Join Our VIP Charlotte NC Home Buyer Program

Wendy Richards
Charlotte NC REALTOR®
704.604.6115
www.NCCharlotteHomes.com
wendy@NCCharlotteHomes.com

Charlotte NC Home VIP Home Buyer Info

How Charlotte NC Home Mortgage Brokers Get Paid

Charlotte NC Home Mortgage brokers are paid their fees in two distinct ways. The first, is known as Front-End compensation. Those fees are charged to the borrower. The second, is called Back-End compensation, or, fees collected from the lender.

Examples of Front-End, or borrower, compensation are as follows:

–Origination fee.

–Underwriting fee.

–Administration fee.

–Discount fee.

–Processing fee.

–Marketing fee.

–Warehouse fee.

–Miscellaneous fee. (Reasons can vary by broker.)

Within the Good Faith Estimate, or GFE, all but one of the above fees are usually combined into the Origination Charge, located on the first line, second page of the GFE. The only fee separate from those in the Origination Charge is the Discount fee, located on line two of the same page. Ask your particular broker for an explanation of these fees. Should he or she be reluctant to explain them, a borrower may want to look elsewhere for another broker.

All the fees listed are not necessarily paid to the broker. Some of the fees go to the broker and others are passed on to other parties. But, there is usually no way for the borrower to know which the broker keeps and which are for third party payments.

Now, examples of Back-End (lender) compensation are shown below:

Should the mortgage broker be working in the true ‘broker’ sense, arranging the financing from a separate lender, he may increase the loan rate and be compensated by that. The higher the interest rate percentage on the loan, the greater the amount the broker gets. This method is known as Yield Spread Premium, or, YSP. If this is used, there should be documentation regarding this on the GFE. However, if the borrower does not see the reference to it, ask the broker-it may be a hidden charge.

If the mortgage broker is also acting as the mortgage banker, using his own company’s funds for the loan, he or she will receive additional payment from the lending company. This type of arrangement is known as a Servicing Released Premium or SRP. This information, between the broker and his company, is not required to be listed on the GFE. The borrower will not know if the broker is receiving this type of compensation.

Every loan arrangement is done in the same manner; whether the broker works for the lender or is working as a true broker and using a variety of banks and lending institutions.

Hope this helps! Give me a call with any questions…   🙂

Wendy Richards
Charlotte NC REALTOR®
wendy@NCCharlotteHomes.com
www.NCCharlotteHomes.com

4 Tips for Charlotte NC Home Sellers

There’s a dilemma in today’s Charlotte NC housing market: Charlotte NC home sellers want to assign a higher value to their Charlotte NC homes than their market-wise real estate professional might recommend, and Charlotte NC home buyers take the opposite view; believing the home pricing is too high.

Today’s market atmosphere makes home sales and purchasing a challenge. There is a complete disconnect between owner and buyer. Successful marketing of homes, to prevent endless languishing on the marketplace, means carefully setting and balancing the price. Among things to consider when pricing are:

— A seller should check the number of homes for sale in their neighborhood. The greater the amount, the better it is to list at the lower end of the price scale. A seller wants the question of why the home is priced so competitively to lead to an offer.

— Consider short sales and foreclosures when pricing. Area homes in this category may be abandoned and in deteriorating condition and may not be an issue. Homes which are in good condition, however, and priced 25 per cent or more below market value can be a serious factor affecting pricing.

— Make quicker, more decisive decisions when an offer is made. Buyers today are not in the mood for the back-and-forth plodding negotiations of two or three years ago. They are now more disciplined and less emotional. If things don’t move quickly in their favor, they will walk away.

— Cut the price when it becomes an obvious move. When no potential buyers call or show up for an open house, and there are no offers, face it, the price is too high. It is time to consider a meaningful price cut.

Wendy Richards
Charlotte NC REALTOR®
704.604.6115
www.NCCharlotteHomes.com
wendy@NCCharlotteHomes.com


Before You Buy a Charlotte NC Home – Be Sure to Get a Home Inspection

When purchasing a Charlotte NC home, it is vital to have a home inspection. A qualified Charlotte NC real estate agent will be sure to remind a Charlotte CO buyer of the importance of a home inspection. When the Charlotte NC buyer is ready to put an offer in on a Charlotte house, town home or condo or other property, it is a good idea to put a contingency clause in the contract allowing a buyer to back out if the home fails inspection.

There are several components to a Charlotte, NC home inspection. It is generally a good idea to be present at the home inspection; though this is not required.

An inspector will check that all appliances are in working order including those acquired through the contract or other negotiation with the seller. Another crucial part of the inspection is the duct work and heating and cooling systems. This will include heating systems, ducts, any fireplaces, and any air conditioner units. An inspector will also check the electrical panels, wires, and other parts of the electrical system. Some examples are the circuit breakers, outlets lights, and the central electrical panel.

A home must be sturdily constructed. For this reason, even new construction needs to be inspected. A Charlotte, NC home inspector will check the structure of the home. The areas of inspection for structure quality are the foundation, wall construction, entrances, floors, and roof. If there are any pressing concerns, the inspector may recommend getting a structural engineer out to take a look at the property.

Another important aspect of the inspector’s job is to check the exterior parts of the property like the driveway. One thing the inspector must determine here is whether cracks in the driveway are normal wear and tear or whether they are structural. Other exterior features the inspector will examine are landscaping, outdoor electrical outlets, and trim. The inspector must also check the quality of the roof and attic. An inspector will look at the roof covering, the gutters, the vents, and the roof flashing.

There is still more work to be done inside the home, however. The inspector still needs to determine the quality of the plumbing and the quality of the home’s windows. The plumbing check will include things like both interior and exterior faucets, sinks, showers, and toilets. Inspectors are not responsible for checking the sewer system. Windows will be checked for any broken seals, rotten wood in the trims and sills, cracked glass as evidenced by hazing on the windows, and whether the windows open and close with ease.

A home inspection is vitally important. This is especially true if one will be borrowing money from a lender. It is even more crucial if one is using an FHA or VA loan. Most importantly, it is extremely important to the buyer’s peace of mind and pocketbook. Each Charlotte, NC home inspector works a little bit differently so be sure to check what the local inspector covers.  We can help you with this!  🙂

Wendy Richards
Charlotte NC REALTOR®
704-604-6115

www.NCCharlotteHomes.com
wendy@NCCharlotteHomes.com

A Luxury Stay Awaits at the Ballantyne Hotel and Lodge in Charlotte, NC

The Ballantyne Hotel and Lodge in Charlotte, North Carolina. Ballantyne’s convenient location makes it a perfect place to hold business meetings, celebrate life’s special moments or to just spurge for a romantic weekend getaway. The AAA Four Diamond and Forbes Four Star rated Ballantyne Hotel and Lodge is host to weddings and other social occasions.

Guests have many accommodation options. Ballantyne guests can choose from one of 200 hotel rooms, one of 14 suites, or a room in the 36 room lodge. They also have the option of renting a four-bedroom cottage.

A variety of amenities are available including spa, salon, and fitness facilities. Guests can play golf or tennis at the Ballantyne Hotel and Lodge. Golf instruction and wellness classes are also available. Included in every guest’s stay are valet parking, access to the fitness and pool areas, and golf club rental.

The Ballantyne Hotel and Lodge is conveniently located within 18 miles of the Charlotte-Douglas Airport, uptown Charlotte, and the South Park Mall. Among the sightseeing opportunities near the hotel are a heart-racing drive at Lowe’s Motor Speedway or Kayaking or Whitewater Rafting at the US National Whitewater Center.

You can book a stay at the highly rated, conveniently located Ballantyne Hotel and Lodge in Charlotte NC. To reserve a room please call 888-627-8048. Group rates are available at 704-248-4078. In order to reach the main desk, please call 704-248-4000.

If you are looking for a home in the Ballantyne area or wish to sell one, just give me a call or drop me an email!   🙂

Wendy Richards
Ballantnye, Charlotte NC REALTOR
www.NCCharlotteHomes.com
wendy@NCCharlotteHomes.com
704-604-6115

Market Report for Monroe, North Carolina Homes

Number Homes Sold
Average # of Bedrooms
Average # of Baths
Average Square Feet
(SF
)
Average List Price (LP)
Average LP/SF Average Selling Price (SP)
Average SP/SF Average SP/LP Average Days on Market
2012
2011
(as of 06-30)
275 3 2 1876 $135813 $72.21 $128624 $68.16 94% 122
2010 497 3 2 1,861 $148,671 $79.37 $141,247 $75.53 95% 120
2009 577 3 2 1,816 $152,943 $83.96 $145,690 $79.97 95% 64
2008 641 3 2 1,786 $166,881 $92.72 $161,239 $89.78 97% 48

* Based on homes sold and closed. The report is for detached residential single family homes only and may not include all sales activity in the area. Source: Carolina Multiple Listing Services, Inc. (CMLS). Information is deemed reliable but not guaranteed.

You can find 597 homes for sale in the Monroe NC Real Estate Market, as of July 11, 2011. The listing prices range from $20,000 to $2,499,999. 134 of these homes are currently under contract pending sale.

Visit the following web pages for more information, including homes currently on the market in Monroe NC and Charlotte NC:

Homes for Sale in Monroe North Carolina

Charlotte NC Home Page

FEATURED LISTINGS FEATURED CITIES NEIGHBORHOODS
Charlotte/Mecklenburg Foreclosures Ballantyne Homes Ballantyne Country Club in Charlotte NC
Charlotte/Mecklenburg HUD Homes Charlotte NC Homes for Sale Dilworth in Charlotte NC
Charlotte NC – On/View of Golf Course Weddington NC Homes Highgate in Weddington NC
Waterfront Homes Wesley Chapel NC Homes Blackstone in Wesley Chapel NC
Short Sales in Charlotte NC Waxhaw NC Homes Cady Lake in Charlotte NC

This Market Report is brought to you by Wendy Richards of The Richards Group.

Call me for your all your Charlotte Real Estate needs:

Wendy Richards
Keller Williams Realty
Charlotte NC
704.604.6115
wendy@NCCharlotteHomes.com

Copyright 2011 © The Richards Group. Wendy Richards. All Rights Reserved.

“The Market Report for Monroe NC Homes (Metro Charlotte NC)”

Market Report for Mint Hill, North Carolina Homes

Number Homes Sold
Average # of Bedrooms
Average # of Baths
Average Square Feet
(SF
)
Average List Price (LP)
Average LP/SF Average Selling Price (SP)
Average SP/SF Average SP/LP Average Days on Market
2012
2011
(as of 06-30)
95 3 3 2,817 $225,505 $79.04 $212,237 $74.66 95% 98
2010 207 3 3 2,621 $240,751 $90.02 $229,662 $85.99 96% 136
2009 172 3 3 2,620 $261,430 $98.23 $248,098 $93.10 95% 56
2008 204 3 3 2,628 $309,485 $114.39 $299,618 $109.87 96% 36

* Based on homes sold and closed. The report is for detached residential single family homes only and may not include all sales activity in the area. Source: Carolina Multiple Listing Services, Inc. (CMLS). Information is deemed reliable but not guaranteed.

You can find 199 homes for sale in the Mint Hill NC Real Estate Market, as of July 11, 2011. The listing prices range from $54,900 to $1,499,000. Thirty nine of these homes are currently under contract pending sale.

Visit the following web pages for more information, including homes currently on the market in Mint Hill NC and Charlotte NC:

Homes for Sale in Mint Hill North Carolina

Charlotte NC Home Page

FEATURED LISTINGS FEATURED CITIES NEIGHBORHOODS
Charlotte/Mecklenburg Foreclosures Ballantyne Homes Ballantyne Country Club in Charlotte NC
Charlotte/Mecklenburg HUD Homes Charlotte NC Homes for Sale Dilworth in Charlotte NC
Charlotte NC – On/View of Golf Course Weddington NC Homes Highgate in Weddington NC
Waterfront Homes Wesley Chapel NC Homes Blackstone in Wesley Chapel NC
Short Sales in Charlotte NC Waxhaw NC Homes Cady Lake in Charlotte NC

This Market Report is brought to you by Wendy Richards of The Richards Group.

Call me for your all your Charlotte Real Estate needs:

Wendy Richards
Keller Williams Realty
Charlotte NC
704.604.6115
wendy@NCCharlotteHomes.com

Copyright 2011 © The Richards Group. Wendy Richards. All Rights Reserved.

“The Market Report for Mint Hill NC Homes (Metro Charlotte NC)”

Market Statistics for Wesley Chapel NC Homes (Metro Charlotte NC)

* Based on Wesley Chapel NC homes sold and closed.

Number
Homes Sold

Average # of
Bedrooms

Average # of
Baths

Average
Square
Feet
(SF
)
Average
List
Price
(LP)

Average
LP/SF
Average
Selling Price
(SP)

Average
SP/SF
Average
SP/LP
Average
Days
on
Market
2011
2010
(as of Sept 30th)
11 4 3 2,989 $319,836 $106.44 $310,318 $103.48 97% 128
2009 18 4 3 3,581 $376,144 $104.06 $358,300 $99.17 96% 68
2008 35 4 3 3,439 $417,269 $119.00 $396,077 $113.73 96% 49
2007 92 4 3 2,919 $326,761 $109.35 $319,356 $107.07 98% 34

Source: Carolina Multiple Listing Services, Inc. (CMLS). Information is deemed reliable but not guaranteed.

Visit the following web pages for more on Wesley Chapel NC Homes and Charlotte NC Homes:

Wesley Chapel NC Home Page

NC Charlotte Home Page

Call me for your Charlotte Real Estate needs:

Wendy Richards
Keller Williams Realty
Charlotte NC
704.604.6115
wendy@NCCharlotteHomes.com

Market Statistics for Weddington NC Homes in Union County

* Based on Weddington NC homes sold and closed.

Number
Homes Sold

Average # of
Bedrooms

Average # of
Baths

Average
Square
Feet
(SF
)
Average
List
Price
(LP)

Average
LP/SF
Average
Selling Price
(SP)

Average
SP/SF
Average
SP/LP
Average
Days
on
Market
2011
2010
78 4 4 4,517 $730,808 $149.95 $652,316 $136.14 92% 205
2009 66 4 4 4,468 $729,124 $152.11 $687,145 $143.90 95% 187

Source: Carolina Multiple Listing Services, Inc. (CMLS). Information is deemed reliable but not guaranteed.

Visit the following web pages for more on Weddington NC Homes and Charlotte NC

Homes:

Weddington NC Home Page

NC Charlotte Home Page

Call me for your Charlotte Real Estate needs:

Wendy Richards
Keller Williams Realty
Charlotte NC
704.604.6115
wendy@NCCharlotteHomes.com

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