Fayetteville Home Finder | Danny Davis, Real Estate Broker | Fayetteville, NC

Open House - Galatia Hills

admin — Thu, 30 Apr 2009 08:15:28 +0000

There will be an open house in Galatia Hills off of Galatia Church Rd. this weekend the 23 & 24 of May from 1:00pm to 5:00pm. Please use the map below for directions, or call me at 910.670.9443 with questions. Direct link to the map.

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Open House - RiverBrooke

admin — Thu, 30 Apr 2009 08:11:36 +0000

There will be an open house in RiverBrooke this weekend, the 23 & 24 of May 2009 from 1:00pm to 5:00pm. Please use the map below for directions or call our on site representative Jessica Prieto at 910.818.1265 with questions. Direct link to the map.

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Open House - Remington North

admin — Thu, 30 Apr 2009 08:08:06 +0000

There will be an open house in Remington North on Foxberry Rd. this weekend, The 23 & 24 of May from 1:00pm to 5:00pm. Please see the map below for directions or call me at 910.670.9443 with questions. Direct link to map.

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Goodbye Countrywide, Hello Bank of America

Carol — Mon, 27 Apr 2009 15:12:07 +0000

I know we get a good bit of people reading on foreclosures and they also use the links provided so I wanted to give a quick update since the official name switch has taken place. So far the only changes are in the letterhead and title, all links to the REO page (http://www.countrywide.com/purchase/f_reo.asp ) and (https://va.reotrans.com ) have remained and do not show a redirect. All the regular REO and VA processes have remained the same and I haven’t seen any emails about changes other than the vendee financing coming back on line. I will try to keep everyone updated on any more changes to the real estate section.

VA Vendee loans are back for buyers and investors

Carol — Fri, 24 Apr 2009 14:31:19 +0000

Vendee loans are loans to help finance the purchase of VA REO Properties. Vendee financing is available for both veterans and non-veterans. Keep in mind this is for VA REO properties only, but is one of the best loans for investors out there. There have been some changes to the program since last year when it was available. Here are some of the in and outs of the program.
Seller (VA) may contribute up to 6% of the contract sales price to pay for closing cost, prepays and other expenses associated with closing. The funding fee CANNOT BE FINANCED.This loan is not credit score driven and they available for 15 or 30 yr at a fixed rate. The interest rates are very competitive and an appraisal is not required for underwriting. The funding fee is still 2.25%.
Non owner occupied still requires a down payment as low as 5% but there is no maximum amount of investment properties. Since there are slim choices for investor loans this is in my opinion one of the better ones. Here is the contact number to get in touch With a qualified vendee representative from Countrywide(soon to be Bank Of America) 800-816-4346. They can get you prequalified and then all you have to do is call me and I will help you find the VA property you want.

How the change in management companies for VA homes has changed things.

Carol — Thu, 23 Apr 2009 15:20:57 +0000

Now that changes to VA foreclosures have been in place for a few months I wanted to try to explain how the new system works and where to get the info on it. Last year Ocwen Loan Serving LLC lost their contract to manage VA foreclosed properties and it was awarded to Countrywide. When the transition finally to place so did the way offers are placed made and this month a new roll out for the VA vendee financing.
Offers are now placed on regular offer to purchase forms for the state or area the property is located with Countrywide addendum’s attached instead of all the VA generated forms such as their old VA form 26-6705. The Countrywide addendum’s say pretty much the same things that most Bank or Corporate owned addendum’s say, buying as-is. Make sure to ask me and I can forward a blank copy for your review. All the properties are listed on a new site as well https://va.reotrans.com or you can go to www.reotrans.com and see all bank or corporate listings on their site. This is a user friendly free site and homes are easy to locate for different cities and states. It will also list the contact information for the agent handling the property. If you are working with agent have them contact the listing agent.
In my opinion all the changes thus far have been for the better. The pricing has been more competitive and in line with other bank and corporate owned properties. Real estate here in Fayetteville NC has been insulated and not hit as hard as real estate in other areas of the country. There are still a lot of foreclosures that have been held off the market because of the moratorium but they should start to trickle out any time now. Look for more articles and information coming soon on Vendee financing.

Home Buying 101- Part 1

Danny — Thu, 11 Oct 2007 19:40:39 +0000

Buying a home especially if it is your first one can be a pretty intimidating process. I wanted to show in a brief article that it is not as bad as one might think.

1) Ask the question should I buy or should I rent http://fayettevillehomefinder.com/?p=98 If you come to the conclusion that you should buy the next steps are for you.

2) Make a budget and find out what is a comfortable payment.

3) Locate a Real Estate Broker, They can send you info on homes available, and give all kinds of helpful information before you are actually ready to start looking. They can assist with any property for sale in the area. In Fayetteville and surrounding areas call me

4) Get pre-qualified, By doing this in the first few steps we take all the guess work out of What payments will run and how much home can you afford. Stick to your initial budget even though you might qualify for more. Compare rates and costs with a few different companies.

5) Get together with spouse and make a list for each of you with 5 things your new home must have, and 5 things you would like to have. This is how we score the homes we look at.

6) Talk with your agent and narrow your selection down to just homes located in areas that meet your pre set criteria. Don’t try to look at every home available. Don’t look at homes that are higher in price.

7) Once you find your new home it is time to write an offer.

In our next article we will go over the steps that lead up to closing on your new home.

Who Should Pay the Closing Cost?

Danny — Wed, 10 Oct 2007 16:58:15 +0000

A big question from buyers and sellers is always the closing cost and who pays for them. A good listing agent always figures them into list price when doing a proceeds estimate for a seller. The banks, VA, and corporate owned lending institutions have bottom line figures they go by. I guess what I am saying is closing cost are accounted for. In the Fayetteville and Ft Bragg NC market, builders and sellers got in the habit of paying a portion or all of the closing cost for the buyer a long time ago. The reason being in this military market the buyers usually have no problem qualifying for the loan(using VA entitlement), but they have don’t have the money available for the closing cost associated with a VA loan. The easiest solution was to ask the buyer to pay 1% in closing cost and the sellers would then pay the remaining closing cost(typically 2-3.5%).

Closing cost on a typical VA can be figured to run between 3-4.5% of the purchase price depending on the time of the year because of tax proration and escrow. In a sense most buyers are just financing the closing cost over the life of the th loan. A good example to consider what this can cost is on a $100,000 home if the closing cost were $3,500 and the buyer only pays $1000 of the closing cost, If the other $2,500 is built in to the price that means $15.40 of the monthly payment goes towards paying the closing cost over the life of a VA loan that would total $5,544 paid on the closing cost.

Don’t read to much into this just some food for thought. It would be my recommendation if you are able to pay your own closing cost to do that and take it off of the price you pay for home, If not then ask for them to be paid. I always recommend on investment property that the investor pay their own closing cost. When a buyer pays cash for a property closing cost typically do not exceed $650 total. The best place to get the amount of closing cost is from the Good Faith Estimate that should be provided to you from your lender. Use this to compare different lenders and the fees they charge. Always save your Good Faith Estimate to make sure there are no extra or unexplained charges at closing.

We all want to buy low and sell high. Hope this helps on the questions on real estate closing cost. If there are any areas or topics in real estate you would like more information please call or email.

Do I Need a Home Inspection?

Danny — Tue, 02 Oct 2007 20:27:39 +0000

The answer is yes to all buyers. I have included this in the articles for sellers also for good reason. I am a true believer unless you are a experienced home inspector or a general contractor licensed in electrical, heating, air and plumbing you need someone familiar with all of these systems to look at your home you are getting ready to buy. You never want to buy something with out all of the information. Buyer beware or Caveat emptor allot of us have heard this term in cars and Real Estate and it still rings true. The problem could be something that the seller had no idea about, something they were not trying to hide.

The purchase of a home, be it for personal use or investment, is a major purchase and expense so it is best to take all the precautions you can. When you first get ready to buy go ahead and start interviewing home inspectors. They will be an important part of your team. Research the area for them, talk to your agent, ask friends that have just made a home purchase and then interview them in person. Find out their qualifications and experience, get references of past clients. Check and make sure they are licensed. Never use someone who is not licensed. Make sure you understand their policies and limitations don’t just go for the cheapest - make sure you feel comfortable with them.

I would like to point out now that the sellers will not repair all the items found on a home inspection report, but any operating system and safety problems should be taken care of. Make sure you understand the paragraphs that cover home inspections in your offer to purchase. The 2-4 hundred dollars you spend now could save you 2-4 thousand and up down the road. Most foreclosure, bank and VA owned homes are bought as-is where is (make sure you understand all the forms you sign) I still recommend doing a home inspection to get an accurate picture of the condition.

Why would I recommend a seller do a Home Inspection? So they are aware of any operational or safety issues. A lot of items I have seen are loose screws or items easily repaired by the seller. When I am the seller I want to know if there is anything that needs to be taken care of.

Making Sense of the Markets

James — Mon, 01 Oct 2007 19:57:40 +0000

I’m sure that everyone has heard about what is happening in the mortgage markets around the country. You’ve heard about major mortgage companies going out of business and are probably asking yourselves a couple of questions. What are rates going to do? Which mortgage company should I go with? Is the company I am with now going to be in business? Should I buy now or wait this situation out? Fortunately the answers are fairly simple.

What are rates going to do? For the last 4 years interest rates have been between 6% and 6.5%. We have had very little movement over the last couple of years. Unless the economy starts to heat up and inflation increases rates should remain fairly stable.

Which mortgage company should I go with? I always recommend that a homebuyer go with either a local mortgage lender or a national retail lender. For the most part, stay away from mortgage brokers. There are some great brokers out there, however a mortgage broker has to work under another company’s umbrella. Usually, your loan is processed and underwritten by another company. The time from origination to closing can greatly increase when working with a broker. The best scenerio is to work with a local mortgage lender. Your loan will be processed, underwritten and funded locally. You will have greater control over the processing of your mortgage and will be able to have all of your questions answered quickly.

Is the mortgage company I am with now going to be in business? This is a question you need to ask at the time of origination! This also goes along with; How long have you been in business and is your company a mortgage lender or a mortgage broker. If the company you are with now has been in business at least 10 years you can safely assume they will be in business today, tomorrow and probably another 10 years down the road.

Should I buy now or wait? I look at it this way, the Fayetteville market has been shielded from the national market for as long as I can remember. Yes, we do feel the affects but not to the degree the rest of the nation does. Rates are very good right now. If you sit on the fence and wait for them to come down you could very easily fall off the wrong side of the fence!! Why take the chance for rates to come down and then have them go up and now you have possibly lost your dream home because you no longer qualify at the higher rate? Take your time to find the right home. That makes more sense. I would not rush into and offer to purchase because your worried about rates. You may end up with a house you really do not want.