There has been a lot of talk about what can be done for responsible homeowners who owe more on their mortgage than the value of their property. The U.S. Department of Housing and Urban Development (HUD) has provided details on the adjustment to its refinance program that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth.
Starting earlier this month, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.
The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – or ‘underwater’ – because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.
Question: How do I know how much my house is worth in today’s down market?
A house is worth what someone is willing to pay for it. If your house is located in an in demand neighborhood where houses seldom come on the market, then it is probably worth more than the same exact house in a mediocre demand neighborhood with similar houses for sale.
Oddly enough, it is the buyer who determines the worth of the house, not the seller, because that house is worth what the buyer is willing to pay for it. Worth and value should not be confused; nor can the two terms be used interchangeably.
There are several ways to determine the value of a house. The first way is to have the house appraised by a certified, licensed appraiser who will determine the value of the house based on age, square footage, location, floor plan and design, quality of construction, current condition, and upgrades and improvements. The cost of an appraisal varies between $300 and $400.
Another way to determine the value of the home is to ask your real estate agent to prepare a Comparable Market Analysis (CMA) of recent home sales in your neighborhood. Most agents are happy to provide this at no fee. The CMA will compare your house to similar houses that have sold within a given area and within a given time period. The CMA also provides additional helpful information such as the differential between the List Price and the actual Sales Price, and the number of days on market for past sales.
Question: Several weeks ago, I made an offer on a house, and the offer was accepted. Now I’m having second thoughts about buying the house. How can I get out of the contract?
First of all, a contract is a legally binding document, so if you are thinking about trying to get out of the contract, you need to consult an attorney who can explain the legal ramifications of such a decision.
Buyer’s remorse is a typical emotion that affects a lot of buyers at different points of the transaction. Buying a house is a big commitment financially and emotionally, so it’s perfectly understandable that you may be second guessing your decision to be a homeowner. Just remember what it was about that specific property that appealed to you in the first place and encouraged you to envision yourself living there. The seller has taken his/her house off of the market and may have lost a serious buyer and a potential sale in the interim, so be prepared at the very least to lose your earnest money if you back out of the deal for any reason other than one relating to the financial, appraisal, or inspection/repair contingency noted in the contract.
Nestled between the prestigious neighborhoods of Myers Park, Eastover and Foxcroft, 2920 Brookridge Lane is in the perfect location. This home is convenient to Uptown, SouthPark Mall and Cotswold Shopping Center and is situated in the Myers Park High School district. Walk to dining at the neighborhood restaurants – Eddie’s Place, Hotel Charlotte and Mezzanote. This 2 level home features an open floor plan with entertaining and living areas on the main and lower levels. The upper living area has tons of natural light and can serve as a formal living room or family gathering area. The lower level provides a cozy family room with a fireplace and a large rec room that is currently being used as a dance studio. Escape from the city life in the wonderful private rear yard. With a heated in-ground pool, raised bed gardens and wood deck, the outdoor spaces are FABULOUS! To top it off, the property has an oversized 2 car garage (29’x22’) with 2 built in work benches and lots of storage space.
Come tour this home at the OPEN HOUSE, this Saturday, September 18th, from 1-3 pm.
Dilworth, one of the most historical neighborhoods in Charlotte was known the “streetcar suburb,” built around Uptown to accommodate trolley commuting. Other ‘suburb’ areas of Charlotte that were formed along the streetcar lines, extending out from the city, include Elizabeth, Myers Park and Plaza Midwood.
Sitting just outside the city limits, the area known as Dilworth became home to a showplace residence built by streetcar owner, Edward Dilworth Latta. His home, built in 1891 was the showplace of turn-of-the-century Charlotte, an expansive mansion surrounded by inviting bungalows and was in what was considered Charlotte’s first “suburban” development.
Dilworth is a true ‘neighborhood’ with front porches leading to traditional sidewalks, leading to eclectic shops, offices, and restaurants, all within walking distance. One gets a true sense of community when simply driving through Dilworth.
How has Dilworth been faring in the real estate market? There has been very little change in the Dilworth market as reflected below. The list to sales price is maintaining at about 94% and the sales prices are stable. There is nearly a one-year supply on the market but, again homes are moving in this popular, historic community.
Starting Friday Sept. 10th, at 11:00 am and continuing until Saturday night (Sept. 11) near the Time Warner Cable arena and along Tryon Street, there will be over 60 teams competing for the prize money in different BBQ events and music on several stages. Teams decorate their areas with elaborate decoration, pig trophies added to their booths, and as one can imagine, clever and creative team names. While the BBQ competition is the main theme the Blues music, an array of beer samples, and some of the best barbecue you will find anywhere is one of the many reasons to check out Time Warner Cable BBQ & Blues! This festival celebrates the best of the southern cuisine and southern music. Food, music, entertainment and more!
Starting back in 1978, The Yiasou Greek Festival hosted by the Holy Trinity Greek Orthodox Church is one of Charlotte’s most acclaimed and successful international events. How did the festival get its name, well Yiasou is Greek for hello, goodbye and cheers. Most people come for the food but many other activities take place during the event. The event runs 9-12 September at 600 East Boulevard is an annual celebration that allows “Everyone to be Greek.”
The festival is designed to be a family affair with plenty of food that can be purchased at the event but is additional to the entrance fees of $2 and free for kids younger than 12-years-old. The food is $3 to $7 extra but is the highlight of the visit. Roasted lamb, “Athenian” baked fish, gyros, spanakopita, loukoumades and more traditional Greek food is served at the festival. Perhaps the most memorable item served is the Baklava sundae — a traditional warm Greek pastry dessert covered in vanilla ice cream.
The festival has an open air market called an “Agora” that sells Greek crafts such as jewelry along with other gifts. The Greek Cultural Exhibit displays numerous pieces of Greek art, statues, pottery and more. There is plenty of entertainment such as music by Kostas Kastanis, and dances performed by kids and adults in traditional Greek costumes on three separate stages.
The 33rd Annual festival in 2010 runs from September 9 – 12. On Thursday, the hours of operation are 11 am to 9 pm, Friday and Saturday from 11 am to 10 pm, and Sunday from noon to 8 pm.
This is written to give endorsement to Curt Seifart of Helen Adams Realty. My wife and I met Curt while casually looking at condominiums at Morrison in South Park. Curt took the time to interview us and find out what we were trying to accomplish on our desire to downsize. He then researched the marketplace and spent countless hours showing us what was available in the Charlotte market area. After each round of visits he became more focused on the specifics of our needs, goals, and constraints. He offered wise council and advise on the sale of our existing home, which became a complicated process, but he remained patient, and diligent on our behalf. He helped make the acquisition of our new condo home as easy and free of issues as possible.
Good morning,