http://www.trulia.com/voices/profile/Real_Estate_Pro-the_NC_Foothills_and_Triad_areas-193292/The latest answers submitted by Anne Peterson of The Peterson Team to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Home_Buying/COULD_I_PLEASE_HAVE_A_RELEVANT_ANSWER_I_repeat_-101123Answer by Anne Peterson of The Peterson Team: As Craig said, this usually means that the bank carries the note/ finances the mortgage. I was unable to open the clip so I couldn't listen to all Trump had to say. States have either mortgage or deed of trust laws. There isn't a whole lot of difference except in how foreclosures are handled. There are states where local banks may deal directly with a buyer, but usually the larger banks have a property department that contracts with real estate brokerages to market the properties they have in inventory. There are still programs in place to help the buyer with little money buy a home, but credit scores must meet minimums regardless. There are first time buyers, FHA and here in North Carolina some of our areas qualify for USDA funding. I'm not sure why Trump thought there was a big advantage to the bank taking back paper - perhaps he meant that you might get a better deal if you financed with the bank. I do know that some banks and financial companies have preferred lenders and will cut a better deal for a property if you use them, but that may not always be the best deal. If you are unfamiliar with buying foreclosed homes it is best to work with an experienced real estate agent who can help you find properties and explain all the ins and outs of buying this type of property. I hope this helps answer your question.Fri, 20 Mar 2009 11:24:26 PDThttp://www.trulia.com/voices/Property_QandA/Is_this_the_Ashley_Lane_off_of_Siloam_Rd_-66810Answer by Anne Peterson of The Peterson Team: Yes, if you are coming from Old 601 onto Siloam, Ashley Lane is a left turn just after Creed Rd.Fri, 7 Nov 2008 10:41:37 PSThttp://www.trulia.com/voices/Home_Buying/Who_pays_the_realtor_s_fee_buyer_or_seller_And_-62977Answer by Anne Peterson of The Peterson Team: It depends alot on the circumstances. Usually you look at homes with an agent, find your home, get an offer accepted, go to closing and the agent collects a commission from the seller. There are circumstances where the buyer agrees to pay commission to an agent who is working exclusively for them,but that is not as common. As to closing costs, there are various costs involved that depend on things like whether you are financing . Usually both the buyer and seller each have certain closing costs, but some of these can also be negotiable. The best thing to do is find an agent you are comfortable with and who is willing to take the time to explain the whole process to you.Fri, 17 Oct 2008 18:31:30 PDThttp://www.trulia.com/voices/Curb_Appeal/Is_there_a_better_option_to_replace_my_concrete_dr-55757Answer by Anne Peterson of The Peterson Team: Marion - you might want to drive around and look for other areas that have similar contours but better looking driveways. Then ask someone who did the concrete work. Look for driveways that have been in place for a while. If the homeowner tells you the drive was there when they bought it, get the name of the builder and find out who they use for concrete work. You need the adivce of someone who is experienced and does great work and who can give you some realistic options. Good luck!Tue, 2 Sep 2008 08:24:50 PDThttp://www.trulia.com/voices/Foreclosure/If_a_house_is_going_into_foreclosure_how_long_does-54267Answer by Anne Peterson of The Peterson Team: That's a tough question and depends on where in the process the borrower is and who the lender is. Generally, 2-6 months is probably the norm. Anyone who has been unable to make payments and has been served with a foreclosure notice should try contacting the Loss Mitigation dept of their lender to see if something can't be worked out as far as getting payments lowered so they can keep the house. If they have a lawyer, they might talk to him/her and see if they can help. Barring all that, start looking for alternate housing immediately as it usually takes time to find a suitable rental, pack and move. I hope this helps.Sat, 23 Aug 2008 06:56:04 PDThttp://www.trulia.com/voices/Home_Buying/I_am_a_year_old_single_male_considering_a_executi-53688Answer by Anne Peterson of The Peterson Team: One of the older, grander neighborhoods is Buena Vista on the west side. Woodgrove and Sherwood Forest have some lovely homes. A few miles out, there is the quaint village of Lewisville and the gated golfing community at Bermuda Run. You might also want to consider the new downtown condos at One Park Vista. You really have quite a number of choices.Tue, 19 Aug 2008 19:41:44 PDThttp://www.trulia.com/voices/Tech_Tips/My_family_desperately_wants_to_leave_Maine_to_Nc_b-51275Answer by Anne Peterson of The Peterson Team: You have gotten some good answers here. First, you have to decide where exactly you want to be. Then you will need to talk to financial people about your options based on your income, job relocation, etc. You may be able to find an owner financing deal or lease option although both of these usually involve a substantial downpayment and then, as Daniel pointed out, you will still have two payments unless your house in Maine is paid for. You can just find a rental, wait for your house to sell and take your time finding a property. A lot depends on your circumstances. So, let us know what area you are considering moving to. Once you have decided on a real estate agent, be sure to let them know what your circumstances are and what financial options you are comfortable with. I hope this helps.Thu, 7 Aug 2008 13:48:07 PDThttp://www.trulia.com/voices/Home_Buying/How_do_u_find_information_on_a_propertys_septic_sy-48206Answer by Anne Peterson of The Peterson Team: I'm not sure about Johnston County, but in my area, the county helath dept has the information on record. You can start there and if not, someone can probably direct you to the proper dept. Hope this helps.Tue, 22 Jul 2008 16:54:57 PDThttp://www.trulia.com/voices/Home_Selling/Condo_in_South_Charlotte_for_Sale_that_needs_updat-47290Answer by Anne Peterson of The Peterson Team: One thing you haven't said is how the asking price on your condo compares to the asking/selling prices of ther condos in your complex. Fresh paint and carpet can really help but be sure the colors are neutral and that the carpet is not too light a color. Try to see your condo with a critical eye and if you can't ask your agent or a friend who is not shy to give you a critical assessment. Some things that come to mind are dated light fixtures and kitchen cabinets. Also, be sure all your lightbulbs are working at that they throw enough light to make the place look bright. Look in magazines for trends in design and color to help guide you. It's not always about how much money you spend. Like Sherry suggested, having flowers near the entrance can have a positive impact. Making sure it is dusted, vaccuumed and sufaces wiped down once a week will also make a good impression. Even though we are fortunate in North Carolina not to have some of the terrible upheavals other markets are experiencing, we are still being affected to some degree. So do what you can and then try to be patient.Thu, 17 Jul 2008 22:14:07 PDThttp://www.trulia.com/voices/General_Area/How_to_understand_what_the_numbers_in_the_lot_size-47022Answer by Anne Peterson of The Peterson Team: The numbers are the border measurements in feet. As Sonja pointed out this looks like an irregular lot. You can draw it out and do some mathematical estimations, but off the cuff, I'd very roughly estimate it at around 1/2 acre more or less.Wed, 16 Jul 2008 16:05:13 PDThttp://www.trulia.com/voices/Market_Conditions/Hard_Money_lenders_pull_back_the_covers_on_this_-46876Answer by Anne Peterson of The Peterson Team: I think Larry has some pointed questions you're avoiding; what is your interest in perpertuating this whole Henny Penny "the sky is falling!" mass hysteria. I think most agents are in agreement that the market is soft, the enconomy is in recession and oil prices, among other things are killing us. We have a banking industry has made their bed by their own irresponsible behavior, looking for short term gains without considering the long term consequences. Now we all pay the price; for a time anyway. But I'm old enough to have lived through the good times of the 60s and early 70s as well as the low times of the 70s and 80s. I don't think it's unrealistic to believe we will make a recovery over time. While incidents like the run on IndyMac are disquieting, it is really no worse than the collapse of the savings and loans in the 80s and early 90s. Pauly, you really need to go trolling someplace else and leave this area for SERIOUS real estate questions, not speculative alarmism.Wed, 16 Jul 2008 07:56:38 PDThttp://www.trulia.com/voices/Moving/Considering_moving_to_North_Carolina-46842Answer by Anne Peterson of The Peterson Team: As Daniel has pointed out, we all think our areas are the best places to live. I am located in a more rural area, but we're close to Winston Salem which is in the Piedmont area. Winston Salem and Greensboro have a lot going on for jobs, arts, shopping, etc. You can live in the city or in a more rural area close by. On our website we have a relocation page that has links to local information and newspapers and such. Feel free to browse around and utilize our tools. If I can answer any questions, there is a contact page that will allow you to send email directly. Wherever you choose to focus on, I'm sure you're going to love North Carolina, too. I can't imagine living anywhere else! Good luck and perhaps we'll see you soon.Tue, 15 Jul 2008 22:05:01 PDThttp://www.trulia.com/voices/Market_Conditions/In_light_of_an_ailing_housing_market_I_have_been_-41655Answer by Anne Peterson of The Peterson Team: The situation here in "my neck of the woods" (Surry County)is similar. The market is slow and foreclosures are up but not to the degree that some other markets are experiencing. My husband and I market REOs in our area so, in answer to your question, the buyer does need to do a little more homework on these properties because they are sold As Is, Where Is. For the most part, you will get a clear title to the property under a special or limited warranty deed. Since the foreclosure company will not fix anything and usually only gives a short time for inspections, the buyer should know what they are looking at or get someone who does in there fast once an offer is made. This is not an all inclusive list and each property is different but before the offer, I would call the city or county tax office and find out about any/ all liens and deed restrictions. Call the listing agent and get a copy of the addendums to review so there is no question as to procedures as each REO company is a little different. After an accepted offer, be ready to inspect all systems, foundation, etc. If the buyer has building experience or knows someone, that's fine, but the buyer is responsible for uncovering any defects and has no recourse if they are discovered later. While is sounds a little daunting, buying a foreclosure under market value can be a good purchase, you just have to do your homework. To Michael - we've had a lot of the same problems but on a smaller scale. But it's all relative; I remember just a few years ago whining about your hot market while ours just ambled along! Hang in there because I really do believe that we will see a recovery by next spring.Tue, 17 Jun 2008 09:15:17 PDThttp://www.trulia.com/voices/Home_Buying/When_is_an_offer_to_purchase_terminated_when_there-37505Answer by Anne Peterson of The Peterson Team: I'm sorry you have had such a bad experience. I hope you can take away from this some knowledge that will help you in any future transactions. Good luck with this experience and I do hope you are able to get it resolved.Fri, 23 May 2008 13:49:06 PDThttp://www.trulia.com/voices/Home_Buying/When_is_an_offer_to_purchase_terminated_when_there-37505Answer by Anne Peterson of The Peterson Team: Larry is right, this is an unusal circumstance and I agree with him that consulting an attorney would be prudent at this point. If this was a offer to purchase and contract, the usual handling of disputed earnest money is that the parties are notified of the dispute in writing and of the intent to deposit funds with the clerk of court. The escrow holder then must wait 90 days after notfication, presumably in the hopes that the parties will settle on their own. It then goes to the clerk of court where you have one year to file for a special proceeding and the clerk of court determines the final disposition. As Larry has pointed out, if this was a time share or some other type of transaction, it may be complicated to decide who should be getting the money. If you look at your contract, there should be a closing date. Since you are probably well beyond that, the contract itself is no longer valid, but that does not help you as far as the disputed funds are concerned. Please do let us know the outcome and good luck!Fri, 23 May 2008 12:03:09 PDThttp://www.trulia.com/voices/Home_Buying/Did_the_sellers_breach_the_contract_-36849Answer by Anne Peterson of The Peterson Team: Diane brings up some good points. In North Carolina any possession before closing that is more than 7 days must be written by an attorney, but the closing attorney should do this at a reasonable price. And asking your prospective tenants whether they can postpone their move is worth trying. To get into courts and lawsuits should really be your last resort, not your first as you never know what the outcome will be and the stress and monetary outlay can be daunting. If you are working with a real estate agent, they should be able to act as liason in trying to find a workable solution. If you don't have an agent, now you know why you should because odd situations come up all the time. Please post back to let us know how all this turns out and good luck.Tue, 20 May 2008 08:24:22 PDThttp://www.trulia.com/voices/Home_Buying/Did_the_sellers_breach_the_contract_-36849Answer by Anne Peterson of The Peterson Team: The answer to your first question lies within your last question "...how would I proceed legally." Your best choice at this point is to consult a good real estate attorney to see if you have a case involving specific performance or breach of contract.Mon, 19 May 2008 17:34:26 PDThttp://www.trulia.com/voices/Home_Buying/My_credit_score_is_I_can_afford_down_payment_t-35312Answer by Anne Peterson of The Peterson Team: With 5% down, Ute's suggestion that you look at FHA is probably a good place to start. Also a VA loan if you're eligible. There are other programs out there but with these two you avoid paying PMI (private mortgage insurance) which could end up being a significant savings for you. I can give you the name of a bank based lender who does a great job with FHA & VA. Call or email me. Anne rockync@earthlink.net 336-902-9900Sat, 10 May 2008 10:05:33 PDThttp://www.trulia.com/voices/Home_Buying/Hi_Me_and_my_husband_are_trying_to_buy_our_st_hom-35129Answer by Anne Peterson of The Peterson Team: Just to clarify; although financial counselors work with people in trouble, most also offer advisory services that do not involve freezing credit, etc. You may also be able to get the information you need to raise your credit score from a lender, but you need to pick someone reputable.Fri, 9 May 2008 15:48:33 PDThttp://www.trulia.com/voices/Home_Buying/Hi_Me_and_my_husband_are_trying_to_buy_our_st_hom-35129Answer by Anne Peterson of The Peterson Team: Stacey, It sounds like you are on the right track, but there might be some other things you need to do to bring that score up. And I caution you to be careful with any mortgage offers at that low a score. I fear if you find a product, the costs will be much higher than what they will be if you just wait a little longer and get your financial house in order. You need to talk to a credit counselor before you do anything else. They will be able to give you guidance on what you need to do and, more importantly, how to make sure the information is properly reported to the credit bureaus. Not all creditors will ensure that this is done so it is up to you. Your debt ratio may also be lopsided and they can help you with that also. I would suggest contacting a financial counseling service, CCCS OF FORSYTH COUNTY, INC - WINSTON-SALEM (Consumer Credit Counseling Svc) are HUD approved and non profit and they offer the kind of services you need. Phone: (336) 896-1191 or http://www.cccsforsyth.org/ . You can also try calling a local loan officer who may know of other organizations. I know I'm suggesting a course that will take some extra time, but, in the end, you will save money and disappointment by not becoming one of the vast numbers of people who have been matched with mortgages that became unmanagable. Since our office handles, along with normal sales, foreclosure properties , I've heard too many stories. I cover a large area including Forsyth County/ Winston Salem so if you have any other questions please call or email me. I'll be happy to work with you until we can get you into a decent mortgage product. And it may just be a matter of getting you credited for all that hard work you've been doing! AnneFri, 9 May 2008 10:17:19 PDThttp://www.trulia.com/voices/Home_Buying/Where_do_I_get_free_listing_of_government_tax_forc-33830Answer by Anne Peterson of The Peterson Team: Tommy, You can also use these websites for Fannie Mae and USDA. http://www.resales.usda.gov/ http://www.fanniemae.com/reoSearchApplication/fanniemae/reoSearch.jsp HUD properties are also searchable, but you will need to register with them in order to bid on them. It's usually easier to use a real estate agent with a HUD number. If you put HUD in a search engine, you should be able to pull up their website and navigate from there.Thu, 1 May 2008 09:57:54 PDT