determines the type of loan a borrower probably qualifies for, helps complete an accurate application, gathers documents necessary to get an approval and acts as an intermediary between the borrower and the underwriter.

Owner Financing (Seller Financing) - A method in which a buyer borrows from and makes payments to the seller instead of a bank. Sometimes you take over the seller's payments. Can be done when a buyer cannot qualify for a bank loan for the full amount. Also referred to as Seller's Financing.

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P
Penalty - Money one will pay for breaking a law or violating part or all of the terms of a contract.

PITI - The shorthand way of stating the most usual elements of a residential mortgage payment which may consist not only of the Principal and Interest (PI) but the property taxes (T) and hazard insurance (I) as well. In the case where all four elements are part of the payment, the lender escrows the T and I and pays them on behalf of the borrower when they come due. Some loans are written such that the payment to the lender consists only of the P and I in which case the borrower pays the taxes and insurance directly.

Planned Unit Development (PUD) - A highly designed residential project that features relatively dense clusters of houses, which are usually surrounded by areas of commonly owned open space maintained by a nonprofit community association.

Points - Loan fees paid by the borrower. One point equals one percent of the loan amount.

Portfolio Loan - A non-conforming loan that is held by the original lender rather than being sold on the secondary market.

Prepayment Penalty - fee charged for paying off a loan within a relatively short period of time after the loan has closed, provision is currently found only in non-conforming products, time period during which it applies is usually one to three years

Principal Balance - outstanding dollar amount owed on a loan exclusive of accrued interest

Principal, Interest, Taxes, Insurance (PITI) - monthly payments required by an amortizing loan that includes escrow deposits for taxes and insurance in addition to the principal and interest

Private Mortgage Insurance (PMI) - insurance premium paid by a borrower to protect lenders against losses from loans with loan-to-value ratios higher than 80%, default insurance for lenders

Pro Forma - refers to the presentation of data, such as a balance of income statement, where certain amounts are hypothetical. For example, a pro forma balance sheet might show a debt issue that has been proposed but has not been consummated.

Probate - The process of establishing the validity of a will before a duly authorized court or person. Once validity is confirmed, the probate court then administers the sale of property as directed by the will or as authorized by the court to settle any financial obligations

Promissory Note - promise to pay a specified sum to a specified person under specified terms

Purchase Money Mortgage - a mortgage which secures a note written on a loan used in the purchase of real estate

Purchase Subject to Mortgage - a purchase in which a buyer agrees to make the monthly mortgage payments on an existing mortgage and the original borrower remains liable if the purchaser fails to make the payments as agreed.

Purchase-Money Mortgage (PMM) - A mortgage obtained by a borrower as partial payment for a property.

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Q
Qualifying Ratio - A ratio calculated by a lender to determine how much a potential buyer can borrow.

Quiet Enjoyment - right of an owner or any other person legally entitled to possession to the use of the property without interference.

Quiet Title Action - a suit in court to remove a defect or cloud on the title, establishes legal ownership.

Quitclaim Deed - a deed that conveys only the grantor's rights or interest in a property, without stating the nature of the rights or interest and with no warranties of ownership.

Quitclaim Deed - A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.

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R
Rate Cap - The maximum interest rate charge allowed on the monthly payment of an adjustable rate mortgage during an adjustment period.

Rate-Improvement Mortgage - A loan with a clause that entitles a borrower to a one-time interest rate cut without going through refinancing.

Real Estate Owned (REO) - property acquired through a lender through foreclosure and held in inventory.

Real Property - the rights to use real estate.

Realtor - designation given to licensed real estate agents who are members of the National Association of Realtors.

Recission Period - a federally mandated period of three business days (beginning on the day after a loan closes) during which the borrower may cancel the new loan, waiting period only applies to loans which are to be secured by a mortgage on a personal residence for which the borrower is in title at the time of loan origination, right to cancel does not apply to loans used for the purchase of property.

Recourse - ability of lender to make claims against borrower personally in addition to the collateral.

Redemption Period - period during which a former owner can reclaim foreclosed property.

Refinance - process of a borrower paying off one loan with the proceeds from another.

Regression - The principle that the value of a better-quality property is adversely affected by the proximity of a lesser-quality property.

Regulation Z - federal regulation requiring creditors to provide full disclosure of the terms of a loan.

Residential Service Contract - home warranty or insurance contract, generally for one year, covering plumbing, electrical, and mechanical systems of the home.

Residual - Value or income remaining after deducting an amount necessary to meet fixed obligations.

Reverse Mortgage - A type of mortgage designed for elderly homeowners with substantial equity by which a lender pays a periodic payment to the borrower; the loan balances increase with interest and payments causing negative amortization.

Right of First Refusal - opportunity of a party to match the terms of a proposed contract before the contract is executed.

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S
Sale Leaseback - sale of property by seller and simultaneous leasing of the same property by seller.

Sandwich Lease - lease held by a lessee (tenant) who becomes a lessor (landlord) by subletting to another lessee (subtenant), typically the sandwich leaseholder is neither the owner nor the user of the property.

Seasoning - loan which has been in force for a period of time thus establishing the borrower's payment history, loans are tyically deemed to be seasoned after either six months or one year.

Second Mortgage - mortgage recorded after another mortgage has already been recorded and not yet released, subordinated lien.

Section 1031 - section of the Internal Revenue Code dealing with tax-free exchanges of like-kind property.

Section 8 - privately owned rental dwelling units participating in the low-income rental assistance program created by 1974 amendments to Section 8 of the 1937 Housing Act.

Security Deposit - cash payment required by landlord to be held during the term of the lease to offset damages incurred due to actions of the tenant.

Seller Financing - also known as Owner Financing.

Settlement Statement - also known as Closing Statement or HUD-1.

Short Sale - A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes

Special Warranty Deed - deed in which the grantor limits the title warranty given to the grantee, does not warrant against title defects arising from conditions that existed before grantor owned the property.

Specific Performance - legal action in which the court requires a party to a contract to perform the terms of the contract.

Subject To - buyer takes title to mortgaged real property but is not personally liable for the payment of the amount due, buyer must make payments in order to keep the property.

Subordination - a clause or document that permits a mortgage recorded at a later date to take priority over an existing lien.

Survey - process by which a parcel of land is measured and its area ascertained.

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T
Tax and Insurance Escrow - account required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums, funded through monthly contributions by the mortgagor

Tax Lien - a debt attached to the property for failing to pay taxes

Teaser Rate - contract interest rate charged on an adjustable rate mortgage for the initial adjustment interval that is significantly lower than the fully indexed rate at the time

Terms - conditions and arrangements specified within a contract

Time is of the Essence - a phrase that, when inserted in a contract, requires that all references to specific dates and times of day noted in the contract be interpreted exactly, in its absence extreme delays might be acceptable

Title - evidence of ownership, evidence of lawful possession

Title Defect - an unresolved claim against the ownership of property, prevents seller from providing buyer clear title to the property

Title Insurance - an insurance policy that protects the holder from loss sustained by defects in the title

Title Search - an examination of the public records to determine the ownership and encumbrances affecting real property

Title Theory State - the system in which the lender has legal title to the mortgaged property and the borrower has equitable title. Texas is not a title theory state. Contrast with lien theory state.

Triple Net Lease - lease in which the tenant is to pay all operating expenses of the property so that the landlord receives net rent, frequently used to mean tenant pays taxes, insurance, and maintenance in addition to normal operating expenses

Trust - an arrangement whereby property is transferred to a trusted third party trustee by a grantor/trustor, trustee holds the property for the benefit of the beneficiary

Trust Deed - conveyance of real estate to a third party to be held for the benefit of another, commonly used in some states in place of mortgages that conditionally convey title to the lender, same as Deed of Trust

Trustee - one who holds property in trust for another to secure performance of an obligation, the neutral party in a trust deed transaction.

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U
U.S. Department. of Housing and Urban Development (HUD) - A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

Underwriting - The act of applying formal guidelines that provide qualitative and quantitative standards for determining whether or not a loan should be approved.

Undivided Interest - an ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.

Unencumbered Property - real estate that is owned free and clear.

Unilateral Contract - an obligation given by one party contingent on the performance of another party, but without obligating the second party to perform.

Unimproved Property - land that has received no development, construction, or site preparation (raw land).

Unrealized Gain - excess of current market value over cost for an asset that is not sold.

Unrecorded Deed - instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of the change in ownership.

Urban Renewal - process of redeveloping deteriorated sections of the city, often through demolition and new construction, may be privately funded, but most often associated with government renewal programs.

Usufruct - the right to use property--or income from property--that is owned by another.

Usury - charging a rate of interest greater than that permitted by state law.

Utility Easement - use of another's property for the purpose of laying gas, water, electric and sewer lines.

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V
V.A. Loan - home loan guaranteed by the U.S. Veterans Administration under the Servicemen's Readjustment Act of 1944 and later to compensate lender in the event of default.

Valuation - The estimated worth or price. The act of valuation by appraisal.

Variable Interest Rate - amount of compensation to a lender that is allowed to vary over the maturity of a loan, typically governed by an appopriate index.

Variable Rate Mortgage - long-term mortgage loan applied to residences, under which the interest rate may be adjusted on a six month basis over the term of the loan, according to certain restrictions.

Vendee - a buyer of real estate.

Vendee's Lien - a lien against property under a contract of sale to secure the deposit paid by the purchaser.

Vendor - a seller of real estate.

Veneer - wood or brick exterior that covers a less attractive and less expensive surface.

Warehouse Fee - A closing-cost fee representing the lender's cost of holding a borrower's loan temporarily before it is sold on the secondary mortgage market.

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W
Waiver - the voluntary renunciation, abandonment, or surrender of some claim, right or privilege.

Warranty Deed - deed that contains a covenant that the grantor will protect the grantee against any and all claims; usually contains covenants ensuring good title, freedom from encumbrances, and quiet enjoyment.

Wholesale - to contract a property with the intention of reselling it quickly at a higher price.

Wild Deed - An improperly recorded deed

Without Recourse - words used in endorsing a note to denote the note holder is not to look to the debtor personally in the event of nonpayment.

Wraparound Mortgage - loan arrangement in which an existing loan is retained and an additional loan is made that equals or exceeds the existing loan.

Writ of Execution - a court order which authorizes and directs the proper officer of the court (usually the sheriff) to carry into effect the judgment or decree of the court.

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X

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Y
Yield - measurement of the rate of earnings of an investment.

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Z
Zero Lot Line - a form of cluster housing development in which individual dwelling units are placed on separately platted lots, but are attached to each other.

Zoning - legal mechanism for local governments to regulate the use of privately owned real estate to prevent conflicting land uses and promote orderly development.

Real Estate Seminars

2009-06-14T08:20:00.000-07:00

Are You Serious About It? No matter how much or little you pay for a seminar, it's all up to you. No diet works without exercise and discipline and no real estate investing technique works without your hard work. If you are just beginning, stay away from the expensive seminars until you are sure it is for you. Start with the $500 or less variety, let it sink in, then consider more advanced seminars when you have done a few deals. Once you start making money, you should continue investing in your education, since your return will be well worth it. If you are the type who has been to seventeen seminars and haven't done a deal, consider this: "The Fault Lies Not Within the Stars But Within Ourselves"

Real estate investing will make you a lot of money if you learn the techniques and apply yourself. The bottom line is that education will help you avoid mistakes and learn new ideas. Read books, go to seminars and learn from other investors. Your best investment is in yourself.

Cash Vs. Credit

2009-06-13T01:12:00.001-07:00

Cash vs. Credit: The Concept of Leverage

In order to understand real estate financing, it is important that you understand the time value of money. Because of inflation, a dollar today is generally worth less in the future. Thus, while real estate values may increase, an all-cash purchase may not be economically feasible, since the investor’s cash may be utilized in more effective ways. Leverage is the concept of using borrowed money to make a return on an investment. Let’s say you bought a house using all of your cash for $100,000. If the property were to increase in value 10% over 12 months, it would now be worth $110,000. Your return on investment would 10% annually (of course, you would actually net less, since you would incur costs in selling the property).

Century21 Elite Properties

2009-06-11T01:15:00.000-07:00

When you are in the market for a new home or residence, stop by and let us help you today. CENTURY 21® Elite Properties is located on Arlington Blvd, which is one of the premier real estate locations in Greenville.

Our office offers a professional blend of agents & staff qualified to meet all your real estate needs. CENTURY 21® Elite Properties can assist you in residential, new home construction, commercial, investment, land, relocation, and many more areas.

Greenville, North Carolina offers an extensive array of amenities within the city, and the surrounding area. From the excitement of East Carolina's athletics to the beautiful beaches of North Carolina's coast... CENTURY 21® Elite Properties can help make Greenville your home. You will not be disappointed!!!

Be sure to search our current listings page to pick out a new home that meets your needs. We welcome you to meet our agents & staff and learn more about the people that comprise our business. We also offer buying tips, and selling tips, as well as area information about Greenville & Pitt County.

1031 Tax deferred exchange

2009-06-10T02:27:00.000-07:00

A tax deferred exchange allows us to sell a piece of investment (i.e. rental), trade or business property, buy a new property with the gain or profit from the sale, and not owe taxes on the sale immediately. If you eventually sell the new piece of property, you would owe taxes at that time. Generally, all gains and losses on sales of real estate are taxable, but an exception lies where the property sold is traded or exchanged for "like-kind" property. The new property is seen as a continuation of the original investment, so taxes are not due at the time of the sale.

Home For Sale

2009-06-08T23:32:00.000-07:00

GO TO THIS LINK http://ml21.offutt-innovia.com/gre/maildoc/sd_AAAa006On20090607103438.html

Referrals

2009-06-08T02:54:00.000-07:00

Some less obvious types of people to get referrals from are bankruptcy attorneys, probate attorneys, realtors, and the person in charge of loss mitigation in small banks (big ones have call centers for that purpose several time zones away). I’m going to go into more detail later about the means by which you introduce yourself, deliver your marketing message, build a relationship with them, and get them to respond (does this process sound familiar?).

For the time being, just understand that it makes more sense to do the work with these people once, with some follow-up from time to time, and have them refer motivated sellers over and over again over time. This will allow you to get more (deals) for doing less (hustling and bush - beating), which, as I said, I’m all about doing in just about every endeavor.

Part Time Investor

2009-06-06T23:56:00.000-07:00

The part-time investor holds a "regular job." This may be by choice or for the time being until his real estate ventures are bringing in enough cash to quit his job. If it is the latter reason, don't quit your job because the real estate "guru" told you so. Quit your job when it is not worth the income that it brings you. In other words, if you are making more money per hour flipping properties on the side, you are at the point that where your regular job is costing you money. Only then, is it time to quit!

New Listing

2009-06-06T01:09:00.000-07:00

http://ml21.offutt-innovia.com/gre/maildoc/sd_AAAa0032F20090523134623.html

This email was sent on behalf of:

KEN RAKESTRAW
CENTURY 21 ELITE PROPERTIES
211 E. ARLINGTON BLVD.
GREENVILLE, NC 27858
Mobile: (252) 902-8923
Phone: (252) 215-0015
Fax: (252) 215-5800

Can you live without an assistant

2009-06-06T01:00:00.000-07:00

Wolfram/ Alpha

2009-06-06T00:54:00.000-07:00

Making the world's knowledge computableToday's Wolfram|Alpha is the first step in an ambitious, long-term project to make all
systematic knowledge immediately computable
by anyone. Enter your question or calculation,
and Wolfram|Alpha uses its built-in algorithms
and a growing collection of data to compute the
answer. Based on a new kind of knowledge-based computing... more »

First time Home Buyers

2009-06-04T22:54:00.000-07:00

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.

“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger downpayment. Buyers who are wondering about their options should contact a Realtor®, who can advise consumers on the housing assistance programs and resources available in a given area.”

NAR’s Housing Affordability Index2 is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970.

A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.

Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability. “In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he said. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”

The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said

डेली Real Estate News

2009-06-03T01:16:00.000-07:00

| May 29, 2009 | Share
HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR® Magazine Online

2009 First-time Home Buyer tax Credit

2009-06-03T00:26:00.000-07:00

The tax credit now allows buyers with FHA loans to use the credit towards closing costs, make a larger downpayment, or buy down interest rate. Learn more about the 2009 First-Time Home Buyer Tax Credit, including which purchasers and properties qualify and for how much.

The Key to Real Estate success

2009-06-02T00:29:00.000-07:00

by Ben Innes-Ker

How did you get into real estate investing? Did you read a book on it? Was it a seminar? A meeting of some sort with speakers selling courses? Did you get really, really jazzed and pumped up by these simple ("not easy") concepts that were delivered to you in parable form from the stage by a charismatic speaker? Did you find yourself levitating to the back of the room, powerless but to slap down your plastic to buy the kits that were being sold there? Like...

"Yes Mr. Ker, we do take traveler's checks. Yes, cash is okay, too. HEY BARNEY, DO YOU HAVE CHANGE FOR A HUNDRED? There's your kit Mr. Ker. Good Luck!"

I have to admit that's where I began. I attended a "conference" and dropped over a grand in two days. What I ended up with was a very funny course about Paper (i.e. discounted mortgages) and a more sober account of making a million five in eighteen months buying and rehabbing multi-units. I listened to tapes for about four days straight, then went out and bought an HP12C financial calculator.

I loved paper (the units can wait a while). I really got my head around it. I loved discounting on the calculator, I loved calculating yields. And the guy on these tapes was so funny! I spent a fun couple of weeks learning the courses and I knew more than most bankers because the guy on the tapes told me so. I wanted to get started and get a note-closing-sweatshop going just like he described. I knew this stuff inside and out. Two deals a week would be OK with me you know, I'm not greedy. Now where was it in the book that it showed how to find the deals. OK...here we go ... Look up names at the courthouse, call Accountants, call Contractors, call Attorneys......hmmm.

To cut a long story short, I looked up five hundred names at the courthouse and sent letters to them, I made about five hundred phone calls to Accountants and Lawyers (setting up my "network"), and finally I found one note holder who was interested in selling. I made an offer, he said "no", and I went home and went to bed for two weeks, too depressed to function. All that work, and this guy just said "no". That was my introduction to the wonderful world of real estate investing. From there, I got into low income apartments and completely flushed myself down the toilet!

Five years later, after buying and giving back about 50 units, nearly penniless, I discovered this thing called creative real estate. Control without ownership, solving people problems, use your brain to buy property - not your cash. I had an acute appreciation for it, given my (expensive, and painful) landlording odyssey, but it seemed even with all this wonderful knowledge, I was still in very much the same position I had been in when I first got started. The same position I stayed in, until I wised up, and the same position most real estate investors struggle with year after year because they don't know any better.

That is: "I know all this stuff inside and out. I know 100 different creative ways to buy a property. But I've got to suffer through things like lackluster advertising results, cold-calling, talking to hundreds of testy uninterested people, and dead ends, before I even get the chance to talk to someone who is half way motivated to sell. This is a crossroads. The proverbial "brick wall" for most of us.

And this brings up an important point. Possibly the most important point to really "get" here. Knowing how to find motivated sellers is far more important than knowing 100 different ways to buy a house. You see, your business (and therefore your life) is going to be frustrating, stressful and unfulfilling unless you find a way to create a non-stop flow of motivated sellers calling you, every day. Now, that's obvious isn't it? Well it can't be that obvious because not many people actually do it. You see, what I'm trying to point out here that there is a mental shift that needs to occur in your mind, a paradigm shift if you will, before you are going to make any serious money as a Real Estate Entrepreneur.

And What is This Paradigm Shift?

Instead of being a real estate entrepreneur, you must become a marketer of your real estate entrepreneurial business. That's what it comes down to. If you are in business, you need to make this shift in your thinking. Because no business is going to prosper, or be successful without a lot of customers.

Making this shift in thinking, in orientation, about who you are, focuses you on the singularly most important and financially rewarding aspect of business: marketing. The money is in marketing the business, not in doing the business. It may take a while before you really absorb this. You may have to think about it for a while before it really sinks in. Read it again. Take a minute. Once you change your thinking to accept that you are a marketer first, and a Real Estate Entrepreneur second, you'll finally be able to start making the kind of money you really want to make.

Accepting your role as a marketer is the thing that will move you out of the rut of occasional mediocre deals and up into a level of sustained success that would not otherwise be possible for you. And this is true of anyone in any other business or industry. The person or company who is most on top of their marketing, makes all the money, and dominates their market.

Look at Domino's

A marketing machine! Very average pizza. But aggressive marketers, and they virtually own their market. Look at Bill Gates (yes, I know, everyone cites BG). If you saw Accidental Empires though, a PBS documentary by Robert Cringley, you'd know that Gates was just one of hundreds of fanatical "techies" who were trying to make this computer thing work somehow. With his astute positioning and relentless marketing he rode Microsoft up over IBM to the $80B company it is today.

Of course, this doesn't mean you just market better and let your buying, negotiating and selling skills go to pot. You've got to be the very best property buyer you can be and run your office well too. After all, your sellers and buyers deserve the very best treatment from you. But more importantly, doing what you do so well that people can't resist telling others about you, is the purest type of marketing in and of itself. Remember, it doesn't matter how good you are if you have no Motivated Sellers to talk to. Buying houses from Motivated Sellers with little or no money out of your pocket is the name of the game, and marketing is the thing that brings in the Motivated Sellers.

OK, so, marketing. Really fabulous! But, what does it mean? So far it's just a word I've said 10 or twenty times, right? Well, there are two types of marketing people typically use.

The traditional approach which, for want of any better way to go, usually involves just going out after randomly selected sellers. They haven't been screened or qualified in any way. We just know they have a house to sell. We run up big phone and classified ad bills to get to talk to them. In communicating with them we usually talk to them about our financing, and how great it is, and if they will just sell to us their "problems" will go away. We do it manually; call by call, door by door. We talk about us, rather than inquire about them. We chase, they run. When we stop, the marketing stops. The cost per deal is very high, both financially and emotionally.

The second approach is the targeted, low-cost, systemized, response-oriented approach that, through a variety of media (such as direct mail, lead generating classified ads, flyers, signs, radio, cable TV) states or implies a benefit for the seller, calls for a response from them, and positions you as "the solution" for the sellers who want that. The sellers step forward and select you. The marketing is automated, and it is an operating system that works whether you are there or not.

I don't want to shock you, but we are not going with the first choice here. Pick up just about any book or course about real estate investing or creative real estate and you'll find the choice #1 approach to finding motivated sellers, if any. What you won't find anywhere in those books or courses is the choice #2 approach, which is direct response marketing. Direct response marketing targets a specific group of most-desired prospects that you have defined as those most likely to respond to your offer (e.g. out-of-state homeowners, or expired listings), then it advertises for or delivers a message to only those people via a media (e.g. personal-looking hand-addressed #10 envelope mailed first class) that will reach them and get their attention. Once in front of the target, direct response delivers the following:

1) benefit-telegraphic headline

2) true marketing message

3) offer, or offers

4) reason to respond immediately

5) precise response instructions and mechanisms

With these five elements in place, you set yourself up to be called only by motivated, partially pre-sold sellers, continually, day after day! So now you can be freed to do the most productive thing possible for you as an investor: make offers to motivated sellers!

Hopefully you can see the picture here. Direct response marketing cuts your advertising expense in half. It sifts, sorts and screens your prospects so that only the most qualified and most motivated respond and get to talk to you. In short, it allows you to make more while working less, with more predictability, consistency and control than anything else you could do to find deals. Is that something you want? Think about it. Is there anyone you know of who is buying and selling a boatload of houses every month?

They are still doing a ton of business. Now, why is that? They don't offer sellers anything more outstanding than you, do they? They certainly don't offer sellers anything more creative than you are capable of offering. They don't have any better phone manner than you. Not at all. The only thing that very successful Real Estate Entrepreneurs do better than anyone else is: Create a reliable, consistent flow of motivated sellers calling in each day! That's it! That's the difference. So did you get the message here? I hope so. If you want to change your experience in real estate investing from one of anxiety, frustration and disappointment to working less and making more, you'll

Home Tax Credits

2009-06-01T23:22:00.000-07:00

Step 1:
Consult with a qualified tax advisor to discuss your ability to claim and qualify for benefits under the programs. Click here for information about qualified products.

Step 2:
Purchase qualified items at Lowe’s and install in your home between January 1, 2009 and December 31, 2010.

View All Eligible Products

Step 3:
Keep your receipts and other documentation. (You may need to obtain a Manufacturer’s Certification and/or product labels containing U-factor/Solar Heat Gain Coefficient if applicable.)

Step 4:
Consult with a qualified tax advisor to determine the amount of earned and eligible credits.
Look for this sign in your Lowe’s store to identify which products qualify for tax credits.

On February 17, 2009, the American Recovery and Reinvestment Act of 2009 was signed into law. The act includes payroll tax cuts, the First Time Homebuyer credit, provisions for state rebate programs for the purchase of energy-efficient appliances and tax credits for energy-efficient improvements to existing homes. The information provided herein is provided for reference purposes only and should not be interpreted or relied upon as tax advice. Consult with a qualified tax advisor to discuss your ability to claim and qualify for benefits under the programs.

What Is the Energy Efficient Tax Credit for Existing Homes?

Beginning January 1, 2009 through December 31, 2010, when you purchase qualifying energy-efficient items from categories such as doors, windows, skylights and insulation, you may be eligible to claim a tax credit of up to 30% off the purchase price on your 2009 or 2010 tax return (up to $1,500). A qualified tax advisor should be consulted to determine eligibility.

What Items Qualify?

Products from among the following categories may qualify* :

Exterior windows and skylights
Storm windows
Exterior doors
Storm doors
Metal roofs
Asphalt roofs
Insulation
Natural gas, oil, and propane water heaters
Pellet stoves
View All Eligible Products

*See www.energystar.gov for more information about qualified products. Not all ENERGY STAR® products qualify for a tax credit. Qualifying products may cost much more than standard products.

State-Specific Appliance Rebates

Check with your local utility company or click to visit the ENERGY STAR Rebate Finder website to find out if you qualify for a rebate on your ENERGY STAR appliances.

For more information on any of the topics above, consult with a qualified tax advisor. He or she can help you determine your eligibility for any of the credits or rebates, as well as how much you may receive. You may also visit the ENERGY STAR website for more information. http://www.energystar.gov

New Subdivision

2009-05-29T09:37:00.000-07:00

Welcome to the online home of Vanrack, Inc.
Vanrack, Inc. is a family owned and operated construction company specializing in single- and multi-family housing.
Charles R. Vandiford, President, has been building homes in Pitt and Greene Counties since 1972. We have the knowledge, the skills, and the
caring attitude to make your next home the best it can be. That's why we say, "It's better built by Vanrack"!
Please browse around our site and look at the exciting homes available now, as well as the new developments and expansions planned for the near future.
We're glad you stopped

ballcreekauction.com

2009-05-28T01:38:00.000-07:00

MacTaylorRealtor.com
mac@mactaylorrealtor.com
252-747-4213
252-559-3636 (Cell Phone)
4860 Fourway Rd
Hookerton, NC 28538

MacTaylorRealtor.com Snow Hill, Greene County Cutter Creek Greater Greenville, Pitt County Auction Schedule

Mac Taylor Home

Ball Creek Auction
Pamlico Co - Jun 27

Greene County, NC Real Estate

Pitt County, NC Real Estate

About Auctions

Sellers Info

Buyers Info

About Mac Taylor

Contact Mac Taylor

About Our Country
Auction & Realty

Eastern NC Best Kept Secret

Ball Creek Auction - June 27
www.BallCreekAuction.com
Auction Information
About Auctions
Buyer's Benefits

The Ball Creek Auction on June 27 will be commissioned to offer at public auction several waterfront properties in coastal Pamlico County, North Carolina. The first offering is approximately 24 acres to be offered in 6 tracts on Day's Landing Road. The second is a single tract of approximately .45 acres on Hudnell Lane. Both will be available at the auction and the tracts at Days Landing Road may be combined if the buyers wish.

Days Landing Auction
Hudnell Auction

For information, call Mac Taylor at 252-747-4213

Days Landing Road Property
Days Landing Video

Days Landing Information
Terms & Conditions
Directions
Manner of Offerings
Map of Property
Soil Evaluation
Soil Suitability
Tax Sheet
Buyer's Premium Agreement
Co-Brokerage Registration

This Pamlico County property being offered at public auction consist of approximately 24.9 acres including highway R/W. The total tract has 1,170 feet of frontage on Day’s Landing Road and 1,237 feet of water frontage on Ball Creek which is just a skip and hop to Bay River, onto the Pamlico Sound. Being 70% cleared, this property has four amenities besides all tracts fronting on Ball Creek. First is a building with a foot print of 3,253 sq. ft. on Tract 3. This building is called the “Treehouse”. The Treehouse consist of an upstairs loft apartment containing 950 sq. ft. It has two bed rooms, two baths, kitchen, sitting area and screened porch. Down stairs is a garage/workshop area consisting of 1,576 sq. ft. Within this area there is an efficiency apartment of 392 sq. ft. including a bath, efficiency kitchen and bed room. Also in the downstairs garage area is an office with a bath. There is a concrete floored open shelter on either side running the entire length of the building.

The next amenity, also located on Tract 3, is a small boat launching area and dock located on Ball Creek. The third amenity is a fresh water pond fed by natural springs. Tracts 4 and 5 both have ownership in this pond. It is approximately .5 ac in area and said to be in excess of 30 feet deep. The water is virtually crystal clear. Large mouth bass are seen swimming around the border. Canadian Geese and various waterfowl have an attachment there as well.

The fourth amenity, located on Tract 6, is an “under construction” Deltec designed house. The second story is dryed in, the bottom is open. The plans will be passed along to the new owner if they desire to complete the dwelling. The style is Monterey (circular) with crescent wings to either side. Each level will contain approximately 3,800 sq. ft.

Hudnell Lane Property
Hudnell Lane Information
Terms & Conditions
Directions
Manner of Offerings
Map of Property
Septic Improvement Sketch
Tax Sheet
Buyer's Premium Agreement
Co-Brokerage Registration

This residential lot has a well established stand of grass with ample shade tress. Survey shows lot consist of 19,770 sq. ft. which equates to .45 acres. It has 171 feet of frontage on Hudnell Lane and 81 feet of frontage on Camp Creek which is bulkheaded. Private septic nor water has been installed.

Hurricane panels for windows

2009-05-28T00:21:00.000-07:00

Find more helpful tips and How To guides on lowes.com/howto
Prepare your home.
Protect your family.
These “How-To’s” are provided
as a service from Lowe's, the
Original Home Improvement
Warehouse of How-To information
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therefore, Lowe's assumes no
liability for omissions, errors or
the outcome of any project.
The reader must always
exercise reasonable caution,
follow current codes and
regulations that may apply,
and is urged to consult with a
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about any procedures.
Lowe’s Customer Handouts © are a Lowe’s Marketing Publication. © 2006 All rights reserved.
How To Install
Fabric Panels
HURRICANE
ESSENTIALS: How-To Install Fabric Panels 2
As a hurricane approaches, protecting your home becomes a priority. One of the most vulnerable areas for
damage are the windows, so it is essential to consider installing fabric panels.
Often the task of boarding windows takes quite a bit of time. And when a hurricane is approaching, time is of
the essence. Boarding windows, while effective, requires more time and more effort than a permanently-framed and
easily removable system like Fabric Shield.
Fabric Shield has many other advantages. Fabric Shield is translucent to allow light into your home. It’s flexibility
can significantly reduce wind driven rain damage through window and door openings. Should one be damaged by
flying debris, replacement cost is low. Fabric Shield does not warp, corrode or rust. It’s easy to store and retrieve
when you need it.
As a side benefit, Fabric Shield may reduce your homeowner’s insurance premium.
Lesson One: Preparation
First, determine your home’s underlying material. This will tell you which type of anchor you’ll be using and where
you’ll place your grommets on your Fabric Shield panel.
Make note of your windows and door casings. Do they have an extended or recessed sill? Are they flush to wall or
protrude past the wall? Also, look for obstructions like downspouts or other items.
Remember, fasteners must penetrate your home’s outer covering and anchor into solid substrate to ensure
proper installation.
Next, use the Fabric Shield worksheet to count and number each opening on your home. Count the number of
openings to which you wish to attach panels. Include all windows and doors with glass, roof and gable-end vents, any
other openings that would allow wind to enter your home if damaged.
Measure each opening’s width from the inside of the exterior trim. Measure the opening’s height from the sill to
the bottom of the top trim. When measuring a window with an extended sill, measure from the top of the sill to the
bottom of the top trim.
Write this information down on your worksheet.
Lesson Two: Grommets
Grommet Placement
Grommet placement varies based on the surface to which it will be attached.
For hollow and concrete block walls without protruding sills, you can mount the panel with the grommets left to
right or top to bottom.
For hollow and concrete block walls with a protruding sill, mount the panel with the grommets left to right.
For the panels themselves, their length is calculated by adding the measurement of the opening to the desired
amount of overlap on each unfastened end of the panel.
More overlap increases the systems resistance to small flying debris that can come in around the unattached
edges. A minimum 1-inch or greater panel overlap is recommended.
On your worksheet, record each panel’s orientation, the amount of overlap desired, and the type of framing and
exterior the fastener will be going through.
Grommet Spacing
Use The Grommet span chart in the installation kit to determine where your grommet span falls. Enter the
appropriate Panel Letter from this chart into your worksheet.
Because some openings are larger than the 96” Fabric Shield panel, you may have to use more than one on per
opening. In that case, simply change the mounting style or adjust the grommet span to fit.
Next, cut your panels to size. Begin by marking the panel to the correct length. Measure corner to corner to check
for squareness. Using a carpenter’s square or straight edge, cut the panel to the appropriate length with a sharp utility
knife.
HURRICANE
ESSENTIALS: How-To Install Fabric Panels 3
To grommet and mount the panel, determine the spacing between grommets based on your local wind zone – local
building officials can help you if you don’t know that information - the panel size, your home’s framing material and the
type of fastener you will use.
Based on this information, the chart will tell you how much space should separate each grommet.
Marking Grommet Holes
Locate and mark the center of your panel. Divide the grommet span by 2 and mark this distance on each side of
the centerline on the non-grommeted side.
Measure at least one and a half inches in from the edge of the panel and set the location of the four corner
grommets.
Grab the provided Marking Guide and place it on the outside edge of the panel’s wide welded side. Move the
guide until the edge of the marking guide is aligned with the edge of the panel. This then positions the location of the
one and a half inch set-back. The guide can then be used to mark the grommet spacing.
The distance between grommets can be evenly spaced, located to match mortar joints or any other spacing of
your choosing, so long as it does not exceed the maximum grommet spacing listed on the Chart. Mark the grommet
locations along both edges.
Setting Your Grommets
To prevent drilling into your work surface, place a scrap piece of wood under the panel. With the drill bit provided
in the installation kit, drill a 9/16-inch hole in the panel at each marked grommet position.
Place a grommet up through the drilled hole and place the washer over the grommet. Set the grommet using
the grommet tool and a hammer. Several blows of the hammer will set the grommet. Repeat this process to set the
remaining grommets on the storm panel.
To complete the panel, apply the Florida Building Code Compliant Label to a convenient location on the back of
the panel. Using a permanent ink pen, write in the area provided on the label a description of the location where the
panel is placed on your home.
Lesson Three: Setting Your Fasteners
• Next, set the fasteners on the wall of the house.
• Locate the center of the window opening. Measure up from the edge of the window opening. Include any overlap.
• Either use the panel as a template or measure over half the grommet span distance on both sides of the window’s
centerline and make a vertical mark.
• Measure down one and a half inches from the top edge of the storm panel and make a horizontal mark on both sides
of the centerline. This indicates the location of the top left and top right fasteners.
• Before drilling for the fasteners, make sure they are level and the window opening is plumb. Adjust if necessary.
• Using the appropriate drill for the material through which you are drilling, follow the fastener manufacturer’s instructions
to secure the fastener properly.
• Using the appropriate drive socket for the fastener, install the fastener.
Lesson Four: Attaching the Fabric Panels
• Attach the storm panel to the top left and top right fasteners.
• Holding the storm panel in place, use the grommet holes on each side of the panel as templates to mark the remaining
fastener positions on the wall of the house.
• Either use the panel as a drill guide or remove the storm panel so it is not in the way while setting the remaining fasteners.
• After the remaining fasteners have been set, place the storm panel over the window by attaching and tightening all the
wing nuts to properly secure the storm panel. The storm panel is now in place and ready

Inspections

2009-05-27T04:39:00.001-07:00

How To Conduct A Thorough Pre-Buy Property Inspection
by Thomas Lucier

When making an offer to buy any type of property, include a clause in your purchase agreement that makes your offer contingent upon the property passing inspection. You must do this in order to avoid being bamboozled by an unscrupulous owner surreptitiously masking a property's major defects. Who should inspect your property for major defects depends upon how much construction knowledge and experience you have. If you lack the necessary knowledge and experience, you should hire a retired tradesmen or professional property inspector to snoop around and inspect the property for major defects that some owners will try and hide. Conduct a search on the Internet to obtain the names of certified or licensed property inspectors in your area. If you know what you're doing, you can do your own property inspections. That's what I do when I need to have a property inspected. I simply make an appointment with the owner and show up at the property in my old coveralls with my high-powered searchlight, trusty ice pick, binoculars, extension ladder, mini-tape recorder and inspection checklists, and inspect the property for:

1. Structural roof damage.

2. Sinking and cracking foundations.

3. Mold contamination.

4. Structural termite damage.

5. Structural dry rot damage.

6. Water and moisture intrusion.

7. Collapsed water and sewer lines.

8. Stripped mechanical systems and missing electrical wiring.

9. Missing roofing material, gutters and downspouts.

10. Rotting wood.

11. Signs of termite infestation.

12. Electrical, fire and safety hazards.

Inspect Suspicious Properties For Environmental Contamination

In order to avoid buying a potential toxic waste dump, have suspicious properties inspected for various types of environmental contamination that could make a property uninhabitable and render it worthless. By a suspicious property, I mean a property that has been used to house businesses such as gas stations, dry cleaners, automobile repair shops and other businesses that use petroleum products, cleaning solvents and hazardous chemicals. I recommend that you hire a reputable company to perform a phase one environmental audit on any property you suspect has been contaminated by some type of environmentally hazardous waste. Even if you don't suspect that a property has any type of environmental contamination, use the phase one environmental audit checklist below to conduct your own inspections:

Sample Phase One Environmental Audit Checklist

When conducting a phase one environmental audit, the inspector:

1. Examines the property's chain of ownership for the past fifty years.

2. Interviews the current and available past owners of the property to determine if any present or past uses of the property would have an adverse affect upon the environment.

3. Reviews available past city cross-reference street directories to determine how the property was previously used.

4. Reviews available topographic maps of the property.

5. Reviews available historical aerial photographs of the property.

6. Reviews available geological reports affecting the property.

7. Researches local, state and federal government files for records of environmental problems affecting the property.

8. Researches local, state and federal government files for records of environmental problems affecting adjacent properties.

9. Conducts an on site inspection of the property for obvious signs of past or present environmental problems such as odors, soil staining, stress vegetation or evidence of dumping or burial.

10. Determines the existence and condition of above ground storage tanks.

11. Determines the existence and condition of underground storage tanks.

Housing Built Before 1978 May Pose Potential Lead-Based Paint Hazards

The Residential Lead-Based Paint Hazard Reduction Act requires that all sales agreements to sell residential property built before 1978 contain a Seller's Lead-Based Paint Disclosure Statement that discloses whether or not the property has been inspected for lead-based paint hazards, and if lead-based paint hazards have been found on the property.

Use HUD's Minimum Property Standards For Housing Handbook

HUD Handbook, 4910.01 R01, Minimum Property Standards For Housing, is an excellent property inspection resource that can be ordered online from the HUD Direct Distribution System for free by logging onto the HUD Direct Distribution System.

Always Best To Do A Walk Through Inspection With The Seller

I always insist on the seller giving me a walk-through tour of any property I may be interested in prior to starting any negotiations to buy the property. The reason I want the seller to show me the property is so that I can study the seller's facial expressions and tone of voice as I ever so gently point out needed repairs. Here's what I do. First off, I show up for my prearranged property tour right on schedule. I come with my clipboard, flashlight, ice pick, inspection checklists, binoculars and calculator. I do this to show the seller that I am a serious buyer, while I use these tools of the trade to determine the property's physical condition while doing a rough cost estimate for needed repairs at the same time. When I notice some obvious structural defect or needed repair, I immediately bring it to the seller's attention with a comment like, "how long has this crack been in the ceiling?" Most sellers will respond with something like, "Oh my, this is the first time that I've noticed it." Sure it is! In other instances, I'll just point and shake my head or make comments to myself like "hmm" or "oh boy!" But I never insult the property owner. I just want them to know that I see exactly what is being offered for sale. The reason I conduct the inspection in this manner is to begin to dampen any expectation the seller may have about receiving their initial full asking price.

Do You Negotiate or Manipulate

2009-05-27T04:26:00.000-07:00

Do You Negotiate or Manipulate?
Filed under: Tip Of The Week — Corcoran Consulting & Coaching @ 8:14 am
Learn how to keep talks constructive so that everyone in the transaction comes out a winner

In the frenzy of a transaction, the line between negotiation and manipulation can sometimes be gray. Negotiation is the ability to bring about compromise between two or more people while manipulation seeks to satisfy only one’s own wishes.

Real-life examples of manipulation include encouraging a seller to accept an offer exactly as written without negotiating a better deal for your client; advising your client to accept an offer before presenting other offers later the same day; or withholding your comparative market analysis to help get a lower list price.

The negotiation process during a real estate transaction should never involve any form of manipulation. Unfortunately, sometimes we can venture off into this area without realizing it. To avoid this trap, keep these tips in mind as you work to negotiate the best deal for your clients.

8000 tax credit

2009-05-27T01:00:00.000-07:00

Frequently Asked Questions About the Home Buyer Tax Credit

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1.Who is eligible to claim the tax credit?
2.What is the definition of a first-time home buyer?
3.How is the amount of the tax credit determined?
4.Are there any income limits for claiming the tax credit?
5.What is "modified adjusted gross income"?
6.If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
7.Can you give me an example of how the partial tax credit is determined?
8.How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
9.How do I claim the tax credit? Do I need to complete a form or application?
10.What types of homes will qualify for the tax credit?
11.I read that the tax credit is "refundable." What does that mean?
12.I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
13.Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
14.Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
15.I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
16.I am not a U.S. citizen. Can I claim the tax credit?
17.Is a tax credit the same as a tax deduction?
18.I bought a home in 2008. Do I qualify for this credit?
19.Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
20.If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
21.For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?

1.Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2.What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3.How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

4.Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5.What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

6.If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7.Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8.How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

9.How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.

10.What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

11.I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12.I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

13.Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

14.Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.

15.I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.

16.I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

17.Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18.I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.
19.Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.

Finally, HUD has announced that it will allow FHA-approved lenders to issue short-term loans to advance the credit amount for use in purchasing the home. Read NAHB’s press release on the announcement. Additional information will be posted when it becomes available.
20.If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
21.For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest

2009-05-25T01:47:00.000-07:00

Click on the link below to view the properties:

http://ml21.offutt-innovia.com/gre/maildoc/sd_AAAa0032F20090523134623.html

This email was sent on behalf of:

KEN RAKESTRAW
CENTURY 21 ELITE PROPERTIES
211 E. ARLINGTON BLVD.
GREENVILLE, NC 27858
Mobile: (252) 902-8923
Phone: (252) 215-0015
Fax: (252) 215-5800

Tips

2009-05-21T00:27:00.000-07:00

Money Magazine® Tips:
Fact: Cabinet resurfacing, updated appliances and new flooring can serve up an amazing 100% return! Fact: A kitchen remodel can help your house sell – and dish up an 80% return on your remodeling costs! A small kitchen facelift (under $10,000) can return 100% on investment. Fact: A fresh coat of paint is a simple way to add appeal. Paint kitchen cabinets as an inexpensive, simple alternative to replacing existing ones.

Economy

2009-05-21T00:19:00.000-07:00

Pitt County/Greenville area is a rapidly growing, well diversified employment/service center for Eastern, N.C.
Population increased 23.3% during the 1990's
Labor force expanded 15.7% and employment grew by 15% between 1990 and 2000
Retail sales growth for Pitt County has averaged 10.2% per year for the last 10 years
Pitt County is leading retail center in central and northern Eastern North Carolina
Manufacturing employment accounts for 1 in 6 jobs, government for 1 in 4, and wholesale/retail trade for 1 in 4 (1998 data)
Major manufactured products include: chemicals, textiles, machinery, fabricated metal products, paper products, apparel, and transportation equipment
Reported industrial investments averaged nearly $50 million per year during the 1990's and exceeded $135 million for 2000
Medical Center (hospital and med-school) continues as a major catalyst of growth
POPULATION PROJECTIONS BASED ON 2000 CENSUS FIGURESPITT COUNTY 2002-2010
July 2002
July 2005
July 2007
April 2010
2000-2010% Change
139,609
147,544
152,855
161,081
20.4

Pitt County Leisure Activities
Pitt County has more than 20 major parks facilities (including River Park North), the Greenville Aquatics and Fitness Center, nearly 200 clubs and organizations, twelve fitness centers, seven country clubs, over 3000 churches and synagogues.
River Park North includes 309 acres of land with 1.2 miles of river frontage and four lakes. Activities at River Park North include pedal boating, picnicking, fishing, camping, and hiking.
The Greenville Aquatic and Fitness Center is a full-service, YMCA type facility. It includes an indoor Olympic size pool, supervised nursery, and a full range of exercise equipment and programs.
Clubs and organizations for pre-schoolers, youth, adults, and the elderly are available to suit every interest.
The Greenville Parks and Recreation Department operates three gymnasiums, a municipal pool, tennis centers (24 courts), a community building, a baseball stadium, five lighted softball fields, a teen center, and 22 parks.
Parks and Recreation Departments throughout the county offer residents of all ages, interests, and skill levels hundreds of classes and special programs in which to participate.
Both private health clubs and country clubs are located in all parts of the county. Fees are reasonable and affordable, and the clubs are well-maintained.
East Carolina University offers strong intercollegiate athletic programs, particularly in football and baseball.
A wide variety of restaurants are available, including a number of foreign cuisines.
Local clubs and lounges feature both live regional and national performers and local performers and D.J.'s.
Churches and synagogues offer both regular services and a wide variety of special services and programs.
Pitt County Shopping
Greenville is a rapidly growing retail center. Retail sales have grown an average of 10% annually for over a decade, now approaching $2 billion. Whether exploring a small specialty shop, or browsing in a major department store, shopping in Pitt County is a pleasant, relaxed experience among friendly merchants. In suburban malls as well as downtown, the shopper will find a wide variety of merchandise to choose from, and, because of a moderate cost of living, prices are attractive.
Colonial MallColonial Mall, Greenville's largest mall, includes two Belk's (a 45,000 square foot women's store and a 60,000 square foot men's, children's, juniors', and housewares store), a 76,000 square foot Proffit's, a 91,000 square foot J.C. Penney's, and approximately 180,000 square feet of additional shop space including a food court. Other major stores include Victoria's Secret, The Gap, The Limited Express, Lane Bryant, and Lerner of New York. Colonial Mall is one of the largest centers in eastern North Carolina, encompassing over 500,000 square feet of space and having 110 stores. The entire project covers nearly 45 acres.
Carolina East MallPitt County's first mall, Carolina East Mall, opened in 1979 and now has over 50 stores. Major tenants are Belk's, the largest department store in Greenville, and Sears. Belk's has a wide range of clothing departments for men, women, and children as well as specialty shops including a wine and cheese shop, a china department, and an interior decorating service. Sears carries traditional clothing lines as well as major appliance, automotive, and home repair departments.In addition, there are numerous clothing stores, shoe stores, jewelry stores, food establishments and many other shops specializing in sundries, cosmetics, toys, books, musical instruments, electronics, sporting goods, music, stationery, cameras, and gift items.
Arlington VillageArlington Village, located at the corner of Red Banks Road and Arlington Boulevard, is a collection of over 40 specialty stores. The variety of stores including clothing for all members of the family, interior design establishments, jewelry stores, a florist, a needlework shop, an art gallery, a variety of gift shops and several businesses providing personal services.
DowntownRegional headquarters of state and national banks, as well as local, federal, and state government offices, enjoy the ambiance of their proximity to a river front park, arts facilities, numerous and varied dining establishments and the campus of East Carolina University. Over 350 businesses and the residents of new center city condominiums, townhouses, and garden apartments, are all proud to call downtown home.
Pitt County Cultural Activities
Prior to the creation of the N.C. School of the Arts, ECU was considered the State School of the Arts, and is still nationally recognized for its curricula.
The Pitt-Greenville and Farmville Arts Councils, along with East Carolina University, present literally hundreds of events throughout the year.
Events at ECU are presented as part of two major series: Playhouse Production Series, and Performing Arts Series.
An extensive schedule of summer stock theatre featuring nationally known performers is presented seasonally.
Events include chamber groups, major symphonies, touring Broadway shows, opera, and ballet.
Many programs are free. Ticketed events have a price range of $5.00 to $40.00.
University academic departments offer a number of highly specialized visual and performing arts opportunities.
Opportunities for personal involvement are available through community bands, orchestras, theatre, dance and vocal groups, and writers and artists guilds.
Five art galleries/museums are located in Pitt County.
A number of nationally known poets and artists reside in the area.
Pitt County and East Carolina University provide extensive library systems both in terms of number of volumes for specialized research and programs for children and adults.
The library systems offer a Health Sciences Library, Music Library, Manuscripts Collection, Rare Books Collection, a special Children's Library, and a number of other specialized components.
Both county and university libraries have media centers offering microfiche and microfilm collections and readers, computers and software, VCR's, and a variety of commonly used audio-visual items.
Pitt County's Sheppard Library offers story hours for toddlers and pre-schoolers, a school visitation program for kindergartners and elementary school children, and "Popcorn Theatre" for grades 4-7. Sheppard and its branches provide homework services for all grade levels, a summer reading program, and a number of adult literary programs.
Pitt County Healthcare
Regional health care center serving 29 county region
Pitt County Memorial Hospital is one of four designated Level I Trauma Centers in North Carolina and serves as the teaching hospital for the Brody School of Medicine at ECU
Over 60% of Hospital patient load originates outside County
Active medical staff of over 450 represents more than 60 medical specialties
Specialized services include chemotherapy, open heart surgery, and organ transplants
Pitt County among top 3 counties in N.C. for physicians per person ratio
Room and service rates compare very favorably with state and national rates
First medical center in N.C. to start air ambulance service (helicopter) for critically ill
Ronald McDonald House for families of seriously ill children
Other area specialized facilities include public, mental health, alcoholic and vocational rehabilitation centers
Several rest homes, nursing homes, and assisted living centers in area
Brody School of Medicine research and special care centers complement local health care providers
Private emergency care clinics available for non-critical emergency treatmentMedical district zoning allows for location of medical-related manufacturing in specified areas
Pitt County Education
Pitt County Schools has been a county-wide consolidated system since July 1, 1986
Local public schools often cited as model schools for excellence in education
CAT scores are higher than the State, regional, and national average
Graduates compete effectively for college scholarship programs
Pitt Community College offers technical skill training, 2 year college transfer, 2 year technical, one year vocation, short term certificate program and a continuing education program
PCC offers special programs to meet industrial and business training needs with State supported commitments to industrial training
East Carolina University is the third largest university in the State (18,750 enrollment)The Brody School of Medicine at ECU offers a four year Medical Doctor degree as well as six PhD programs
There are 102 undergraduate degree tracks and 85 graduate-level programs at ECU. Professional schools: Industry & Technology, Computer Science and Communication, Medicine, Art, Music, Education, Human Environmental Sciences, Allied Health Sciences, Business, Health and Human Performance, Social Work and Criminal Justice Studies, and Nursing
ECU is a Division IA Football School and a member of Conference USA (Army, Cincinnati, Houston, Louisville, Memphis, Tulane, Southern Miss)
Excellent private parochial and non-parochial schools are also available as well as pre-school programs such as Montessori
Pitt County Industry
Well diversified employment and manufacturing base
No single industry or employer dominates the local economy
Twenty-one manufacturing operations employ 100 or more workers with seven employing 500 or more
Primary manufactured goods include: chemicals (pharmaceuticals), textiles, transportation equipment, machinery, and fabricated metals
Several manufacturers maintain either corporate or divisional headquarters
Three major non-manufacturing employers with 2500 or more employees
Pitt County Geography
Atlantic seaboard location midway between Boston and Miami
Longitude: 77° 22' W Latitude: 35° 27' N
Elevation: 10'-100' MSL Land Area: 419,800 acres
Population: Pitt County: 133,798 (2000) 126,263 Square Miles: 656.52. Major City: Greenville, population 60,476 (2000). Square Miles: 18.57.
Greenville/Pitt County is centrally situated to serve the largest concentration of population and industry in eastern North Carolina (over 1/2 million people within a 45 mile radius)
A coastal location, protection by eastern mountains, and proximity to the Gulf Stream serve to moderate climate
Temperate climate makes shutdowns due to inclement weather rare and allows year-round outdoor recreation
Average daily maximum temperature 73°F
Average daily minimum temperature 50°F
Any snow accumulation melts quickly (temperature usually gets above freezing any day it goes below freezing)
Abundant supply of high quality ground water available from eight underground aquifers
Tar River is navigable from Greenville to the Pamlico Sound (boating and water skiing are popular) with proximity to Intracoastal Waterway

Information For This Page Comes FromThe Pitt County Development Commission
Click Here To Learn More About Pitt County

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location

2009-05-20T23:41:00.000-07:00

The CENTURY 21® Elite Properties office is on Arlington Blvd. in the heart of Greenville, NC. Our convenient location is only blocks away from Greenville's Colonial Mall, The K-Mart Plaza, Staples & Office Depot.
Greenville, North Carolina is located in the heart of Eastern North Carolina. The city is only an hour's drive away from Raleigh, the state's capital, and a little over an hour to the beautiful beaches bordering the Atlantic Ocean. Greenville is home to East Carolina University, one of the largest colleges in the state.
Stop by our office when you are in the market for a new home!

रियल इस्टेट Blogs

2009-05-19T23:56:00.000-07:00

One of the best ways to get a taste of a neighborhood you’re looking at is to look at some blogs from real estate professionals in the area.
Real estate agents are getting savvy about using the blog to talk to you – people who are interested in moving to their community — about the community. At their very best, these blogs are like local newspapers, without the obituaries or scintillating reports from the local public utilities commission.
Of course, the agents would LOVE to eventually represent you in a sale, but they also know that if they’re too salesy in their blog reports, you’ll bolt. The hope is that if you like the blog and find it a valuable resource for learning about a neighborhood, then you’ll like the agent as well and maybe want to talk business.
So we’re going city by city to find the best real estate blogs. I try to find sites that have a low sales quotient, and give you a good insight into the community that agent represents. The more ‘insidery’ the better.

Vena Jones-Cox for Investors

2009-05-19T23:41:00.000-07:00

It is a major regret of my youth that no one ever bothered to tell me that working for a living was a drag, or that depending on a job to make you rich was a fantasy. I guess I was aware on some unconscious level that my dad's real estate investor friends were able to go to Europe for months on end while my friends' parents—even the ones with great jobs— were lucky to put 2 weeks of vacation time together each year, but I always assumed that my dad's friends had so much spare time because they were unemployable, never having been told that, despite their paint-spattered overalls and 15-year old pickups, they were multimillionaires. In short, when I entered the “real” world after college, my education was sadly lacking in some very important areas. In the ensuing years, I've learned some lessons about the world of real estate—some painful (never give a big earnest money check to a seller until you know he actually owns the property), some pleasant (it is possible to hire other people to do the jobs you hate). Each time real estate investing teaches me something new, I wonder why somebody didn't just sit me down and tell me about it years ago. How much easier my life would have been if only someone had told me these things early on...
1. Real Estate Isn’t About Properties, or Deals, or Financing.About 4 weeks into my real estate career, I made my first deal on a house. In one of the most obvious examples of karmic retribution I've ever experienced, the seller of this house was one of the little old ladies that I'd once accused my parents of taking horrible advantage of. However, this particular little old lady surprised me by telling me right up front that all she wanted for her home was the loan balance plus $1,000 to move, despite the fact that the property was worth about $15,000 more than that. It seems that her husband had recently died, and that she was moving out of state to live with her daughter and grandchildren. In short, she wanted to be gone by the end of the month.Now, while this was my first actual deal, I had made approximately 100 offers up to that point that went nowhere. Like many first-time investors, I hadn't fully absorbed the lesson that real estate was about people, not properties; as a result, I had made all of my offers on houses where I thought the seller should be motivated to sell for some reason. I never once asked whether or why the seller wanted to sell cheap, because, hey, the house was ugly right? Who wouldn't be ready to sell cheap?It was this lady that taught me the all-important lesson that people don't necessarily want what you think they should want. Her house was in pretty good shape; she could have sold it for full value in 60 days or so. But what she wanted wasn't top price, it was speed. She wasn't motivated by money, but by a desire to put the property behind her. As a result, she was pleased as punch to take about 2/3rds of the value of the property at the closing a week later. And if someone had bothered to tell me right from the beginning that not every owner of a junker house or a house in a questionable neighborhood automatically wanted to sell cheap (even though it was the logical thing to do!) perhaps I could have saved my time in making the previous 99 offers. People are funny, and the only way to really know what they want out of a deal is to ask them. So if you're making offer after offer and getting rejection after rejection, you might want to think about talking to sellers about what they want, instead of assuming you know.
2. Never, Ever Rent to Anyone You Know.It's inevitable: someday your buddy (or brother) Joe is going to need a place to live at exactly the same time that you have a vacancy. It's going to go through your mind that this might be the perfect solution for both of you. Joe's a nice guy, and with his carpentry skills (he was the one who drilled through the fridge door in your college apartment to invent—the Keg-A-Rator!), you know he'll fix your place up real nice. So, in a gesture that you will never cease to regret, you offer Joe your vacant property. He gets a discounted rent, you get a tenant you can trust, everybody wins. Everybody, that is, except anybody who's even remotely involved in this situation. The thing about renting to people you know (and this also encompasses lease/optioning, carrying financing etc) is that you and your friend/family member enter the agreement with opposing viewpoints in terms of the benefits of the situation. You go in happy because you know your buddy will treat you fairly—meaning that the rent will be on time, the repairs you agreed on will be made in a timely fashion, and he won't turn your new refrigerator into a Keg-a-rator. HE goes in happy because he knows you'll treat him fairly—meaning that you'll let him slide on the rent at Christmas, take his time on the repairs, and indulge his longtime dream of raising Rottweilers in the basement. You think he'll be the perfect tenant; he thinks you'll be the perfect landlord. It's a conflict of outlooks that can't be resolved without lawyers or fisticuffs.Remember, when you become a housing provider, your outlook on life undergoes a major change. Your friends who are still tenants probably haven't had the benefit of experiencing that kind of entrepreneurship, and more than likely have no idea what it's like to invest huge chunks of time and money in a property. My partner once lost not one but an entire group of college friends when he evicted one for nonpayment of rent; suddenly he'd become "The Man" and was no longer welcome at the poker games. I have a brother who can't see me at family gatherings without eventually coming around to the subject of how shabbily I treated his best friend by forcing him to pay late fees every month. I have never, ever seen a situation like this work out to the satisfaction of both parties. If you have, I'd like to hear about it. On the bright side, since no one ever tells people that renting to friends and relatives is a very bad thing, there are an awful lot of buying opportunities out there generated when owners realize they're never going to see a dime out of Joe. Keep your eyes open for these situations; they can become some of your best deals.
3. There's No One Best Way to Invest in Real Estate.Most new investors have a "guru", a teacher to whom they look not only for advice, but for a world view that helps to direct and focus the newbie on a particular strategy. These gurus can take the form of a professional teacher/instructor, a mentor, or, as was the case in my early career, a family member. One of the major attractions of gurus is their certainty that their particular strategy is the be-all and end-all of real estate investing. My father was a good example of this: he had a cookie cutter that involved buying low-end homes for cash, lease/optioning them, and then ultimately refinancing packages of 5-10 at a time to get more cash to buy more houses. No property, no matter what type, condition, or area ever got any other treatment. And like most gurus, he was willing to defend til death the idea that other strategies were less profitable, more difficult to execute, and generally inferior to his particular favorite.The guru is a compelling figure to the new investor precisely because he (or she!) is so focused and certain of himself. Following a particular guru can be extremely valuable for the overwhelmed newbie since it allows him to really, really learn how a particular technique works. The downside of guru-worship is that it limits the new investor's experience. Most gurus—and not just those who have seminars to sell—advocate one or two strategies to the exclusion of all others. As a result, their followers tend to have a narrow viewpoint in terms of what a "good" deal is, and therefore to pass up a lot of profit opportunities. Once I'd quit working for my father, the "pay cash for houses" option dried up and I was forced to learn some new strategies for putting food on the table. Wholesaling properties for quick cash became a prime focus of my business, and quickly became a huge profit center. One day about 2 years ago, I went back through my files of offers I'd made when "Buy and Lease Option" was the only thing I knew, and discovered that I'd walked away from over $100,000 in wholesaling profits during the time I was stuck in that mindset. Many, many properties that didn't fit my dad's "cookie cutter" would have been great little flips, but I simply couldn't see them. And never mind all the times I hung up on a seller with an expensive, pretty house for sale, because I couldn't get it for 70 cents on the dollar.
4. People Are Liars.Somehow, I grew up with the idea that lying was a bad thing to do and that getting caught lying was embarrassing and could get you into a lot of trouble. Somehow, people who apply for rentals missed this lesson growing up, or have unlearned it in adulthood. Because no one ever told me this, I spent the first four years of my real estate career checking applications only superficially, and as a result ended up giving over control of my houses to some real tenants-from-hell. I actually believed that my properties were cursed, since perfectly good applicants somehow self-destructed just weeks after moving in.The first thing that clued me in was when I got not one but three separate calls from collection agencies about one tenant within a few weeks of having rented to her. I kept telling the callers that they had the wrong lady, since my tenant's record was clean when I checked it. Finally, one of the creditors gave me a description of the tenant and her car, and I realized that I'd somehow missed something. A little detective work uncovered the fact that I'd actually checked her sister's credit, since the name and social security number on the application were hers. Furthermore, the "boyfriend", whose $35K/year job in a nursing home qualified her to rent the home, was actually an ex-husband who had no intention of living in the home OR of helping with the rent, and the "prior landlord" who gave such a glowing reference was actually the tenant's mother. Needless to say, she was evicted a few months later having paid only the first month's rent.Since learning this lesson, I've become an application-checking fiend. I look at driver's licenses. I cross-check current addresses with those on the credit report, then cross-check owner's names with those of landlords on the application. I use the Criss-Cross directory to make sure that the work phone number actually belongs to a business. And I have a firm policy that nobody gets to live in one of my houses if they've told a major lie on their application. After I discovered that something like 60% of my applicants were giving false information on their applications, I developed a full-page instruction form explaining to all potential tenants that lying about their rental, credit, criminal, or work history would result in automatic rejection and loss of their application fee, and you know what happened? Not a thing. I've rejected 8 out of the last 10 applicants I've had due to falsification of the application. Go figure.
5. You Never Get to the Point Where You Know "Enough".When I had been in real estate for about 4 years, I figured I was pretty hot stuff. I knew all the basic strategies backward and forward; I'd done over 100 deals; I'd spent maybe 1,000 hours in classrooms learning more. I honestly believed that there was nothing else that I really needed to know to be successful. Then one year 7 of my lease/option tenants refinanced in a 4-month period. Staring down the throat of a mid 5-figure income tax bill, I suddenly "discovered" the 1031 exchange, a technique that's been around for decades, but which I thought applied only to old guys who were ready to get out of the business. About that time, I also started doing a radio program, and my attorney recommended that I look into land trusts as a way of keeping my name out of the public record. Then I discovered that escrowing documents could protect iffy lease/option deals to a degree that made me comfortable. And last week, I found out that a "mortgage to secure option" was a valid way to record one's interest at the courthouse. So in case no one's told you yet, the moral is: in the real estate business, knowledge is profit. Keep learning all the time, and don't forget to pass a little of that knowledge on to the folks who are coming up behind you.

Forecosures

2009-05-19T00:13:00.001-07:00

Prepare my home for sale

2009-05-18T03:17:00.000-07:00

Q: What should I do to prepare my home for sale?
A: Start by finding out its worth. Contact a REALTOR® for a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. Or get a certified appraiser to provide an appraisal.Next, get busy working on the home's appearance. You want to make sure it is in the best condition possible for showing to prospective buyers so that you can get top dollar. This means fixing or sprucing up any trouble spots that could deter a buyer, such as squeaky doors, a leaky roof, dirty carpet and walls, and broken windows. The "curb appeal" of your home is extremely important. In fact, it is the first impression that buyers form of your property as they drive or walk up. So make sure the lawn is pristine - the grass cut, debris removed, garden beds free of weeds, and hedges trimmed.The trick is not to overspend on pre-sale repairs and fix-ups, especially if there are few homes on the market but many buyers competing for them. On the other hand, making such repairs may be the only way to sell your home in a down market.
Top

Greenville NC ECU

2009-05-16T05:10:00.001-07:00

ECU gains respect in Charlotte
Posted by: 83Pirate (IP Logged)
Date: August 31, 2008 11:38AM
ECU's team and fans put on quite a show in the August 30, 2008 defeat of VT. I live in Charlotte and had several neutral fans express great respect for the ECU program during and after the game in Panther's Stadium. They love NFL football in Charlotte but were surprised at the energy of a college game between two teams with very energetic fans. The Charlotte folks also know what quality ball looks like. They all thought ECU outplayed VT and that ECU mistakes are what kept VT in the game.
The Charlotte Observer usually ignores ECU in favor of UNC-CH. Suddenly that coverage appears to be shifting in ECU's favor [www.charlotteobserver.com] . Note the links on more information to other articles about ECU and the game.
ECU just made a big impression on the biggest and richest (in players and money) metro areas in the Carolinas. It also gives the tens of thousands of ECU fans in the Charlotte Metro region a reason to be proud of their University.

Greenville NC City Council

2009-05-16T01:54:00.000-07:00

Greenville City Council
Mildred A. Council, Mayor Pro-Tem(District #1)410 West 5th St.Greenville, NC 27834
Calvin R. Mercer(District #4)PO Box 7207Greenville, NC 27835
Rose H. Glover(District #2)2115 S. Village Dr. Greenville, NC 27834
Max R. Joyner, Jr.(District #5)605-B Lynndale Ct.Greenville, NC 27858
Lawrence S. Spell, Jr.(District #3)PO Box 2353Greenville, NC 27836
Bryant J. Kittrell(At Large)PO Box 403Greenville, NC 27835-0403

County of Pitt
Pitt County Commissioners
Melvin C. McLawhorn, Chairman100 Allendale Dr. Greenville, NC 27834(Districts 1 & 2)
Kenneth Ross,Vice Chairman4101 Paramore Rd.Greenville, NC 27858(District 6)
Jimmy Garris4922 NC 43 S.Greenville, NC 27858(District 5)
David HammondFairlane RoadGreenville, NC 27834(District 1)
Eugene James5034 NC 33 WestTarboro, NC 27886(District 2)
Tom Johnson, Sr. 1304 Kingsbrook Rd.Greenville, NC 27858(District 3)
Mark W. Owens, Jr.PO Box 1.Foundtain, NC 27829(District 4)
Ephraigm Smith7267 NC 43 SGreenville, NC 27858(District B - 3 and 6 combined)
Beth B. Ward112 Lakewood Dr. Greenville, NC 27834(District C - 4 and 5 combined)

FEDERAL AND STATE LEADERS
United States Senate
Senator Richard Burr217 Russell Senate Office BuildingWashington, DC 20515 (202) 224-3154 Website Link
Senator Kay HaganDirksen Senate Office BuildingSuite 521Washington, DC 20510 (202) 224-6342 Website Link

Governor
Governor Bev PerdueP.O. Box 12086Raleigh, NC 27605 (919) 832-3660 Website Link

United States House of Representatives
Congressman G. K. Butterfield413 Cannon House Office BuildingWashington, DC 20515 (202) 225-3101 Website Link
Congressman Walter B. Jones422 Cannon House Office BuildingWashington, DC 20515 (202) 225-3415 Website Link

NC House of Representatives
Representative Marion McLawhornLegislative BuildingRoom 1217Raleigh, NC 27601 (919) 733-5757 Website Link
Representative Edith WarrenLegislative Office BuildingRoom 416-ARaleigh, NC 27603 (919) 733-5757 Website Link
Representative Arthur WilliamsLegislative Office BuildingRoom 637Raleigh, NC 27603 (919) 715-3021 Website Link

NC Senate
Senator Clark Jenkins308 Legislative Office BuildingRaleigh, NC 27603 (919) 715-3040 Website Link
Senator Don Davis300 N. Salisbury St., Room 525Raleigh, NC 27603-5925 (252) 747-7555 Website Link

Greenville NC Chamber

2009-05-16T01:51:00.000-07:00

Join the Chamber
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Online Membership Directory
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The Chamber’s Mission is to serve its members by strengthening the business environment; enhancing the quality of life; communicating the views of business and supporting constructive initiatives on major issues of public policy.
Over the next several years, the Greenville-Pitt County Chamber of Commerce will provide bold and assertive leadership in business advocacy and community growth to positively impact the future of Greenville and Pitt County.
Greenville and Pitt County make up one of the fastest growing areas in the state and the Greenville-Pitt County Chamber of Commerce has been a major player in bringing new business and development into the county. The Chamber plays a vital role as a uniting force between business and citizens to ensure continued progress.
The Chamber is a volunteer organization of business, professional, industrial, and community leaders working together to create and maintain an economically strong county. Its objectives are designed to advance the development of the community, to ensure effective government, to maintain a favorable climate for sound economic growth, and to improve the overall quality of life for Pitt County's citizens.
The countywide Chamber currently has more than 1,000 members and is managed by a member-elected Board of Directors. A professional staff working closely with the Chamber's various committees handles the Chamber's day-to-day operations. Ayden, Grifton, and Farmville affiliates, though an integral part of the Greenville-Pitt County Chamber, are independent and financially self-supporting organizations with their own members.
Revenue raised from membership investments goes back into the Chamber to support its personnel expenses, general operating costs, and programs. Located in the historic Fleming House on Greene Street in downtown Greenville, the Greenville-Pitt County Chamber of Commerce is dedicated to the continued growth and prosperity of Pitt County. The Chamber is equally committed to maintaining the natural resources and quality of life that make the area a garden spot and desirable place to live and work.
Click here to view the By-Laws (PDF) of the Greenville-Pitt County Chamber of Commerce.

2009-05-14T03:48:00.000-07:00

Property Tax Search Home Pitt County NC

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Pitt County Revenue Department
Billing and Collection Records

Using the tax bill search, you can browse billing and payment information for real estate, personal, business, and motor vehicle abstracts.
Features Include:
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The tax bill data and payment history provided herein represent information as it currently exists in the Pitt County collection system. This data is subject to change daily. Pitt County makes no warranties, express or implied, concerning the accuracy, completeness, reliability, or suitability of this data. Furthermore, this office assumes no liability whatsoever associated with the use or misuse of such data.

Ramon Revilla, Deputy Tax Collector
Phone: (252) 902-3425
Downtown Greenville
Fax: (252) 830-1935
111 S. Washington Street
Email: pitttaxcollector@pittcountync.gov
Greenville, NC 27834
www.pittcountync.gov/depts/taxcollector/
Mail payments to:
Pitt County Tax Collector
County Disclaimer Statement
PO Box 875
Greenville, NC 27835
Pitt County, NC Copyright 2007
*Hours of Operation: 8:00 AM to 5:00 PM, Monday - Friday
*Except for county observed holidays.

2009-05-14T03:46:00.000-07:00

Sudden LINK Greenville NC

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2009-05-14T03:42:00.000-07:00

Greenville NC Utilities

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Since 1905, Greenville Utilities has been an integral part of Greenville-Pitt County, growing and progressing along with our expanding service area.
GUC provides electric, water, sewer and natural gas services to the City of Greenville and 75% of Pitt County. We serve a combined total of more than 135,800 customer connections. Greenville Utilities is owned by the citizens of Greenville but operates under a separate charter issued by the N.C. General Assembly.
We are guided and managed by an eight-member Board of Commissioners. The Board is responsible for approving rates, development plans, the annual budget and setting operating and extension policies. Policies are implemented by the General Manager. The City Manager serves as a full voting member; five other Board members are nominated by the City Council, and two are nominated by the County Commissioners. All Board members are approved by the City Council.
Our highly-experienced Management Team is dedicated to working together to operate GUC in the best interest of our customers.

2009-05-14T03:32:00.000-07:00

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Pitt County Memorial Hospital
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Patient Information
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Pitt County Memorial Hospital, one of four academic medical centers in North Carolina, is the flagship hospital for University Health Systems of Eastern Carolina and serves as the teaching hospital for the Brody School of Medicine at East Carolina University. Pitt Memorial is a regional resource for all levels of health services and information.
The hospital is a tertiary referral center and provides acute, intermediate, rehabilitation and outpatient health services to more than 1.3 million people in 29 counties. In an average year, about 33,000 inpatients and more than 266,000 outpatients are treated in our facilities. More than 3,000 babies are born here in a typical year. Our clinical staff includes more than 500 physicians and 1,200 nurses.
Clinical education is an important part of this hospital’s mission and helps demonstrate its commitment to the community. Pitt Memorial is a teaching site for medical students and residents, nurses and other health professionals.
Pitt Memorial is fully accredited by the Joint Commission for the Accreditation of Healthcare Organizations (JCAHO).
How to Reach UsPitt County Memorial Hospital is located on the western edge of Greenville, on Stantonsburg Road (US 264). The Visitors' and Patients' entrances are located on Moye Boulevard just off Stantonsburg Road. Visitor parking is available directly in front of the Visitors' Entrance. We are including maps of our campus and the Greenville area for your convenience:
Pitt County Memorial Hospital Greenville area

Our addressPitt County Memorial Hospital2100 Stantonsburg RoadPO Box 6028Greenville, North Carolina 27835-6028
Sign Up For The Parent ReviewPitt County Memorial Hospital now offers The Parent Review as a special service for families who have small children or who are expecting a baby.

Frequently called phone numbers
Main Hospital
252-847-4100
Admissions
252-847-4540
Emergency Department
252-847-0279 or 252-847-0191
Patient Accounts
252-847-5112
Human Resources
252-847-4130
Patient Representatives
252-847-4879
Pastoral Services
252-847-4790
ReferDirect (for physician referrals)
1-800-816-7264

2009-05-14T03:28:00.000-07:00

Pitt County NC online and Greenville
parcel ownership information shown on OPIS is being updated nightly with data provided by Pitt County's CAMA system.NEW ENHANCEMENTS TO OPISOPIS NOW REFLECTS THE NEW 2009 AND PRIOR TAX VALUES!IF YOU HAVE QUESTIONS CONCERNING YOUR 2009 TAX VALUES, PLEASE CONTACT THE PITT COUNTY TAX ASSESSOR'S OFFICE AT252-902-3390.Thank you for using OPIS and we hope that you will find these upgrades of value.OPIS AVAILABILITYOPIS is best viewed at 800x600 (or larger) monitor resolution. If you have any questions or need assistance using OPIS, please refer to the information found on the help page (the question mark button located at the far left of this screen). Comments and suggestions on how we may improve OPIS are always welcome. If you have a comment or suggestion, please contact Pitt County MIS Request Services by phone at 252.902.2521 or by email at mis.requestservices@pittcountync.gov.Copyright © 2009 Pitt County, North Carolina. All users of OPIS are subject to the TERMS OF USE Important information regarding the AERIAL IMAGERY Important information regarding the SOUTHWEST BYPASS CORRIDOR Important information regarding FLOODPLAINS Important information regarding the PROGRESS ENERGY GREENVILLE TO KINSTON TRANSMISSION ROUTE Important information regarding FIRE HYDRANTS Important information regarding MUNICIPAL ZONING Important information regarding SCHOOL ATTENDANCE LINES Important information regarding PITT COUNTY DRAINAGE DISTRICTS How to ADD OPIS TO YOUR FAVORITES TERMS OF USE: The data available on this website including all maps, tables, numbers, graphics, and text (hereinafter collectively referred to as the "information"), is provided on an "AS IS," "AS AVAILABLE," and "WITH ALL FAULTS" basis. Neither Pitt County nor any of its officials and employees makes any warranty of any kind for this information, express or implied, including but not limited to any warranties of merchantability or fitness for a particular purpose, nor shall the distribution of this information constitute any warranty.The information on this website is collected from various sources and will change over time without notice. Pitt County and its officials and employees assume no responsibility or legal liability for the accuracy, completeness, reliability, timeliness, or usefulness of any information available on this website nor do they represent that the use of any information will not infringe on privately owned rights.Information on this site is not intended to constitute advice nor is it to be used as a substitute for specific advice from a licensed professional. You should not act (or refrain from acting) based upon information in this site without independently verifying the information and, as necessary, obtaining professional advice regarding your particular facts and circumstances.By visiting the Pitt County web site, users agree that they will not use the site for any unlawful activity, or use it in any way that would violate the following terms and conditions.This website is governed and construed by the laws of the State of North Carolina. Any use of the website shall comply with all State and Federal laws, codes and regulations, as well as all Pitt County, and City of Greenville ordinances. © 2009, Pitt County, North Carolina. AERIAL IMAGERY: The aerial imagery shown on OPIS was flown during the Spring of 2004 at a scale of 1" = 100' with a 6" pixel resolution. SOUTHWEST BYPASS CORRIDOR: The US 264/NC 11 southwest corridor is an area of land identified as a potential location for a road. The corridor areas vary based on the length of the roadway and the width of the area that needs to be studied. The corridor length is usually established by identifying where and how the roadway will connect with other existing roads. The corridor width is established by reviewing the type of road to be built. Corridor 4 of the Greenville Southwest Bypass extends from NC 11 north of Jacksontown Road (State Road 1109) to the existing US 264 Interchange with Stantonsburg Road (State Road 1200). The corridor width was established at 1000 feet because the proposed roadway is a freeway section with a minimum right of way of 250 feet. A 1000-foot corridor will allow space to adjust the final location of the roadway to avoid and minimize as many impacts as possible. The corridor width can be substantially larger than the right of way needed for the road. NCDOT will only need to purchase the land needed for the roadway right of way. The remainder of the corridor area will remain with the property owner. For additional information, please contact the: North Carolina Department of Transportation Greenville Southwest Bypass Study P.O. Box 30923 Raleigh, NC 27622 Project Hotline 1-800-554-7849 Email project related questions to: greenville@hwlochner.com FLOODPLAINS: The floodplain information shown here has been taken from the North Carolina Floodplain Mapping Information System (www.ncfloodmaps.com). This is the new floodplain data for Pitt County which became effective on January 2, 2004. The data is designed to provide guidance and a general proximity of the location of the 100 year floodplain. This data is for reference purposes only. For an official floodplain determination, please contact the Pitt County Planning Department at (252) 902-3257. PROGRESS ENERGY GREENVILLE TO KINSTON TRANSMISSION ROUTE: For the latest information, please contact: Progress Energy PO Box 1551 Raleigh, NC 27602-1551 or call toll-free 1-800-452-2777 or visit the Progress Energy website at: http://www.progress-energy.com. FIRE HYDRANTS: The fire hydrant locations shown in OPIS are based upon the only information that was available at that time. Since then, advances in GPS technology are assisting your local Fire Department in correcting any errors in fire hydrant locations. Please report any error in fire hydrant location to your local Fire Department. MUNICIPAL ZONING LAYERS: The zoning information shown is derived from information that was provided by each municipality. If you should have questions about the zoning shown for a municipality, please contact each respective municipal planning jurisdiction or department for more information. SCHOOL ATTENDANCE LINES: The school attendance lines shown here are provided by the Pitt County Board of Education. The data is designed to provide guidance and a general proximity of the school district boundaries. This data is for reference purposes only. Under no circumstances should any assumptions be made on school assignments from the data displayed herein. For an official school attendance line determination, please contact Ms. Kay Weathington, Director of Student Assignment for Pitt County Schools at (252) 830-4238. OPIS AVAILABILITY: OPIS is unavailable Fridays from 11:00AM until Noon for required system maintenance. We apologize in advance for any inconvenience. PITT COUNTY DRAINAGE DISTRICTS: The Pitt County Drainage Districts are provided as guidance and a general proximity of the actual drainage district boundaries. This data is for reference purposes only. Under no circumstances should any assumptions be made from the data displayed herein. For official drainage district line determination or other information, please contact Mr. Charles Vandiford, Southeastern Drainage, 115 W. 3rd Street, Greenville, NC 27858 or by phone at (252) 752-7070. ADD OPIS TO YOUR FAVORITES : Pitt County GIS has uncovered and reported a minor program bug in ESRI's ArcIMS 9.1 software that will prevent you from correctly accessing the new OPIS application from your Internet Explorer "Favorites" list. If you save the new OPIS application page to "Favorites" and then later try to access it from "Favorites", you may get the following message: "Unable to start. Required HTML Form missing (jsForm.htm)." There is a simple work around to this problem. Follow these instructions to successfully add the new OPIS application to your Internet Explorer "Favorites" list: 1. Start Internet Explorer. 2. Go to the main Pitt County Government Web Site at www.pittcountync.gov. 3. From the menu on the left, choose "Online Programs". 4. From the list of online programs listed, right-click on "Online Parcel Information System" and choose "Add to Favorites...". 5. Click "OK" to add the page to your "Favorites" list. You should then be able to successfully access OPIS from your "Favorites" list.

2009-05-13T14:06:00.001-07:00

The following tips may be helpful to you in your quest of selling your home.
INSIDE YOUR HOME:
Clear all unnecessary objects from furniture throughout the house, keep traffic flow areas open. Restrict decorative objects on the furniture to groups of 1, 3 or 5 items.
Rearrange or remove some of the furniture if necessary. As owners, many times we have too much furniture in a room. This is wonderful for our own personal enjoyment, but when it comes to selling, we need to thin out as much as possible to make rooms appear larger.
Clear all unnecessary objects from kitchen countertops. If it hasn’t been used for 3 months, pack it up!
Clear refrigerator fronts of messages, pictures, etc. (A sparse kitchen helps the buyer mentally move their things into your kitchen)
In the bathroom, remove any unnecessary items from countertops, tubs, shower stalls and commode tops. Keep only your most needed items in one small group on the counter. Coordinate towels to 1 or 2 colors only. Keep ceramics & chrome sparkling!
Take down or rearrange certain pictures or objects on walls – especially family pictures. Buyers should be able to envision this as their home with their family pictures. Patch and paint if necessary.
Review the house inside room by room, AND THEN…Paint...Clean carpet or drapes...Clean windows...all wherever needed. Be sure the house smells fresh...no strong odors.
Check those closets – you’ll soon need to pack up anyway, so get started here by straitening up AND boxing up. Put the boxes in the garage or attic or storage if you need to. How about a garage sale?
OUTSIDE YOUR HOME:
Go around the perimeter of the house and remove all garbage cans, discarded wood scraps, extra building materials, etc., into the garage or storage...or take to dump.
Check gutters and/or roof for dry rot and make sure they are kept swept and cleaned.
Look at all plants...prune bushes and trees. Keep plants from blocking windows. “You can’t sell a house if you can’t see it!”
Weed and then mulch all planting areas. Keep lawn freshly cut, watered and fertilized. Remove any dead plants or shrubs – fresh flowers by the door are a nice welcome to potential buyers.
Clear patios or decks of all small items, such as tools, extra planters, charcoal, toys, etc. Put in garage or storage.
Check paint condition of the house – especially the front door and trim. “Curb Appeal” really works!
Consider have a home inspection done now – avoid losing a potential buyer over something you can have fixed ahead of time.
Consider purchasing a “Home Warranty” - it gives you an edge over most other listings on the

2009-05-13T14:01:00.001-07:00

Go Ahead & Get A Pre-approval Letter
You do not want to look for houses above and beyond your means, so why would you want to get pre-approval letter from your lender? Sometimes, real estate transactions do not make it to closing (we call it “falling out of escrow”) because the buyer proves unable to qualify for a large enough mortgage with acceptable terms (the length of the loan, the % rate of the loan, the stipulations of the loan, etc.)

A buyers ability to finance the transaction is particularly important in today's market because many sellers are receiving multiple offers for their homes. We call this a “HOT” market! You will stand a better chance of having YOUR OFFER accepted if:
You have a good credit history
You offer a sizable earnest money deposit with your offer
You are willing to make a high percentage down payment
You show other signs of financial ability to close the transaction
One of the very BEST ways to demonstrate your financial strength (#4) is to attach a pre-qualification or preferably a pre-approval letter (from a reputable lender) with your offer. This COULD actually make the difference between YOUR OFFER being accepted over the others and/or with less negotiations.

2009-05-13T13:49:00.000-07:00

Usually the pre-approval letter is more reliable than the pre-qualification letter as the pre-approval process involves more investigation by your lender. For a pre-qualification letter your lender usually only relies on a credit report and verbal data from you to calculate a rough maximum loan amount. For the pre-approval letter, your lender examines your recent paycheck stubs, W-2 forms, bank statements and possibly income tax

2009-03-26T00:58:00.000-07:00

We have 6 New Subdivisions in the Greenville area with most affordable housing in Greenville brand new Single family w/2 car garage starting at $ 150000 and 2 BR townhouses starting at 68,900 contact: Ken Rakestraw at 252-902-8923 or email rakeitin2001@yahoo.com for your free broshure on our homes Life is good at our subdivisions