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Home Buying in Wilmington : Real Estate Advice

  • All406
  • Local Info53
  • Home Buying124
  • Home Selling19
  • Market Conditions25

Activity 144
Trevor Curran, Real Estate Pro in Great Neck, NY
Wed Sep 19, 2012
Trevor Curran answered:
Hi virgie555,

Mortgage basics: 2 years consistent employment (did you file Federal tax returns while overseas?) and a credit history with at least 2 accounts open and active for 12-24 months and a minimum FICO credit score of 640 are what you'll need to qualify.

Here's what I recommend:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


Good luck!

Trevor Curran
NMLS #40140
.
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0 votes 9 answers Share Flag
Ryan Cassidy…, Real Estate Pro in Chapel Hill, NC
Wed Aug 29, 2012
Ryan Cassidy Group answered:
Hi Jaclyn,

You can always put an offer in on a house that's contingent on another home selling. I don't know if that was made clear to you. Let me know if you have any other questions.

Ryan
919.696.4254
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0 votes 3 answers Share Flag
Daniel Fisher, Real Estate Pro in Charlotte, NC
Mon Aug 27, 2012
Daniel Fisher answered:
Good evening, Jaclynielsen:
I'd get the home on the market in FL if you can price it to sell, then get together a short list of homes in Wilmington that you would like to buy. If you husband has a marital interest in your FL property, or if you are on title or have a marital interest in the NC property, your husband might not qualify as a first time buyer.Your lender and tax preparer or CPA would need to advise you on this. We successfully help clients who sell elsewhere and as soon as they get under contract, come visit us for the "buying weekend". We find a home they like and get it under contract with a closing date a couple days after they existing house sale date. It is very important to have your financing firmly in place. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click. ... more
0 votes 9 answers Share Flag
Jeff Lesley, Real Estate Pro in Wilmington, NC
Mon Aug 13, 2012
Jeff Lesley answered:
Yes the HOA dues are $84 per month as noted earlier, there are a total of 10 foreclosed units currently available. Financing may be a bit of a challenge and it would be wise to review the financial documents of the association prior to purchasing. If you are interested I can look into that for you and help you purchase there or anywhere else. Thanks

Jeff

Jeff Lesley
Broker/Realtor
Century 21 Sweyer & Associates
910-297-7071
JLesley@Century21Sweyer.com
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0 votes 4 answers Share Flag
Jeff Lesley, Real Estate Pro in Wilmington, NC
Thu Jul 26, 2012
Jeff Lesley answered:
Just be cautious on having too many different addresses on too many accounts. As you go through the loan process you will have to explain all of the discrepancies to underwriting. As with anything unusual just make sure that if your loan officer says that they may need an explanation on it that you get it to them right away. Best of luck!

Jeff

Jeff Lesley
Century 21 Sweyer & Associates
Broker/Realtor
910-297-7071
JLesley@Century21Sweyer.com
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0 votes 2 answers Share Flag
Mike Malina, Real Estate Pro in Wilmington, NC
Thu Jun 28, 2012
Mike Malina answered:
The architecture is generally ranch and bungalow architecture with a flare of craftsman thrown in to spruce them up. The homes are mostly older from the 1960's and 1970's. Some have been updated to a great degree and others have not. Generally the lots are larger than the new neighborhoods and are .25 to .50 acres.

The location has a mix of residential and mixed use with commercial along Wrightsville Ave...restaurants, convenience stores etc. It has has dense foliage with mature trees.

Different parts of Audubon feel vastly far apart from others depending on which block.

There are no home owners associations except within the townhome community of Birch Creek. This means that the neighborhood views will vary much depending on how tidy the home owner wants to be. Some prefer neat and tidy and others prefer to be more relaxed and not a lot of rules.
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0 votes 4 answers Share Flag
Darren Gaul, Real Estate Pro in San Diego, CA
Tue Jun 12, 2012
Darren Gaul answered:
Hoggard HS is often the answer people give, however each of the 4 public HS in New Hanover county have different things to offer. Some have better test scores, extracurricular activities, sports etc. Its important to research all aspects. Good luck with your relocation. ... more
0 votes 5 answers Share Flag
Shannon Andr…, Real Estate Pro in Wilmington, NC
Fri May 18, 2012
Shannon Andrews answered:
Waterfront and water access neighborhoods have typically shown faster appreciation than other areas. And I agree with Becky, the UNCW area is hot as well!
0 votes 2 answers Share Flag
Dee Pearce, Real Estate Pro in Wilmington, NC
Wed May 2, 2012
Dee Pearce answered:
There are so many neighborhoods along the Intracoastal Waterway with private boat slips, marinas and water access, you just have to decide your personal criteria. When you determine price range, size, style, age, bedrooms, baths, pool/no pool, and any extras that are on your bucket list, let's start touring. Do you want to be close to the beach and have boat access? Not a problem, ask and you shall receive. I take my prospective buyers on a private water tour for a different prospective...let's go! ... more
0 votes 1 answer Share Flag
Dee Pearce, Real Estate Pro in Wilmington, NC
Wed May 2, 2012
Dee Pearce answered:
First of all, call me, naturally! Having a diligent, honest and knowledgeable agent represent your best interest is key to finding your home in a time frame that works for you. Initially, all my relocation clients will receive a package with maps and local information to acquaint you with your new neighborhood. I will find you a home, and I will respond to all your questions and concerns in a timely manner. When you're ready to begin your real estate tour, get in touch with me....I text, email or pick up the phone and we can chat. ... more
0 votes 2 answers Share Flag
Kevin McRill, Real Estate Pro in Wilmington, NC
Mon Apr 16, 2012
Kevin McRill answered:
I think the downtown Historic District is by far the best area to live if you want to be able to walk to restaurants, shops, theatre, and other entertainment. There are very few homes downtown with in ground pools, and building lots are very scarce but they do exist. Depends on your budget as to whether it would be a possiblity. Let me know if I can be of assistance 910-538-5333 ... more
0 votes 4 answers Share Flag
Kevin McRill, Real Estate Pro in Wilmington, NC
Sat Mar 31, 2012
Kevin McRill answered:
Gal - I went in the property today since I was in the neighborhood -- I had no idea that the condition of the property was so poor on the inside.. It will need a great deal of renovation and you will need to get an estimate of repair work from a contractor to determine what would be a reasonable offering price. Someone really wrecked this place since the last renovation. ... more
1 vote 3 answers Share Flag
Becky Holt B…, Real Estate Pro in Wilmington, NC
Fri Mar 23, 2012
Becky Holt Brown answered:
I believe that there is an ordinance against having chickens in the city of Wilmington. The best bet would be to contact local zoning for specifics.
0 votes 1 answer Share Flag
Deanna Moran,…, Real Estate Pro in Carolina Beach, NC
Sat Mar 17, 2012
Deanna Moran, SFR, ABR,AHWD answered:
The first thing you want to do is get pre-approved for a mortgage so that you know what sale price that you want to be looking at. You want a mortgage where you can be comfortable living with. Also, find a realtor that you feel comfortable to use as your buyer's agent (you WANT to be represented). I am having a 1st time home Buyer's seminar on March 27th which discusses the home buying process. Please let me know if you would like to come.

Deanna Moran
Broker/Realto
Coldwell Banker Seacoast Advantage
910-202-3721
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1 vote 4 answers Share Flag
Dan Willard,…,  in Wilmington, NC
Thu Mar 8, 2012
Dan Willard, Local Buyers Expert answered:
Using an Exclusive Buyers Agent assures no potential conflicts of interest which may occur in working with a traditional dual agent. In North Carolina, a "Designated" Buyers Agent represents the Buyer ONLY - even in an "In-House" Transaction - there is a wall of confidentiality drawn between the Listing side and the Buying side of the table.. An Exclusive Buyers Agent only holds the best interests of the Buyer in their head and heart. As a unique-differentiator, a Buyers ONLY Agent does not distract focus with listing tasks and activities - they work 100% of their time for Buyers only.

Standard Dual Agents are not supposed to take the Buyer's or the Seller's side, they need to remain neutral and move the transaction along. In Florida, I believe, they actually call Dual Agents "Transaction Agents". In my role as an EBA I actually take the Buyers side of the transaction, working work hard for my Buyer, and in a deep-diligence mode.

A true Buyer's Agent should dig ALL factors about a property - the good, the bad and the ugly - and keep the Buyer FULLY informed. A good Buyers Agent should willingly work FSBOS, REOs, and Foreclosures if a Buyer wants this type of focus. An employment agreement, in writing - outlining commission criteria and including a "client satisfaction" guarantee, allowing termination of the agreement if necessary, will differentiate an Excellent Buyers Agent. A good Buyer’s agent will absorb stress for his or her Client, and ADVOCATE for their Client across all those participating in the complex acquisition process - from Lenders, to Inspectors, to Insurers, to Attorneys, and others.

A good Buyers Agent must never rush a Buyer to making a quick judgment. It takes me about three hours to "prep" an offer to present to a Seller. I build full and deep Negotiating Scenarios to discuss with my Buyers as part of that preparation. I dig into Deed Records, prior to making an offer, to see the level of indebtedness of a particular Seller. This helps determine how aggressive we may be in our initial offer pricing. You would not want to put a Seller "under-water" if possible, but a good Buyers Agent will only consult and advise - the Buyer is ALWAYS the Boss!

A good Buyers Agent will have honed negotiating skills, DEEP Integrity, an excellent track record of smooth and on-time closings, and many Client Experience Testimonials to demonstrate their success from their Buyer's view. A Good Buyer's Agent will MINIMIZE RISK for their Buyer, and purchase a home with a Client like he or she is buying it for themselves or a Family Member.
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2 votes 2 answers Share Flag
Jessica Schr…,  in Wilmington, NC
Mon Mar 5, 2012
Jessica Schreiber answered:
Hello!

Unfortunately there is not a set amount of time that a short sale will take. Some can close in a few weeks, others take months. Sometimes you can find a bank approved short sale in which they have already agreed upon a price to take. To submit an offer your agent will do the standard offer to purchase along with a short sale addendum. The seller will first negotiate/accept/decline your offer and then it will go to the bank. The bank has the ultimate decision so even if the seller accepts your offer the bank may decline. Since the seller is asking the bank to take less than what is owed on their mortgage and need to support financial distress, they often do not have money for repairs.

The major pitfalls are the fact that you probably will not get repairs and that you often have to wait which can be both frustrating and stressful. However, until bank acceptance you are able to pull your offer if you find another home.

Call or email me anytime if I can help in any way or if you have any other questions.
Jessica Schreiber
Century 21 Sweyer
910.777.1425
jessica@makewilmingtonhome.com
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0 votes 3 answers Share Flag
Deanna Moran,…, Real Estate Pro in Carolina Beach, NC
Mon Mar 5, 2012
Deanna Moran, SFR, ABR,AHWD answered:
Almost anything is negotiable on the offer to purchase. I am having a home buyer's workshop on March 27th with a lender. Please contact me if you would like to join.
0 votes 6 answers Share Flag
Nathan Wolf, Real Estate Pro in Charlotte, NC
Thu Mar 1, 2012
Nathan Wolf answered:
Surprise 1: Down Payment Assistance Programs for First Time Home Buyers. These programs offer up to $8000 toward down payment assistance-- ONLY FOR FIRST TIME HOMEBUYERS.

Surprise 2: Tax Credits Available Boost Your Buying Power. The Mortgage Credit Certificate can boost your income by as much as $2000 per year to allow you to purchase more home than you may have thought possible.

Surprise 3: Interest Payments are Tax Deductible. Instead of paying rent, save TWICE by building equity in your property and by taking advantage of Homeowner Tax Deductions.

Surprise 4: Sellers will Pay Your Closing Costs. You can purchase with NO MONEY DOWN in some cases.

Surprise 5: Buying a house is often LESS EXPENSIVE than RENT.

Surprise 6: Buyer Agent Realtors offer their services for FREE TO HOME BUYERS. Hire a Realtor because you won't have to pay them-- their fee is already included! Really! Hire a Realtor!

***************
If this answered your question, please give me a "THUMBS UP" or "BEST ANSWER".
***************

Call me if you have more questions or want to get FREE PRE-APPROVAL for FIRST TIME HOMEBUYERS: 704-858-2345
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1 vote 2 answers Share Flag
Margie Casey, Real Estate Pro in Fort Lauderdale, FL
Wed Feb 22, 2012
Margie Casey answered:
Dear Colleagues,

Further research revealed Ryan Carlton Stewart is on broker Marian Schaffer's team. Scroll towards the bottom of Marian's website to see his job title.

http://www.southeastdiscovery.com/meet-the-team

Margie Casey
Founder
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0 votes 5 answers Share Flag
Brooke Hengst, Real Estate Pro in Centennial, CO
Sat Jan 21, 2012
Brooke Hengst answered:
Personally I would still submit the offer and ask that it be kept in the file as a back-up offer!

In this current market, it is not out of the question for a buyer to walk or fizzle out when waiting it out on a short sale.

Thanks,
Brooke Hengst
REALTOR, CDPE, The Elite Team
Your Castle Real Estate
p: (720) 988-5952
bhengst1@gmail.com
www.brookehengst.com
... more
0 votes 17 answers Share Flag
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