Union County Real Estate Talk

Watch Out for That Union County NC Roof

As you drive around Union County NC neighborhoods, have you noticed the roofing contractor signs in the front yards?  Have you heard the sound of hammering coming from the rooftops?  Have you seen the roofers working on homes and wondered why there are so many brand new roofs?

There is a lot of roofing activity in Union County NC neighborhoods because we had a lot of stormy weather last spring.  One April storm, in particular, hit many areas of the county with large hail.  So many areas, in fact, that Union County was declared a disaster area for this type of storm damage.

Here are some tips for home buyers, home sellers, and home owners in hail-damaged areas.

• If you are purchasing a home in a neighborhood where you see a lot of roofer signs in front yards, it may pay to have a roofing company inspect the roof of the property you are buying.  Home inspectors, typically, do not walk on a two-story home but inspect the roof from below with binoculars.  This type of inspection may not reveal the condition of the entire roof.  A roofer will actually walk the entire roof.
• If you are a home seller who is having a new roof installed, have an independent party inspect the roof after the work is finished and before you pay the roofer.  In one of my recent transactions, a new roof was installed right before the buyer’s home inspection.  The home inspector found a number of problems with the installation.  Because the home seller had not made full payment yet, he was able to easily get the roofer back to correct the deficiencies.
• Another home owner told me recently that his roof was replaced but a second contractor doing work near the roof discovered that the roofing work was so shoddy that the roof will have to be completely done over again.  Unfortunately, the home owner is having trouble getting the roofer to come back and redo the roof.

So, buying, selling or staying, pay attention to the condition of the roof and be careful when dealing with roofing contractors.

Want to know more about Union County NC real estate?  Visit www.CarolinaSmallTownLiving.com.

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Watch Out for That Union County Roof*

Union County NC Home Buyers—100% Financing Available with USDA Loans

Do you want to buy a home in Union County NC but don’t have money for a down payment?   Here is some good news.  There may be a way for you to buy a home without down payment money.  USDA loans with 100% financing are available in some parts of Union County for some borrowers.

This is what you need to know about USDA financing.

What is a USDA loan?

• USDA stands for the United States Department of Agriculture.  These loans are part of the USDA Rural Development Loan Program.

Who is eligible for a USDA loan?

• The property you wish to buy must be in an area considered to be rural and therefore, eligible for the loan.
• The borrower must fit within certain income guidelines to qualify for the loan.

What are the benefits of a USDA loan?

• The amount financed can be up to 102% of the appraised value of the home.
• There is no private mortgage insurance required.  A required 2% guarantee fee can be paid by the seller or financed by the buyer.
• There is no limit on seller contributions for closing costs.
• Income and debt ratios are 29/41 with exceptions for compensating factors.
• A non-occupant co-borrower is permitted.

Who can use a USDA loan in Union County NC and where can it be used?

• The income cap for one borrower is $76,000 per year.
• The USDA website includes a map of areas eligible for these loans.  Union County home buyers can use the USDA loans generally in areas east of Indian Trail and Monroe and south of Wesley Chapel.  Eligible areas include parts of Waxhaw, Mineral Springs, Unionville and beyond.

Want to know more about 100% financing in Union County NC?  Click here to contact me about your eligibility for one of these loans.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Union County NC Home Buyers—100% Financing Available with USDA Loans*

Union County NC Home Buyers—Homebuyer Tax Credit Extended and Expanded

Union County NC home buyers got new options for receiving the Homebuyer Tax Credit when President Obama signed an extension of the tax credit law on November 6, 2009.  The $8000 tax credit for first time home buyers was extended until April 30, 2010.  A new $6500 tax credit for repeat buyers who have lived in their current residence for five of the last eight years was added to the program.

What should Union County NC home buyers know about these programs?

• A first time home buyer is defined as someone who has not owned a home during the three years prior to the date of purchase.
• A repeat buyer is someone who buys a home after living in their current residence for at least five consecutive years in the past eight years.
• Income restrictions have been raised to $125,00 for single tax filers and $225,000 for joint filers.
• The amount of the tax credit is 10% of the cost of the home up to $8000 for first time home buyers and up to $6500 for repeat buyers.
• The tax credit is for principal residences only, including single family detached homes, condominiums, and townhomes.
• The tax credit applies to homes under contract by April 30, 2010 and must be closed by June 30, 2010.
• The tax credit does not have to be paid back unless the home is sold within three years.
• Home buyers can claim the credit on their federal income tax returns filed for the year they purchase their home.  If the credit exceeds the tax bill, the government will issue a payment.  Taxpayers purchasing a home in 2009 can amend their 2008 tax return for an immediate refund.

What should be the first step in the process for Union County NC home buyers who want to participate in these programs?

• First time home buyers should contact a real estate broker and a mortgage loan officer for home purchase prequalification.  Learn more about buying your first home here.
• Repeat home buyers will want to contact a real estate broker to determine the value of the current residence.  Click here to request a comparative market analysis of your home.

Copyright 2009.  Carol Fox.  Allen Tate Realtors.  *Union County NC Home Buyers—Home Buyer Tax Credit Extended and Expanded*

If you are thinking about building a new home in Union County NC, you may want to follow this series about first time home buyers who decided to build their first home rather than purchase a resale home.  I first wrote about Dean and Michelle in April after they visited Charlotte to find a house and decided that a new home would fit their needs better than any of the existing home we saw during their house hunting trip.

Dean and Michelle contracted for their new home in Union County NC in April and by the end of May, the builder was ready to begin construction.  Plans had been drawn for the house, permits for construction had been obtained, and the corners where the house would be built had been staked.  The next step in the construction process was to meet with the builder for a pre-construction orientation.  I attended this meeting on behalf of the buyers as they were not able to be present.

What happens at the pre-construction meeting when you are building a new home in Union County NC?  This is what our May meeting covered in a conference call with the buyers.

• Justin, the builder, used this meeting to discuss the building process and verify that his paperwork reflected the selections that Dean and Michelle had chosen for their new home.
• Justin identified the five meetings that the home buyers would have with him:  pre-construction, pre-drywall, pre-settlement orientation, the pre-closing walk, and a courtesy follow-up after closing.
• Justin reviewed the selections and the location of options, such as cable and telephone outlets, with the buyers.  A couple of errors were identified during this process.
• The components of the Builders Warranty were reviewed with the buyers.
• Justin laid out the construction scheduling and the various phases of construction.

Construction scheduling for building a new home in Union County NC generally follows the same phasing regardless of the builder.  Here are the phases for Dean and Michelle's new home:

• Lot prep, grading, foundation
• Frame, frame check, roofing, windows and doors
• Rough mechanicals:  electrical, HVAC, plumbing, low-voltage
• Inspection process
• Pre-drywall orientation
• Exterior finishes
• Interior finishes
• Final mechanicals
• Floor coverings
• Cleaning
• Builder quality inspection process

The last part of the pre-construction meeting involved a visit to the lot where the builder showed me the corners of the lot and we looked at the outline of the forms where the slab foundation would be poured the following week.  Framing of the house would start about a week after the foundation was poured.

Read more in this series about building a new home in Union County NC.

How These First Time Home Buyers Almost Lost Their Dream Home

Copyright 2009.  Carol Fox.  Allen Tate Real Estate.  *Building a New Home in Union County NC*

Union County NC first time home buyers may be eligible for up to an $8000 tax credit if they purchase a home before December 1, 2009.  Some of the basic provisions of the $8000 tax credit for first time home buyers are outlined below.

• Union County NC first time home buyers can claim up to ten percent of the purchase price up to $8000.  The credit amount will be phased out if your adjusted gross income is more than $75,000 for single filers or $150,000 for joint filers.
• Someone who has not owned a principal residence in three years is defined as a first time home buyer and may be eligible for the tax credit.
• The tax credit does not have to be repaid if the home is your principal residence for three years after the purchase date.
• The tax credit can be claimed in 2008 by filing an amended 2008 tax return or it can be claimed in 2009 if it makes more financial sense to do so.

How can the $8000 First Time Home Buyer Tax Credit be used?

The U.S. Department of Housing and Urban Development (HUD) recently issued guidelines regarding the use of the tax credit for the down payment on a home.  Union County NC first time home buyers can get the tax credit on all types of loans but the FHA is the only agency permitting the tax credit to be monetized  in the form of a consumer loan or advance.  Currently only ten states have programs that offer the use of the tax credit in the form of a second mortgage for the down payment.  North Carolina and South Carolina are NOT among those ten states.  In North and South Carolina, the first time home buyer tax credit can only be used for additional down payment (greater than 3.5%), paying closing costs or buying down the interest rate.

Learn more about  down payment assistance programs for Union County NC first time home buyers.

First Time Home Buyers in North Carolina--Get Help With Your Down Payment 

Click here to learn more about buying your first home.

About the author:  Carol Fox of Allen Tate Realtors at 704-814-6242 has helped first time home buyers find the right home and neighborhood for over twenty years.

Copyright 2009.  Carol Fox.  *Union County NC First Time Home Buyers--$8000 Tax Credit Update*

This is the story of first time home buyers and how they learned the value of a buyers agent.  Dean and Michelle contacted me last month to ask about one of my listings.  As we talked, I learned that they were embarking on not one but two new adventures.  The first was a relocation to the Charlotte NC area from another state and the second was the purchase of their first home.  I helped them start their journey by sending them a relocation package about the Charlotte region and setting up a gateway into the Multiple Listing Service so that they could begin their home buying research.

This young first time home buyer couple did a lot of research into homes and neighborhoods before they arrived last week.  They had narrowed their home search to a list of resale homes in the Indian Trail NC area.  I explained to them that I would work for them as a buyers agent and that I would be able to share my knowledge of areas and neighborhoods and give them my opinion of the properties that we saw.  But I don't think that they understood the true value of a buyers agent until they decided to consider building a new home that met their needs better than any of the resales.

Builders are expert at making home purchases appear easy to buyers, whether you are a first time home buyer or not.  There are a lot of questions to be asked of the builder and decisions to be made beyond the basics of floor plan and monthly payment.  Dean and Michelle knew that the builder could build the perfect floor plan for them and they knew how much they wanted to spend and what the monthly payment would be but they didn't know what questions to ask in order to make the best decisions to get from choosing the bare lot to the finished and closed new home.

What happened once building a new home became a real possibility?

• Builder's Design Center.  The three of us spent a couple of hours with the interior designer at the Builder's Design Center.  Here Michelle and Dean learned the magnitude of choices they would need to make before the home could be started.  As we moved through the design center, I was able to give them advice on features most important to buyers so that the resale value of the home would be enhanced.  Since they had a limited budget, I  helped them decide where their dollars would be best spent in upgrading and those areas where they could limit their choices to basic materials.  When we were finished, they had made some smart choices and were amazed at how much they had learned about the components of a new home.
• Choosing a Lot.  A beautiful home on the wrong lot can be disastrous.  Builders often place premiums on the best lots.  Because Dean and Michelle were on a limited budget, we looked at all the lots with or without premiums.  I showed them how their home would look on the lots without the premiums and how they would they would have no privacy in the back.  When we looked at the pricier cul-de-sac lots, we met with the builder's sales manager to determine approximately what the home's footprint would be and how that would affect the size of the backyard as well as how far the home would be set back from the street. We also determined whether all the homes in the cul-de-sac had the same set-back so that no homes would be built behind the others.  We talked about how the back of the lot would be graded.  When we were finished, these first time home buyers had a very good idea of how their home would fit on the lot and its relationship with the other homes on the street. 

Dean and Michelle felt confident enough in their research after the design center and walking the lots that they scheduled an appointment for the next day to complete an offer.  We all agreed to meet at the builder's office the next afternoon to complete the paperwork.

How did Dean and Michelle nearly lose the perfect home for their family?

This young couple had done what every first time home buyer should do.  They had gotten preapproved for a mortgage before they came to Charlotte for their house hunting trip.  The next morning they walked into a branch of the bank that had preapproved them to get more information about their loan and closing costs.  When I called them at lunchtime to confirm the afternoon appointment, they said that they were not going to be able to go forward with the purchase.  The reason was that the bank told them that their loan would not work with new construction and that a new construction loan would be too costly for them.  I immediately knew that was wrong information and that the bank was talking about a custom build, not a production builder.  I suggested that they call the bank and explain the true situation. Once they spoke with the bank using the key terms that I gave them, their loan situation was clarified and they could go forward.  We met with the builder's representative, went over the paperwork and now Dean and Michelle are looking forward to their brand new home!

Lesson learned from this story:  Find an experienced buyers agent to represent you in your home purchase and involve that agent in every step of the process.

Read more about programs for first time home buyers.

$8000 First Time Home Buyers Tax Credit

Down Payment Assistance for First Time Home Buyers

Visit www.CarolinaSmallTownLiving.com for more information about buying your first home.

Copyright 2009.  Carol Fox.  *How These First Time Home Buyers Almost Lost Their Dream Home*

If you live in northern Union County NC or are considering a real estate purchase there, you should know about the Monroe Connector/Bypass.  New information about the roadway is now available.

The proposed Monroe Connector/Bypass, Union County's much discussed and long-awaited highway, took another step forward this week with the release of the Draft Environmental Impact Statement by the North Carolina Turnpike Authority.  The Monroe Connector/Bypass is a proposed toll road that would cut through northern Union County from I-485 in Matthews to US 74 between the Towns of Wingate and Marshville in the eastern end of the county.  Its purpose is to provide a high-speed bypass for US 74.

History of the Monroe Connector/Bypass

Discussion and studies of a Monroe bypass have been ongoing since the mid-1990s.  A route was selected for the eastern end of the highway and right of way was purchased for that segment of the bypass.  Further decisions stalled around 2003 because no funding was available and a connector road from the bypass to western Union County had never been identified.  In 2005, the roadway was adopted as a candidate toll facility by the North Carolina General Assembly. The Environmental Impact Study process began again.

Publication of the draft Environmental Impact Study takes affected neighborhoods and communities one step closer to knowing where the route will likely go and who will be impacted.  While the Draft EIS shows 16 Detailed Study Alternatives (DSAs) for the route, the North Carolina Turnpike Authority has selected a recommended alternative.  The most hotly contested alternatives were those in the vicinity of I-485 running either through Stallings or Indian Trail.  The recommended alternative selects the Indian Trail route with the roadway connecting with US 74 somewhat east of the Matthews I-485 interchange.

Monroe Connector/Bypass Timeline

Public hearings for the Monroe Connector/Bypass draft EIS will be held during the second quarter 2009.  A preferred alternative will be selected during the third quarter 2009 and a Final Environmental Impact Statement will be published during the fourth quarter.  The Record of Decision will be published in the first quarter of 2010.  If all goes well, construction will begin in the fall of 2010 with the project open to traffic at the end of 2013.

Click here to view the Draft Environmental Impact Statement for the Monroe Connector Bypass.  Detailed maps of the proposed route are available at this site.

Copyright 2009.  Carol Fox.  *Monroe Connector/Bypass Route Selection Is One Step Closer*