Understanding Appraisal Issues

I know this post is likely to generate a lot of negative comments from appraisers and mortgage lenders but I am willing to take the heat and be honest. Appraisals have always been "A necessary but pointless headache" for Buyers, Sellers and their Realtors.

Here's the bottom line, an appraisal is nothing more than one person's opinion of valuation. It may or may not be a well-reasoned, educated valuation; regardless of whether it is a well done appraisal or not; at the end of the day, it's meaningless other than to the Lender in terms of what they're willing to lend a buyer.

For context and to understand I'm not some upset Realtor indulging in a rant; I have been a full time Broker for more than 40 years. My…

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Insurance - Homeowners and Beyond

Typically Hurricane season peaks in late August through October and with the news of fires in the West as well as flooding events nationwide, we thought it timely and important to understand where you are and are not protected by home owners insurance insurance. Here is a guide to insurance, beyond basic homeowners. If you are looking to purchase a home on The Triangle, please reach out to us. Not only can we make the home buying (or selling) process easier for you; but we can refer you to the best insurance providers for your needs, as a landlord, or homeowner as well as personally vetted trade people who can help you with any repairs or improvements you may be considering.

Inside your Homeowners Policy

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Are you considering a reverse mortgage? Do you know what a reverse mortgage is? Is it the same as refinancing? In the past decade reverse mortgages have gained in popularity, but we have also witnessed a rise in fraudulent and predatory practices within this industry. It has been pushed to seniors as a catch-all financial retirement product. However, it is important to understand that in reality it's a loan and when used to cover living, medical or other expenses you must understand that you are reducing the equity in your home. Applied without careful consideration, it can put your finances in a much worse position than other options that may be available to you. Let's explore the reverse mortgage and see if this is an option that makes sense for…

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We all expected the unexpected when it came to the real estate market in 2020, it was anyone's guess how the housing market would fare. The effect of a global pandemic on markets in the digital age had consequences that are completely unforeseeable, and the boom in the housing market is one of them. Many of our contemporaries and housing economists predicted changes across the board, but few predicted the strength of the market, especially the demand for homes. We have not seen the demand of this magnitude since 2006.

As we are witnessing markets gain more stability with mass vaccines and the reopening of economies, the housing predictions are becoming more cohesive. The second half of 2020 witnessed a veritable boom in real estate, according to…

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What's a Good Credit Score and Why does it Matter

 What's a Good Credit Score and Why Does it Matter?

Your credit score is so important throughout your life that it should be taught as part of a standard curriculum for financial literacy and adulthood. Unfortunately it isn't and in this instance, ignorance is anything but bliss. In this blog, we're going to take a deep dive to explain the importance of your credit score, how it's determined and steps you can take to improve it. My NC Homes would like to help our would be home buyers understand how your credit impacts not just your ability to purchase a home but also the terms you'll be given. Just because your credit is fair on one report, it still might not qualify for the lowest available mortgage rates. You may also be rejected depending on the…

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Homeowners Net Worth

A Homeowners Net Worth Is 40x Greater Than a Renter's

One of the best ways to build your family's financial future is through homeownership. Recent data from the Federal Reserve indicates the net worth of a homeowner is actually over 40 times greater than that of a renter. Maybe it's time to start thinking about buying a home, especially when they are so affordable in today's market.

Every three years the Survey of Consumer Finances shows the breakdown of how owning a home helps build financial security. In the graph below, we see that the average net worth of homeowners continues to grow, while the net worth of renters tends to hold fairly steady and be significantly lower than that of homeowners. The gap between owning and renting just keeps…

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Meet Landis: A New Way to Go from Renter to Owner

Meet Landis: A New Way to Rent to Own

My NC Homes has never been a big fan of Rent to Own;because 99% of the time these offers were never truly meant to actually work. They were designed so that theBuyershave very little chance of actually ever owning the home so that the Seller could re-sell the home 1-2 years later to another Buyer and then another and another etc. If a Buyer was able to actually fulfill the Seller'sRent to Own Contract,the Seller still won because they'd gotten the buyer to end up paying them well above market rate. We've written about this previously in our Post Rent-to-Own is Never a Good Deal.

Meet Landis: A New Way to Go from Renter to Owner

Are you roughly a year from being able to buy the home of your dreams? Have…

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Forbearance 101

Forbearance 101

The mass casualty of job loss in virtually every sector has seen many homeowners considering mortgage forbearance. If you own a home you've likely received notification from your lender regarding their "willingness" to work with you. Even if you don't own a home, you've likely heard on the radio or TV or online, that the Federal Government through Fannie Mae and Freddie Mac has made all of the lenders who do business with them (Almost all of them) to offer Forbearance and prohibiting them from foreclosing (or in the case of renters; from evicting) for 1 year. While this sounds great as usual there's much more to it than simply being forgiven your payments.

My NC Homes has always believed in supplying our clients the information…

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Will Surging Unemployment Crush Home Sales

Ten million Americans lost their jobs over the last two weeks.

The next unemployment rate will be announced on May 8th. It is expected to be in the double digits. Due to the health crisis; the economy has essentially come to a screeching halt; and many are feeling a personal financial crisis. James Bullard, President of the Federal Reserve Bank of St. Louis, explained that the government is trying to find ways to assist both those who have lost their jobs as well as  the companies which were forced to close (think: your neighborhood restaurant). In a recent interview he said:

"This is a planned, organized partial shutdown of the U.S. economy in the second quarter. The overall goal is to keep everyone, households and businesses, whole."

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Testimonials

Moving is stressful and real estate transacting, whether buying or selling, is emotional. The team you use can ease emotions or add drama. We have found that buyers who choose their vendors based on digital review or paid review sites have unreliable results, at best. In our decades of experience in real estate, we have witnessed the rise of the digital professional over the word of mouth professional, and would like to offer our vendors who are proven beyond paid review or page rank. If you are looking to buy or sell a home in Raleigh-Durham, contact a member of our team to begin your search.

Lenders

A reputable lender will offer fair terms and competitive rates derived from your present financial status, adjusted income, and credit history.…

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