Tag Archives: foreclosures

Avoid a Design Crisis After Your Foreclosure Purchase

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Carolina real estate design

You just bought your first Carolina real estate foreclosure property, now what? Chances are you have a million thoughts running through your mind about all of the updates your new home needs. Don’t panic! By creating a design plan, you can effectively turn your home from shabby to shiny!

The first step is to make a list of things that clearly need some work. Next, make a design board. Gather inspiration and pictures from a variety of courses and paste them onto your board. You can get a sold vision of your home by thinking about your choices for cabinets, countertops, lighting, flooring,  trim, paint, appliances and more. Good sources of inspiration include new home construction models, the internet, magazines and more. Model homes are especially useful because all the design research has been done for you, and oftentimes the design trends used are ahead of the curve. You can also turn to larger companies such as PPG Porter Paints for ideas. They have color consultants around the world working to draw trends together for a global, well-rounded look.

Once your list and design board are complete, it’s time to get to work. Consider what items are most important and what can wait? That hideous bathroom may be unbearable, but the flooring throughout your main living areas are seen by more people.

Having a design board and a list will not only help you prioritize, but also stay on track. Even though you probably can’t afford to do everything all at one time, you’ll be able to rely on your research to complete your transformation seamlessly over a period of time.

Tessa Jones is a South Zone Color Consultant with PPG Porter Paints

Durham Named a Hot City for Foreclosures

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durham a hot city for foreclosures

With the real estate market in the condition it’s in, buyers these days are looking to get the best deal possible. In most markets, housing prices are still extremely affordable and interest rates are low, so buyers are able to get more house for less money. However, these conditions are starting to cause a decrease in inventory, especially foreclosure inventory, in many areas, which means prices may soon be on the rise. Even though all of this is true, Business Insider recently named Durham as one of the 10 hottest cities for investing in foreclosed homes.

According to RealtyTrac, home sales prices in the area increased by almost 20 percent between the first quarter of 2011 and the first quarter of this year, but the average foreclosure sale price remains around $150,000. This price is considered an almost 25 percent discount when compared to pricing on a North Carolina new home. However, foreclosure buyers need to act quickly because the company predicts that the foreclosure inventory is down to almost only 11 months of supply.

The only other southern city to make Business Insider’s list is Montgomery, while the rest were confined to Massachusetts, Washington, California, Ohio, Arizona and Rhode Island.

Carolina Real Estate Agents Can Attend Specialized Training Course for Distressed Homeowners

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ToolsThe Charfen Institute is offering a Certified Distressed Property Designation course to provide agents the perfect tools, processes and education to help distressed homeowners avoid foreclosure. Due to a high demand for property education courses, North and South Carolina local area REALTOR® Associations will offer industry-leading Real Estate Short Sale courses.

The North Carolina Association of REALTORS® and Greensboro Regional REALTORS® Association will meet June 14 and 15 in Greensboro, N.C.. If you are in the Cary, area, the Raleigh Regional Association of REALTORS® will meet August and August 2. In addition, the Coastal Carolina Association of REALTORS® will meet in Myrte Beach, S.C. on August 7 and August 8.

This is an excellent opportunity for local real estate professionals to learn how to help homeowners facing financial hardships, while also earning their Certified Distressed Property Expert® (CDPE) Designation. Agents with this certification better understand homeowners’ circumstances and can better navigate foreclosure alternatives.

Since 2008, unemployment, underemployment figures and mortgage delinquency have been at a record high. Recent estimates show that more than one in five homeowners nationwide owe more on their home than it is currently worth.

To find out more about these events in the Carolinas and nationwide visit http://www.cdpe.com/schedule.

Struggling homeowners can get free assistance from a CDPE-designed rate estate agent in their area by visiting http://www.cdpe.com/find/cdpe. For more information on Carolina real estate, visit our website.

Check Your Facts about Foreclosure with Equifax

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Equifax has many resources for homeowners facing foreclosure, which can help avoid nasty scams

Equifax has many resources for homeowners facing foreclosure, which can help avoid nasty scams

Mortgage foreclosure scams are up to nearly 60 percent this year and are still growing, according to the Homeownership Preservation Foundation (HPF), an independent national nonprofit which rescues homeowners from

foreclosures. However, not every program out there is a scam waiting to happen. Ilyce Glink, real estate expert for Equifax, shares a list of helpful, legitimate government programs designed to help homeowners avoid foreclosure in her post, ”

Avoid Foreclosure Scams with These Official Resources.”

Making Home Affordable (MHA) programs

HARP– The Home Affordable Refinance Program is intended for underwater mortgage homeowners who wish to refinance their home based on the current value and who are current on their payments.

HAMP– The Home Affordable Modification Program is designed for employed homeowners who are struggling to meet their mortgage payments. For eligibility, your mortgage payment must be more than 31 percent of monthly gross (pre-tax) income, and you must be a delinquent or in danger of falling behind mortgage payments.

UP- Apply for the Home Affordable Unemployment Program if you are unemployed. This will reduce your mortgage payments to 31 percent of you income or suspend them for 12 months.

PRA- Designed to help homeowners who do not own their loan, MHA’s Principal Reduction Alternative is for owners whose  homes are worth less than what they’re paying for.

The Making Home Affordable programs are just one set of programs designed to help homeowners avoid foreclosure. For more information on your credit, home insurance and

managing money, explore the Equifax Finance Blog.