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.

Buying Short Sales in Wilmington, NC

Buying Short Sales in Wilmington, NCBuying a short sale in Wilmington, NC, or anywhere for that matter, is not as simple as a usual real estate transaction, and those aren’t exactly easy-breezy themselves.  Not any real estate agent can help you with a short sale either; you’ll want to make sure you’re working with an experienced short sale agent.  (Call Nilesh at 910-622-0319 for one of those if you’re in Wilmington, Leland or the surrounding areas).

Even though you’ll definitely want to have some help, we’ll outline the process of buying a short sale in Wilmington, NC here for you.

Find a short sale

Obviously, the first thing you’ll need to do is find a short sale to buy.  You can look on this website, search popular online real estate listing websites or even check courthouse records to find pre-foreclosures.

Research

A downside to short sales is that they’ve often been somewhat neglected and will need a little fixing up.  Make sure you are able to get a good look at the house to gauge how much money and effort you’ll need to put into it.  You’ll also want to find out what you can about the house and the seller.  What is the property worth?  Are there liens on the property?

Get financing

You’ll want to make sure your financing is lined up once you’ve settled on how much you want to spend on the short sale home.  Once the agreement is done lenders want to move along quickly to sell the home, sometimes closing in as little as three weeks.  If you don’t have all your money lined up, you might miss out.

Talk to the lender

When getting in touch with the lender, make sure you’re not talking to the collections department- their only concern is getting back lost money.  The department you’re looking for might be called loss mitigation or recovery.  Either way, make sure you’ve got signed (preferably notarized) permission from the current homeowner to discuss their mortgage with their lender.  The lender may have a short sale application for you to sign.

Propose and negotiate

There’s a lot that goes into the short sale proposal, and this is one of the areas where a short sale expert will help you out.  We won’t go into all the details here, but there will be a package ranging from the sales contract to the settlement statement.  Once that’s submitted, the lender will probably reject your offer and give you a counteroffer.  Make sure you have your negotiation tactics ready, including knowing the max you’re willing to pay for the short sale property.

Close it

Once everything has been agreed upon between yourself, the seller and the lender you sign some papers, shuffle some money around and congrats: you’ve got a new home at a discounted price!

This is, of course, just a brief overview of the process of buying a short sale.  A lo of complications can arise throughout, and moving quickly, as we said before, is essential.  If you’re interested in buying a short sale in Wilmington, NC, Nilesh will be glad to help.  Give him a call at 910-622-0319.

Creative ways to buy a home in Wilmington, NC

CREATIVE WAYS

TO BUY A HOME IN WILMINGTON, NC

 

If your credit situation is less than ideal, here are a few options for purchasing a new home:

 

1.       Research and speak with your real estate agent and lender about local, state, and national down payment programs that may be able to cover part or all of your down payment if you

Qualify.

 

2.       Arrange financing through the seller for part of or for the entire purchase price.

 

 

3.       Find a shared equity partner for your home.  A family member, friend, or third party-investor buys a portion of the home and shares any appreciation when the home is sold.

 

 

4.       Secure a loan from a family member or ask a family member to cosign on your home loan.

 

 

5.       Lease with the option to buy, which will allow you to rent for a period while you collect enough for a down payment. You will likely be able to apply part or all of the rent paid to the final purchase price.

 

6.       If you have good income and low debt, apply for a second short-term mortgage to allow for a higher down payment.

 

To learn more on how to Improve Your Credit Score Please Click Here!

 

Posted by: Nilesh Jethwa Wilmington and Leland NC Real Estate

 

 

Nilesh Jethwa is a local real estate agent in Wilmington and Leland NC. To contact Nilesh Jethwa please click here! Don’t forget to ask for his Custom Home Buying Package!!

 

 

 

 

 

Wilmington, NC; A Smarter Green Home

One of the most important trends in modern home design is incorporating environmentally friendly amenities. A recent Nation Association of Realtors survey of members showed there is increased demand among potential home-buyers for homes with green features. Nearly nine out of ten agents said their clients are very interested in energy-efficient features and their potential cost saving.

Here’s a look at the green housing treads that will not only bring an older home to the new millennium, but also attract younger buyers when it’s time to sell.

Copper Roofs-These roofs tolerate inclement weather and will last 100 years verses a composition roof that last only 30 years. Copper elements can also be completely recycled.

Low-Emittance (low-e); windows, doors, and skylights-This glass lets in natural light but blocks the sun’s UV rays that heat up the inside of a home. This glass will reduce energy consumption, and its special low-E glazing also stops the sun from fading fabrics, wall coverings and artworks.

Chemical-Free Lighting-LED (light emitting diodes) lighting contains no hazardous chemicals, uses 80 percent less energy than a traditional incandescent light bulb and can last up to 20 years.

Green Toilets-Green toilets conserve water ( which can save you 30 to 50 percent on your annual water bill) in different way: low-flow toilets use about 20 percent less water per flush, dual-flush toilets with two buttons give home owners the option of flushing with a half or full tank and pressure-assist toilets reduce water usage by half.

Induction Cooktops- The coils of an induction cooktop release their energy directly to the pot or pan and its contents. This means less energy is diffused in the cooking process.

Reclaimed Wood-Fast growing plants, and unused pre-cut wood find new life as gorgeous. Affordable countertops. Cork flooring is a great alternative to hardwood because it is extremely durable yet inexpensive.

Nontoxic Paint– To keep indoor air clean and cut down on landfill pollutants, use paints that don’t contain toxic volatile organic components.

Posted By Nilesh Jethwa Wilmington;NC Real Estate

Nilesh Jethwa is a local real estate agent in Wilmington and Leland NC. To contact Nilesh Jethwa Please Click Here!

Wilmington, NC 2009 Real Estate Summary

Coming into 2009, there is a lot of promise for this year to be better than 2008. With a new administration in the White House and the Federal Reserve and Treasury department spending hundreds of billions, we have a lot of action moving our economy forward.  Congress has offered assistance to the Auto Industry, Obama has a strong economic stimulus plan, and mortgage rates are at an all time low. With the potential recovery of the credit markets and the amount of housing inventory available, this makes the spring of 2009 a very desirable time to purchase real estate.

Our median sales price for 2008 ($215,000) reflects a small downturn of 6.7% from 2007($230,000) and maintains the same median as 2006 ($215,000). In 2008, we continue to see a small market correction in average sales price; we decreased 6.8% from year end 2007. Just two zip codes had average decreases of 9.6% and 15.7% while three zip codes managed slight decreases of 1.2% to 1.9%. A total of three zip codes had an increase in concessions offered to buyers on the sales price; concessions are now offered in 14% to 25% of the transactions in 2008.

Our market has experienced a decline of 30% in number of homes sold in 2008 compared to 2007. All five zip codes experienced a decline from 20% to 43%. Our list to sales price ratio for 2008 is 95.4% a slight decrease from 96.7% for 2007. Sellers in 28412 got about 96.5% of their asking price while those in 28403 only got 92.7% of their asking price. 2009 can be a good market for our area with an inventory of homes available and interest rates low, this would make a great time to buy.

This is all the more reason for consumers to call a REALTORS now to help them prepare for this opportunity.  REALTORS® have the knowledge, tools, and experience to help buyers and sellers make good, sound decisions with our local market and get the best deal for their clients. Their guidance now more than ever will be critical to the improvement of the real estate market and to making consumers feel confident in purchasing a home. Call your REALTOR® today or visit www.Nileshjethwa.com for more information on using a REALTOR® or to begin searching for homes. You may also obtain current real estate news, and much more.

 Posted by Nilesh Jethwa

Nilesh Jethwa is a Local Real Estate Agent in Wilmington, NC to contact Nilesh please click here! Don’t forget to ask about his Client Appreciation Program.

Home Buying Process…. Wilmington, NC

Home Buying Process….

Here are a few tips to help you get started on your way to purchasing a new home!

1. Lender pre-approval: Begin by getting pre-approved by a reputable lender.
o Your agent should recommend three lenders to you.
o Find out what lender can offer you the best “package” to fit your needs.
o Be aware of lender fees, closing costs, down payment, interest rate, discount points, etc.

2. Do independent research: Know and understand your market and what you can afford, don’t over-extend yourself. Your agent and lender can help to guide you in the right direction.

3. Work with a reputable real estate agent: Find that reputable Realtor who will guide and help you in the buying process from start to finish. Look for someone who:
o Sits down with you and writes a Home Buying Plan. In my experience this has saved my clients time and money!
o Is technically savvy
o Well informed about neighborhoods and communities in their local market
o Makes time for you, remember YOU are the customer!

4. Know your top 3 “must have’s”: Make sure your agent is aware of you must have’s (this is a helpful time saving tip). Be flexible and remember there is no house.

5. MLS Prospecting System: Make sure your agent sets you up on the MLS Prospecting System if you have internet access. This database will open you up to all the homes for sale within your specified search criteria. You will recieve automated email updates as new homes come onto the market. This will make things easier for both you and your realtor.

6. Major Repairs: Be aware of major repairs or updates that are needed when looking at homes. These items will have a major impact on the purchase price. Some examples:
o Furnace/Air
o Electrical issues
o Pest infestations
o Mold
o Water damage
o Roof
o Plumbing
o Structural issues and more
Your agent can help to guide you on these issues and help find a local contractor to give estimates and/or treat the issues.

7. Making an offer: When making an offer, your agent should run a market analysis of the area, street and similar home sales to help you set an offer price. The agent can also find out what repairs the sellers have done so that you understand what they have spent on the home.

8. Be open to negotiations!

Posted by Nilesh Jethwa, Wilmington NC Real estate
Nilesh is a local Realtor of Wilmington, NC if you would like to contact Nilesh Jethwa click here!

Gateway Condos Downtown Wilmington, NC

Although it’ll be at least 2½ years before the first resident moves in, Gateway Wilmington appears on its way to the downtown riverfront. Wilmington City Council voted unanimously Tuesday to rezone 10 acres on the eastern banks of the Cape Fear River from industrial to riverfront mixed use, a classification that will open the door to the 11-story residential and retail complex there.In granting the rezoning, the council limited the number of condominium units allowed on the property to 260 and required that a parcel on the north side of the site be reserved as public open space, among other conditions.

The vote came after about two hours of discussion, with more than 100 people watching in the City Council Chambers at City Hall. The end result – after three Planning Commission meetings and two council meetings – was seen as a compromise between the much larger, poten¬tially more obtrusive project first proposed by developers and the project described Tuesday.
Wilmington Gateway LLC’s plans include 260 condominium units, a restaurant, 40 boat slips and first-floor retail space, which might include a small food market, coffee shop and hair salon, developer Ron Pickett said. The original proposal was three stories taller and included a hotel, office space and more residential and retail space, which would have generated about three times more traffic than the final product.“I think the system has worked,” Pickett said after the council vote. The next year, he said, would be spent refining the plan architecturally and seeking construction financing.“Hopefully, that will be enough (time) for the economy to turn,” Pickett said. The former industrial land in the shadows of the Cape Fear Memorial Bridge was once the site of the American Molasses Company of North Carolina.Pickett said Gateway Wilmington would include “all the first-class features of a luxury project,” including concierge service, a swimming pool, exercise and theater rooms, and a green roof. He also vowed to extend the city’s Riverwalk through his project at his expense and give a swath of land on the northern end of the property to the city to use as a park or open space. Pickett said the smallest residential units in Gateway would be nearly 1,500 square feet and start at $389,000. The largest would be about 2,900 square feet and cost $1 million. Despite the 6-0 council vote – Councilman Ron Sparks didn’t vote because he doing engineering work on the project – the project had its detractors. Several downtown-area residents expressed concerns at the meeting that Gateway’s mass didn’t mesh with the historic character of downtown and about the 4,800 daily car trips it will spill onto downtown streets.“It looks like something that belongs on Myrtle Beach,” resident Gordon Robinson said. “I don’t think this is something we want our city to be.”Others urged the council to put off the decision again to refine the plans further.A number of people also spoke in favor of Gateway, saying it will add to the tax base, create jobs and stimulate growth on the south side of downtown, creating a “bookend” for that side of downtown much like the PPD headquarters does on the north side.“I think at the end of the day we have a much better project,” Mayor Bill Saffo said. “Is it going to please everybody? Obviously not.”

Written by Star News: Patrick Gannon 343-2328

Posted by: Nilesh Jethwa Wilmington, NC to contact Nilesh Jethwa click here!