By: Katie Dunkle, Client Coordinator

Recently, I posted an article on the importance of understanding how real estate agents work and I recommended you contact me for the NC Real Estate Commission’s publication, “Working with Real Estate Agents”. Another one of the Commission’s publications that I would like to give to Buyers Advantage Group clients early in their search for a new homes is “Questions and Answers on: Home Inspections.” The information in this pamphlet is so important, the Commission requires an agent provide it to a home buyer at the time they enter into an agreement to work with a real estate buyer’s agent.

Like everything else, I believe knowledge is power and that well informed clients make the best decisions. The publication answers questions like What is a home inspection? Who can perform a home inspection? Why should you have one? Who will pay for it? and, Are all inspection reports the same?

If you’d like to receive a copy of Questions and Answers on: Home Inspections, please let me know. You can reach me at 919.573.6150 or info@buyersadvantagegroup.net.

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By: Katie Dunkle, Client Coordinator

You know Realtors provide many useful services, but did you know that they work with home buyers and home sellers in different ways? It is very important for you to understand those differences and to know whether the agent you are talking to or are working with when purchasing your home is working for you as your agent or simply working with you while acting as an agent of the other party.

In North Carolina, there are four different types of agency relationships, and each type has a unique set of duties and responsibilities to their principal client. When you meet with a NC agent, that agent is required by the NC Real Estate Commission to provide you with the Commission’s publication describing the different ways NC real estate agents work.

I believe that homebuyers should have the time to review the information and have an opportunity to ask any questions relating to agency relationships that they may have. As a matter of fact, the homebuyer should be aware how real estate agents work before they ever call an agent. If you are considering purchasing a home, please call or email me and I will be happy to send you the Commissions publication, “Working With Real Estate Agents” and I will be happy to answer any questions on the subject that you may have. You can reach me at 919.573.6150 or info@buyersadvantagegroup.net.

At Buyers Advantage Group Realty, we understand that well informed clients make the best decisions!

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Southeast Raleigh Assembly (SERA) offers Raleigh Homeowners Foreclosure Prevention Resources in ‘Save RALEIGH, N.C.- The Southeast Raleigh Assembly (SERA) is offering Raleigh homeowners information and access to reputable resources to help avoid foreclosure if they are facing problems making their mortgage payments as a result of job loss, increased household expenses or overwhelming adjustable rates. ‘Save Raleigh Homes’ is a public outreach and awareness campaign designed to assist Raleigh homeowners facing any stage of the home purchase/mortgage rate adjustment/foreclosure process.

Why Was SERA Created?

The program was created by the SERA Housing Issue Team with plans to reach as many Raleigh, in general, and Southeast Raleigh in particular, homeowners as possible and direct them to reputable resources that can respond quickly in order to help avoid foreclosure “We encourage all homeowners who are in need of help to respond,” said Claude Trotter, a member of the Housing Issue Team. “We want people to take advantage of the services and organizations that we know are qualified to help navigate these very difficult times.” The ‘Save Raleigh Homes’ campaign has launched a toll-free number to provide information and resources to callers, in addition to the www.SaveRaleighHomes.org Web site which will offer contact information on mortgage (re)financing, home ownership facts, home owner rights and responsibilities, and guidelines to follow if an individual is facing foreclosure. The campaign also
will air radio and television public service announcements in English and Spanish.
The Southeast Raleigh Assembly serves as an advisory board to the City Council. The
Assembly represents a partnership between citizens and the City of Raleigh, and its main focus is to concentrate on long-term economic development solutions for Southeast Raleigh.The Assembly’s mission is to enhance the community’s competitive advantage, to create economic prosperity, and to improve the quality of life for Southeast Raleigh and its citizens. The ‘Save Raleigh Homes’ campaign is open and accessible to anyone living within the city limits. For more information about SERA and the ‘Save Raleigh Homes’ campaign, visit www.SaveRaleighHomes.org or call toll-free (877) 900-2345.

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

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Submitted by: Brandon Moye, Mortgage Loan Consultant, SunTrust Mortgage

If you start paying bills more promptly or reduce your total debt, the results will show in a better credit score. Boosting your savings can also improve your creditworthiness.

There are easy ways to manage and monitor your credit!

To maintain or re-establish good credit, look for foolproof ways to pay off debt. For example, at SunTrust Mortgage, you can put your mortgage payments on autopilot by signing up on our website for free SurePay ACH. You’ll save time and money every month, and never miss a mortgage due date. Also, take advantage of the free credit report you can get once a year from each of the three major consumer credit reporting companies. Just visit www.annualcreditreport.com. By ordering a different report every four months, you can stay on top of the information that goes into your credit score – and ideally, see one of your premier assets continue to grow.

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

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Submitted by: Brandon Moye, Mortgage Loan Consultant, SunTrust Mortgage

Another thing to understand about your own credit is that: Some credit factors are less easy to influence. When you apply for a mortgage, lenders are interested in how much you earn, how much savings you have, and how long you’ve held your current job, which will all have a bearing on your ability to keep up with payments. But a big part of your credit is under your control.  SunTrust Mortgage and other lenders pay special attention to your credit score. This independent rating reflects how promptly you’ve paid bills, how much you owe, how long a track record you have as a user of credit, what types of credit you use, and any new credit activity. The most important factors are the first two – which are ones you control and can improve.

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

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Submitted by: Brandon Moye, Mortgage Loan Consultant, SunTrust Mortgage

Your credit determines how much you’ll pay on your next loan.  Good credit is one of the most valuable assets you can own, but many people don’t give it a second thought unless they lose it. The first thing to understand about your own credit is that: Your credit determines how much you’ll pay on your next loan.

Since lending to someone with a good payment record is less risky, lenders usually offer the best terms on mortgages and other loans to borrowers with excellent credit. How much difference can this make? In June, according to Kiplinger’s Personal Finance, mortgage lenders nationwide gave borrowers with the best credit a rate that was on average 3.5 percentage points lower than they offered borrowers with the lowest acceptable credit. On a typical $250,000 mortgage, that means customers with top credit would pay $588 less each month – or an impressive $7,056 a year (dollar amount of possible savings lessens each year of the loan).

[Source: What It Takes to Get a Mortgage Now, Kiplinger’s Personal Finance, August 2008]

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

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Submitted by: Brandon Moye, Mortgage Loan Consultant, SunTrust Mortgage

The kids have been back in school only a few weeks but we’re already wowed by what they’re learning. Subjunctive clauses? Quadratic equations? The Van Allen belt? Oh, to be able to soak up new knowledge so efficiently!

Many of us grownups are on a learning curve, too. Like it or not, the upheaval in our economy has turned into a crash course in credit management.

But there are better ways to learn. At SunTrust Mortgage, Inc., we want to help you understand credit and what it means to you personally. The more you know, the more comfortable you will be that you’re making the right financial decisions for yourself and your loved ones.  So, how well do you know your credit? Watch for a post in the near future revealing five things you must know about your own credit.

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

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By: Marge Bish

Recently, a Cary resident wrote to the Raleigh News & Observer responding to an article in the Work & Money and Business Section about the state of the Triangle housing market. Many people relocating to this area may be of the same opinion but there are some important things this Cary resident is not considering. The original article and my response follow:

Home buyers waiting and waiting for lower prices

Regarding your story about the local housing market (”Wait to sell homes is longer,” Front Page, Oct. 17), you are correct: Home prices must come down before buyers like us come off the sidelines. We are new to North Carolina, having moved here for a job. We have a near-perfect credit score that we earned after years of living within our means. We do have the money for 20 percent down. We have looked at the Parade of Homes entries and our Realtor has pushed a few listings our way. But to spend $480,000-plus for a house that is about 10 years old, and that the original owners paid $250,000 for (Oh yes, we look up every listing that interests us to see what the original price was) is absurd. As for new homes, my brother-in-law is a contractor and he has schooled us wisely on how builders inflate prices.

When prices start to come down from their overinflated perch, we will be there to buy. Until then, we will wait. We have the time, we are renting and in no hurry to be mortgage-poor for an overpriced home. We saw prices deflate in overpriced Florida real estate. We know it is going to happen here. I can’t wait until the spring!

My response to this newcomer follows:

The comments from a Cary reader waiting for lower real estate prices are way off base (”Home buyers waiting and waiting for lower prices,” Talk Back, Work&Money, Oct. 26). North Carolina is not S. Florida, hasn’t been and doesn’t hope to be. There are several points this reader should consider:
* Whose mortgage is she paying now as a renter? What equity or appreciation is she getting?
* If she should buy that “cheap,” “deflated” property she is waiting for would she expect to sell it after 10 years with no appreciation?
* Where is she putting 20 percent down today to provide her security?
A home to live in and enjoy is not all about being an investment. Our area has experienced slower reasonable appreciation over the years and has rebounded well in the past during downturns. I’m sure this one will be no exception.

Perhaps our great climate, lifestyle, schools and moderate taxes are not what this reader wants, but many others do and appreciate it all.

Marge Bish, Buyers Advantage Group Realty

[Source: Raleigh News & Observer]

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by: Marge Bish

Recently I received an invitation from Amanda Arrington, North Carolina State Director of The Humane Society of the United States. I would like to extend the invitation to you on behalf of Ms. Arrington.

Join Us for an Upcoming Grassroots Meeting in North Carolina

The Humane Society of the United States is hosting a free grassroots meeting in Raleigh on December 1, Charlotte on December 2, Boone on December 3, and Asheville on December 4, where participants will learn how to make a tremendous difference for animals in North Carolina.

As the North Carolina State Director of The Humane Society of the United States, I am eager to meet other animal advocates in our state. This event is an opportunity for you to engage in the many exciting efforts to improve life for North Carolina’s animals. The meeting will provide attendees with legislative updates, news on current events, and immediate ways to take action.

Please take time to attend one of these meetings to find out what you can do to help our cause at the local level. And feel free to bring friends and share this message with others who may be interested in joining us.

Hope to see you at an upcoming event!

Grassroots Meeting Schedule

Raleigh, NC
Monday, December 1, 2008
7:00-9:00 p.m.
Raleigh City Museum
220 Fayetteville St #100
Raleigh, NC 27601
R.S.V.P. for this event: Raleigh, NC Grassroots Meeting
Charlotte, NC
Tuesday, December 2, 2008
7:00-9:00 p.m.
The Dunhill Hotel
237 N Tryon Street
Charlotte, NC 28202
R.S.V.P. for this event: Charlotte, NC Grassroots Meeting

Boone, NC
Wednesday, December 3, 2008
7:00-9:00 p.m.
Broyhill Inn and Conference Center
775 Bodenheimer Drive
Boone, NC 28607
R.S.V.P. for this event: Boone, NC Grassroots Meeting
Asheville, NC
Thursday, December 4, 2008
7:00-9:00 p.m.
Four Points by Sheraton
22 Woodfin Street
Asheville, NC 28801
R.S.V.P. for this event: Asheville, NC Grassroots Meeting
Sincerely,

Amanda Arrington
North Carolina State Director
The Humane Society of the United States
P.S. If you are unable to attend one these meetings, please contact me at aarrington@humanesociety.org to see if a meeting can be held in your area in the near future. Thank you for all you do for animals!

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Submitted by: Carl Kiger, Senior Mortgage Banker, Equity Services, Inc.

For those of you who may not have heard the news, in early September the Federal Government took over control (ownership) of Fannie Mae and Freddie Mac.

Just as a Bit of Background:

Fannie Mae and Freddie Mac are the two largest players in the mortgage marketplace. They set the standards and guidelines for most of the mortgage products that exist in the conventional mortgage marketplace. Additionally, they also purchase a large number of mortgages to free up money (add liquidity) to the mortgage marketplace. Whenever Fannie or Freddie purchases a mortgage from a lender, it frees that lender up to make another mortgage available to a consumer without necessarily having to have additional capital to lend. Given this, you can see that Fannie and Freddie play a very important role in ensuring that there is always money available for lenders to lend. It is estimated that they own about 10% of the residential mortgages that exist in the United States.

Too Early to Tell?

It is way too early to understand the long term impacts of the governmental takeover of these agencies. However, it is fairly clear that before the takeover these agencies were in serious trouble. The number of foreclosures nationwide not only impacted the financial condition of mortgage companies, but also of Fannie and Freddie. In recent months they had started practices to try to sure up their books. One of these practices was to artificially inflate the rates they were offering for a 30-yr fixed mortgage. Typically, the rate for the 30-yr fixed mirrors the movement of the 10-yr Treasury bond. This was discussed in detail in the last newsletter. Fannie and Freddie had started padding the rates (keeping the spread between the 30-yr fixed rate and the 10-yr bond yield higher) to increase their profit margin associated with each loan. The ultimate goal of this activity was to stabilize their capital position.

When the Federal Government stepped in, Fannie and Freddie immediately became governmental agencies instead of capitalistic enterprises. Therefore, there was no longer any need to worry about their financial footing, because they are now backed by the Federal Government (kind of like Social Security, or other governmental agencies/programs). This is why rates immediately fell on the Monday after the takeover. The rates moved back to the traditional spread that has historically existed between the 30-yr fixed rate and the 10-yr Treasury bond yield. Obviously, this move has some short term benefits.

Lower rates will hopefully spur both the housing and mortgage industries, and the intervention kept two of the largest institutions in the mortgage industry from going bankrupt. If Fannie and Freddie had gone bankrupt, then the already fragile housing and mortgage industries could have potentially been thrown into a state of chaos. The long range outlook for Fannie and Freddie is not as clear. No Federal Government program that I know of has ever been operated in an efficient manner. We will have to see what the future holds for them.

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