A WORD TO THE WISE

I recently received an email from a “Robert James” who is offering a rent to own
deal on select homes IF you click on the links to a “free” credit report and then give them a credit card number so that you can receive an “exclusive” list of homes that I get for free from a government website.

Needless to say, skeptic that I am, I did a little more research and found THIS article about similar scams that is a MUST READ for anyone who is considering answering this type of email.

“The latest scam to hit craigslist and inboxes across America could cost you your identity. The scammer operates under the name Kyle Waitley and he promises you a list of very cheap foreclosed homes for a mere $2 and a credit check.”

There are no shortcuts to repairing your credit and getting control over your budget. There is no magic formula that can be tapped into over the internet; only deceit and financial loss.

So, if you are serious about getting back on track, there are usually one or more nonprofit government sponsored agencies in each state ready to help you reclaim your life. HERE is an example of one such agency in my state of North Carolina. (The link to this organization is for an example only and should not be constued as an endorsement for this or any other similar company. As always, let the buyer beware, so do your homework and contact your state's BBB for more information on any company beofre doing business with them!)

If you are struggling to hold on to your home, don’t wait for the eviction notices; call a reputable REALTOR in your area who is willing to help you either by way of a short sale or by helping you contact the appropriate department at your lender’s establishment.

If you have questions, you can email me using the contact link on the side bar and I’ll be happy to help you in any way I can.

These are scary, uncertain times, but we can get through them helping each other.

BILLY BOB’S

If you find your travels bring you to Winston Salem, you should make a point of stopping in at Billy Bob’s Silver Diner for a meal.

The diner is decorated in period style, meant to take you back to those swinging 50s and 60s. With lots of chrome and neon lighting this place is a bright spot even on the grayest of days.

And the menu is a pleasant surprise; this is NOT your typical greasy spoon. With things like Asian Orange Chicken on the specials board and steak on the main menu, everyone can find something that is to their taste.

Tucked away at the end of Hanes Mall Blvd (just past the Target shopping center) Billy Bob’s is worth the extra minute or two to get there.

OUTDOOR DRAMA!

I’m sure there are many young people today that have no idea what a drive in theater is. The idea of sitting in a car with a speaker hooked to the window and kids in their pajamas watching a movie through the windshield probably sounds funny to them in their high tech world.

But if you’re in Mount Airy this summer, you can experience the drive in theater for the first time or all over again at the Bright Leaf Drive In on Rt 52 (Andy Griffith Highway).

This drive in has been in operation since 1955 and the current owners are brimming with enthusiasm as they continue to make improvements. The drive in may be dead in other parts of the country, but here in Mayberry, there’s a double feature every night!

We hope you get a chance to enjoy this icon of American Cinema soon and don’t forget to visit the snack bar!

THE ARTS IN SURRY COUNTY

While Surry County may be a rural area with a low population density, there is no shortage of talent around here and no shortage of venues in which to enjoy it.

The Surry Arts Council does a great job of bringing a variety of entertainment to citizens and visitors alike. And once you visit their website HERE, you’ll be amazed to learn that this is a largely volunteer group.

The showcase of the Arts Council is the Andy Griffith Playhouse but there is also the Downtown Cinema and the Blackmon Amphitheater. Plays, bands and special guests provide a diverse menu of arts for every taste.

During the summer, the hills are alive with the sound of music and the Blackmon Amphitheater is the perfect venue to showcase musical groups all summer long.
Summer is here so, come celebrate the season with us!

MORE GOOD NEWS FOR HOME BUYERS!

From an article in REALTOR magazine titled: Tax Credit Can Be Used for Down Payment

“Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.”

This move will make it an even better time to buy a home and help further stimulate the housing market. To find out if you can take advantage of this program, contact a reputable lender or a local REALTOR.

WHY DO I NEED A PRE-APPROVAL?

You see a house you have always loved and now it has a “For Sale” sign in the yard! You call the number on the sign and ask the real estate agent when you can see it. The agent says they will be happy to show it to you, but have you talked to a lender yet and do you have a pre-approval?

Well, no, you just saw the house and want to see if the inside is as great as the outside. Then you’ll need to talk to your spouse about it but first, you just want to see it! The agent is reluctant and now you are getting upset – why are they asking you about getting pre-approved? Your finances are none of their business!

Yes and no – while your finances are none of their business, they do have an obligation to the seller to ONLY bring ready, willing and able buyers to view the property. While you may be ready and willing, you also must be able and that requires talking to a lender.

Homes for sale are not open for tourists and the real estate agent is not a tour guide. The agent must be ever vigilant in their duties both to the seller and the buyer. There are two major reasons for insisting you get pre-approved; first you find out what you can afford and show that you are serious about buying a home and second, should your credit have a few blemishes, a reputable lender can advise you how to repair your credit so that you can qualify for a mortgage.

Requesting a pre-approval not only protects the seller but benefits the buyer. So, if you are in the market and will need funding, go to your bank or mortgage company and get that pre-approval. You’ll be better informed and prepared to find the home of your dreams!

I LOVE BEACH MUSIC!

With the sun and heat come a myriad of outdoor events in the Old North State. And to kick off the summer this May, we will be enjoying a cruise in with music and cars! Mark this date:

May 2, 2009 - Hot Nights and Hot Cars, Downtown Pilot Mountain, NC Cruise-Ins Featuring Beach Music and R&B. The Cruise-Ins will start at 4pm and last until 9:30pm. On May 2nd -Featuring music by The Part Time Party Time Band Antiques, Street Rods, Classic, Pro Street, Muscle Cars and Motorcycles Welcomed! Free Admission. Bring Lawn Chairs. For More information please call (336) 374-2353 or (336) 368-2527. Sponsored by Mt. Pilot Now.

If you're going to be in the area, join us and get to know why we love calling North Carolina home!

Yadkin Valley Wine Trail

One of the more exciting endeavors in our area of North Carolina has been the development of numerous vineyards and wineries. With the decline in tobacco production which provided vital revenue to the area, it became apparent that there would be an agricultural void that needed to be filled.

There were many people and organizations involved in creating a wine industry in North Carolina. With grants and college classes, monetary investments and labors of love, we now have many vineyards that are open to the public and a website that organizes that information. Some vineyards have their own restaurants and a few even offer musical entertainment on weekends.

Click HERE for the website and plan a visit this summer.

HOMEBUYER TAX CREDIT

One of the key provisions of the American Recovery and Reinvestment Act that President Obama signed into law earlier this year was the tax credit for homebuyers.

There is an $8,000 tax credit that would be available to first-time home buyers on the purchase of their principal residence on or after January 1, 2009 and before December 1, 2009 and does not require repayment.

How does the credit work? The credit could be claimed on a tax return to reduce the purchaser's income tax liability and the unused credit amount would be refunded as a check to the purchaser.

There are several options concerning the tax credit and IRS guidelines can be found HERE.

Realtor.org also has the answers to frequently asked questions HERE.

This article is only meant to provide available information concerning the tax credit. As with any legal matter, we strongly encourage you to consult a qualified tax advisor or legal professional about your own situation.

FIRST TIME HOME BUYERS

First time home buyers have many questions and sometimes seem confused as to where they need to start.

First, visit your bank or a mortgage company and get pre-approved for a mortgage. This DOES NOT mean you are borrowing money at that time. You are also under no obligation to use this company when you do find a home, but if they have done a good job giving you honest information, then you might want to use that bank or company.

What getting pre-approved DOES mean is you will know how much you can afford to spend on a house and what you will need for documents and down payment money. If you have credit issues that preclude you from getting a loan, a good mortgage broker should tell you how to repair your credit and get back on track.

Your next step is to find a real estate agent you feel comfortable with and who takes time to answer your questions. Preferrably, use an agent who is also a REALTOR. REALTORs belong to national and state organizations that hold the agent to a higher standard of conduct. If you are not sure where to go for pre-approval, you might want to find an agent first who can then recommend a few financing companies or banks for you.

Take time to write down a “wish” list of all the things you want in a home. Break down the list into “must-have” and “would like to have” but can live without. Try to be realistic; your first home should be comfortable and fit within your budget. Try to plan for the unexpected. If you or your spouse/ partner should get sick or be laid off, you want to be able to cut back on expenses but still be able to pay the bills.

Your agent should be able to help you make a selection of properties that fit your needs and desires. Realize that you can only look at a maximum of three or four homes in one day. If you try to see more, you won’t have time to really look at all the features.

It’s a good idea to bring a notebook or place the data sheets from the properties on a clipboard so that you can write on the backs thus keeping all your information for each property in one place.

When you are ready to make an offer, your real estate agent should be able to explain the process, step by step so that you feel confident and informed when you go to sign those final papers.

Good luck and happy house hunting!

Best Places for Business and Careers

Forbes .com has posted their 11th annual ranking of the Best Places for Business and Careers in metro areas which features clear winners in North Carolina where Raleigh placed 1st, Durham placed 3rd and Winston Salem placed 18th. out of 200 cities.

"Raleigh is holding up better than any other place in North Carolina," says Matthew Martin, an economist at the Federal Reserve Bank of Richmond, VA. He cites the significant higher education presence and low manufacturing base in the area for Raleigh's steady economy.

You can read the entire article HERE.

While the economic troubles affect every city in the country, once we begin a recovery it seems North Carolina will be well positioned for growth.

IS IT A GOOD TIME TO BUY?

This is not as simple a question as it sounds. Whether it is a good time to buy real estate has much to do with the circumstances and the goals of the buyer.

Investors are looking for the bottom in this current real estate market. For them, buying too soon or spending too much could mean they will see the value of their investment drop just when they need to try to market it.

For those who plan on staying in their home for at least two to three years or more finding the absolute bottom is not as critical as the market will eventually rebound.

In most of North Carolina, while we have experienced a slow market, we do have a measure of stability that prevented us from experiencing the so called housing bubbles but also prevented us from hitting those huge lows like Las Vegas and California.

Right now, there are bargains to be had in the foreclosure market, but you should be well informed about what exactly is involved when buying these kinds of properties.

North Carolina is a caveat emptor state – “let the buyer beware.” And this is never more true than when foreclosure property is involved since banks/finance companies are exempt from most liabilities concerning these properties. Working with an agent experienced in foreclosure properties is a good place to start.

If you are looking for a retirement home or would like to relocate to our area and are not sure where to begin, we invite you to explore our website (link also at top right) where you will find properties for sale, relocation tools, a visitor’s page and a link to our MLS.

If you would like more information on a property or you have questions, feel free to call or email any of our brokers on the Contact Us page.