Landis E2 Real Estate

Seller Paid Closing Costs

Diane McDermott — Tue, 06 Jan 2009 15:34:40 +0000

When buying real estate in Charlotte NC, closing costs can either be paid by you or with a closing cost contribution from the seller.

Seller paid closing costs are a concession from the seller and aren’t paid directly to the buyer but are simply used at closing (and detailed on the settlement statement) to pay for a portion or all of the buyer’s closing costs. Since they are a sales concession, seller paid closing costs reduce the net sales price. For example a $100,000 purchase price with $3,000 seller paid closing costs is actually a net sales price of $97,000.

To review: typical Charlotte NC real estate closing costs.

For sellers to give buyers a closing cost concession it must be negotiated and detailed in the purchase contract. It’s also important that your lender is aware of any seller paid closing costs since sometimes there are limits as to how much a lender will allow in seller concessions - good info to know before we enter negotiations!

Whether a seller is willing to contribute to buyer closing costs, that depends. For a motivated seller it may be more likely they’ll consider giving a closing cost concession (true length of time on the market, urgency of the sellers need to move).

Whether or not sellers give a closing cost concession and for what amount will depend on the offer/purchase terms and what both buyer and seller agree upon. Is it possible for sellers to pay for some/all of buyer closing costs? Sure. Will it always happen that way? No, but it’s an additional point of negotiation when buying real estate in Charlotte NC.

Just one other important note about seller closing cost concessions - they cannot be used for a buyer’s down payment, only toward the charges a buyer incurs as a cost of purchasing the property. Down payment on real estate in Charlotte NC is not the same as closing costs.

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What To Do Before Buying Real Estate In Charlotte NC

Mortgages And Real Estate In Charlotte NC

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Wells Fargo-Wachovia Blog

Diane McDermott — Mon, 05 Jan 2009 22:11:27 +0000

Now that the Wachovia/Wells Fargo merger is official, it appears Wells Fargo is taking a modern approach to reaching out to Wachovia customers and the public.

There’s now a “Wells Fargo-Wachovia Blog” set up. While there’s no real new details as of yet, the blog allows public comments/questions and will apparently be used to share information as it relates to the integration.

Details and information on how this change will affect Charlotte are paramount on many minds here in Charlotte NC, particularly how it will affect Wachovia employees here in Charlotte. This transition has implications for real estate in Charlotte NC and since the deal was announced months ago there’s been a cloud of uncertainty hanging over the city as we all wait to see exactly how this change will truly play out and impact our city, our residents, and a Charlotte NC real estate market with already increased inventory levels.

To check out the blog, visit: Wells Fargo-Wachovia blog

Closing Costs When Buying Real Estate In Charlotte NC

Diane McDermott — Mon, 05 Jan 2009 18:47:34 +0000

When buying real estate in Charlotte NC, closing costs are not the same as your down payment. Closing costs for buying a Charlotte NC home are charges and costs associated with closing the home purchase.

Basically, closing costs are the charges associated with all of the components of getting the property transferred successfully to you the buyer.

Since closing costs depend on the property you’re buying and your loan, there’s no one-size-fits-all formula to specifically calculate what your closing costs will be before you find the right house. As a general guideline, closing costs “can” average anywhere from 3%-6% or so of the purchase price.

Some of the typical closing costs when buying real estate in Charlotte NC include:

- Pro-rated real estate taxes (buyers owe from the date of closing through the year’s end)

- Pro-rated homeowners association dues (from date of closing through the end of the current billing cycle)

- Attorney fees (can average anywhere from $400-$600)

- Costs of obtaining the loan (your lender will consult with and educate you about these costs)

- Homeowners insurance (for one full year)

- Mortgage interest (from the day of closing through the end of that month)

- Title search

- Title insurance (lender and owner coverage)

- Recording/courier costs

- Inspection fees (for home and pest inspections)

- Home warranty (can be paid by buyer or seller)

- Escrow contributions (monthly real estate tax and insurance to set up any escrow account with your lender)

Many of these closing costs depend on the specifics of the home you’re purchasing. For example real estate taxes, homeowners dues, homeowners insurance will all depend on the house/property you’re buying.

The mortgage closing costs should be part of your conversation with your Charlotte NC mortgage partner. Since you’ll be obtaining a pre-approval for your Charlotte NC home purchase, the time to consult with your Charlotte mortgage partner is before you’re under contract and heading to closing!

Buying A Charlotte NC Home - What Do You Value?

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Pet Food Bank in Charlotte NC

Diane McDermott — Fri, 02 Jan 2009 21:22:03 +0000

It’s no secret that there are residents in the Charlotte NC area experiencing economic hardships right now. Some of the less publicized effects of economic hardships are how pets are being impacted.

Some of the truly innocent and silent victims of economic hardship can be the family pets. Unfortunately, in some cases Charlotte NC area families are facing the difficult decision of surrendering their animals to shelters when they’re unable to keep up with the costs of providing for those pets.

The Animal Care and Control Division of the Charlotte Mecklenburg Police Department is starting to put together a community Pet Food Bank with the goal of assisting pet owners in need of help with feeding their pets.

Obviously a Pet Food Bank won’t be able to help pet owners having to relocate to housing that doesn’t allow animals(if you’re in this situation please, please don’t leave animals locked in an empty house!!!). But maybe the Pet Food Bank can help some pet owners keep their pets without having to surrender the animals to an uncertain fate at a local shelter.

To learn more about Charlotte Animal Care and Control’s Pet Food Bank Program and how to donate or sign up for temporary help with pet food, visit Animal Care and Control Pet Food Bank Program.

Earnest Money Deposits - How Much and When?

Diane McDermott — Fri, 02 Jan 2009 20:53:41 +0000

When buying real estate in Charlotte NC, one of the common questions buyers have is about earnest money deposits. How much should an earnest money deposit be and when is it paid?

The amount of earnest money deposits for real estate in Charlotte NC are always, always, always negotiable between buyer and seller. The amount of earnest money is always a negotiation point that both buyer and seller must agree on.

For a $100,000 purchase price the earnest money deposit buyer/seller agree on probably won’t be the same as for a $1 million purchase price but regardless, the amount is a term that buyer and seller must agree on and be comfortable with.

As for when an earnest money deposit is paid, a copy of the earnest money check should accompany the offer to purchase Charlotte NC real estate. Once there’s a valid contract agreed upon and signed by all parties, the earnest money is deposited in a trust account to be held until closing. So buyers should be ready to write the earnest money check at the time they sign an offer and it (or a new check for the agreed upon amount) will be deposited in a trust account once there’s a written contract.

What Do You Value in A Charlotte NC Home?

Choosing A Charlotte NC Neighborhood

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What Will 2009 Mean for Real Estate in Charlotte NC?

Diane McDermott — Wed, 31 Dec 2008 16:13:52 +0000

As 2008 comes to a close, Charlotte NC is in a state of change (technically that’s always the case but some major shifts are happening right now).

With the sale of Wachovia to Wells Fargo set to officially close and Bank of America’s purchase of Merrill Lynch also imminently near, change is quite evident in Charlotte NC.

How will all of this affect Charlotte NC and real estate in Charlotte NC? I don’t have the answer - and anyone who claims to know specifics is really still just guessing since we don’t know how it will all play out just yet. What we do know is that 2009 will bring changes, for better or worse we just don’t know yet.

With regard to real estate in Charlotte NC, many neighborhoods are experiencing increased inventory levels, particularly over the $250,000 price point - Charlotte NC Olde Providence real estate is a pretty clear example of that trend.

To reduce that inventory, it will take buyers deciding that there’s value in those homes. Without ready, willing and qualified buyers, that inventory isn’t going to be absorbed. Many buyers right now are being highly selective, what they might have accepted (condition, updates, etc) a year ago is no longer good enough….they can go get a better house 5-10 minutes away and in their eyes get more for their money….value!!

Charlotte NC has for many years been a relocation destination for many home buyers coming from other areas. Until those buyers can successfully sell their homes in other areas, there’s an additional “stop” put on our own Charlotte NC real estate market (so yes, even though real estate is local, outside forces do have an impact locally). Even locally, move-up buyers who aren’t successfully selling their current homes are “on hold” from purchasing their next Charlotte NC home.

In my opinion, in 2009 education and attention to hyper-current and hyper-local real estate trends and conditions is an absolute must for both buyers and sellers of real estate in Charlotte NC. Knowing, learning about and heeding current trends and conditions simply isn’t optional.

So if I had to take a guess at what 2009 will hold for real estate in Charlotte NC, I’d say that there will still be both challenges and opportunities but buyers and sellers who are well informed and prepared will be best equipped to successfully navigate the challenges and take advantage of any opportunities.

One thing’s for sure, 2008 has brought a new landscape to real estate in Charlotte NC. Good or bad? That of course depends on your perspective. Some homeowners aren’t too pleased that they can’t get “what we want” for their house, some buyers are enjoying a multitude of choices when searching for a home, more than they would have had a year ago.

As is always the case, things change and the one constant is keeping up with how those changes relate to you and making the most of opportunity while navigating the challenges.

With most sincere wishes to you for a healthy, happy and prosperous 2009, HAPPY NEW YEAR!!!!

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Charlotte NC Neighborhoods - Olde Providence Real Estate Market 12.30.08

Diane McDermott — Tue, 30 Dec 2008 16:44:48 +0000

As of December 30, 2008 there are 6 available homes for sale in Charlotte NC’s Olde Providence neighborhood and 2 real estate listings currently under contract.

For available real estate listings in Olde Providence, list prices range from $235,900-$325,000.

In the Olde Providence neighborhood, the $200,000-$249,999 price range is the only real estate price range currently experiencing a seller favored real estate market, with only 2 months of current real estate inventory on the market.

Over the $250,000 mark in Olde Providence, current real estate market conditions are weighted strongly in favor of buyers right now, with 0 successfully closed real estate listings in the past 3 months.

Olde Providence Real Estate Market Activity 12.30.08

Listing Price Range	Active Listings	Under Contract Listings	# Sold Sept-Nov	# of Months Supply
Less than $200,000	0	0	0	0
$200,000-249,999	2	2	3	2
$250,000-299,999	2	0	0	Undefined
$300,000-349,999	2	0	0	Undefined
Total	6	2	3	-

The “undefined” supply for price ranges over $250,000 in Olde Providence is due to the complete lack of successful sales within the past 3 months. An “undefined” supply of real estate inventory is the highest possible form of a “buyer favored” real estate market.

The 2 real estate listings under contract in the Olde Providence neighborhood are both within the $200,000-$249,999 price range which indicates that price range continues to be where the available/active buyers are focusing right now. Given the recent successful and under contract real estate listings in Olde Providence, the $200,000-$249,999 price range appears to be continuing as the most likely price point for successful real estate sales in Olde Providence.

Olde Providence is a Charlotte NCneighborhood of single family homes built primarily in the 1960’s and 1970’s in the heart of South Charlotte between Rea Rd and Colony Rd. Conveniently located between South Park and Ballantyne in Charlotte NC.

For more detailed information on any of the available real estate listings in Madison Park or other Charlotte NC neighborhoods, Contact Us for Charlotte NC real estate information.

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*Data and statistics based on information from Carolina Multiple Listing Service Inc. Information deemed reliable but not guaranteed.

Buying a Charlotte NC Home: What’s Most Valuable To You?

Diane McDermott — Mon, 29 Dec 2008 17:29:37 +0000

Many Charlotte NC real estate buyers are familiar with considering and listing what they want in a Charlotte NC home. Number of bedrooms, bathrooms, location, etc are all pretty well known “criteria” for a Charlotte NC home search.

When buying a Charlotte NC home, it’s also important to consider what’s most valuable to you in your first or next home.

Going beyond simply listing what features are most valuable there’s usually more to the story and a reason why you value those features. Two buyers who both want 3 beds, 2 full baths in the same price range and location can have vastly different things that they value in a home. Anything from layout to property size, age of home, neighborhood style/amenities, the list goes on… Searching for a Charlotte NC home isn’t generic, it’s very personal to you.

When working with and getting to know buyers, I want to hear (and really listen to) their story. Where they’ve been, what experiences they’ve had, their fears, concerns, hopes and goals for their home purchase.

When searching for a home in Charlotte NC, you bring your own personal story and your own unique reasons for why you value certain features. I can’t define what you consider valuable, but learning your story, your needs, your goals, your hopes and your dreams is the first step to helping you navigate the road to wherever you will soon call home.

There are a lot of Charlotte NC homes on the market, not all of them will be houses you would want or even consider buying. Value truly is in the eye of the beholder and when buying real estate, that beholder is you!

Search online, check out the search results, and have fun (I am being serious, there’s nothing wrong with starting to browse online). When you’re ready or want to share your story, find an ally in your home search and a partner to help you find the houses that most closely match the things you value, interview a Charlotte NC real estate broker. Find one you’re comfortable with, one who strives to understand what is most valuable to you in a Charlotte NC home.

For qualified and serious real estate buyers in Charlotte NC, there are some historically low interest rates, higher inventory levels (depending on neighborhood and price range) and fewer other buyers (i.e. less competition) searching for homes right now which can all work in your favor when searching for a Charlotte NC home to call your own.

Mortgages and Real Estate in Charlotte NC

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Charlotte NC Neighborhoods - Madison Park Real Estate Market 12.26.08

Diane McDermott — Fri, 26 Dec 2008 18:52:56 +0000

As of December 26, 2008 there are 32 available real estate listings in Charlotte NC’s Madison Park neighborhood. For available Madison Park homes for sale, list prices range from $109,000-$345,000.

Three Madison Park homes are currently under contract, all with list prices less than $239,900.

Successful real estate sales activity in Madison Park over the past three months has been weighted below the $249,999 price point. Current real estate inventory levels in Madison Park vary by price range, with real estate inventory levels steadily increasing as price range increases.

Below $200,000, current Madison Park real estate inventory is below 2 months and therefore favors sellers right now. Over the $200,000 mark, real estate market conditions in Madison Park show an increasing amount of inventory and shift toward favoring Charlotte NC buyers.

Madison Park Real Estate Activity 12.26.08

Listing Price Range	Active Listings	Under Contract Listings	# Sold in Past 3 Months	# Months of Inventory
Less than $200,000	3	2	5	1.8
$200,000-249,999	8	1	3	8
$250,000-299,999	16	0	4	12
$300,000-349,999	5	0	1	15.2
$350,000-399,999	0	0	0	0
Total	32	3	13	-

Over the $250,000 mark, real estate inventory in Madison Park is between 12-15 months of supply and with no current under contract listings in those price ranges those inventory numbers are likely to increase. Regardless, current real estate market conditions over $250,000 in Charlotte NC’s Madison Park are weighted strongly in favor of (qualified and ready) Charlotte NC buyers.

For more detailed information on any of the available real estate listings in Madison Park or other Charlotte NC neighborhoods, Contact Us for Charlotte NC real estate information.

Madison Park is a Charlotte NC neighborhood of single family homes built primarily in the 1950’s and 1960’s, located within minutes of the light rail line and is convenient to both South Park and Uptown Charlotte NC.

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Beverly Woods Real Estate Market in Charlotte NC

*Data based on information from Carolina Multiple Listing Service Inc. Information deemed reliable but not guaranteed.

Happy Holidays!!!

Diane McDermott — Thu, 25 Dec 2008 12:30:50 +0000

As 2008 winds down and many take time to celebrate the holiday season with friends and family, we just want to take a moment to wish all of you a most joyous and peaceful holiday season.

With most sincere wishes for a holiday season filled with laughter, love and time spent with family and friends…..Happy Holidays!!!!