A Short Sale is when a mortgagor is in default and the bank allows the sale
of the home. The sale proceeds satisfy the mortgage debt, even if the
proceeds are less than the amount owed. The Short Sale process is very
involved and lengthy and requires a licensed real estate professional to
negotiate the transaction. As a CDPE, lending institutions recognize this
designation and prefer working with Realtors that have made the investment
to obtain this advanced training. A CDPE can reduce the amount of time
between when an offer is presented and successful Closing.

A Short Sale is almost always preferable to foreclosure which has many
far-reaching repercussions. Five reasons to avoid foreclosure:

1. The homeowner will always have to disclose previous foreclosure on
any mortgage application.
2. Credit scores will be lowered by 300+ points affecting the ability
to get a car, apartment, credit cards, etc.
3. A foreclosure is the one credit report item that is almost
impossible to be “repaired”.
4. Military and government security clearance could be at risk with
foreclosure
5. Many employers run credit checks on prospective employees, and
foreclosure is one of the top items that will put a potential new hire in
jeopardy.

If you or someone you know may be having difficulty with their current
mortgage, please give me a call and let me help. Avoiding the stressful and
upsetting situation of foreclosure for families is the most satisfying
aspect of my job.

Kim Gandy, RealtorR, NC Real Estate Broker
Team Gandy & George
RE/MAX Leading Edge
Cell # 980-621-9854
KimGandy@remax.net
http://www.GandyGeorge.com
Thank you for trusting me with your referrals of family and friends. I will
give them the service and care they expect and deserve.

The deadline to take advantage of the new $6,500 federal tax credit for repeat home purchases is also coming nearer.  The repeat buyer credit supplements the popular $8,000 credit for first-time homebuyers.  If you have been confused as to how this legislation is applied, I have itemized below the steps owners of existing homes will need to follow in order to take advantage.

o          Must have occupied the same property as a principal residence for any five consecutive years during the previous eight years.  Purchasers are not required to sell their previous home, but they must be able to demonstrate that the replacement house is or will be their principal residence.

o          Credit is for up to 10 percent of the price of the replacement home, capped at $6,500.

o          Purchase contract must be dated anywhere from November 7, 2009, to April 30, 2010.  Closing must occur no later than June 30, 2010.

o          Maximum purchase price on houses eligible for the credit is $800,000.

o          Modified adjusted gross income limits must be $125,000 or less if single, $225,000 or less if married.

For information on the documentation required to file claims with the IRS, do not hesitate to give me a call.

With all the rules available, the message to potential tax-credit seekers are to SPEED UP YOUR SEARCH!  There are only 12 weeks to sign a contract and just four months to closing.

If you or any of your friends and family are looking to sell or purchase a home, please give me a call with their names and phone numbers.  I will take excellent care of them.  As always, I appreciate your referrals AND your friendship.

Conditional – 5 Properties Found
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Days On Market
Min	700 – 900	2	1	0	$ 49,000	$ 0	55
Avg	1700 – 2100	2	1	0	$ 125,498	$ 0	209
Max	3600 – 4300	4	3	1	$ 299,000	$ 0	327

Pending – 28 Properties Found
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Days On Market
Min	800 – 1000	2	1	0	$ 44,900	$ 0	1
Avg	1700 – 2000	3	2	0	$ 153,504	$ 0	90
Max	2700 – 3300	5	3	1	$ 389,900	$ 0	450

Sold – 320 Properties Found
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Days On Market
Min	0	1	0	0	$ 22,500	$ 17,000	1
Avg	1614	3	1	0	$ 122,828	$ 116,701	103
Max	10629	6	6	2	$ 999,999	$ 927,000	587

Summary – 663 Properties Found
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Days On Market
Min	0	1	0	0	$ 14,900	$ 17,000	1
Avg	1500 – 1900	3	1	0	$ 158,377	$ 116,701	127
Max	9500 – 11200	6	6	3	$ 1,499,000	$ 927,000	902

]]> http://inside-real-estate.com/kannapolis-nc/housing-market/2009-housing-statistics-for-kannapolis-nc/feed/ 0 0373Housing Market]]> http://inside-real-estate.com/kannapolis-nc/real-estate/planned-commercial-retail-park-for-kannapolis-nc/ http://inside-real-estate.com/kannapolis-nc/real-estate/planned-commercial-retail-park-for-kannapolis-nc/#comments Mon, 16 Nov 2009 18:28:54 +0000 Kim Gandy http://inside-real-estate.com/kannapolis-nc/?p=97 A 32-acre multi-use development is coming to Kannapolis at I-85 Exit 63 across the street from the 4,700-seat Fieldcrest Cannon Stadium.  DPE Investments, The Charlotte developer, announced Research Commerce Park will include 12 parcels for commercial use, 5 for retail, and 2 hotels.  One of the hotels will also have a conference center.  Research Commerce Park will serve as a gateway to the North Carolina Research Campus and is anxiously awaited for the expected creation of hundreds of jobs which will boost the local economic economy.  Groundbreaking is scheduled to occur 2010 with project completion in three to four years.

A new revision to the recently extended Homeowner’s Tax Credit may be a window of opportunity for some home owners who have been wanting to sell their home, whether to move up or to downsize, but have adopted a “hunkering down” mentality.

The new tax credit is for current homeowners: if you have owned and resided in your home for at least 5 consecutive years out of the past 8 years, you can qualify for up to a $6500 tax credit.

If you combine this new tax credit with historically low interest rates and great values in the market place, it might be a really opportune time to make your move. However, this tax credit is only for a limited time and waiting too long may cause you to miss out on market opportunities that could benefit you. Each person’s situation is different. I will be happy to provide a no-obligation consultation to discuss your home’s current value as well as the prices of homes in your target range and explain in more detail the stipulations on the tax credit. Don’t look back and wish you had sold your home instead of waiting. There’s no obligation to explore your options. Call me to schedule a meeting today.

Who is Eligible

• First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for a tax credit of 10% of the home purchase price, up to a maximum of $8,000.
• Existing home owners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for a tax credit of 10% of the home purchase price, up to a maximum of $6,500.
• All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits

• Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
• For married couples filing a joint return, the combined income limit is $225,000.
• Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
• The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates

• The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify

• All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.  

Tax Credit is Refundable

• A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
• For example:
  • A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 tax credit).
  • A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 tax credit).
• All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions

The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

Sales of existing homes showed another gain in May while posting the first back-to-back monthly gain since September 2005, thanks to favorable affordability conditions and a first-time buyer tax credit. The National Association of Realtors® released a report on the rise in homes sales that is quite interesting!