Blog :: 06-2010

ALERT: Update: Homebuyer Tax Credit Deadline

Today marks the final day for lenders to close loans for eligible first time home buyers and move up/repeat buyers in time for them to receive the Federal Homebuyer tax credit.

As you might have seen, the House of Representatives yesterday approved a bill that would extend the closing deadline from June 30 to Sept. 30. However, this does not immediately extend the deadline. The legislation requires Senate approval and a Presidential signature before it becomes official.

We remain hopeful that Congress will extend this deadline and allow for the additional time needed to continue to close and fund loans in a responsible manner, while still ensuring homebuyers receive the tax credit for which they are eligible. We expect additional updates from the Senate and the President in the next several days.

We understand our customers are looking for answers about what it means for them if the deadline passes before their loan is closed. We assure you that those customers who have met their obligations throughout the loan process will be treated fairly and reasonably. However, we must await Congress' decision on this matter before we can make any announcements about how we might handle those situations where a customer misses the opportunity to receive the tax credit because they closed on their loan after the deadline.

In the meantime, Sales, Underwriting and Fulfillment associates should continue to work with our customers to process and close these loans as soon as reasonably possible. Please use the following messages to assist you in responding to customer inquiries about this topic. According to U.S. government, the deadline for closing loans in time for customers to receive the Federal Homebuyer tax credit continues to be June 30.

We are hopeful Congress will extend the deadline, and eagerly await Senate's vote on the bill that was recently passed by the House of Representatives. We expect to know more about whether the deadline will be extended in the next several days.

In the meantime, all of our efforts continue to be focused on working with our customers to take all the actions necessary to process and close their loans. Customers should continue to stay in close contact with their MLO or HSS until their loan is closed.

In the case the deadline is not extended, Bank of America is prepared to work with any customer who closes on their loan after June 30 and misses the opportunity to receive the tax credit. Our goal will be to be fair and reasonable to any customer who met their obligations throughout the loan process.

Additional guidance on this topic will be available once it is clear what Congress intends to do regarding the June 30 deadline.

Insuring Your Second Home (Investment Property) in NC

For further information please contact Wendy Carver at 828-400-0969 or email wendy.carver@ncfbins.com

NORTH CAROLINA FARM BUREAU~ A very competitive insurer for second homes.

Second homes, vacation properties, and rental homes account for many of the homes in our area. Frankly, figuring out how to get the maximum coverage from your insurance company for these unique exposures can sometimes be the tricky part. A comprehensive planning session with Farm Bureau Agent, Wendy Carver, can help clear up any questions. The last thing anybody wants is to find out they weren't properly covered AFTER the claim was filed.

Farm Bureau is the NUMBER ONE insurer in about 10 southern states. (Collision Expert Nov08) This member-driven company was founded in the 1940's to provide rural and agricultural protection for people was otherwise couldn't get insurance. Today, we not only cover the family farm, but all sorts of business exposure and a wide range of property types. Farm Bureau Membership is required to take advantage of the reduced-rate insurance, but what many people don't realize is that you only have to pay membership in one state! Your $25.00 North Carolina membership can allow you to insure Tennessee, Florida, Georgia property with the Farm Bureau offices of those states. (North Carolina has the cheapest membership fees as well!) Many people who frequently travel back and forth have found that the discounts on choice hotels and rental cars that come with Farm Bureau membership far outway Triple A and AARP discounts. When used one time at a choice hotel, the membership pays for itself!

Second homes insured with Farm Bureau need to be occupied by their owner at least 6 months out of the year. Those months need not be consecutive. Any vehicles that are tagged, titled, and registered in North Carolina can also be insured with Farm Bureau to qualify the homeowners for further "multi-line" discounts. Vacation properties that are rented or leased to others may be covered, only if, the owners main dwelling is insured with a Farm Bureau of NC or any other state. These types of policies are listed as "tenant occupied" and can cover contents or no contents based on how the home is rented. Any damage done by tenants is not covered by Farm Bureau, or any other insurance company for that matter. Vacant homes may be written for one year only, since then intention for any vacant home is to be sold or rented. Once occupancy type changes, your Farm Bureau Agent can make any adjustments to the policy.

Something else our "out-of-towners" have really appreciated is how coverage can be bound entirely electronically. With just a few minutes over the phone to discuses coverage details and complete the application, forms requiring signatures can be emailed to you with a keystroke. Your Farm Bureau Agent then completes the process by doing a home visit and taking a picture of the outside of your mountain retreat! Closings and mortgage transactions are all handled by the agent to make the buying experience as worry-free as possible for the new owners.

Lake Junaluska 4th of July Events

The Fourth of July festivities this year at Lake Junaluska are certainly going to be a memorable event. The day kicks off at 11 with an Independence Day Parade that takes you across the Lake's campus. After the parade be prepared to fly high in this year's HOT AIR BALLOON RIDES from 11:30 until 3. Barbeque lunch will start at noon followed by patriotic concert in Stuart Auditorium. To finish the night, no 4th of July celebration would be complete without a firework show over the Lake.

For more information CLICK HERE

Maggie Valley Club Condo Short Sale

1650 Country Club Drive Unit C102
Maggie Valley, NC 28751

(828) 926-5200
Click here for price
Immaculate Condo in the Maggie Valley Country Club
Immaculate 2 BD/2BA first level unit in the Maggie Valley Club. Unit is like new and comes fully furnished. Nice size rooms, stone FP (propane), dining area, and great kitchen for entertaining. Unit has a screened porch and large covered patio with tile floors. Walk to the Club putting green, pool, and club house! Home is being sold as a short sale. All offers are subject to third party approval. Home is being sold "as is".
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Quick Haywood County Market Snapshot

It has been a bit since I had the time to sit down and post a blog about what is going on in the real estate market in Haywood County. Bottom line, it continues to be a very, very strong buyers market. Properties are still moving with the average sales price in the $200,000 range for single family homes. Our inventories of all property types are quite high with over 1200 in the residential market alone (single family residential). As of the other day we as a county had sold 7 more residential propertiesthan this point last year. NOT a stellar performance by any stretch.

Land sales continue to struggle with less than 50 parcels selling as of Wednesday. There are almost 1800 parcels on the market at this time. It does not appear that the land market will pick up this year.

So many factors continue to effect the real estate market. Haywood County, historically has depended on the Floridians to buy second/investment homes in our area. With the continued troubles in the Florida market it does effect what is going on here. It will come back, but much slower than most would have predicted. In general there is good news across the county with pending homes sales increasing month after month, existing home sales increasing, and even new construction. Much of the sales can be contributed to tax credits which frankly did not provide much to our market. I do see this as a positive. The markets that had a surge due to the tax credit may now see a period of decline. We hope that in Haywood County that we just stay steady and I believe that will be the case.

Other positive factors include historically low interest rates. For those who are buying they are getting very cheap money, huge inventories to choose, and prices from 5-7 years ago.

Foreclosures and short sales continue to hit our market at well, but are still a very small percentage of our total inventory. The negative with these properties is that they undercut the market around the home and typically will be the first to go depending on the circumstances. If you have your home for sale in a neighborhood with foreclosed or short sale properties, you may have to wait for them to sell and cleared out of the inventory before you have a legitimate chance to sell your home.

What is the prime factor for sales in our area? PRICE! There is no way around it. If you are a seller and are clinging for dear life to a specific price, you better take another look at it. Put it this way, if you want $100,000 for your home and your Realtor tells you that the market says the home is overpriced you have 2 options. Reduce the price or hold on to it. If you hold on to it this is what will happen:

If you can sell your home now for $95,000, but you are hanging on for $100,000, think about this. If you are paying $1000/m and because you are stubborn and do not lower your price, you hold the home for another 7 months. That equals another $7000+ in payments, utility costs, taxes, and insurance not to mention any maintenance issues. What will happen is you will hold on for 7 months, finally figure out that you need to take less and you will lose$10,oo0+ instead of the original $5000.

You also have to remember that in this market you will make it up on your next purchase. If you are looking to turn around and buy another home, you will now be in the position to get the best deal. The longer you wait to sell, the greater chance that your property will continue to lose value and you will really lose your shirt! Get it priced to sell and move on!

Maggie Valley Red, White and BOOM 2010!!

A Maggie Valley tradition, this year's Red, White and Boom promises to be an even more spectacular event this year. With an expected attendance of over 6,000 people throughout the day, don't forget to stay till after dark to see the fireworks display that is planned to be synchronized to an array of patriotic themed music.

Dates and Times of Events

™« Sunday, July 4, 2010

™« 2:00pm - 10:30pm; Gates open at 2:00pm

™« 4:00pm: Entertainment begins

™« 9:30pm - 9:45pm Fireworks: DARK (Between 9:30pm and 9:45pm)

For more information about times, events, and activities CLICK HERE