Why Buy a Wilmington, NC Short Sale?

It’s no secret that the Wilmington, NC area, including Wilmington itself, Wrightsville Beach, Carolina Beach and Leland, is one of the best places to live. Wilmington has a population of just under 110,000 people (2012 data), a thriving art scene, an historic downtown and plenty of beaches. It’s one of the most popular tourist destinations in North Carolina with four of the state’s most popular tourist attractions within about half an hour. Wilmington, NC is not just a popular tourist destination though; people move here from all over the country.

One downside to Wilmington’s popularity and the fact that so many people want to live here is that the law of supply and demand keeps the houses more expensive than other areas a little further inland. It’s not as expensive as buying a home in the Hamptons by any means, but the home prices drop a good bit if you head out towards places like Burgaw or Beulaville.

So what if you want to own a home in Wilmington so you can be near the beach, but you don’t want to spend an arm and a leg? Consider a short sale.

To quote myself, a short sale is when a seller attempts to sell their property for an amount that is less than the price they paid for it. Because the other option is a foreclose, which can cost the lending bank $40-50,000, banks see short sales as a way to cut their losses so they are often more inclined to grant a short sale than go through a foreclosure. As a result, a home buyer can save a lot of money by purchasing a short sale.

If you’re one of the many people who wants to own a home in the Wilmington, NC area, but you’re just not sure if you can afford it, give Nilesh Jethwa a call at 910-622-0319. Nilesh is a short sale expert and can help you find and get into the perfect Wilmington, NC short sale home.

Improve Your Credit Score

IMPROVE YOUR CREDIT SCORE, Wilmington NC Real Estate NC

 

Your credit score is one of the most important factors used to decide whether you will qualify for a major loan and what its terms will be.  Every day, many would-be-borrowers are denied loans, while consumers with strong credit histories are getting great rates on mortgages, car loans, and student’s loans. Understanding how your credit score is formulated is your first step when applying for a loan.

 

Take advantage of the rules.

Too many credit applications can lower your score. Multiple inquiries signal that you are having trouble successfully securing a loan and may be a credit risk or undesirable borrower. However, multiple inquiries from the same type of lender such as a mortgage company are counted as single inquiry if submitted over a short period of time.

 

Reduce your debt.

Creditors look for an optimal total debt load of around 36 percent of your house-hold income. If you monthly mortgage, car loan, and revolving credit card payments total more than 36 percent of your monthly salary, you will likely need to find a way to lower your overall dept before applying for a new loan.

 

Pay on time.

The easiest way to raise an ailing credit score is to make all your loan payments on time every month. Over the span of several months, you will likely need to find a way to lower your overall debt before applying for a new loan.

 

Timing is everything.

Wait 12 months following a credit problem before applying for a mortgage or a car loan. You will be penalized less for problems that are more than a year old.

 

Get your finances in order.

Avoid credit card purchases prior to applying for a major loan, and stay away from independent finance companies with high interest rates, which reflect poor credit management. Transferring dept from one card to another is another way to reduce your credit score. Of course, paying off credit cards every month is ideal. But that is not possible, steadily pay down the debt.

 

Posted by:  Nilesh Jethwa Wilmington and Leland, NC Real Estate

Nilesh Jethwa is a local real estate agent in the Wilmington and Leland area. If you are considering

purchasing a home in the near future. Please contact me for a free consultation.  Making

your home buying  process has seamless as possible. To contact Nilesh Jethwa please click here!

Moving: How to Perpare for a move

Moving: Preparing for Move to Wilmington or Leland, NC….

 

Moving should be an exciting time – you’re off to a new apartment, your first home, maybe moving up to a larger home. But for many people, moving turns into a stressful, aggravating experience. It doesn’t have to be that way. Some advance planning, a little research and the right attitude can combine to make your next move the best one ever.

Wilmington NC moving
Wilmington NC moving

Organization is key to a successful move, so lists are your friends. Keep track of all the details that need to be tended to, especially things that might fall through the cracks, like taking back your cable box. Include everything from renting a moving truck to forwarding your mail, and start doing anything on the list that can be tackled early. As you plan, keep in mind that many truck rental companies will give you a discounted rate if you move mid-week and mid-month instead of at peak times.

Speaking of getting a jump on things, start packing now. You can find all the supplies you need, such as boxes, bubble wrap, packing tape and more at truck rental outlets like Budget Truck Rental. The experts there can help you figure out how many and what types of boxes you’ll need to protect your possessions. Whether you’re moving in a few months or in a few weeks, you should be packing things you know you can live without for a while. This allows you to pack with care, and mark the boxes so you’ll be able to find what you’re looking for when you get to your new place. Leaving packing until the last minute is one of the biggest sources of stress for people who are moving.

About a month before your move date, reserve your moving truck. The company you choose makes a big difference. With 30,000 trucks nationwide, Budget Truck Rental has locations where you need them, and a great selection of trucks for every size move, whether it’s a 10-foot truck (for studio apartments with one or two rooms), a 16-footer (for three to four rooms) or a 24-foot truck that can haul up to 8 rooms of stuff. They’ll even give you expert tips on loading the truck. The trucks are easier to drive than you might think. All Budget trucks have automatic transmissions, air conditioning and are clean comfortable and well-maintained for safety and reliability.

If you’re moving long-distance and need to tow your car, Budget offers two options: the car carrier, which carries your entire car on a trailer that attaches to the rear of your truck (recommended for four-wheel drive and all-wheel drive vehicles); or the tow dolly, which is recommended for front-wheel drive vehicles. The tow dolly lifts the front wheels of the car off the pavement and pulls it behind your truck.

Take care of mail and utilities. Stop by your local post office and fill out the form to forward your mail. You’ll also want to change the address on any magazine subscriptions or other services you receive by mail, such as video rentals. You can take care of most of these changes online. You also need to contact all your utilities, both for the place you’re moving out of and your new place. This includes local and long distance phone, Internet service, gas, electric, water and cable/satellite. Don’t forget to update your renter’s or homeowner’s insurance as well.

Make sure you have a group of friends lined up to help you move. If you have followed your list and have everything packed and ready to go, loading up the truck should be a breeze. If you still have some boxes to pack, your friends can load while you finish up. Be sure to keep the moving crew happy by providing plenty of food and drink. Just save the beer for after the move is complete. Hehe!

If you take care of all these details before your move, all you’ll have to worry about once the boxes are unloaded is finding the perfect spot for your favorite chair. For more moving tips, visit BudgetTruck.com or contact me at www. Nileshjethwa.com .

 

 

 

Post by Nilesh Jethwa Wilmington/Leland Real Estate

 

Nilesh Jethwa is a local real estate agent for the Wilmington and Leland area. To contact Nilesh Jethwa please click here. Don’t forget to request a free relocation package.

 

 

 

 

First Time Homebuyer Tax Credit, Wilmington NC

The U.S. House of Representatives passed the final version of the Economic Stimulus Bill – a massive, $787 billionpackage of tax cuts and federal spending. The U.S. Senate is expected to vote on this bill later today or over theweekend. Included in the bill is a $8,000 tax credit to first-time home buyers.

To veiw the chart with more details about this tax credit click here.  

Posted By Nilesh Jethwa Wilmington, NC Real Estate 

Nilesh Jethwa is a local real estate agent in Wilmington, NC.To Contact Nilesh Jethwa please Click Here!

The top reasons why your home as not sold Wilmington, NC

Mortgage interest rates are near a record low and people are buying homes every day. So, why is it that some home sell right away while others sit on the market for months and  months.?
 
1. Overpricing. The number-one reason a house or condominium does not sell is because it is over-priced. If you listed your home with the real estate agent who recommended the highest list price, they probably “bought” the listing. Now, they may be reluctant to admit that your home is over-priced.
 
Do you wonder why you’re not getting any offers? Today’s savvy home buyers will either not look at over-priced properties, or when they do, they make offers that are much lower than the market value. Home buyers are very smart and they often know more about home values than real estate agents. If your home has been on the market for more than 30 days, it’s time to review a new market analysis to check the list price against other active listings and recent sales. Then, adjust your price accordingly.
 
2. Condition of the home. The second major reason homes do not sell is their physical condition. Few home buyers want to purchase fixer-uppers. Most want a home to be in near-perfect, “model home” condition. Does your home need a fresh coat of paint or new carpeting? Is your yard and landscaping appealing? Are the windows sparkling? Is the garage clean? Have you put off making needed repairs? Take time to put your home into tip-top condition, so that all a buyer has to do is turn the key in the front door and move in.

3. Bad location. No matter how appealing a home might be, if it’s in a bad location it will not sell, or it will sell for substantially less than comparable homes in good locations. Negative location factors include bad schools, busy roads, high crime areas, poorly maintained neighboring homes, lack of public transportation, poor shopping, power lines and poor parks. The only way to compensate for a bad location is to reduce the price.
 
4. The listing agent. Few sellers realize that their listing agent could be the reason their home does not sell. Some agents are known among their colleagues as “difficult agents.” The result is that other agents do not want to show the listings of those agents unless there is nothing else to show prospective buyers. Sellers may never know that their listing agent is not liked by other agents and is hurting the home sale. Experienced, cooperative, friendly, enthusiastic and accessible listing agents are a major asset to their clients.
 
5. Poor marketing plan. Some real estate agents get the listing agreement signed, put it into the MLS and sit back to wait for other agents to bring a buyer. That’s not enough to sell a home. The best agents have a written marketing plan and they follow it to be sure the property sells.
 
Although the MLS is a powerful sales tool, other resources are essential. The best agents have Internet sites to market their listings. They also arrange broker tours, advertise each listing regularly, send out “just listed” announcements and actively network their listings with other agents. Contact Nilesh Jethwa for his marketing plans.
 
6. Difficult to show. A common saying in real estate is “If you can’t show it, you can’t sell it.” The more a home is shown, the faster it sells. And, usually the quicker the sale, the higher the selling price. The message is clear, make your home easy to show by installing a lock box. If a lock box is not feasible, ask your real estate agent to set up a procedure that will make it easy to show your home.
 
SUMMARY:  The key reasons some homes do not sell, even when the real estate market is doing very well, can be overcome with savvy marketing. Real estate agents like to show listings that are priced right, in good condition and easy to show. If your home is not selling, talk with your agent to find out why. Have your agent ask other agents who have shown your home what they think of it. For example, a modest price reduction might be all your home needs to convert it from “for sale” to “sold.”

 Posted Nilesh Jethwa Wilmington, NC

Nilesh Jethwa is a local real estate agent in Wilmington, NC. To contact Nilesh Jethwa please click here!

Negotiating Tips For Sellers, Wilmington NC

Negotiation is an important tool of the real estate business. To be a successful home seller you should have a basic understanding of negotiation methods, knowing the motivation of the other party and adapting to their style. You can strengthen your position as a home seller, by following these four negotiation tips.
 
1. Get your home into top condition. If your home is on the market with obvious defects such as paint, repairs, cleanup, carpets and landscaping, you can be certain prospective buyers will either not look at it, or if they do and they make an offer, it will be low.
 
Examine your home carefully. If you spot anything that a buyer can criticize, your negotiating position will be weakened. For example, if your home has peeling paint, you can be sure buyers will lower their offer by much more than a paint job would actually cost you. To negotiate from a strong position, always get your house painted inside and out before putting it on the market. See Nilesh Jethwa’s  
home staging program for more information on preparing your home for sale.
 
2. Know the market value of your home. After getting your home in the best possible condition, improve your negotiating position by determining the true market value of your home. One way is to hire a professional appraiser to evaluate your home and provide an expert opinion of the market value. The cost will be several hundred dollars for a complete appraisal, depending on the size of your home and the difficulty of appraising it. Choose an appraiser who is properly licensed and is experienced in your area.
 
Another way to determine the market value of your home is to interview several real estate agents about listing it for sale. As part of their listing presentation, each agent will prepare a written “comparative market analysis.” This report will show the recent sales prices of similar nearby homes as well as the list prices of other homes currently on the market. By comparing the reports submitted by the agents, and by checking out the comparables they use, you’ll be able to determine the market value of your home. Be sure to throw out any inflated price opinion given to you by an agent who is trying to “buy” the listing.
 
3. Relax and be patient. Another way of stating this rule is, “The one who cares the least, wins.” For example, if you must sell your home quickly because of a job transfer or to avoid a pending foreclosure, buyers will take advantage of your vulnerable situation. Give yourself plenty of time by putting your home on the market early. Sellers who get the top prices for their residences are those who have their homes in excellent condition and who do not have to sell it by a deadline.
 
They can afford the “I don’t care” attitude, so they only have to sell if they get the price and terms they really want. A good real estate agent will support you when you take this position even if it takes a little longer to sell your.

 

Posted by Nilesh Jethwa Wilmington, NC Real Estate

Nilesh Jethwa is a local real estate agent in Wilmington, NC. If you would like to contact Nilesh Jethwa or receive his free monthly market reports please click here!

Wilmington, NC 15,000 Tax Credit Update

Last evening the United States Senate unanimously passed a bipartisan amendment, offered by REALTOR® Champions, Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year. 

Specifically, the Isakson-Lieberman amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.  The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment. 

While the final details of the Stimulus Bill are still being debated, this amendment represents a tremendous step forward in NAR’s efforts to stabilize housing markets around the nation.  Because of the efforts of REALTORS®, we expect the final Economic Stimulus Bill will contain several major housing provisions.  We will continue to update you as the bill progresses through the legislative process.  *This is not formally approved, but yet a significant improvement 

Posted by Nilesh Jethwa Wilmington, NC Real Estate

 

Nilesh Jethwa is a Local REALTOR in Wilmington and the Leland area. To contact Nilesh Jethwa please Click Here!

Market Overview Wilmington,NC February

For over the years Nilesh Jethwa has provided professional real estate services to this community and has established a tradition of excellence. In keeping with this tradition, personal service and dedication are Nilesh Jethwa’s hallmarks. Whether you are buying or selling your home, I have the resources and the expertise to provide you the excellent service you deserve. I will continually strive to provide you with excellent service because, in my business, the most profound assets I posses are your respect an trust.

All information herein has not been verified and is not guaranteed. ©2009 Multiple Listing Service of the Wilmington Regional Association of REALTORS, Inc.

By Nilesh Jethwa

Posted By Nilesh Jethwa
To recieve free month to month Market Overviews Click Here!

Your Credit Score, Wilmington Buyers

Managing your credit score

Part 2

As a real estate agent in Wilmington, NC I have help a number of buyers whether they have been first-time home-buyers, investors, and relocators find their perfect house. My goal working with buyers and sellers is keeping them informed on current market conditions, and helping them achieve there goals. Currently I’m working with a great couple looking to purchase their first home in Wilmington, NC.  During my first initially appointment I discussed with them the home buying process. I make it a point that we collectively come up with a home buying plan, I have found this to be a get tool. It has not only saved my clients time, but also money. During my appointment we went over how the qualification process works and how their Credit rating plays a factor in their purchase amount. Needless to say I realized that their rating was not as positive as I hoped for.  I understood that we needed to take this from a different perspective, not to look at this as an obstacle but an opportunity. I knew it was a great time to start improving it and helping them get started. Here are a few things we discussed.

A credit score is a number that lenders us to help them decide, “if I give this person a loan or credit card, how likely is it that I’II be paid back on time?” Also called a risk score, this number is a statistical measure of the risk that you’ll be able to repay the debt as agreed.

If you are planning on making a major purchase, taking out a loan or applying for a credit card, you’re going to need a good credit rating.

Managing Your Credit ScoreFind out where you stand.

The First step towards developing a better credit score is to determine where it currently stands. Start by checking with the major credit reporting agencies (CRA) listed below. You’re entitled to one free report per agency, per year, and you have the rights to dispute any mistakes, so request that each CRA send you a copy of your report.

Equifax                  www.equifax.com

Experian                www.experian.com

Figure out the Facts 

Credit reports in hand; take a good hard look at the data in front of you. Credit reports are rarely as spotless as you think- that one late payment on your Visa can stay on your report for up to seven years (long after you’ve forgotten about it). In addition, in October of 2004, CBS News reported that nearly 80% of credit reports contain at least one error, proving how vital it is to make sure that everything is accurate.

After identifying any discrepancies, you need to eliminate them. A dispute form usually is sent along with your credit report or you can request one from the CRA’s website so fill out the form and send it back to the CRA as registered mail. Make sure you document each step that you take in clearing up your report in case you need a backup later on. Fortunately, the law is on your side, stating that any item that is not verified as accurate must be removed from your report.

Call in the clean-up crew.

You’ve cleared up any errors, but there are still a few legitimate dark spots on your report. What’s a person to do now?

Clean up- Identify any depts. That are still pending, and setup a plan for eliminating them (discussed in my previous blog click here). Clearing up debt can take time, which makes it even more important to get started immediately. Remember that you have the right to add remarks to your file, so take the opportunity to defend yourself and point out positive areas of your reports, such as highlighting a loan that you paid on schedule.

Fix, rinse, and repeat

Time is your best ally when it comes to your credit report- consistent payments (no matter how small, so long as the meet the minimum) prove that you are responsible enough to repay loans as promised. Over time they will outweigh the negative points on your credit report.

Get regular- In order to avoid any ugly surprises, check your credit information regularly, especially 60 to 90 days before a major purchase (like for a car or home.)

Prove reliability- While there are not quick fixes for upping your score, taking out a loan that you don’t need and then paying it back in a short span of time can prove that you’re a good credit risk.

Too few or too many- The ideal position is to have a few lines of credit, never more than what you could afford to pay off on your income, and with none of them maxed out. Cancel old cards that you never use, but don’t max out one giant line of credit by putting your entire debt on it. Prove your self-control by having between two and four lines of credit with a minimal or no balance on each.

By Nilesh Jethwa

Posted By Nilesh Jethwa

Nilesh Jethwa is a local REALTOR in Wilmington, NC.

To Contact Nilesh Jethwa please Click Here! 

To read part 1 of my blog series Clearing Your Debt click here……

Clearing your debt…..

Millions of Americans set a goal for and succeed in paying off their credit card debt each year- is this one of your goals? With a little determination and a plan, you can take control of your credit and improve your credit score in the process. Here’s how: but please watch this video……Just to add some humor

Cut the Cards
The First step toward reducing your credit card debt is to stop adding to it. While you don’t have to literally shred your cards, you do need to stop using them routinely. Try one (or all) of the tips below to break this habit:

Carry Cash- Give yourself a weekly cash allowance for expenditures. You’ll be more aware of how much you actually, spend; plus once you run out of money, you’re more apt to stop spending.

Use debit, not credit- For times when only plastic will do, use your debit card instead of a credit card.
Out of sight, out of mind- Keep your credit cards at home and you’ll be likely to use them.

Think strategically- Decide on two to four credit cards with which you have a lengthy, positive history, and close any other accounts. Having a few good accounts will boost you credit score, but having too many will hurt it.

Lower Rate/Cut a Deal
Once you’ve got your spending under control, focus on reducing your interest rate.

Negotiate rates- Call up your credit card issuers and ask for a better rate. Explain that you plan to transfer the balances to another card unless your rate is lowered. Usually, borrowers with good credit scores can cut their rate by a few points- sometimes as much as 10%.

Transfer Balances- To a different card. Look for offers with low introductory rates that are good for at least a full year, with relatively low rates thereafter. Read the fine prints and pass up offers from cards with hidden fees or cost.

Shop around- Do a little investigative work to find the best card offers. Use the internet to research and locate current offers.

Reduce Your Dept
Now it’s time to start chipping away at those balances. Develop a strategy and make it happen, using the following tips:

Sort it out- Make a list of each credit card you have, its existing balance, minimum payment and interest rate. Use either of the online calculators listed here to help you determine which card to pay off first.
Quicken: Http://www.quicken.com/planing/dept/

Develop a plan- Pay as much as you can on your card with the highest interest rate, while paying the minimum on the other cards. This additional payment on the high-rate card will help to pay off the principal faster.

Build debt snowball- Once you highest interest rate card is paid off take the same amount you’ve been paying on that card and add it to the minimum payment on the card with the next highest interest rate (this is commonly referred to as “snowballing” or a debt-reduction rollover of your payments). Continue to pay the minimum on the remaining accounts, repeating the process until you’re dept-free.

Having a back-up- Keep one low-interest card put away for emergencies but maintain a zero monthly balance at all times by paying it off when due.

Think Ahead
Now that you’re dept free, start thinking even further ahead:

Invest- Begin to invest the same amount of money you’ve been applying to dept every month. You’ve trained yourself to live on less by paying as much as possible toward your debt each month, now take that philosophy and use it to your advantage, reinforcing that thrift must continue in order to develop a mindset of abundance.

Visualize- Spending a few moments each day imagining what it will feel like to be debt-free, paying cash for every purchase and look forward to a comfortable retirement.

Please join me next week on How to Manage Your Credit Score or just click here!

By: Nilesh Jethwa
Posted By Nilesh Jethwa
Source Buffini and Company

Nilesh Jethwa is a local real estate agent in Wilmington, NC. If you would like to contact Nilesh Jethwa click here!!