7307 Pats Branch DR. $699,000 N. Raleigh

Honey stop the car! This Luxury home for sale in N. Raleigh NC has it all... If you like the finer things in life you will love the custom upgrades and features that are included with this 3605 SF beauty. Estimated completion date Feb 2014.

 

All about 7307 Pat's Branch

 

Builder: Lawrence builders:
About Lawrence Builders Custom Luxury Homes

7307 Pats Branch DR.

Remarks: Exquisite Luxury Home w/EVERYTHING, feat. hardwds & triple crown molding on entire 1st floor, gourmet kit w/granite, bksplash, upgrd appl, screened porch with stacked stone f/p, 2nd covered deck & porch, backyd features, brick patio-fire pit & water feature, Master Suite on Main w/ tons & 3 other bedrms, add'l bonus for 5th bdrm, w/ in closets, 3.5 full ba conv to hwys & great schools

　

 

 

Raleigh, NC 27612 (City limits of: Raleigh)

Area/Sub: 002/A

Media: 3

VT: No Yr Blt: 2013 List Type: ER Subdivision: Branch Crossing Nbrhd:

School Information Middle 1: Wake - Daniels Middle 2: High 1: Wake - Broughton High 2:

Directions: Glenwood to Left on Ebenezer Church Rd, Left on Pats Branch and Home Under Construction on Right

Remarks: Exquisite Luxury Home w/EVERYTHING feat.

hardwds & triple crown molding on entire 1st floor,

gourmet kit w/granite, bksplash,

upgrd appl,

screened porch with stacked stone f/p,

2nd covered deck & porch,

backyd features,

brick patio-fire pit & water feature,

Master Suite on Main w/ tons of space & 3 other bedrms,

add'l bonus for 5th bdrm, w/ in closets,

3.5 full ba

SqFt Information Living Area Above Grade: 3605 Below Grade: 0 Total: 3605 Other Area Above Grade: 0 Below Grade: 0 Total: 0

# Rooms: 13 Beds: 4 Full Baths: 3 Half Baths:

1 Living Area-Room Dim/Levels Entry Hall: 11X22 / Main Office/Study: Master BR: 16X17 / Main Bedroom 5: Living: Kitchen: 15X15 / Main Bedroom 2: 12X16 / Second Utility: 7X17 / Main Dining: 12X13 / Main Breakfast: 11X14 / Main Bedroom 3: 12X13 / Second Bonus: 20X24 / Second Family: 17X18 / Main Loft: 10X16 / Second 12X13 / Second Mud Room:6X10 / Main Bedroom 4: Other Area-Room Dim/Levels Scrnd Porch: 14X16 / Second Garage: 20X28 / Main Storage: Patio: Carport: Porch: 6X22 / Main Deck: 8X20 /

Main General Information Appx Acres: 0.26 Foundation: Crawl Zoning: R-4 Lot Dim: 96X96X96X120 Lot #: 2

Restrictive Covenants: Y

Est Fin Date: 2/2014

New Construction: Yes Framed: No HUD Compliant Senior Housing:

Builders Name: LAWRENCE HOMES

Ownership: Primary Residence: HOA Mgmt: Branch Crossing Mgmt HOA Fees 1: $860 Annually - Req: Y HOA Fees 2: $0

Financing and Taxes Tax Value: Tax Rate: 0.0000 TM/BK/PAR/LT or Deed Page:

Financial Comments: Pre-approved letters only,

New loan needed

Legal Desc: LO2 PATS BRANCH BM 2006-01135 Pin #: 0777634158

Features Design: 2 Story Exterior Features: Covered Porch, Deck, Enclosed Patio, Gutters, Landscaped, Porch, Screen Porch Property Type: Detached Construction Type: Site built (Stick) Acres: .26-.5 Acres Exterior Finish: All Brick Style: Traditional Roof: Shingle, 30 Year WarrantyRoof Age 0-5 Years Basement Desc: A/C: A/C Age 0-3 Years, Dual Zone, Central Air Fuel-Heat: Electric Fireplace Desc: Gas Logs, In Family Room, See Remarks Flooring: Hardwood, Tile, CerBath Flr, Carpet Heating: Dual Zone, Heat Age 0-3 Yrs Lot Desc: Open, Hardwood Trees Water Heater: Tankless Water Heater, Water Htr Age 0-3 Yrs Fees Include: HO Association, Maint Com. Area Water/Sewer: Community Sewer, Community Water Parking: 2 Garage, Attached, DW/Concrete, Entry/Side Financing: New Needed Dining: Separate Dining Room, Breakfast Room Assumption: No Assumption Washer/Dryer Loc: 1st Floor, Utility Room Other Rooms: Interior Features: 10Ft+ Ceiling, Bookshelves, Butler’s Pantry, Cable TV Available, Ceiling Fan, Coffered Ceiling, Granite Counter Tops, Pantry, Smoke Alarm, W.I. Closet, Cath. Ceil., Garden Tub, Trey Ceiling Equip /Appl: Cooktop – Electric, Dishwasher, Disposal, Double Oven, Ice Maker Connection, Microwave, Range Hood Accessibility: Green Features: Green Certs: Green Building HERS Rating: High Perform.

Brought you by Lifestyle Realty Inc.

 

To tour this home please call (919) 809-SOLD or email Ebontsoldit@aol.com

 

 

So You’re Ready to Invest in Real Estate… What’s Next? 6 F.A.Q.s

1.       Question: I’m ready to purchase my 1^st home… What do I need to do first?
 

 

Answer: One of the most important steps in the home buying process is first determining how much house you can afford and whether or not a lender based on your current credit score and financial situation is willing to give you a loan to purchase the house. Pre-qualification by a lender also helps your Real Estate agent to know what price point to send you homes in as well as the time frame you should expect to be moving in. It won’t do any good to waste some poor agent’s time and gas if you are not even sure you qualify for a mortgage loan. If you just like looking at homes most agents offer online virtual tours you can watch from a tablet, smart phone or computer or you can check the newspapers and local media for open house schedules where certain homes are held open for a few hours on the weekend to allow potential buyers to take a free tour.

 

 

2.       Question: What type of credit score do I need to have in order to get pre-approved for a mortgage loan?

Answer: The majority of mortgage lenders require consumers to have a Fico credit score of 640 or higher. Some lenders will still work with consumers who have at least a 620 or higher. Other larger lender institutions like Wells Fargo have loan programs that only require a credit score of at least 580. While lower credit scores may be accepted in some cases, keep in mind that there may be overlays on the loan. Since your mortgage is sold on the secondary market almost immediately…These investors like Fannie Mae or Freddie Mac will also demand that the borrower/buyer meet certain loan underwriting standards. While a 580 credit score may get you a mortgage loan, you may have stipulations like having to pay 20% down or keep a certain amount of taxes, mortgage insurance, interest and principal house payment in reserves.

 

3.       Question: I was pre-approved for a mortgage. How much money will I need out of pocket to close on my new home?

 

Answer: Closing costs in North Carolina average around $3400-$4000 This costs includes but is not limited to; loan application fee, loan origination fees, credit report, appraisal, inspection, document prep, closing attorney etc. In addition to that Conventional loans often require at least 5% of the purchase price paid down, while FHA financing only requires at least 3.5% of the purchase price of the home to be paid as the down payment. On a $130,000 home that could total up to $8000.

 

4.       Question: If I don’t have $8000 in down payment and closing costs…Are there any programs     or grants I can use to get the money?

Answer: The state of North Carolina has an organization called NCHFA (North Carolina Housing Financing Agency) that will assist qualified borrowers/buyers with up to $8000 in down payment assistance. Another statewide organization, Homes4NC has a program  where qualified borrowers can receive a grant for up to $2000 to help with closing costs. The City of Raleigh has a program offering $20,000 to qualified buyers to help with down payment and closing cost. There are programs available, check with your agent or lender on financing assistance options best suited to your need.

 

5.       Question: Why should I use a buyer’s agent to help me purchase Real Estate?

 

 A Buyers Agent’s commission is paid by the seller at closing. If you have not agreed to a verbal or written Buyer’s Agency Agreement the Agent showing you the home is legally working as a sub-agent of the seller. That means that they are only allowed to disclose material facts. They are working in the best interest of the seller instead of the buyer. When you hire a Buyers’ Agent…(this can be verbal up until the time you decide to put in an offer) they are there to promote your best interest during the deal. They can research the property and neighborhood, turning it upside down to help you make an informed decision on your purchase.  Your Buyers Agent will try to gain every advantage on your behalf to give you leverage in negotiating a fair price.

 

 Your Buyer’s Agent can offer you many other valuable services like;

 Provide access to new listings as they come on the market

 Provide a market analysis on any property you’re interested in to verify its value

 Disclose all material facts pertaining to the property

 Disclose potential environmental concerns like lead based paint and radon

 Assist you with loan approval

 Thoroughly explain all contracts, addendums and property condition reports

 Write up all offers and contracts on your behalf,

 Line up professional services (lender, closing attorney, inspector, appraiser, painter, plumber etc.)

 Be a problem solver for you during the transaction

 Act as a buffer between you and the seller

 

6.       Question: I have been pre-qualified for a mortgage, I have saved funds for down payment and closing cost (or I have a program to get the funds from) I have found a property and I’m ready to make an offer. What is the next step?

Answer: Once your offer has been accepted the due diligence process starts. During the due diligence process you will make your final loan application as well as perform a variety of inspections and appraisal on the property to make sure it is a sound investment. If before the due diligence period is up ad you and your agent discover ANYTHING about the property you don’t like…you can cancel the contract. If everything is suitable and you decide to move forward you will begin to make preparations to close on the property.

Live Links: Working with Real Estate Agent's brochure

Q&A on Offer and Acceptance via NCREC

Working with Real Estate Agents Brochure via NCREC

Q&A on Home Inspections

Q&A on Real Estate Closings

 

 

How to find Foresclosures (5) Top Sources

Looking to purchase a new or used home with built in Equity? Why not choose a Foreclosure, Short Sale, or  other distressed property.  It is a common misconception that Foreclosures are located in low end areas that are undesirable to live in. That is far from the truth. High end homeowners were hit by the economic crisis as well as low end homeowners. These days you may find a foreclosure in just about any neighborhood you are searching. Purchasing a foreclosure is a great option for those who want to purchase an inexpensive home. Sometimes they need little to no repair before a buyer can move in... If the home is in need of repair, ask your agent or lender about a 203K mortgage loan... Up to $35,000 in repairs are allowed (Repairs must be made by a certified 203K contractor) for your area. Repairs are made before you move into the home. A foreclosure or short sale along with a 203K mortgage loan can turn a distressed property into the right buyer's dream home. Live links below...
Start searching for foreclosures now!

These sites below will help you become a savvy searcher of distressed properties...

 

1. Search for gov. owned HUD homes

 

2. Search for Fannie Mae Foreclosures

 

3. Search for Freddie Mac Foreclosures

 

4. Search for Foreclosures & Short sales on Realtor.com

 

5. Search for Homes and Values on Zillow.com

 

Feel free to email me for assistance with your distressed property search and financing questions.

Email: Ebonysoldit@aol.com

Ph: (919) 741-H0ME

(919) 741-4063

 

Need to sell your home? 20 Reasons to hire me as your Listing Broker

As your listing agent, I will protect & promote your best interest until we close on your home. During that time I can provide you with many valuable services.

1. Determine the value of your home based on statistical information directly pertaining  to your neighborhood and property's condition
2. Verify the square footage in your home
3. Provide a seller's net sheet to give you an estimate of your net proceeds from the sale of your home
4. Provide 12-25 professional looking digital MLS photos
5. Market your property through the MLS & other internet home search sites
6. Get maximum web exposure for your home since 90% of buyers find their homes on the internet
7. Provide relocation services to assist you with finding a rental or new purchase
8. Offer suggestions on preparing your home for sale, making repairs & how to have  successful showings
9. Be your problem solver during the transaction
10. Remain your confidant throughout the entire transaction
11. Act as a buffer between you and the buyer/buyer' s agent
12. Negotiate all offers & counteroffers in order to achieve the highest price
13. Assist with all contracts & mandatory federal & state disclosures
14. Verify that qualified buyers are viewing your home
15. Assist with a variety of inspections, estimates & repairs
16. Communicate with you weekly on showings & feedback
17. Offer staging tips, de-cluttering advice and home organization techniques that sell a well balanced and organized environment for future buyers
18. Coordinate your closing with the attorney and lender
19. Give you peace of mind during this difficult process
20. Keep in mind you do not pay ANY commissions until after we have a successful closing

 

 

 

       Closing Killers… 8 ways to avoid the AX

 

1. A fully approved loan is no longer an approved loan if the buyer’s employment can’t be verified on the day of closing. If the buyer has had a change in employment the loan may have to be re-underwritten and a new settlement/closing date may need to be set.

 

2. FHA requires 3.5% down payment by buyer. If the seller pays to much of the buyer’s closing cost, the loan will not be approved. Always check with the lender before you get to the final contract writing stage, to be sure on how much to ask for in seller paid closing cost.

 

3. Make sure you get an appraisal early into the due diligence period. If the home does not appraise, it will more than likely not get a loan.

 

4. If all necessary paperwork has not been sent to the lender in a timely manner the closing could be delayed.

 

5. If the home is a short sale, even though the buyer and seller may have a fully executed contracted, bank approval is still needed before closing can take place.

 

6. In a short sale, the second lien holder must also agree that the short sale transaction can take place.

 

7. Any new applications for credit should be postponed until the buyer closes

 

8. If you are on the selling side of the transaction, be sure to obtain a ‘Seller’s estimated net sheet’ to identify all cost and fees involved. Decide if you are willing to bring funds to close if the offer is not sufficient. Seller’s should also decide how much they are willing to pay in repair negotiations. A pre-inspection is a great starting point on figuring out what repair items the home may need. A pre-inspection also gives seller’s the chance to fix problems that could be discovered  on the buyer’s inspection report.

 

 

A closer look at Short-sales/Everything you need to know...

A closer look at short-sales...Everything you need to know!

What is a short-sale?
Wikipedia:
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts, and whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.^[1] Any unpaid balance owed to the creditors is known as a deficiency.^[2][3] Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties. However, legislation was passed to preclude deficiencies after a short sale is approved. The same is true of lenders on first loans and lenders on second loans - once the short sale is approved, no deficiencies are permitted after the short sale.

A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower. While foreclosure almost always  results in a negative credit report against the property owner, short-sales under the new guidelines do not. Borrowers completing a successful short-sale may now receive up to $3000 in relocation assistance and they do not have to wait 2-3 years before purchasing another home.

How can I find out if I'm elgible to do a short-sale on my primary residence or investment property?

Guidelines for Home Affordable Foreclosure Alternatives:
www.makinghomeaffordable.gov

Getting started:
Request for Mortgage Assistance forms/ Please print


Look up your loan/click link below:

Freddie or Fannie?

 

 

 Thinking about purchasing a short-sale?
With the distressed property market being addressed more efficiently to ensure a steady track to Real Estate recovery, the fear that the word 'short-sale' used to evoke is a thing of the past.... Buyers in a short-sale transaction can now expect shorter wait times for bank approval. The bank now has 30-60 days to respond to a short-sale offer...

Buyers needing funds to make a successful short-sale purchase can turn to options like down payment assistance as provided by NCHFA... If the property is in a USDA area, buyers can get special financing, just $100 down...

Buyers needing funds for repairs of a property purchased by short-sale can look into options like 203 K loans which allow the buyer to finance up to $35K in repairs and upgrades. The 1st $5000 will be used to address any health and safety concerns, after that, the buyer can work on cosmetic items such as flooring, countertops and energy efficient upgrades and appliances. Ask your Realtor for a list of 203 K approved contractors in your area to walk you through the renovation process. Repairs are completed before occupancy... With the right help, a little motivation and research, a distressed property like a short-sale can be a potential buyers dream home.




Click the links below for the most detailed information on the new short-sale guidelines updated Feb. 2013




 Making Home Affordable/ New short-sale guidelines Feb. 2013


Standard Short-sale/HAFA II Aligned GSE (Government Sponsored Entity) policy highlights

For more information please feel free to email me: Ebonysoldit@aol.com

No Romance w/o Finance! (7) Financing options for NC [100($)100]

 Be proactive! Find out your credit score and financing options before you start house hunting.

 With closing cost in North Carolina averaging around $3,400-$4000 and downpayment cost totaling 3.5% -5%, financing can become quite a challenge. Check out these statewide programs for North Carolina and click their links to see if 1 of these options could benefit you.

(Clicke here to leave this site and securely request your report at annualcreditreport.com)

Request your free annual credit report

1. What is NCHFA?
North Carolina Housing Financing Agency...

They create affordable housing for

those North Carolinians whose needs are not met by the market...

What they offer:

Competitive interest rate mortgages

Down payment assistance up to $8,000

Mortgage credit certificate

To learn more about any of these programs, click the link to go to NCHFA.com

for more info:

NCHFA.com

2. WHS- Workforce Housing Specialist -Formerly 'Affordable Housing Specialist' 

Since  Realtors care about their communities and the lack of affordable, decent

 homes available to working families, they created the housing foundation 'Homes4NC'

the purpose of this public charity is to increase safe, decent and affordable housing

for ALL North Carolinians. Realtors like myself who have earned the esteemed

Workforce Housing Specialist designation now have a grant available for our

buyers only. This grant provides $2000 in closing cost or other related transaction

cost as long as the buyer meets certain criteria.

Click the link below to learn more about the requirements for this grant:

Guidelines and application 'Homes4NC'

3. HUD.gov
U.S. Department of Housing an Urban Development/ Government agency that oversees

home mortgage lending practices

Benefits: If a previous homeowner had an FHA loan ( a loan insured by the

government) once the homeowner defaults HUD takes ownership of the property. In

2010 the Dept. of HUD changed the way they dispose of the real estate they own. 

You can now log onto HUDhomestore.com and view a nationwide site that lists all

HUD properties available for sale.

These homes can be purchased for as little as $100 down

In the past, owner occupants or end users had a 10 day period to bid before

investors. Now they actually get a whole 30 days.

Click the link below to see a complete list of these homes and the requirements

for purchase.

Hudhomestore.com

4. USDA
United States Department of Agriculture/Rural Development

USDA offers different affordable loan programs for homes located in eligible

rural areas as defined by USDA

Buyers must also meet certain income requirements

These loans enable qualified buyers to purchase a home for $0 down, have all

closing cost financed and also have a lower mortgage payment...

To learn more about these loans, income limits or to find out if a home in a

certain area is USDA eligible, click here:

USDA home eligibility search & loan requirements

5. VA/United States Department of Veterans Affairs

The VA program helps Service members, Veterans and eligible surviving spouses

become homeowners. They provide a loan guaranty benefit and other housing

related programs to help you buy, build, repair, retain or adapt a home for your

own personal occupancy. VA guarantees a portion of the loan enabling the lender

to provide you with more favorable terms.

For more info and requirements click here...

Benefits/VA/Gov/Loans

6. Self Help Credit Union: Creating and protecting ownership and economic opportunity for all...

Self Help the non profit center for community self help combines several

organizations that together provide financing, technical support, consumer

financial services and advocacy for those under served by conventional financing

institutions...

   In some cases they only require a credit score of 580 for home purchases

For more information on loan products and terms provided by Self Help click

here:

Self-help.org/building-communities

7. Last but not least, local entities often provide their own home ownership opportunities and incentives. Organizations like City of Raleigh help low-income families by providing up to $20,000 in funds for home purchases. To find out more about specific programs tailored to your county, visit one of these HUD approved counseling agencies. Updated as of 2-14-13 Phone numbers, websites and addresses can be found here:

HUD Approved counselors and resources for North Carolina

Need questions answered about any of these programs? Feel free to email me at

 Ebonysoldit@aol.com

How to I.N.V.E.S.T.... 6 Key Points

1. INITIATE/INVESTIGATE-  Initiate the process. Take action. You have to start somewhere! Whether you plan to invest in real estate, stocks or bonds, taking the 1st step is crucial. Put your plan into motion and start investigating your investment opportunities. How is my credit? Am I pre-approved? Can I get a loan to purchase this investment? As 2013 remains a historic year for real estate recovery, this is the perfect time to invest in your very first starter home.

 

 

 

 

2. NEGOTIATE- Always counter! Remember that almost all contract terms are negotiable, from the payment price to the due diligence period. Never settle until you get the terms you want. Sometimes people need to say no a few times before you can get to a yes! An excellent negotiator will make sure that the terms are also reasonable for the seller. Most great deals end in a win-win situation. Show the other side that you care about their needs and are willing to meet them half way. No one should walk away feeling jilted.... "If you do counter, I will counter." ~Daymond John (Successful entrepreneur and multi-millionaire)

 

 

 

3. VALUATE- To set a value on... What is your investment really worth? Have you thought about the future of your investment or hired the proper professionals to appraise, assess, evaluate, measure, determine value? Skipping this step could mean the difference between moving into your 1st home with built in equity or being upside down in your mortgage within the first 2 years of your purchase.

 

4. ESTIMATE- any and all cost involved with your investment. A common mistake among 1st time home buyers is that they fail to estimate the total out of pocket costs. FHA loans require 3.5 of the purchase price to be paid upfront as your down payment. In addition to that there are closing costs or settlement charges associated with the loan. Closing costs in North Carolina can be between $3400-$4000. This includes fees such as loan origination, appraisals, credit reports, a variety of home inspections etc. An awesome lender will point each and every one of these out to you so that you have planned ahead, know what you are dealing with and make sure you are ready to tackle the process head on.

Below is an excel excerpt detailing what the buyer is required to pay out of pocket.

 

So in this case, lets just say the home is $130,000... 3.5 % down

$130,000x .035=$4,550

Down Payment $4,550+ Closing costs $3,908.29

That brings the total out of pocket cost to buyer up to $8,458.29

You want to know all of this before you sit down and make your final loan application.

 

5. SEE it through! Seal the deal! You have done all of your homework so now is not the time to lose focus. Occasionally there are a few issues that can set first time homebuyers back. Sometimes during your investigation process you may find that your credit score is a few points or even alot of points away from what is required to obtain a mortgage loan. Remember that your credit score is only a snap shot of your credit history at a particular point in time. It can be repaired. In some cases buyers may find themselves strapped for cash and can not afford the downpayment or closing costs. This does not mean that you don't deserve to have your own home! There are plenty of programs in North Carolina that will help you make your first purchase. Ask your Realtor about downpayment assistance or foreclosed homes that have special incentives for owner occupants so that the downpayment may be as low as $100.

 

 

6. THINK about all of your success with this investment and start planning your next one. Strike while the iron is hot! Maybe you just moved into a foreclosure and have some built in equity...It may pay off to invest that equity into a rental property and start earning as a small business. People have to live somewhere, so why not become a landlord? You can hire a good property management firm to manage your tenants and repairs for a small fee. Check with your accountant and attorney to get the tax outlook and legalities.

Remember: I-nitiate/Investigate
                   N-egotiate
                   V-aluate
                   E-stimate
                   S-ee it through
                   T-hink about your next investment