The Park’s construction has been beleaguered with delays. Work on the condos started on top of a four-story parking deck at Third and Caldwell streets more than two years after the project was announced. Pete Verna’s development company, dubbed 222 South Caldwell Street Ltd. Partnership, owes BB Syndication more than $27 million on The Park’s $30.7 million construction loan.  Work ground to halt and contractors and vendors went unpaid. 

 Not every real estate agent is a Realtor®. ® 

A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics. 

It's my opinion that this Code of Ethics separates the part time agents, weekend warrior agents, or the "my uncle sells a few houses" agent.  Although all active real estate agents have to be licenced, not all elect to become Realtors ®.

Fannie Mae has eliminated their 100% loan programs.  There is good news...yes – there are various programs still available.  VA is 100%.  FHA accepts gifts from family members and individuals with a significant relationship as the source of the down payment.    FHA also works with various non-profit agencies which offer down payment assistance such as Nehemiah and AmeriDream. These programs do not require the buyer to have any of their own funds in the transactions at the current time.  Some lenders, such as banks, will have what is know as portfolio loans wherein you can obtain 100% financing with a combination first and second mortgage, although I have found that these loans are becoming harder to come by.  These loans have special guidelines and will vary from bank to bank. 

FHA announced effective July 14, 2008, they will implement their Risk Based Mortgage Insurance Premiums. Their new guidelines will have a slight increase in a borrower’s up front and monthly premium if the borrower is looking for maximum financing (97%) and their credit scores are below 640.   For more info, please let me know if you need contact info from any of my preferred lenders who will be happy to bring you up to speed on what's available today.

My lenders tell me that a homeowner's credit although affected, would allow them to buy again within three to five years, although at a higher interest rate.  If a homeowner was to suffer foreclosure, the amount of time would be in excess of 7 years in most cases.  Affected homeowners must submit a preliminary net sheet, current assets, a hardship letter, and current bank records, a comparative market anaylsis and an offer to purchase from a perspective buyer.  Most of this work could be and should be done prior to the offer to purchase or risk losing the buyer to time and red tape delays.

Prices for short sales are usually advantageous to buyers, but often not a much or bargains as foreclosures which are often sold "as is" and in need of more repair.  For more about both topics, see http://homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm

We made it!  Forbes magazine has announced their recent survey of the 10 best US cities to buy a home in....and Charlotte made the top ten, coming in at lucky number seven.  With the hits our two largest employers BOA and Wachovia have taken this summer, we can use the good news.

Take a look and see for yourself at http://www.realtor.org/RMODaily.nsf/pages/News2008071502?OpenDocument

Realtor designations....just what do all these letters and logos mean? 

Quality Buyer representation today demands more than ever.  Skills based performance is more imporant than ever.  The best agents consistantly strive to "raise the bar" of professionalism, keep abreast of national and regional trends, and benefit from other's experience and not just their own.

I am proud to have carry the The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded by the Real Estate BUYER'S AGENT Council (REBAC), an affiliate of the National Association of REALTORS®, to real estate practitioners who meet the specified educational and practical experience criteria. 

Membership in REBAC provides benefits that are designed to keep designees abreast of management and marketing trends in the real estate industry, and on top of current legal and legislative issues.  Our clients profit by their ABR agent being part of a larger network of experienced buyer representatives who willingly share practical advice with one another.  Classroom work and testing

Only REALTORS who have met all ABR Designation requirements and have been awarded the ABR Designation are permitted to call themselves an ABR designee and use the ABR logo.

It’s about time! It seemed we were bombarded with negative real estate press endless for the last half of last year, most of which had little to do with our local market place. Some have called our area the “Teflon market” because prices and appreciation percentages here stayed within reason while other areas flew to 10% or better annually. Those markets today suffer with lack of buyers.

The Allen Tate Company, a large area real estate firm has begun a series of extremely costly print and TV ads about how this is a great time to buy. Prices and inventory are in great shape, and lending rates are the best in several years. With the help of the media that helped make our slightly soft market softer, we may see the totals from our local MLS rise again this quarter.

In the past 6 weeks, I have had two separate buyer clients using large national mortgage lenders to hold up the transaction because the home purchased did not appraise.  Remember, the lender hires the independent appraisers from their appraisal pool.  Because the appraiser is privy via a copy of the contract, they know how much the buyer is borrowing, and what they have contracted to pay for the property.  It appears suddenly that the more a buyer borrows in percentage (100% loan, 95% loan, etc.) the more we as agents can worry about the property appraising.  What truly concerns me is that in the case of one appraisal, the appraiser used two story homes to compare to the ranch style subject home when more area ranches were available.  The same appraiser also used a 2 story home on the same street as the subject home which had yet to close, which is unheard of.  Despite protests, the lender refused to request a review or reappraisal.   Do I see this as a sign of more hurdles to come?  Will let you know as Spring sales close…..

A majority of the backyard is natural with the hardwood trees providing beauty, serenity and privacy.  Huge picture windows in the den and kitchen let the outdoors in, and the screened-in porch takes advantage of this landscaping.  Often I have out of town buyers who want exactly this - trees, seperation from the neighbor's yard, and the beauty these natural areas enhance.  Add in a small rock walled fountain as a focal point and you have something truly special.  Of course there are loads of extras in this home, including hardwood floors upstairs and downstairs that are equally hard to find in today's market.  Take a peak at http://www.600kingedward.com.

Ballantyne is an area, or small region within our community.  Residing in the southern most part of Mecklenburg County and advancing up to the South Carolina state line, it comprises of 2000 acres of master planned residential, retail, office and recreational use.  This sought after area's location is high on many lists because of it's new feel and it's easy access to both interstate and state highways.  Realtors often refer to this area's demographics as the "expendable income" avenue.

A visit to the 535 acre corporate park includes 6 and 10 story office buildings under construction even today along side the Ballantyne Resort's 18 hole golf course.  The park is headquarters to several household name companies like ESPN, Lending Tree, SPX, BOA, Scottish Re and The Equitable to name a few.  The Bulls sculptures are one of the unique Ballantyne landmarks.  Weighing in at 2000 lbs. each and up to 8 feet tall and 12 feet long, they are the centerpiece for visitors to the park to enjoy.  Find out more about what's happening in Ballantyne at www.Ballantynevillage.com.