Archive for March, 2008
Special Pricing on Luxury Condos at The Soleil Center in Raleigh Ends March 31st
March 28th, 2008 Categories: Downtown, New Construction Homes
If you’re sitting on the fence thinking about buying a condo in Raleigh’s hottest new building, don’t wait too long. The Westin Raleigh Soleil Center special incentives will expire in a few days. Response to the incentives has been good and I’m told it will not be extended. Basically, you can save up to $200,000 by putting one of these new condo homes under contract by March 31. Read more about the Soleil Center, and the special incentives at the link below.
The Westin Raleigh Soleil Center is Offering Huge Incentives on Luxury High-Rise Condos
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Homestead Exemption in North Carolina
March 21st, 2008 Categories: Buying a Home
I just got another unique question from a past client. This person, to whom I sold a home over in North Durham, wanted to know how to apply for a Homestead Exemption in North Carolina. I’m glad she asked in an email because my first thought was what the heck is a Homestead Exemption?
Okay, I understand that I’m supposed to know all about home buying and selling issues, especially as related to the local Raleigh market area. But in all my years of experience I’ve never had anyone ask about this. So, I got busy calling and searching on the web, and here is what I found.
This is a blurb from the NC Department of Health and Human Services website.
North Carolina Homestead Exemption
North Carolina G. S. 105-277.1 provides financial assistance to low-income elderly and disabled homeowners by exempting part of the value of their home from the property tax levied by North Carolina counties and municipalities. This assistance is called the Homestead Property Tax Exemption. Under current law, an elderly or disabled homeowner is eligible for the exemption ($20,000 or 50% of the appraised value of property, which ever is greater, used as his or her permanent residence) if he or she is a North Carolina resident and his or her income from the preceding calendar year was $19,700 or less. Effective July 1, 2003, the income eligibility limit will be adjusted annually to the nearest $100 based on the cost-of-living adjustment used in calculating Social Security and Supplemental Security Income benefits. To apply for this exemption, contact your county tax office.
Source: http://www.ncdhhs.gov/aging
So now we know all about how Homestead Exemptions work in NC. When I emailed the info to my client and called her to follow up, she told me that this was very different from how it worked in Georgia. If you are using Homestead Exemption in your state, and planning on moving to North Carolina, be aware that there may be significant differences in its application here.
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Why You Need a Survey When You Buy a Home - Reason Number 43
March 20th, 2008 Categories: Buying a Home
I recently had a past client contact me and ask if he needed a permit to expand the deck on his home in North Raleigh. I get lots of calls from past clients regarding just about any subject related to the homes I sell them. And I gladly serve as an expert resource at no charge to all my clients for any needs or questions like this that they might have. But I honestly didn’t know the answer to this one.
So, I set out on a little research project and discovered some interesting bits of information regarding adding on to your home. Here’s what I found out.
A permit is required for anything that increases the area that a structure covers
The folks at the Raleigh Inspections Department let me know that a permit is required for deck additions, as well as any other kind of addition to a home in the City of Raleigh. It seems one of their main concerns is possible violations of building setbacks. Basically, you can only place a permanent structure within a certain distance of the property line.
The permit application process consists of sketching out your addition on a copy of a survey and submitting it, along with $70, for approval. The process can be done in person at the Raleigh Inspections Department and if everything is in order, you will walk away with your permit in 30-60 minutes.
Uh Oh, I don’t have a survey
Surveys are optional when you buy a home. I always recommend that my buyers obtain one. Every once in a while someone will just refuse to pay for a survey, and choose not to get one. In addition to protecting you from purchasing a property with a title defect related to matters that would be discovered with a survey, it is extremely handy if you ever want to put up a fence, build a storage building, or in this case, expand or build a deck.
You guessed it. My client just didn’t see the need to pay for a survey at closing several years ago. Now he is now faced with either having to order and pay for one before doing the deck project, or risk an alternative method that could possible lead to inadvertently violating a setback rule, or some other building code.
The risk of the alternative method
The alternative method to consider when you don’t have a survey and want to add on to your home is a little tricky. The first thing you have to do is search the public records and locate a plat map. That’s a map that shows your street and your lot as well as adjacent lots in your subdivision.
Once you have the plat map in hand, you have to find some point of reference and try to estimate where on the plat map your house is located. The risk is that you could easily be off by a foot or two on where you think the house is on the map. Then as you go out towards the setback lines (which usually aren’t shown on the plat map either) you could accidentally violate a setback rule.
So what happens if I violate a silly setback rule?
One possibility is that nothing happens as long as no one ever finds out. But what if you want to sell your home later on? Do you think the buyer will order a survey? Smart buyers will. And when they do, the violation will be clearly seen and noted by the surveyor.
Now rather that a relative smooth closing, you will have to move the building, or deck, that is in violation. Oh, and what if one of the main reasons the buyer wanted your home was because of the awesome party deck? If you must substantially change the look or function of the deck, the buyer may want out of the contract all together. Whatever happens, I can promise you will be wondering why you didn’t just get a survey in the first place.
When buying a home, make sure you have a real estate agent who will look out for your best interests and give you the maximum possible legal and financial protection. It’s our fiduciary duty and it’s what you deserve.
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Breaking News - 100 Percent Home Mortgages May Be a Thing of The Past
March 19th, 2008 Categories: Mortgage and Finance
I have had two lenders tell me today that 100% loans are all but gone. They are advising anyone who is looking to finance 100% of a home purchase in the near future to check with a lender to see how this impacts your individual situation.
It seems the issue is with Private Mortgage Insurance (PMI) providers. As of early this week, the only remaining 100% PMI provider is Genworth. All of the other PMI providers are only issuing insurance for 97% of the purchase price. The word on the street is that Genworth will go to 97% maximum soon.
Another spectulation on the street is that FHA will soon unveil a 100% financing program. The caveat here is the FHA loan limits. Even though they were increased to $259,000 for Wake County, many home buyers have needs above that price point. When you take the move by the PMI providers, and the recent increase in FHA limits, an FHA 100% program makes sense.
As credit continues to tighten, it makes more sense now than ever before to talk to your lender and Realtor advisors early in the process. Give me a call at 919-602-7000 if you are within 90 days of wanting to be in your next home.
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FHA Loan Limits Increase For The Triangle Home Buyers
March 17th, 2008 Categories: Buying a Home, Mortgage and Finance
Great news for home buyers in the greater Raleigh area… FHA loan limits have been increased significantly!
Here are the new FHA loan limits by county:
- Wake and Johnston $295,000
- Durham and Chatham $331,250
This is a significant increase and long overdue. The old limit for Wake County was $224,200. Kind of low considering the average home price was $261,000 for the period since Jan 1, 2008.
I do have to say that the amounts seem without much rhyme or reason. The average home price in Durham County is $196,000, while Chatham County is $317,000. Why are these two grouped together at $331,250 by FHA?
Consistency and logic notwithstanding, the increases in FHA loan limits for the Triangle area is a very good thing. Here are just a few of the benefits of an FHA loan.
- Low down payment
- Down payment can be a gift
- Non-occupant co-borrowers are allowed
- No price adjustment for credit score
If you need the name of a good lender who can provide FHA financing, call me. I know some of the best in the business.
Search for Triangle area homes for sale
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Holly Springs Home Listed For Sale - 4209 Bibleway Court in Wescott
March 8th, 2008 Categories: Holly Springs, Homes For Sale
Traditional Beauty… Upgrades Galore… Fantastic Neighborhood
Want a custom home with an open floor plan and plenty of upgrades in an awesome neighborhood! Then this is the home for YOU!
This lovely home features finished-in-place hardwoods and crown molding throughout the entire downstairs. The family room has a gas log fireplace, ceiling fan, built-in bookcases and is open to the gourmet kitchen.
The incredible kitchen is a cook’s delight with granite counters, a huge center work island, tile backsplash, lots of 42′ raised panel cherry cabinets with crown trim, gas range, wall mount oven and microwave, and a breakfast nook that includes a bay window overlooking the private back yard.
There are separate formal areas. The dinning room features custom wainscoting and a tray ceiling. The formal living room has French doors. Both formal areas look out onto the large rocking chair front porch.
A favorite place of the current owners is the large master retreat. There is plenty of room for a bedroom suite and a sitting area. The luxury bath has a custom tile shower and tile also surrounds the separate garden whirlpool tub. There is also a walk-in closet.
There are three other bedrooms and all have access to bathrooms. Two of the bedrooms share a buddy bath that has an enormous vanity area complete with two basins and a makeup area.
The bonus room has a private set of stairs giving access from the rear of the kitchen. This is in addition to the main staircase, which is hand finished hardwood, that leads to the bedrooms from the living area.
Outside there is a wonderful front porch that spans the width of the home with plenty of room for chairs and side tables. The great fenced-in back yard has lots of shade in the summer and is a great place for kids and pets to play safely.
Add to all this the wonderful neighborhood with community pool and great school system, and you have one of the best values in Western Wake County. Call me at 919-602-7000 to schedule your private showing today!
Offered at $400,000
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Update on Townhomes for Sale in Morrisville - Keystone Crossing Townes
March 3rd, 2008 Categories: Morrisville, New Construction Homes
I just got word that Vanguard Homes is running a special for the month of March on completed inventory at their townhome community in Morrisville.
There is an $8,000 incentive for any purchase that closes by March 31st. This incentive can be used any way you choose. You can purchase upgrades, reduce the price, or apply some of the money towards closing costs.
This ends up being somewhere around a 4% discount. That’s approximately one year’s equity… in your pocket.
Here’s a link to the inventory list.
Townhomes for sale at Keystone Crossing in Morrisville
If you’re ready to buy now, give me a call and let’s make an appointment to go visit this wonderful community.
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The Townes at Keystone Crossing
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