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.

Wilmington, NC Short Sale Part 2

 

 

 

The second step in our series on short sales is the lender contact step. First, get written permission from the borrower to contact their lender. There are various forms available for this, and the lender may have their own required form. However, the main goal is to get the borrower to name you as a person authorized to discuss their situation with the lender.

You will be contacting the loss mitigation department or the person named in letters to the homeowner. This is your most direct contact, thus the most efficient. It would be best if you contact them by phone with the borrower present. That way they can ask the borrower questions if necessary.

In this step, you’re starting to build a relationship with the loss mitigation group in order to get help through the process, request an outline of what they want and how they will make a decision on a short sale.

Stage Your Home for success Wilmington, NC

STAGE YOUR HOME FOR SUCCESS

Home staging is an exciting way to create a beautiful, warm environment that can be enjoyed by all.  Whether you are staging your home to sell, opening your home to friends or you desire an instant face-lift, home staging is an easy and affordable design option that can be done room-by-room….

Living Areas– When a room is in order; it looks good, feels good and allows potential buyers to visualize their own things in the home. Make sure everything has its own place. Splashes of color can be achieved with flowers, artwork, or accessories.

Bathroom– Expect guest and prospective buyers to use your bathroom. Make sure your towels are clean and properly hung up. A common trick is to place fresh white towels for display purposes and keep your everyday towels out of sight.

Bedrooms– The biggest problem with staging a bedroom is to make sure there is ample storage available so that clothing and toys can be put out of sight. Invest a little money in a good closet organizer and you will be able to keep your bedrooms clutter-free and orderly.

Kitchen– A creative spice rack will keep your counters clean and can bring some flair to your kitchen. Spices come in many different colors and textures, so find a way to make them work for you. If you use copper pots, consider displaying them with a hanging pot rack.

Outdoors– Keep your tools and the kids’ toys out of sight. Maintain you landscaping properly: mow the lawn and trim the edges regularly. Prune any bushes or trees that block the view out of your windows.

 

10 inexpensive ways to freshen up your home:

1.     Buy new towels for the bathroom.

2.     Upgrade outdoor lighting.

3.     Install new doorknobs and cabinet handles.

4.     Make a centerpiece for you dining room table.

5.     Buy a new mailbox.

6.     Polish or replace your house numbers.

7.     Place fresh flowers or houseplants around the home.

8.     Buy color-coordinated pillows for the sofa and bed.

9.     Replace your worn doormat.

10.                         Set out subtle potpourri or scented candles.

 

Posted by:  Nilesh Jethwa Wilmington and Leland Real Estate.

 

Nilesh Jethwa is a local real estate agent serving the Wilmington and Leland NC area. To Contact Nilesh Jethwa please Click Here! Please check back next week

as I discuss design trends and essential staging ideas.

 

 

 

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 Real Estate April Market Overview

WILMINGTON, REAL ESTATE APRIL MARKET OVERVIEW

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 and trust.

 

April Market Overview by Zipcode

                   

                                                 

April Market Overivew by Price Range

 

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

 

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!

 

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.

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Wilmington,NC Coastal Events

Anniversary of the Capture of Fort Fisher
Fort Fisher State Historic Site, Kure Beach
(910) 458-5538
The fall of Fort Fisher on January 15, 1865, by Federal forces is commemorated each year in mid-January with an impressive living history reenactment program. In addition to tours, displays and demonstrations, cannon are fired throughout the day. Bring your ear plugs and dress warmly. Admission is free, though donations are appreciated.

Martin Luther King Jr. Day March and Commemoration
Assorted Venues, Wilmington
(910) 763-4138
Martin Luther King Jr. Day has special resonance to Wilmingtonians because (among other reasons) Dr. King was scheduled to speak here the day he was assassinated. Wilmington honors his memory on the third Monday of January with a commemorative parade from Fifth and Castle streets to Williston Middle School, 401 S. 10th Street, beginning at 11 AM. A cookout sponsored by the Wilmington Sportsman’s Club follows at 11th and Castle streets. In the morning, the NAACP hosts a breakfast. Additional programs are held throughout the day, with food, entertainment and speeches. On the Sunday prior to Monday’s march, an ecumenical service sponsored by the ministerial round table is held at a rotating location.

Martin Luther King Jr. Celebration
Assorted Venues, Southport
(910) 457-5144
January 18-19, 2009. Southport typically celebrates Martin Luther King Day on the Sunday and Monday before the holiday. On Sunday, the annual Memorial March begins at 2 PM in the parking lot of the I. L. A. Hall at the corner of 10th and Lord Streets. A program including singing and a keynote speaker follows at the hall. On Monday a round-table breakfast is held honoring the legacy of Dr. King. This breakfast includes speakers, and attendees participate in discussions. The annual Walter Welsh Award, recognizing the recipient’s work in promoting racial harmony, tolerance and understanding, is presented at the breakfast.

Martin Luther King Jr. Celebration
Ocean View Missionary Baptist Association, 7550 Ocean Hwy. W., Sunset Beach
(910) 287-4673
January 19, 2009. This celebration takes place in the Ocean View Missionary Baptist Association. The program features a march, speakers, a rendition of Dr. King’s “I Have a Dream” speech, and favorite songs and hymns of Dr. King.

Greater Wilmington Antique Show
Coast Line Convention Center, 501 Nutt St., Wilmington
(910) 686-3029
If you love antiques, this show is for you! Sponsored by North Carolina Junior Sorosis, the event hosts 30 dealers from North Carolina and throughout the Southeast who will tempt you with quality antiques, including glass, silver, china, jewelry, Oriental rugs and more. Hallmarks of this show are the high-quality items for sale, with only a limited number of reproductions permitted. Admission is $5. Held the last weekend in January, hours are Friday and Saturday 10 AM to 6 PM and Sunday noon to 5 PM. Proceeds contribute to a full scholarship to UNC-Wilmington and area charitable organizations.

Cape Fear Model Railroad Club, Inc. Show & Sale
American Legion Post 10 Hall, 702 Pine Grove Dr., Wilmington
(910) 270-2696
Sponsored by the Cape Fear Model Railroad Club, this annual weekend event is held in late January. Voted one of the top 20 January events by the Southeast Tourism Society, it’s a must-see for both novice and experienced model-train enthusiasts. You’ll be treated to awesome displays of operating model-train layouts in three different scales (sizes), numerous vendors with more than 40 tables of train-related items for sale, and free clinics in model-train display techniques. Hours are 10 AM to 5 PM Saturday and 10 AM to 4 PM Sunday. Admission is $5 for adults, $3 for children; kids younger than 5 get in free.

Information adapted form www.insiders.com

Posted by Nilesh Jethwa Wilmington, NC Real Estate
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