Checkout the video below:

If you missed last weeks video, then click this text: You Need To Sell Your House Quickly But Don’t Have Time To Put It On The Market

Be sure to stay tuned for next weeks’ video.  If you are in the market for a home in the greater charlotte, NC area and need some assistance, call our office at 704-885-0488.

Take care,

Mike

Mike getting ready to kick some butt!

This past weekend a group of us ran in the 3rd Annual Marine Mud Corps Run at Belmont Abbey College in Belmont, NC.  It was a great time and its always good to help a charity.  My friends and I had brought 2 teams of 4 people each to endure the 5-5.5 mile course.  The course was filled with all sorts of different challenges including a number of calistenic stations, climbing over walls, crawling under tarps, running through a single track course through pricker and poison ivy filled woods, and my personal favorite which was crawling through 2-3 feet of a 150-200 ft mud pit.  Did I say crawling?  This also included push ups, running, and getting yelled at by a number of Marines as we did this.  Not only were we yelled at in the mud pits, but also throughout the entire course.  Let’s just call it “verbal encouragement”.

All in all it was a great morning last saturday.  My team (“The Swamp Donkeys”) pulled it together and we crossed the finish line together.  Note: If we didn’t finish together we probably would’ve been beaten to shreds on the spot.  Remember, the Marines “Never leave a man behind” and nor did we.  Checkout the pic below.  I was picking tiny grits of gravel out of my contact lenses the entire rest of that day!

Mike's Team Approaching The Finish Line

I urge you to google a marine corp mud run in your local area or join one of the few offered in the greater Charlotte, NC area. Here is the website of the event that we just did – Marine Corp Mud Run . To view more pictures of the event click here.

Take care, to your health.

Mike

One trend that we are seeing nationwide as investors are the unfortunate effects of adjustable rate loans that originated 2-4 years ago when interest rates were low. There are numerous examples of owner occupied properties (first time homebuyers and new construction for the most part) that were financed into loans that were very dangerous for the buyers on a long-term basis. We’ve all heard the radio commercials that say, “Why rent when you can own, come to XYZ community this weekend and move in for $699/month.” For the homebuyers that understand how to utilize these loans to their benefit they are great tools. Unfortunately, there are a number of homebuyers that should not have been buying homes on those terms or buying homes at all. When I write about “those terms”, I am writing about 2 year adjustable loans that are fixed for 2 years then the payment starts adjusting upwards to finally reach a point where it is not feasible for the homebuyer to afford to live in the property. In this case that $699/month payment may keep increasing by $120 or more frequently and the buyer cannot adjust their lifestyle to afford it.

Who is responsible for this activity? Well, that is a debate that I’ve heard many different angles on. The federal government has recently been involved to now regulate the minimum credit score needed to receive 100% financing and other loan programs. For example, 1 year ago a homeowner may have been able to get a 100% financed loan with a 560-580 credit score. Now, the average is around a 600-620 mid-score. You may be thinking….what’s 20 points? Well, it’s a lot to most of those folks in that credit range as this not only effects how much they can borrow and at what loan-to-value (LTV) but at what interest rate. This brings forth the following question…

Is it the mortgage broker/company’s fault or is it the homeowner for getting themselves into this type of scenario? The answer is both. There are many great mortgage brokers out there that really help a lot of homebuyers with these programs. I’ve spoken to many of them and their position is that they will explain the 2 year adjustable rate plans to the prospective homebuyers and create a plan for them to bring their credit scores up over the 2 year period then refinance into a better loan program after the 2 year period is over. If the prospective homebuyer decides to proceed then they know all the details and have an action plan for success. If they fail to follow the plan then shame on them. However, the flip side of this scenario is the mortgage broker that doesn’t explain these terms and the program dynamics thoroughly to these prospective homebuyers. The result is 2 years later they are facing a troubling situation. We have received numerous calls from these folks needing to sell their homes and have found that half are accountable for their actions and half of them claim they had no idea their payment would increase like it has. Note: When I say the term “mortgage brokers” this also could be a bank, builder, etc.

So how do these scenarios play out for real estate investors? As investors we can help a lot of these people that are in trouble through many creative solutions. Unfortunately, there are also a number of scenarios in that some of these homebuyers are 100% financed (or higher) on new homes and from an investment perspective it is not always feasible to help them. What you can expect to see are a lot more bank owned properties (REO = Real Estate Owned) hitting your local Multiple Listing Service (MLS) systems. When families face foreclosure and an investor has not come in to solve the problem before the property is sold on the courthouse steps, usually a representative from the bank is at the sale to buy the property back to protect the banks’ interest. So as more and more of these adjustable loans become a problem for homeowners that lack the credit to refinance, we will see a lot more properties hit the courthouse steps nationwide and become bank owned. They will then be offered via local approved REO real estate agents for that bank in your local markets. The opportunities will be much larger for investors to buy properties at a discount conventionally because banks will need to free up these non-performing liabilities from their portfolios. Per federal guidelines, a bank needs to keep 3 times the amount of a loan in reserves. For example, if they loan out $200,000 then they need to keep $600,000 in reserves. You can see very clearly why selling these homes is in their best interest so that they can provide new loans to homebuyers.

Take care,

Mike

And you certainly won’t have to tolerate dozens of total (and sometimes frightening) strangers tramping through your home and poking through your drawers and closets.

My name is Michael Moulton. I’m the broker-in-charge & owner of Bee Home Solutions, Inc. We are associated with a group of private investors. We are LICENSED brokers/Realtors and buy a number of houses each month across all areas of the greater Charlotte area…and in every price range. We are governed by the NC Real Estate Commission as investors so that we can handle your needs the RIGHT way. But the best part is, we use private funds that require no long, drawn out bank approvals. So we can act fast when buying!

We can usually close within 9 days…or as little as 72 hours. We’re as serious about buying your house as you are about selling it.

That’s the biggest difference between most realty firms and us. Most agents will list your house… hoping it sells within 6 or 12 months. Now we provide that service as well as over 10 programs to suit your needs…but we want to buy your house!

And when you’re the one with the house for sale, that’s a huge difference.

Most conventional agents lists five, ten, even dozens of houses at a time, and it’s rare if they can give all their properties their close personal attention. It’s no wonder that a listed home can sometimes take a long time to sell while you, the owner, are stuck maintaining the property and making house payments month after month.

What’s your alternative? Of course you could just sell it yourself—without an agent. After all, who knows more about the house than you do?

But consider this. How many houses have you bought and sold in your life? Two, maybe three? You haven’t had to solve even a fraction of the typical problems that can pop up—right before closing.

Remember that buying a house is a big decision for most people and it’s easy for them to get “spooked.” At the first sign of a complication or small problem (like a lien, necessary repair, or one of the other typical closing glitches), they can run like a scared jackrabbit.

Then you have to start all over at square one—it’s a frustrating experience.

Plus, when you try to sell yourself, you still have to put up with dozens of strangers trampling through your home—only now you’ll have to be there yourself. For some owners, that’s a scary thought.

And what if you need to move fast? You could dump the price and hope someone will steal your house, but can you afford to do that? Or, you could go ahead and move and leave it vacant. And every month, as you make out two huge mortgage payments (most people find that tough to swallow), you hope and pray that someone will buy your old house next month—and the next—and the next. Of course, that’s assuming you can even qualify for a new mortgage with the old one still on your back.

And when it’s sitting vacant, what’s going to stop someone from climbing through the kitchen window and tearing up your property?

Frankly, that’s more worry and aggravation than most people need in a lifetime.

Pretty grim, huh? Which way do you turn? To an agent with dozens of other listings to handle? Selling on your own and sweating out financing details, lost deals, last minute closing “surprises”? Moving out and hoping you don’t get some midnight call with “bad news” about your house?

Here’s a better solution—a way out…

If your property qualifies and we come out to see it, we will provide you with a firm written offer. We’ll explain everything to you in plain, everyday English. And we’ll be 100% direct, clear and honest with you…from start to finish.

In fact, we can usually “pre-qualify” your home right over the phone in just a few minutes. That can save us both time.

If we come to an agreement, we can pay all cash with no contingencies (because, unlike most potential buyers, we don’t have to sell another house first). And if you want, we can close in just a few days. We’ll handle all of the paperwork and make all the arrangements … and you can get on with your life!

Look. We don’t know your particular reasons for selling, but we do know how to get your house closed as quickly and professionally as possible. Imagine, by this time next week your house could be sold.

Can we really buy your house this quickly and easily?

Maybe. Maybe not. A lot of it depends on you. If you want to get above market price for your house, don’t bother calling us. We’re professionals and we do expect to make a fair profit. But we’re not out to steal your house either. Our profit will come from our future buyer or tenant.

Does your property meet our requirements? Call us and let’s find out. We buy all types of real estate and we’ll quickly determine if your house fits our program. If we don’t end up buying your house, we’ll be happy to share our ideas or advice on what you might try next. You’ll still have all your other options available. You have nothing to lose by calling us first.

So, if you want to learn more or if you have any questions, call us right away at (704) 885-0488.