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Why Some Homes Will Never Sell?

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A BIG WHY. This is really hit home with some sellers who have their home that sit on the market for years without able to sell. As a result, the home ends up going through several different listing agents, and each failing to get the home sold. Below are some major facts of WHY it happen:

1. Homeowner/seller decides to list their home with a Realtor. Realtor does his/her homework, CMA (Comparative Market Analysis)… and determine the home is worth, for example $250,000, and the seller decides to list the home for $275,000.

2. House fails to sell. Meanwhile, the home down street sells for $250,000. After 6 months, the seller decides the agent has not done their job and fires them.

3. Seller hires a new agent, and list the house for $250,000. The current CMA shows the home is now only worth $225,000. Once again the home is overpriced because the market value is declining. The house sits on the market for another 6 months without a singer offer.

4. The agent can not sell the overpriced house, so the seller fires them and hires someone else. The home has been on the market for a year now, with three different agents. This time, the seller lists the home at $225,000. Again, the market has declined and the home is only worth $200,000.

5. I think you get the idea here…

The problem is NOT with a bad agent who listed the house, NOR is it because the market is bad. Had the home been listed for $250,000 from the start, it would have sold. Every month the property sits on the market is another month that the home is losing value, and as time goes by less and less people even bother to view the property.

The other thing to bear in mind is appraisers look at the same comparable sales that we as Realtors look at. If the Market Analysis can not support a listing price of $275,000, odds are good that the appraiser will not be able to support the price either.

The solution:

As a Realtor, my solution is simple. If the seller is determined to list the home for a price that I feel is unrealistic, I do not have to take the listing. It does not make sense for agents to take “dead on arrival” listings like that because we don’t get pay for our services on homes that don’t sell. For a seller, if you think your Realtor’s analysis of your home is inaccurate, it might be a good idea to have a formal appraisal done on the property. It is extremely rare for someone to be able to sell a home for more than the appraised value because lenders will not write a loan for more than a home is worth.

There are lots of appraisal companies in Murphy NC and the cost is generally a couple hundreds dollars depending on the size of the house. Commercial property can be a little more. It is a small price to pay in order to be able to sell your home for $250,000 now rather than waiting months or years to find out the home has lost $100,000 in value. At the end of the day, it just does not make sense for sellers or agents to list properties for more than they are actually worth. I understand wanting to make sure you get as much as possible for your home, but listening to the expert opinion of your Realtor can make the difference between a sale and a foreclosure.

If you have any Real Estate questions or want to know the current value of your home, give me a call/text Big Frank at 828-837-0991, email: bigfrank@28906.com. I am here to help you. I love my job. I am your local Real Estate expert, being in Top Ten Producer of EXIT of The Carolinas (The EXIT offices of North Carolina and South Carolina) since 2009 to present, and I am in housing business for 39 years that allow me to help people achieve their Real Estate goals effectively. I am a full-time Broker/Realtor at EXIT Realty Mountain View Properties, Murphy NC. We are serving Western NC and North GA. You can search active listings at www.28906.com

Reference: St. Paul Real Estate Blog by Teresa Boardman.

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The Truth About FHA Loans

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Below is a few facts and answers about FHA loans that may be able to help people who don’t have the best credit.

What is an FHA loan?

FHA stands for Federal Housing Administration and it offers mortgage insurance on loans that are made by FHA-approved lenders in the US and its territories. The FHA itself doesn’t lend you the money, it insures the loan in order to minimize the lender’s financial risk.

The FHA was created by the US Congress in 1934 and is currently the biggest mortgage insurer in the world with over 34 million properties insured. It became part of the HUD’s (US Department of Housing and Urban Development) Office of Housing in 1965. An interesting fact is that FHA is the only government agency that functions with self-generated income – which means that it doesn’t use taxpayers’ money.

It is important to understand that an FHA mortgage insurance protects the lender against losses in the event of a homeowner failing to pay their mortgage loan. This reduces the lender’s risk since the FHA will pay them in the event of a homeowner’s nonpayment.

What are the advantages of an FHA loan?

One of the main advantages is that you don’t need to make a very big down-payment (which can be as low as 3.5% of the purchase price) for an FHA-insured loan. Most traditional loans require an initial payment of 20% of the property cost. College graduates, newlyweds, first-time homeowners and people with low income generally cannot afford a 20% down-payment.

Since an FHA-insured loan requires only a minimum cash investment, it is ideal for people who haven’t been able to save enough money for the purchase. First-time home buyers and people who may have been denied for a conventional loan will definitely benefit from an FHA-insured loan. Also, if you can’t apply for conventional loans because of bankruptcy or foreclosure, you may still be able to qualify for an FHA loan.

FHA loans are very popular since they allow greater flexibility in calculating payment ratios and household income. In general, to be eligible for an FHA loan, you must have a valid social security number, be a US resident, and old enough to get a mortgage in your state.

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What credit score do you need in order to qualify for an FHA loan?

Another plus is that there are no minimum credit score requirements in order to qualify for an FHA loan. However, since June 2013, the FHA requires lenders to manually sign and accept liability for loans to borrowers who have credit scores lower than 620 as well as total debt-to-income ratios higher than 43 percent.

On the other hand, having no credit history is generally not a problem since lenders will check other payment-history records in order to complete their evaluation. People who have been in a credit counseling program for a year or more and have made all their payments on time are also eligible for FHA loans.

FHA loans – What’s the catch?

First of all, the properties have to be appraised by an FHA-approved appraiser, and they must meet certain conditions. However, the biggest disadvantage is the mortgage insurance premium (MIP). There are two kinds of MIPS, and both are required: one is the upfront mortgage insurance premium (UFMIP), which is financed into the mortgage (it increased from 1% to 1.75% in 2012), and the other is the annual MIP (which is actually paid monthly).

As of June 2013, mortgage insurance premiums must be paid for 11 years in loans which the original loan-to-value (LTV) is 90% or less. If the loan’s starting balance is higher than 90% of the appraised value, the MIP will last the lifetime of a loan.

What are the disadvantages of an FHA loan?

Since an FHA has a very low down-payment (which can be as low as 3.5%), you will end up paying more interest than if you had a conventional loan with a 20% down-payment. This is a very important factor to consider when looking for a mortgage. If you are financially capable of paying 20% for a down-payment, then you should strongly consider opting for a conventional mortgage since it will save you a lot of money in the long run.

Plus, on top of the 1.75% upfront that you’ll have to pay in insurance, you can’t cancel the annual mortgage insurance premium, like you could before June 2013. In contrast, conventional loans let you cancel the insurance policy when you have enough equity.

FHA 15-year vs. FHA 30-year fixed rate mortgage

Paying your mortgage over a shorter time period is the best way to save on interest costs. For example, if you’re paying back a loan of $250,000 with a mortgage rate of 5% and you pay it over 15 years, you would pay $104,815.47 in interest. If you pay the same loan over 30 years, you would have to pay a staggering $229,910.29 in interest which is more than twice the amount you would pay with a 15-year mortgage.

Of course, the monthly payments are also higher because you are paying the same amount in only 15 years. Nevertheless, if you can afford a higher monthly payment, you will be saving a lot of money by choosing a 15-year fixed rate mortgage as opposed to a 30-year fixed rate mortgage.

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Looking For A Bargain?

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During the recession most people decided to rent instead of buy their own home. Now jobs are back, money is coming in, and the interest rates are at all record low. With most renters, their biggest hurdle is buying a home of their own. Most of them want to, but don’t know where to start. Some might be able to save for a down payment while others make just enough to get by. If you or anyone you know  is facing a similar situation keep reading, WE MIGHT BE ABLE TO HELP.

What is I told you that you could buy a home with NO MONEY DOWN? What is I told you that you could also qualify for a home with only 3 1/2% down? What is I told you that there might be a great home out there that is so cheap that your couple of grand of savings could go farther then you ever imagined? I hope you answer is tell me all about it, because that is exactly what I am about to do.

I am going give you an up to date list of properties in Murphy, NC that qualify for USDA Loans, FHA loans, and conventional. I consider these some of the best and CHEAPEST in our market today. They make great first time homes, investment properties, or even a cheap second vacation home.

Now Yes you credit score has to be good, but don’t give up if your score isn’t perfect. You would be surprised about how flexible they are with a score. The best way to see if you qualify is to get it checked. The worst that could happen is that they will deny you, give you a list of things to do to increase it, and tell you to come back next year. It will also put a credit inquiry on your record, but this will eventually fall off.

Lets start with USDA loans. These are great loans for someone with good credit (620 or higher) and no money down. You must have a job moving out of state and not taking your job with you, you must provide them with a document from your new employer in which you will be working with after the move. Also… It has to be your main home. You can not get a USDA loan for a vacation rental, not without money down. The USDA requires that you be on a private well and you can’t more than $74,000 a year in the whole Household.  Now these seem like a lot of rules and almost impossible to find, but through the help of “Big Frank” Schuler at Exit Realty MVP. I have a few properties that are up for grabs today!

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64 Chikadee Trl.Murphy, Nc $69,000! MLS# 123612

 

 

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308 R. J. Mountain View Drive. Murphy, NC $79,900 MLS# 123973

 

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9241 Beaver Dam Rd. Murphy, NC $79,000 MLS# 123128

 

These are just 3 of the many listings that qualify for a USDA loan. I myself got started as a first time hoe buyer through the USDA program. I can say personally that it was the best decision of my life. I hope that this information helped you today. Please Stay tuned for our next blog about FHA loans and a list of some houses for sale that will pass for that loan. In the mean time, if you have anymore questions or would like to get started with buying you home today, give us a call. “BIG FRANK” Schuler 828-837-0991.

Moving to North Carolina

This Is The Mountain Life…

So you have decided to move to the mountains of North Carolina. GREAT! You have made a good choice. It is affordable, peaceful, and has plenty of fresh air for all. For those of you who want a year round mountain view you have some special considerations to take into account. View 1

      Like… What if it snows, will you be able to get down? What if there is a storm, will you still have power? Can the fire trucks or ambulances reach me? Can I get internet or phone service?

 Calm Down and don’t panic. We have the answer….. YES! It is the 21st century and thanks to our kids and grandchildren, we have many capabilities today then we had even a few years ago.

Living on top of a mountain is a dream for most but fear and doubt get in the way of making the choice to move. LET GO OF THE FEAR! Everything will be fine…. if you don’t believe us just look at the slide show of a property that just became available in Murphy, NC. It has everything you need. Including internet, phone, water, septic, paved driveway, cable, a lake view, and a spectacular view of the mountains.

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Did you like it? Of course you did! What’s not to like? Now I bet your thinking well…  What’s the price? If you are from a larger city you will be shocked at how far your money can take you our here. This home is currently listed at $289,000! The reason we used it on this post is the fact that it is in an ideal location, has absolutely NOTHING wrong with it, and is close to town. So if you are thinking about moving to the mountains and feel braver today give us a call. Big Frank can help make your dream come true. CLICK HERE to see more.

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Friends’ Silent Auction at Murphy Library August 25-27!

Lets Support our local Library

Friendsofmurphylibrary's Blog

The Friends of Murphy Library’s 2016 annual Silent Auction runs from Thursday August 25 ending on Saturday, August 27 at 12:30 p.m.

In addition, the Cooking & Kitchen Supplies Sale takes place on Friday only, from 9 a.m. to 4 p.m. Donations of kitchen items may be dropped off at the library anytime.

Items for the Silent Auction have been coming in from near and far and include a large number of gift certificates, as well as art, crafts, antiques and unique gifts.  Check out photos below of librarian Jeff Murphy showing some of the wonderful pieces in this year’s auction.

Donations are welcome anytime!  AND you can bring by items for our free refreshments on August 27 also much appreciated, such as cheese & crackers, cookies, cakes, whatever you like to make.  Thank you for everything!!!!!

Call 837-2417.

Below: doll made by Charlie Patricolo2016 Silent Auction Charlie Patricolo doll2016 Silent Auction fabric crafts2016 Silent Auction books

Vase by Mike Lalone2016 Silent Auction Mike Lalone

Quilt…

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Moving to North Carolina, Uncategorized

Is North Carolina Rite For You??

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Is it really riding horses on  beautiful mountain tops?

With so many people wanting to escape the Florida heat or New York Snow storms, North Carolina always seems to pop up as the go to place for their new home. But is it really that awesome? Think about it… what do you really know about NC? Well, if your answer is “not much” then your in the rite place.

     I myself moved from Florida almost 11 years ago. I moved to the little town of Murphy, NC. I honestly don’t know what I was thinking. How I thought that I could go from a city of 150,000 people to one in the Middle a the mountains with a population of nearly 6,000 was PURE CRAZZIENESS! I did it though, and I took my family with me. Now you might ask, did she move back? The answer is HECK NO! I wasn’t about to give up my dream of riding a horse on a mountain side! I was here and I was going to make it work!

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Are there really bears there?

     That was until I saw something that stopped me in my  tracks. You guessed it. I saw a bear! Not Pooh Bear, an actual BIG BLACK BEAR! No one in Florida prepares you for running across this. So I panicked. I ran inside, called my husband, and prayed that it wouldn’t eat my cat. My husband of course had the perfect timing of being in a meeting just as a needed him most. This was it. This was how I was going to die. Why did I move here?! Then something amazing happened.

     While I was looking out the window the bear sat down and her cub came running out of the woods to her. She had gotten into my trash and was just trying to find food for her family. My heart stops racing and I watch. I watch her feed her cub and roll around to play. This is AMAZING! This just went from the most terrifying experience of my life to one of the best.  Needless to say I felt pretty foolish acting like I did.

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This is Murphy, NC

Ever since then I have started slowing down, something I found hard to do back then. Being from the  city I never really stopped just to see what was around me, probably because it was always ugly buildings. When I did this, a whole new door opened up for me. It was the door of Murphy, North Carolina. It was a door of all the natural wonders of the world. Since then I have seen the Appalachian Trail, kayaked, rafted, and yes, even ROAD A HORSE ON A MOUNTAIN TOP.

     So, Is North Carolina Rite For You? I think it is. I think that it is the perfect place for people to work and play. You just need to learn how to SLOW DOWN. Most people vacation here. Why stop at that? If you need more information on the area, and yes, I am going to be a little bias here (Because he is the best)  CLICK HERE or Email… Thanks for Reading!

 

 

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Alcohol Finally Passes for Cherokee County! Murphy North Carolina is the new up and coming area for investors.

Picture From the Cherokee County Scout The votes are in! Cherokee County North Carolina days of being a dry county are over. For the small town of Murphy N.C. this couldn’t have come at a bet…

Source: Alcohol Finally Passes for Cherokee County! Murphy North Carolina is the new up and coming area for investors.

Murphy NC approves alcohol sales outside city limits, Uncategorized

Alcohol Finally Passes for Cherokee County! Murphy North Carolina is the new up and coming area for investors.

VotePicture From the Cherokee County Scout

The votes are in! Cherokee County North Carolina days of being a dry county are over. For the small town of Murphy N.C. this couldn’t have come at a better time. Murphy’s new Harrah’s Cherokee Casino and Resort opened their doors last year and are expected to bring in an estimated 500,000 + tourist to the area this summer. Investors were waiting in the wings to see if the 2016 ballot to allow alcohol sales outside of city limits, was going to pass. Well, it did, and now investors are making their moves.

     Business investors are not the only ones cashing in on the great opportunity to own a piece of Murphy N.C. . First time home buyers, flippers, and rental property investors are also scooping up available homes to earn an income from the estimated rise in equity. “It’s a untapped goldmine of opportunity here in Murphy”, said one local man.

     As a realtor in Murphy, NC Big Frank Schuler was interviewed by the Cherokee County Scout and commented that “We are a tourist community now” . Said Big Frank Nov 2 2016.

Please Give are office a call and we will be able to help you invest in Murphy too! Big Frank is amazing and knows the area well. He will find you the best deal and opportunity Murphy has to offer. 828-837-0991

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Why Waiting Until Spring Could Cost You Tens of Thousands of Dollars Extra When Selling Your Home!

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So ask BIG FRANK Schuler @ Exit Realty MVP in Murphy NC 28906.

If you want to buy or sell in the far Western NC area or North GA give me a call and I will try and help. The Appalachian Mountains is a great place to live.

At the risk of sounding cliché, the old adage “The early bird catches the worm” definitely applies to selling your home. Those who get started early tend to sell for more money in a shorter time.

There are three basic reasons.

Reason #1 – Buyers doing research in the winter months are generally more serious about buying soon. As the weather gets nicer, it tends to pull a lot of daydreamers into the process. On sunny days people like to drive around and “window shop.” It’s a pleasant way to pass the time, but unfortunately a lot of these folks don’t have serious intensions or can’t afford to buy anytime soon.

Reason #2 – Sellers who get started early tend to generate a higher sale price because they have more time to get their home in tip top shape for showings.

As most good agents will point out in their listing presentation, the typical home has anywhere from 5-15 items, ranging from minor issues to major improvements that need to be addressed before putting a home on the market.

So get focused on knocking these things out, because the last thing you want is to be working on your home while the best buyers are buying and being taken out of the market.

We’ve all heard, “Timing is everything.” Well, in selling a home that’s often true. The best buyers, the ones who will offer you highest sale price, tend to be drawn out of the market early.

So prepping your home for sale sooner than later, is a good idea.

Reason #3 – Getting started early allows you to research, educate yourself on market conditions, and find out who’s doing a great job of listing and selling houses in your area.

You’ll gain understanding of the market and narrow your list of potential agents, enabling you to mentally and emotionally prepare. Selling your home can be a rollercoaster ride of emotions and choosing a quality agent, someone who will be your trusted advocate, goes a long way towards smoothing out all the potential bumps in the road.

So to recap, getting started early will help you in many ways. You have time to knock out all the prep work. You give yourself time to do your research. And most important, it positions you to have the best possible chance to sell your home quickly and for the most money.

As always, if there is anything at all I can do to help you, please feel free to call me (Big Frank) My Cell at 1-828-837-0991. The conversation is always free and you’re under no obligation of any kind. My entire objective in our conversation is always to help you in any way that I can.

REMEMBER: We have Harrah’s Cherokee Valley River Casino & Hotel in Murphy NC (Cherokee County NC) being built now and expection to be open about August of 2015. Many new Casino Employees will be looking for homes and you need to get your home listed now so I can show it to these people.

 

Do you know BIG FRANK? It’s time we meet so I can help you. Call or Text BIG FRANK @ 828-837-0991 or email me at bigfrank@28906.com

You can also search the WNC or North GA MLS here: www.28906.com

Murphy NC is a great place to live!

 

Exit Realty MVP

1900 U S Hwy 64 West

Murphy NC 28906

Att: BigFrank

 

PS: If you want a free brosure of current homes listed in this Cherokee County NC area mailed to you just email me your contact information to info@28906.com and I will snail mail it to you asap.