The chances of that happening are virtually nil, thanks to a highly complex investment market for mortgages that has grown immensely since the 1970s. The key players in this game are “Fannie Mae” (Federal National Mortgage Association), “Ginnie Mae” (Government National Mortgage Association), and “Freddie Mac” (Federal Home Loan Mortgage Corp.). These agencies, along with several private companies, turn homeowners’ mortgages into investment vehicles for individuals, pension funds, insurance companies and other large institutions. Altogether, these investment groups make up the bulk of what is known as the “secondary market.”

When a bank or mortgage company writes a mortgage, the loan is lumped with other mortgages in a bundle (or “pool”) that is often sold to one of the agencies. With the sale of the mortgage, the bank or mortgage company again has money to lend to another home buyer.

Fannie Mae, Ginnie Mae, and Freddie Mac differ as to the type of mortgage bundle they buy and in the type of investment vehicle they use to attract investors. But the process they use is the same: Assembling large packages of mortgages and issuing securities backed by the mortgages.

While the original lending bank may no longer hold the mortgage it gave to a home buyer, it still services the loan. That means collecting the monthly payments, keeping escrow accounts to pay for insurance and property taxes, and – through the agencies or companies that issued mortgage-backed securities – paying investors.  Coldwell Banker Sea Coast Advantage is a full service real estate company with in house mortgage brokers from Alpha Mortgage.  Contact  us about all your Wilmington NC real estate needs.  Visit www.cbbaker.com to search or catch us on mobile at mobile.cbbaker.com

The National Association of Home Builders reports the following “green” innovations. Be sure to look for them if you’re shopping for a new home or consider installing them if you’re remodeling or repairing a home you already own.

• More-durable roof coverings

such as steel and fiber-cement

• More and better insulation

in walls and attics, conserving energy, lowering utility bills and reducing pollution related to energy production

• OSB (Oriented Strand Board) and laminated fiberboard

made from smaller younger trees, replacing plywood on roofs and board sheathing in walls, both made from larger, older trees

• Greater use of carpet, sheet vinyl and laminates

rather than wood flooring that taxes lumber supplies

• Foundation insulation

to reduce energy loss while providing more-comfortable floors

• Insulated exterior doors and windows with insulating and low-E glass

to keep homes more comfortable and energy efficient

• Vinyl siding and fiber cement siding

, reducing the use of cedar, redwood and other wood products

• High-efficiency heating, cooling, and water-heating equipment

to cut energy consumption

• Water-saving appliances and plumbing fixtures

to reduce water use. They also require less energy to heat water

• Factory-built components

, such as trusses and pre-hung doors, resulting in more-economical use of materials than cutting wood on the job site

• Recycled plastic “lumber”

instead of weather-resistant woods (e.g., redwood) for decks, porches, trim and fencing

• High-efficiency refrigerators

that use less energy and operate using refrigerants that have less potential impact on the ozone layer

• Passive solar designs

using the sun’s “free” energy to help heat homes

• Xeriscaping

, which employs native plants that can thrive with little or no extra watering

• Tree preservation

around homes to provide shade, reducing summer energy costs.

To understand the terms, it’s important to understand the three stages of foreclosure:

1. Pre-foreclosure stage. This stage begins when the homeowner falls behind on home-loan payments (or sometimes other terms of the loan). Lenders may wait for a second, third or even fourth missed payment before sending the homeowner a Notice of Default — which becomes public record. The homeowner then has a given period of time to respond to the notice and/or come up with the outstanding payments and fees — sometimes by selling the home in a pre-foreclosure sale, also known as a distress sale. (If a judicial procedure is required, it occurs after the notice of default is given.)One type of pre-foreclosure or distress sale is a short sale — when proceeds from the sale of a home are less than the amount of mortgage still owed to the homeowner’s lender. A lender-approved short sale (or short payoff) occurs when the homeowner’s lender agrees to accept the proceeds of the home sale as satisfaction of the mortgage owed, even though proceeds are less than the outstanding debt.
2. Foreclosure stage. At this stage, the former homeowner may or may not have been evicted — depending on state law — when the lender puts the home up for public auction (after a judgment of foreclosure in those states requiring judicial procedure).If the home sells at the foreclosure auction, (sometimes called a sheriff’s sale, trustee’s sale or step sale) money from the sale is used to pay off the costs of the foreclosure, taxes and other prior liens, service charges and advances, interest and principal on the mortgage, late charges or fees, and liens recorded after the first mortgage. Any amount left over is paid to the borrower (former homeowner). When proceeds from the sale are less than the various amounts owed, the lender may be able to hold the borrower responsible for the difference (deficiency judgment).
3. Post-foreclosure stage. When a property that does not sell at auction — either because no one bid on it or because bids did not meet the lender’s or agency’s minimum price — the property becomes real estate owned (REO) by the lender or government agency that guaranteed the loan (such as FHA/HUD, VA, etc.). You’ll also hear the term bank-ownedapplied to these properties, whether they are owned by an actual bank or some other type of lender. (Be aware: The term REO also applies to properties purchased by companies from employees who didn’t sell their home on the market before relocating, which is to say that not all REOs are foreclosed properties.)Once the lender or agency has repossessed a property following a failed auction attempt, the home is put back on the market. Most REO properties are listed for sale through real estate brokers and placed on the Multiple Listing Service.

At this stage, the foreclosure process is complete, and the property may be accurately described as a foreclosed property, while in the first two stages the home is in foreclosure and should be referred to as a foreclosure property. (You’ll find, however, that real estate writers and others sometimes misuse this terminology; be sure to ask if you are unsure what stage of foreclosure a particular property is in.)

If you are thinking about buying a foreclosure, make sure that you go to the Register of Deeds and search the property for liens.  These are not posted online.  If there are liens on the property, you will be buying them as well.  To search foreclosures in the Wilmington NC area please visit http://www.cbbaker.com/idx/residential/search . To get guidance if you are close to being in a short sale situation, please visit http://www.cbbaker.com/foreclosureNew.php

We have a Certified Distressed Property Expert on our team. Call us and we would be glad to help.

A garage sale can be profitable or disastrous, depending on how it’s run. Going to other people’s garage sales can give you an idea of what shoppers go for. A few tips:• Garage-sale shoppers scout newspaper and weekly ads, supermarket bulletin boards, utility poles and other available display spaces. Advertise! Use inviting terms such as “great bargains,” “trendy kids’ clothes, little worn,” “toys, toys, toys–all in good condition,” etc. People are particularly attracted to moving sales.

• Signs posted at major intersections leading into your neighborhood do double duty–advertising and providing clear directions. Make signs large enough to see from a distance and use arrows to indicate where turns should be made.

• Most shoppers have more time to shop on weekends, especially in the early part of the day. Hold your sale on Friday and Saturday (plus Sunday if you don’t sell out in two days).

• Shoppers will stop when parking spaces are available, but will drive on if there’s no visible place to park. Have a friend or family member act as parking attendant, ushering cars to a parking spot.

• Dealers like to get first choice. They’re apt to get to a sale earlier and buy more liberally than later browsers. Start your sale by 8:00 or 9:00 a.m.

• Most shoppers are looking for real bargains. Don’t overprice. Mark items clearly. For antiques and collectibles, expect to get about half to a quarter of what the same items might cost in an antique shop.

• Shoppers will buy more when they have something to carry their purchases in. Provide shopping bags.

• Items that usually sell well: furniture, small appliances (working), collectibles, antiques, toys and clothes for babies and young children, tools, golf clubs and other sports equipment, and books.

65th NC Azalea Festival Wilmington NC 2012 | Wilmington NC real estate

 

 Join us for the 65th NC Azalea Festival in Wilmington NC.  Kenny Logins kicked off the festivities on Thursday night with a concert.   Scotty McCreery is headlining the concert tonight.

From the Azalea Festival Website -

“The North Carolina Azalea Festival is Wilmington’s annual community celebration and the largest festival of its kind in the state. Founded in 1948, the Azalea Festival has emerged as Wilmington’s premier event.

Each April, a full week of natural beauty, big-name entertainment, festive galas, fun family events and Southern hospitality come together to showcase the charms of the Wilmington area. For community pride and springtime pageantry, the North Carolina Azalea Festival has no equal!

The Festival’s concerts, fairs and special events are viewed by more than one million people each year, in person and through media coverage. More than 200,000 are estimated to attend the annual two-day street fair, while more than 100,000 gather to watch the Festival parade. Each event is a celebration, beginning with the traditional arrival of Queen Azalea at the official opening of the five-day event. Stars glitter throughout town as Southern belles and their escorts promenade through lush gardens at the annual garden party. Everywhere the blooming azaleas offer colorful testimony to the rich heritage of coastal Carolina.”

Here is a sampling of the schedule for this weeks festival from the festival website.

Show events for:| Friday | Saturday | Sunday

ERICA DUNLAP

 65th Azalea Queen

 

Circus
4/12/2012 – 4/15/2012
More information

Juried Art Show
4/13/2012 – 4/15/2012
More information

Cape Fear Garden Club Azalea Garden Tour
4/13/2012 – 4/15/2012
More information

Street Fair
4/13/2012 – 4/15/2012
More information

Visiting Ships
4/13/2012 – 4/15/2012
More information

Parade
4/14/2012
More information

Coin Show
4/14/2012 – 4/15/2012
More information

Boxing
4/14/2012 – 4/15/2012
More information

Historic Home Tour
4/14/2012 – 4/15/2012
More information

Street Fair Main Stage
4/14/2012 – 4/15/2012
More information

Street Fair Multicultural Stage

For more information please visit http://www.ncazaleafestival.org/default.asp

To look at real estate when you are in town, please feel free to visit www.cbbaker.com   Enjoy…. Kay Baker & Associates

Video of Wilmington NC Azalea Festival click on photo

 

The house is wonderful! But before you buy, carefully check the location to be sure this is the house you want to buy.

• Consider destinations

Where will family members go most often from this new location? How easy is it to reach those places from here? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls, and neighborhood services?

• Be sure rooms have a view

What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road planned?

• Check around the clock

Is rush hour traffic a problem? What will be the impact of special events like local high school games or church picnics?

• Crash test the driveway

How easy is it to get into and out of the driveway?

• Be service conscious

What utilities serve this property? Are the rates competitive? Do you want an all-electric house, or do you want gas or oil heat? Where will you get your mail? Where are the easements?

• Dig below the surface

Is the soil stable? Is part of the property on a flood plain — if so, what is the history of floods on the property?

• Visit the neighbors

How will you fit in with the neighbors? Do people seem to be friendly? Are houses well-maintained?

• Read the fine print

If the community has special by-laws or architectural controls over changes to a house, what are the pros and cons?

Make a list of the positive and negative aspects of each property as you tour it. Assign priorities to important elements of the house’s location.

Do you have home questions about a specific location? We can help. Call or e-mail us now. Kay Baker 910-202-3607 or kaybaker@seacoastrealty.com

To search all Wilmington NC real estate please visit www.cbbaker.com

If  spring cleaning is on your to-do list, you’re not alone. A study conducted by International Communications Research for the Soap and Detergent Association (SDA) found that 66% of Americans regularly conduct spring cleaning. According to the survey of 1,000 American men and women, top priority goes to kitchens, living rooms, master bedrooms, and bathrooms.

Cleaning By Gender

The SDA study found those most likely to do spring cleaning were women aged 35 to 54 and men in the 18 to 24 and 55 to 64 age groups. Women reported feeling most rewarded after cleaning kitchens and bathrooms. Men, however, felt most rewarded cleaning garages and basements–the least rewarding choices for women.

Reasons To Clean

“It just needs to be done,” was the answer 53% of spring cleaners chose when asked why they conduct their annual ritual. Other reasons were to: “Get rid of a winter’s worth of dust and dirt” (22%); “It just makes me feel better” (12%); and, “Get organized” (2%).

Rooms By Rank

When asked what their top cleaning priority was, respondents said:

Most Rewarding Cleans

Least Rewards Cleans

Too Busy?

Of the 1,000 respondents, 22% of women and 11% of men said they were too busy to do spring cleaning. To that response, the SDA has some suggestions:

• Put cleaning on your agenda, just as you do professional and personal appointments.
• List your cleaning priorities and the supplies you’ll need to accomplish the jobs.
• Pick up the supplies you need while making your regular rounds to grocery and drug stores.

Convenience Sells

The report indicated single-use wipes and dust mitts have gained popularity for their ease of use and disposability. Such products are now available for glass, furniture, floors, and even leather upholstery. All-in-one electro-static mops have also found a strong market. Another increasingly popular product: all-in-one battery-operated floor cleaning appliances with cleaning pads and all-purpose cleaning solutions.