A.  There are advantages and disadvantages to buying a foreclosed home.  Here are some general tips:

• See the house in person.  Don't rely on a low price and internet pictures.
• Conduct a title search.  Find out whether it has a second mortgage or a lien on it.
• Get an up-to-date inspection.  Conditions change and older inspections probably no longer apply.
• Budget for repairs and renovations.  Chances are the longer the house has been vacant, the more problems there may be.
• Study the neighborhood.  Is the house in a crime area or surrounded by other foreclosures?
• Get expert help.  Work with a real estate agent who is experienced in foreclosures.

Give us a call today with any additional questions you have about today's foreclosure market...  We would love the opportunity to provide you with our guidance and expertise!  Thanks for the question...  -Joy and Chelci

A.  Yes, Congress passed an extension of the Homebuyer Tax Credit deadline to Sept. 30, 2010.  It only applies to homebuyers who had a written and binding contract in place as of April 30, 2010, but have not yet closed.

The National Association of Realtors (NAR) said that up to 180,000 homebuyers were eligible for the tax credit, but were unable to finalize the contracts by the deadline due to the amount of last-minute deals that overwhelmed the system.  This was particularly critical for short sales, where a lender allows a home to sell for less than the amount owed.

The Internal Revenue Service says more than 2.6 million taxpayers claimed the tax credit through April.

Congress also extended the National Flood Insurance Program until Sept. 30, 2010, allowing property owners seeking flood insurance policies more time to finalize pending paperwork.  The NAR said extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets.

A.  To be eligible for the first-time homeowner tax credit, you had to enter into a contract to buy a principle residence on or before April 30, 2010, and close by June 30, 2010.

There is good news, however, for members of the military and certain other federal employees (Foreign Service and the intelligence community) serving outside the U.S.  They have an extra year to buy a principle residence in the U.S. and qualify for the credit.  They must enter into a contract to buy the residence on or before April 30, 2011, and close by June 30, 2011.

This applies to any individual (and, if married, the spouse) who serves on qualified official extended duty outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

Also, the requirement that a buyer must repay the credit if they move out of their new home within three years has been waived if the move is due to government-ordered extended duty service.

If you have any questions, or need capable and trustworthy representation, please either call or email us today!  Thanks for the question...

A.  Whether you have an older home or a new one, you can make your home healthier by following these seven basic principles recommended by the U.S. Department of Housing and Urban Development.

1.  Keep your home dry.  Check for external and internal leaks in roofing and plumbing.  Moisture invites mold, which can cause serious problems.

2.  Keep it clean.  Clean surfaces frequently to control allergy-causing dust.

3.  Keep it safe.  Install smoke and carbon monoxide detectors.  Have fire extinguishers available on each floor.

4.  Keep it well-ventilated.  Increase the amount of fresh air, which improves respiratory health.

5.  Keep it pest free.  Seal cracks and openings to keep the critters out and store all food securely.

6.  Keep it contaminant free.  Check for deteriorating lead-based paint in homes built before 1978.  Have your home tested for radon.

7.  Keep it well maintained.  Routinely inspect your home and make repairs.  Better to fix small problems before they become bigger ones.

If you have any questions, or need capable and trustworthy representation, please call us today!!!

A.  Obviously, your return on investment depends on where you live.  But according to Remodeling Magazine's "2009-2010 Cost vs. Value report," which compiles results from members of the National Association of REALTORS® in 80 cities, the trend is toward small-scale projects and replacements.

There's no doubt that curb appeal helps sell homes.  You can improve your home's exterior without spending a great deal of money by adding a deck, replacing a lawn or enhancing the entrance-way.

Because of all the government incentives available, it also makes sense to make any improvements that add to your home's energy efficiency.  For example, you can get a federal tax credit for 30% of the cost (up to $1,500) for installing certain products such as energy-efficient windows, insulation, roofing, and heating and cooling equipment.  Go to www.energystar.gov for details.

Prospective home buyers continue to look for improvements to kitchens and bathrooms.  Instead of a high-end remodel, more people are choosing moderately priced upgrades that will improve their chances of a sale. 

If you have any questions, or need capable and trustworthy representation, please call Joy Setzer at 704-241-8831 or Chelci Setzer at 704-605-9546 today!  Thanks for the question!

Charlotte Fine Homes

A.  Water damage is one of the most common problems affecting homeowners today.  In fact, the Insurance Information Institute reports that in 2007 it accounted for 22 % of all U.S. homeowners' insurance claims, with the average claim being $5,531.  That's why you need to have the right amount and type of insurance coverage.

The Institute says standard homeowners insurance covers burst pipes, wind-driven rain, and damage resulting from ice dams on your roof.  Some policies cover sewer and drain backups, but many don't.

In general, water coming from the top down (such as rain) is covered by a standard homeowners policy.  Water coming from the bottom up (such as from a river) is covered by separate flood insurance.  You can buy this from the National Flood Insurance Program and from some private insurers.

The best way to prevent water damage is proper maintenance.  For some excellent tips on such subjects as avoiding frozen pipes, replacing and maintaining bathroom fixtures and installing an emergency pressure release valve in your plumbing system, see the water damage section at the web site for the Institute for Business & Home Safety, www.disastersafety.org. 

If you have any questions, or need capable and trustworthy representation, please call either Joy Setzer at 704-241-8831 or Chelci Setzer at 704-605-9546 today!  Thanks for the question!

A.  First, a reverse mortgage is a loan that lets homeowners (age 62 or older) convert the equity in their homes into cash.  The equity can be paid to the homeowners in a lump sum, a stream of payments, or as a supplement to Social Security or other retirement funds.  No repayment is required until the borrower no longer uses the home as their principal residence.

Here are the key changes to the laws involving reverse mortgages according to the Housing and Economic Recovery Act of 2008:

• The loan limit has been increased from $362,790 (depending on home values in the region) to a nationwide limit of $417,000, and that can increase to as much as $625,500 in high-cost areas.
• Fees are now capped at 2% of the first $200,000 borrowed and 1% on the balance, with a maximum of $6,000.  To protect seniors from aggressive marketing tactics, the law prevents lenders from requiring borrowers to purchase insurance, annuities or other products as a condition for getting the mortgage.

While these changes have made the mortgages more attractive, they aren't for everyone.  You should do your homework and talk with a loan counselor.  

Thanks for the question!  And remember, if you or someone you know is looking for caring and competent representation when Buying or Selling to please give us a call!    

A.  CEOs For Cities, (a national network of urban leaders), commissioned a study released in August 2009 that explored the relationship between home values and walkability in various U.S. metropolitan areas.

Walkability is defined by the Walk Score algorithm, which calculates the closest amenities to a U.S. address.  Scores range from 0 (car dependent) to 100 (most walkable).

The results showed that the walkability of cities translated into increased home values in 13 of the 15 housing markets studied.  In the typical metropolitan area, a one-point increase in Walk Score was associated with an increase in values ranging from $700 to $3,000 depending on the market.  The gains were larger in more dense markets like Tucson and Fresno.

Houses with above-average levels of walkability command a premium of about $4,000 to $34,000 over houses with average levels in typical metropolitan area.

Walk Score is an approximation.  It does not consider factors such as public transit, crime and topography.  Lots of real estate agents, however, are adding the Walk Score to their listings.

If you have any questions, or need capable and trustworthy representation, please call Joy Setzer at 704-241-8831 or Chelci Setzer at 704-605-9546 today!