Short Sales: What Are They? [Video]

Ever wonder what exactly a short sale is?  How is a short sale different from a foreclosure?  Does a homeowner have options?   I am asked these questions many times through out my week whether it is in a listing appointment, at the gym, networking events, or just hanging out with my friends.  I recently recorded a brief video explaining why a short sale can save homeowners from foreclosure Continue reading “Short Sales: What Are They? [Video]”

HAFA Explained by Raleigh Real Estate Agent, Linda Craft [Video]

It is now reported that 1 out 8 home mortgages in the United States are in default. Default occurs anytime a house payment is 30 days past the due date. This means many Raleigh area home owners are struggling financially and with rising interest rates we know there is another wave of foreclosures on the horizon for North Carolina. As a Certified Distressed Property Expert (CDPE) I have negotiated many successful short sales for my clients over the past two years and the process is long and tedious. Continue reading “HAFA Explained by Raleigh Real Estate Agent, Linda Craft [Video]”

5 Mistakes Raleigh Area Home Sellers Make

It is April in Raleigh where everything is in full bloom including sellers who want to take advantage of the spring market when their yards look the best and the school season is drawing to an end. I have sold over 5,000 homes in my 25 year career and in the past 3 months have met with approximately 100 sellers who either “want or need” to sell their home. I believe those numbers qualify me as an expert to share mistakes I see sellers make as they Continue reading “5 Mistakes Raleigh Area Home Sellers Make”

Creative Land Investments

Tuesday is a special day for the Linda Craft Real Estate Team.  I fondly call it Team Tuesday. It is the day we all pile into our wrapped passenger van and ride around the Triangle area previewing our new listings in the Greater Raleigh, Cary, Wake Forest, Garner, Clayton, Apex and Holly Springs areas.  We sharpen our  Triangle Real Estate market knowledge,  share ideas and information for approxiamtely 3 hours every week.   A think tank of top professionals sharing their best practices.  neighboring Bass lake park pan 2

This past week one of my buyer agents,  JV Lavery, mentioned that prices on large tracks of land had dropped significantly and what a great time it was to buy land and hold it. He is so right but, I don’t know many developers  with $500,000 to a million dollars cash in the bank to buy land in these tight economical times. We all know land has always been a great investment and everyone I know is looking for something to buy cheap and hold onto for high profits later so we started brainstorming who could buy this well priced land.

Here Are Some Ideas On How To Buy Land:

1.   A group of individuals could buy the land to use as a hunt club. For the price of a yearly membership they could own acreage together. Use it to hunt now and hold it for a later sale when the value increases. Now that is a great real estate investment with no risk.

2.  A church could buy land now to hold for a future church plant

3.  A group of individuals could buy land to hold for future development or to sell when the next housing boom hits

4.  A family could buy land and put it into a family trust which would benefit their children

What are some other ideas you may have?  If you are interested in finding out about the best tracts of land for sale in the Greater Raleigh area please contact my team, JV Lavery or myself.  We would love the opportunity to work with you.

Have a great weekend,

Linda

USDA Mortgage Funds Depleted Six Months Early

News concerning USDA is fast circulating however this year’s exhaustion of mortgage funds may in fact be quite a bit different than the past.  USDA mortgages allow qualifed home buyers to purchase homes with zero money down in certain parts of the county. USDA and VA are the only 100% financing programs still available for home purchases. USDA is important to the Raleigh Real Estate Market and if they run out of money in April as expected it will push many home buyers out of the market and may leave sellers in a contract that is delayed for months or may never close!   time money running out

First Let Me Explain The TWO Types Of USDA Approvals:

 Approval with “GUARANTEE OF FUNDS” 

  1. This approval type states that funds are available and have been guaranteed for a specific loan.
  2. The loan can close.

Approval With “CONDITIONAL COMMITMENT – SUBJECT TO RECIEPT OF APPROPRIATED FUNDS”

  1. This OCCURS WHEN USDA RUNS OUT OF FUNDS
  2. It is an approved loan.
  3. It states that “WHEN FUNDS ARE AVAILABLE (appropriated from Congress) IT WILL AUTOMATICALLY RECEIVE A GUARANTEEE”
  4. The loan can close however it is up to the lender.
  5. Funds are NOT available to be guaranteed – Increased risk to the lender.

 With regard to Approval #2 above:  Some lenders WILL go ahead and close the loan with a conditional commitment from USDA while others choose NOT to.  It is typical that USDA runs out of funds in September/October time frame as October is their fiscal year end.  We have all experienced in the past!

 What Is Different RIGHT NOW?  Continue reading “USDA Mortgage Funds Depleted Six Months Early”

Raleigh Real Estate Agent, Linda Craft, Answers the Question: What Exactly is A Short Sale?

Many people are hearing the word “short sale” and sometimes it can be confusing as to what that word really means.   I thought I would share with you my perspective as Certified Distressed Property Expert here in the Greater Raleigh, North Carolina area.

[youtube:http://www.youtube.com/watch?v=joftmUkscno]

If you, or anyone you know, has any further questions or if you would like a private, confidential analysis of your current real estate situation, please call me at (919) 235.0007.  I am here to help you.

Linda

Linda, Why Did You Send Me This Report About Other Real Estate Homes In Raleigh?

Every week my team provides a weekly report to all of our current sellers.  The report covers where we market their home, how many showings they have received, what the feedback is from their real estate home showings, etc.   We also include a report on what their local competition is from a buyer’s perspective here in the Greater Raleigh Area Real Estate Market.  I thought you might have a question on this too so I thought I would share.

Linda,

The location of the houses you sent and used in my weekly home competition report concerns me. I am actually familiar with this subdivision off of Rock Quarry Road. Yes, the houses are similar, but the area is not.

Boblarge raleigh map

Hi Bob,

I understand your analysis of different locations as well as your concern. However, please note that my search comes direct from MLS and it pulls only your MLS area which is about a 5 mile radius. It also pulls your price bracket. The way this search was created for you is Continue reading “Linda, Why Did You Send Me This Report About Other Real Estate Homes In Raleigh?”

Are Bathtubs Really Needed Here In Raleigh?

I received this bathroom remodeling question from a client and thought you might be wondering the same thing.

Dear Linda,

I’m not ready to move anytime soon but when I do, you will be the listing agent so I figure I better ask your opinion now. We are remodeling our master bath. We’ve put down tile floors, a marble shower, new vanities, new mirrors, new light fixtures…..but we took out the garden tub we neverbathroom use and don’t want to replace it. We were thinking a window bench that lifted up for storage or something like that. Is that going to kill our resale? Continue reading “Are Bathtubs Really Needed Here In Raleigh?”