Role Description:

Do You Have Strong Administrative Skills and a Desire to Work 20-40 hours per/week?

Are you ethical, organized, excel at follow up, love to talk to people, A very efficient admin? If so, you’re sought by our fast-growing real estate office!

Starting at $10/hr plus performance bonuses.

Unlimited growth opportunities available.  We’re only interested in people that are self starters (no hand holding) and have a “Whatever It Takes” attitude.  Training will be provided but you need to be organized!

MUST HAVE REAL ESTATE EXPERIENCE!!!

Real estate office needs a Lead Feeder (Someone who answers the phone from our Buyer Leads and distributes them to loan officers for approval)

Excellent customer service skills and a positive attitude are a must!!

Excellent office skills including… – Customer service & follow up – Great Telephone skills – Typing & data entry – Microsoft Excel, Word – Extremely organized – Editing … are necessary. References required. Compensation: $10/hr + performance bonuses.

Please your resume or fax it to 704-200-2805.  This role has the potential to be home based depending on each individual candidate.

Thank you,

Mike

Does it make economic sense to build a new, custom home?  That has been the key question the past few years for most home buyers in the greater Charlotte, NC and Lake Norman, NC markets.  The main reason was because there was and is so much inventory out there that it was hard to justify the new home price per square foot vs. existing inventory price per square foot.  On top of that, if you segment out the distressed inventory (short sale, foreclosures, REO’s, etc.), those price per square foot numbers were dropping the averages even more.   For the past few years I’ve told my clients that they were crazy to look at new construction with all the deals to be had out there.

That is until now.  I recently was out with some out of town clients looking at homes in the price range of $350k-$600k in the Lake Norman, NC area.  What we were very pleased to find out was that there were 2 or 3 home builders and developers offering to build brand new construction homes that were VERY competitive with even the distressed property pricing.  Perhaps these situations are derived from a distressed situation in itself, meaning that the developers and builders have been sitting on these lots forever and have come to realize that the only way to move the lot and get it off the books is to build on it and make a small margin on the construction.  Or, maybe they just realize its a great strategy in response to most buyer’s recent feedback in the industry on buying foreclosures.  We saw this in neighborhoods like Pebble Bay in Denver, NC and even The Point in Mooresville, NC.

What we are finding is that most buyers really can’t see past the “clean up” or “upfit” work needed in most distressed situations.  The result is a home run when they can purchase new construction for similar pricing.

Mike Moulton is President and head Broker at Bee Home Solutions, Inc. serving the greater Charlotte, NC real estate market.  704-885-0488.

Below are the Top 5 Financial Hazards That Homeowners Facing Foreclosure Must Avoid:

1.) Loan Modification/Repayment Plan – This is a possible solution to foreclosure if the homeowner contacts the bank early in the process. Some lenders are willing to change the terms, such as interest rate or payment amount or extension agreement (extending the amortization period for the remaining principal). The homeowner must be employed and needs to have steady income to qualify. If a homeowner is not currently employed, has filed for bankruptcy protection or does not make enough income they will not qualify for a repayment plan. In most cases the repayment plan/ loan modification is structured in such a way that the new payment for the homeowner could even be HIGHER than the previous payment. Or, the new payment is very close to the old payment and a couple past due payment have been added to the back end of the loan. It is for these reasons that most loan modification plans are not approved by the lender servicing the loan.

2.) Deed-in-Lieu – This is a voluntary foreclosure. The deed–in–lieu takes place when a homeowner in default voluntarily signs a deed giving the ownership of their property back to the lender who issued them the mortgage. Homeowners may mistakenly decide that this is the best option so that they can move on with their lives; however, this is may only be an illusion. Many lenders are aggressively pursuing homeowners in default to pursue the deed-in-lieu of foreclosure option. The reason the lenders pursue this option is because it saves them a tremendous amount of money. A deed-in-lieu saves expenses associated with the foreclosure because the bank does not have to pay an attorney for the fees associated with the foreclosure process.

3.) Bankruptcy – Homeowner’s facing foreclosure often file Chapter 7 as a solution to the foreclosure. Many attorney’s will advise their clients that if they file for Chapter 7 that they will not need to worry about the house. While debts are erased, the bank still needs to be made whole and will need to sell the house. The lender will foreclose on the property to force the sale and repossess it. This results in double jeopardy for the homeowners, as they find that they not only have a bankruptcy on their credit history, but also a foreclosure. The damage done to their credit will eliminate their ability to get a new loan of any kind for five years for the foreclosure, with more years added for the bankruptcy.

4.) Refinance – When properties were appreciating, this option made sense. Today, most homeowners owe more than their property is worth. To complete a refinance, the bank will order a new appraisal and will lend out 80 to 90 percent of that number. If the house is over-leveraged, the homeowner and the property will not qualify for a refinance option.

5.) Mentally Checking Out – Often homeowners are so overwhelmed by the process of foreclosure and what it could mean for their immediate future as well as the years down the road, they do nothing: they mentally check out. This mistake will result in at least one of the following penalties, on top of losing the house, and one’s ability to be approved for a loan for at least five years. They are: 1) the 1099; and 2) the deficiency judgment.

Note: The above opinions are those of Michael Moulton and not to be construed as legal advice.  They are based on his experiences in working with foreclosure situations with past customers.  For more information on your particular situation, please contact his office at 704-885-0488.

Now, we are seeing that  most of the lenders have built the confidence that they have fixed their internal errors and have reviewed their files and they are compliant.  The net result is that foreclosure filings and execution are picking up at a steady pace.  RealtyTrac just reported the first increase in foreclosure filings in the last 3 quarters.  Default notices were also up 14% as well.  What is the net effect of this?  The biggest one is it’s driving down home prices nationwide.  We are seeing this as well in the Charlotte, NC area market.  No area is really safe, it has global impact to all of our communities.  Another factor to remember is that there is a large amount of foreclosure inventory that hasn’t even hit the market yet.

Times are tough and it’s important for homeowners to understand their options and rights.  We spend a lot of time educating our clients in the greater Charlotte, NC market when dealing with foreclosure.  It’s important for them to understand how the process works, timelines, and how to avoid foreclosure.

Michael Moulton is the owner/broker of Bee Home Solutions, Inc. serving the greater Charlotte, NC market.

How are deferred student loan payments counted for qualifying when a current student or recent graduate applies for a home loan?  Are the payments counted as debts in the debt ratio calculation?  The answer depends on the kind of loan used.

Both Fannie and Freddie require that a monthly payment be used on deferred student loans.

FHA and VA loans are more flexible.  The FHA and VA guidelines state that if a deferred student loan payment comes due within 12 months of the mortgage origination, the monthly payment must be included in the debt ratio analysis.  However, if it comes due after 12 months from the date of the mortgage then it is not used in the calculation.

Sometimes the credit report shows a student loan with the phrase “deferred payment” and no payment is listed.  To prove the payment amount due as well as when the payment begins, the borrower will need a letter from his or her student loan creditor stating what the payment will be, when it begins and how long it will continue.

Most investors have their own rules on top of Fannie, Freddie, FHA and VA guidelines called overlays.  Check with your mortgage loan officer to confirm what the loan overlays are and have the documentation ready for the speediest loan processing.

A special thanks to Ashleigh Clark from Cunningham & Company Mortgage in Charlotte for providing this information.  You can reach her for any of your mortgage needs at 704-335-1913.  If you have any real estate needs at all, feel free to call us at Bee Home Solutions, Inc. at 704-885-0488.

Thanks,
Mike Moulton
Broker In Charge

The US economy needs a boost.  The US dollar is deflating everyday.  Since the crash of the sub-prime markets a few years ago, many potential homeowners don’t not have the opportunities that they used to when selecting housing.  For some this is a blessing in disguise, for others, they need to get creative and find ways to accomplish their home buying dreams.

There are so many great real estate deals out there in the market right now that if you can get access to cash or a loan then you can be a player or at least secure a great deal for your personal residence.  I’ve personally seen bank owned properties selling for 40 to 50 cents on the dollar.  The key to that sentence was “on the dollar.”  I now beg to ask what is the value of the dollar and what will it be in a year from now?  Its not backed by silver or gold. Will we all be spending $10 for a gallon of gas a year from now? If so, trade in your V8′s for Mini Cooper now.

It will be interesting to see if there is any boost to consumer confidence with the worlds largest figure for terrorism disposed of.  Congratulations to the US Armed Forces for their excellent work.  Take care,

Mike

Based on my review of 20+ properties, I’ve noticed that the county has assessed these homes at a much higher alleged value than they were in the past. This means that if you don’t take action and send in the informal appeal letter (now extended to March 14) with your assessment of the value then you acquiesce to the value that they put on your home.

Here are the Pros vs. Cons of a higher tax value:

Pros: To me, there really aren’t any however in speaking to a lot of our clients they have a perception that its good to have a higher tax value because when they sell their house potential buyers will look at this figure. I disagree. If the buyer has a great real estate agent they will help them understand that tax value has nothing to do with market value (what people will actually pay for your home).

Cons: The major disadvantage to a higher tax value is you will be paying a lot more in taxes on your house than you did last year. Also, this will be your new value when they go to reassess as well. In the 20+ properties I just analyzed I found that the proposed value the county was putting on these homes was anywhere from 20 to even 50% more than market value. So, doing nothing is the worst thing that you can do. Remember, in god we trust and to all others bring data to support your value!

Here are the 5 things that you should do to appeal your proposed tax value increase on your home:

1.) Analyze your neighborhood by obtaining valid sold comparable properties up to 6 months back. You can get this information from your agent via the MLS but remember that isn’t all sales, its only the ones that were on the MLS. Another data source would be your county real estate website market analysis tools. For Mecklenburg County you can find it here:

http://meckcama.co.mecklenburg.nc.us/relookup/

(put in your property info then click the “Market Analysis” Link on the bottom left hand navigation bar)

2.) Prepare a cover letter explaining why the proposed county numbers are not reflective of the true value of your property. In this letter highlight specific recent “Active” and “Sold” comparables to support your findings.

3.) Utilize a tool like Google Maps to map out where your property (Subject property) is in relation to the “Active” and “Sold” comparables that you are comparing to. This is a great way to show visually the geographic relationship between your home and the others.

4.) Fill out the provided county tax informal appeal form following their exact instructions.

5.) Deadlines: Don’t miss the deadline for sending this package in for the informal appeal!

Next Steps: When the county responds either in your favor or not, you have the right to a formal appeal in which you can go to a hearing and prove your case with the data that you’ve found.

I hope that you’ve found this information helpful, feel free to post comments if you have any. Take care,
Mike

Mike Moulton is a broker at Bee Home Solutions, Inc. in Huntersville, NC.  Feel free to call our office anytime for assistance at 704-885-0488

We all have challenges in life and sometimes they don’t always result in a positive outcome .  You may be facing  health, family, financial, or other issues.  These can be stressful times for sure, but its great to know that there is light at the other end of the tunnel.  We receive questions all time from past, current or potential customers asking us about time frames to restore their buying power after facing bankruptcy, foreclosure, or a short sale.  Below are the recent lending guideline time frames for each situation based on loan type.  There is light at the end of the tunnel.  Thanks to Annamaria at Sensei for sharing this with us.

Obtaining a Conventional Loan

• Chapter 7 Bankruptcy                          * 4 years from discharge date
• Chapter 14 Bankruptcy                        * 2 years from discharge date
• Foreclosure                                               * 4 years from completion date
• Deed-In-Lieu of Foreclosure              * 4 years from completion date
• Short Sale                                                    * 2 years from completion date

Obtaining an FHA Loan

• Chapter 7 Bankruptcy                            * 2 years from discharge date
• Chapter 13 Bankruptcy                          * 1 year of the payout must elapse & payment performance must be satisfactory – buyer must receive permission from the court to enter into a mortgage
• Foreclosure                                                * 3 years from completion date
• Short Sale                                                    ***NOTE: This is a recent change*** 1 year from completion date if the borrower was current at the time of the short sale on their mortgage

Obtaining a VA Loan

• Chapter 7 Bankruptcy                           * 2 years from discharge date
• Chapter 13 Bankruptcy                          * 1 year of the payout must elapse & payment performance must be satisfactory – buyer must receive permission from the court to enter into a mortgage
• Foreclosure                                                * 2 years from completion date
• Short Sale                                                    * No specific information on this yet but assume foreclosure rule of 2 years applies.  Once this is   officially defined, I will provide an update.

Obtaining a USDA Rural Housing Loan

• Bankruptcy (Ch 7 & Ch 13)                    * 3 years from discharge date
• Foreclosure                                                 * 3 years from completion date
• Short Sale                                                      * No specific information on this yet but assume foreclosure rule of 3 years applies.  Once this is officially defined, I will provide an update.

Feel free to call Mike Moulton, Broker at Bee Home Solutions, Inc. for any of your real estate needs in the Greater Charlotte, NC area.
704-885-0488

My question is this…Who’s to blame in this scenario?  Is it the government for changing up the programs and not making the terms of it well known?  Or, is it the home buyer for either not understanding all of the details or not purchasing their home within the allotted time lines?  Or, for those buyers that utilized a real estate agent to aid in helping them procure the home are the agents at fault for not helping their clients understand the different ramifications of the programs?  Well, it probably is a mixture in most scenarios but at the end of the day the home buyer is the one that is affected the most by this.  I hope that the real estate agents were giving their clients the proper information and whether or not the home buyers handled it correctly is between them and their accountants.

In Charlotte, NC where I work we did see an increase in sales due to this government program.  I’ve seen evidence nationally as well of the results in pending sales increasing before the deadline dates.  Please leave your comments on how you feel on this topic of tax repayment.

Mike Moulton, Broker In Charge
Bee Home Solutions, Inc.
704-885-0488