Glen Laurel Homes In Foreclosure May Soon Be Rental Homes

To help combat the many foreclosures that homeowners across the country, including those who live in the community of Glen Laurel, are facing, the Bank of America may soon offer the option of a rental as an option to dealing with foreclosure. BofA has launched a pilot program where they are offering some of their mortgage customers who are facing foreclosure the option to be able to stay living in their homes and become renters instead of owners.

The "Mortgage to Lease" program was just recently launched by BofA and is currently being offered to only a small number of customers. Ron Sturzenegger, Legacy Asset Servicing executive of Bank of America, said in a statement, "This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support.”

Those homeowners who choose to take part of this pilot program will hand over their title to the bank, who at that time will waive any outstanding mortgage debt. The homeowner will then be eligible to lease his/her prior home for up to three years at or below current rental rates. The monthly rental rate will be below what they are currently paying for their monthly mortgage payment. The bank will also waive all taxes on the property or homeowners insurance that tenants may hold.

Now is the perfect time to buy or sell a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Now Is The Time To Sell Your Glen Laurel Home

If you have been contemplating selling your home in the community of Glen Laurel now may just be the perfect time to do so.  Existing home sales across the country posted their third gain in the last four months.  Investors and first-time home buyers are helping to boost the market when it comes to existing home sales, making it the perfect time to sell your Glen Laurel home.  According to the National Association of Realtors (NAR) existing-home sales -- including single-family homes, townhomes, condominiums and co-ops, went up by 4.3 percent from the month of  December to January.  This number remains very similar to what we saw during this same period of time last year.

We are also seeing a drop in the number of available homes for sale.  Foreclosures still remain a large number of homes available on the market.   According to the NAR foreclosures and short sales made up 35 percent of homes sold this past January.  23 percent of all homes purchased in January were bought by investors.  First-time homebuyers accounted for 33 percent of all homes purchased in January up from 31 percent in December.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs.  Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Mortgage Relief Help Set To Aid Glen Laurel Residents

Good news, Glen Laurel homeowners! If you are underwater on your home mortgage loan and it is held by Bank Of America (BofA), you may be eligible to have the amount you owe on your loan reduced. BofA recently announced that they would be helping up to 200,000 homeowners underwater on their home mortgage loans as a result of the government foreclosure settlement. BofA spokesman Richard Simon said, “The bank made the commitment as part of a $1 billion side deal to the $25 billion foreclosure settlement.”

For some struggling homeowners in Glen Laurel and across the country, the principle reduction on their homes loans as a result of this settlement could potentially leave them no longer underwater on their mortgages. The average reduction anticipated is $100,000. As a result of BofA reducing the principle on those homeowners' mortgages, it could help them reduce the penalties they face from the foreclosure settlement by $850 million.

Homeowners who have mortgage loans held by BofA and were at least 60 days delinquent on their mortgages as of January 31 are eligible. Loans that are owned and backed by Fannie Mae, Freddie Mac, the Federal Housing Administration or the Department of Veterans Affairs are not eligible. Homeowners who are eligible should be receiving notices from BofA as early as next month.

If you are interested in buying or selling a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Spring Is The Perfect Time To Buy A Home In Glen Laurel

Spring is just around the corner, and warmer weather is headed our way. Many potential buyers choose this time of year to buy a new home. The community of Glen Laurel is the perfect choice if you are looking to buy a new home this spring. The town of Clayton, NC has plenty to offer everyone.

The town of Clayton has recently released their 2012 Spring & Summer Programs & Events Flyer. Many residents of Clayton choose to join the Clayton Community Center, and membership spots are still available for residents and non-residents. The Center is located on the north side of the Community Park property at the intersection of Amelia Church Road and Shotwell Road. Activities in the Center include: gymnasium, walking track, group fitness room, pottery room, and fine arts room.

COMMUNITY CENTER HOURSNovember 1-February 29
Monday-Thursday 8:00am-9:00pm
Friday 8:00am-6:00pm
Saturday 8:00am-4:00pm
Sunday 1:00pm-5:00pm
March 1-October 31
Monday-Thursday 8:00am-9:00pm
Friday 8:00am-6:00pm
Saturday 10:00am-2:00pm

Besides the Community Center, there are numerous parks throughout the town of Clayton, NC where activities will be held for the community this spring.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

2012 Could Be The End Of The Housing Crisis In The Triangle Area

After many years of a struggling housing market in the Triangle Area 2012 may be the end of this housing crisis.   A recent report released by Capital Economics is predicting that the housing crisis will end this year.  They are basing their prediction on banks loosening their credit standards making home owner ship more obtainable to many.

The average credit score that most lenders are looking for to attain a mortgage at this time is at least 700.  This number is quite a bit higher than what we saw prior to the housing crisis. Mortgage lending standards are stabilizing and a credit score of 700 was similar to what was required last year also.  We are also seeing a loosening of credit availability among lenders. There are many lenders that are now lending amounts as high as up to 3.5 times the borrowers earnings.  This number is slightly up from the 3.2 times borrower earnings we were seeing.  Banks are also changing their loan-to-value ratios (LTV), this is the key indicator that Capital Economics is basing their prediction on a recovery on.

The ability to obtain your dream home in Glen Laurel just got easier, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs.  Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late.  There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure.  Rodney has the answers and would love to sit down for a confidential review of your options.

Mortgage Rates In The Triangle Area Expected To Remain Low Throughout 2012

If you have been looking to the move to the wonderful community of Glen Laurel then this year is the year to make your move. We have seen historically low mortgage interest rates and industry experts are predicting we will continue to see low rates throughout the rest of 2012. Greg McBride, senior financial analyst for Bankrate.com said, “We may spend the entire year below 5%.” 

Rates right now are already sitting at all time record lows, making it the perfect time to buy your dream home in Glen Laurel or in the surrounding Triangle area.  The first week of January, Freddie Mac’s weekly survey of conforming mortgage rates reported that 30-year fixed rates hit 3.91%. This number ties the record for the lowest rates that have been in the history of the survey.  To put into perspective how low that is, the highest the survey has seen was in 1981 when interest rates hit a high of 18.63%.  The annual average rate on a 30-year fixed rate mortgage reached its historic low last year with rates averaging 4.66% according to Bankrate.com and 4.5% according to Freddie Mac.

Freddie Mac is forecasting that interest rates will average 4.2% in the first quarter of 2012 and should average 4.8% in the fourth quarter of 2012.  Continued low rates allow those potential buyers who were are working improving their credit to be able to take advantage of these low rates.

To take advantage of these low interest rates and buy a new home in Glen Laurel, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Home Ownership in the Triangle Area is More Affordable Than Renting

Home prices in the Triangle area and across the nation are struggling, and a recent report released by Case-Shiller Index showed just how much. Here in the Triangle area the price of homes has fallen 3.1 percent over the past year. The Triangle area fared better than the rest of the country, however, who on average experienced a 5.9 percent price drop according to Fiserv, a company based out of Wisconsin that provides information and software to the financial services industry. In the last three years, we have seen home prices fall by 7.4 percent. Fiserv is predicting that home prices will once again begin to stabilize by the middle of 2012 as a result of home ownership becoming more affordable and a strengthening economy.

Many more Americans are choosing to rent a home. However, it is now cheaper to have a monthly mortgage payment. The current average monthly payment for a mortgage is now $700, which is down 40% from its peak in 2006. The cost of renting is up. The average price of rent in the Triangle area for the month of September was $838, which is up 2.2 percent from a year ago, according to the Triangle Apartment Association and Karnes Research. These numbers show how affordable home ownership is, and there is no better time than now to buy your dream home in Glen Laurel.

If you are interested in buying or selling a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

The Basics On Getting Your Glen Laurel Home in Clayton, NC Sold

Deciding to sell your home in Glen Laurel or the surrounding Triangle area can be a big task. For many residents in the Triangle area, their home is their biggest asset. A Realtor® such as myself recognizes this, and I am invested in helping you through all the steps needed to get your home sold, from preparing it, pricing it, negotiating and finally closing on your home.

Use these few key steps to help make selling your home work for you. You may feel that by following these tasks you can sell your home on your own. However, selling your home For Sale By Owner can be a full-time job. Using a qualified Realtor® will help ensure that you get the most for your home, as they are skilled in negotiating the best price for you along with helping take the burden from you on all the little details that go into selling your home.

Prepping Your Home to Sell:

If you are considering selling your home in the months prior to listing it on the market, you want to evaluate the condition your property is in, and fix any visible problems that may exist. Not many buyers out there are also looking to buy a home where they need to finish a project that you started. Walk through your home, and see what type of things may need to be fixed. As a  skilled Realtor®, I have an eye to help you determine what things you may want to change prior to listing your home on the market. It is also ideal to declutter your home. If you haven’t used something in a year, you may not need it, and now would be a good time to donate that item to charity. It may be beneficial to rent a storage unit, and remove some of the furniture from your home.

Meet With Your Realtor® to Establish Price:

In today’s housing market, pricing your home to sell is key. If you are choosing to sell your home FSBO, you may have a difficult time pricing your home just right. That is why it is so important to use the help of a Realtor® who is skilled in pricing homes in the Triangle area. A Realtor® knows the essential steps needed to determine the fair market value of your home.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Glen Laurel Residents Facing Foreclosure May See Help Soon

Many residents of Glen Laurel and in similar communities across the country are struggling during this economy and may be facing foreclosure on their homes. The good news is there may be help on the horizon. Nearly 1 million homeowners across the nation may soon see their mortgage cut by $20,000 as a result of  a long-awaited deal taking shape among state attorneys general, federal officials and the nation's largest mortgage servicers. Despite pressure from the White House a final agreement has not been reached.  The details of the agreement are still being ironed out.

There are many attorney generals that feel that the deal may be too lenient on the banks. State and federal officials who have knowledge of the negotiations taking place have stated that the agreement could be about $25 billion, and up to $17 billion of that would need to be used to reduce the principal for those homeowners facing foreclosure.  The remaining portion would be set aside for those homeowners who have been victims of improper foreclosure practices. It is estimated that there are about 750,000 families across the nation that this has happened to.  The final amount that a homeowner would see put toward their mortgage principal reduction and reimbursement will be dependent on how many states sign on.

N.C. Attorney General Roy Coope had this to say about the agreement. "This enforcement action should be a significant first step in holding lenders accountable, getting immediate help to borrowers and establishing clear rules on loans for the future."

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Home Sales Down In 2011 In The Triangle Area

Home sale numbers in the Triangle area for 2011 are in, and they are not as positive as we would hope. Home sales fell 6 percent in 2011 to numbers we have not seen since 2002. The good news is that toward the end of 2011 we saw an uptick in home sales, which could be an indicator that the housing market in the area is on the mend.

Durham, Johnston, Orange and Wake counties had a total of 3,600 homes sold in the fourth quarter of 2011, which was up 10 percent from the same time period in 2010, according to the Triangle Multiple Listing Services data. Pending home sales were also up 12 percent for the fourth quarter of 2010 in the Triangle area. The average price of a home sold in the fourth quarter was $230,000, which is down about 6 percent. The number of existing homes on the market dropped drastically from April to December of 2011, with a 35% drop seen. The number of new homes on the market has also decreased. Compared to 2008 the number of new homes on the market is 60 percent less. If we continue to see the number of existing homes and new homes decreasing, we could see home prices begin to stabilize.

Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real-estate agents said, "We should be back to the little percentage changes between zero and 5 percent." He continued, "I don't foresee anything double-digit in percentage changes from a closing standpoint."

If you are interested in buying or selling a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home, and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.

Tips For Insuring Your Glen Laurel Home

Buying a home in the community of Glen Laurel is a big decision, and many new homeowners rarely pay attention to the ins and outs of homeowners insurance on their new home.  Obtaining a homeowner’s insurance policy is an easy task.  You will need proof of homeowner’s insurance when closing on your new home in the Triangle area. While it may be easy to get insurance on your home, do you really know if you are adequately covered?

Coverage On Your Dwelling

Near the top of your insurance policy, you will see building/dwelling/property, which indicates how much it would cost to rebuild your home if it was completely destroyed. Keep in mind that normal insurance policies tend to not cover earthquakes or floods. You can choose to purchase policies separately that will cover these items.  Do not under-insure your home! Review your policy each year to ensure that your coverage is appropriate as the cost of building materials rise.

Liability Coverage

Liability coverage should come standard on your homeowners insurance policy. For instance, if someone visiting your Glen Laurel home were to get hurt and choose to sue you, your insurance company should step in and pay for the cost of an attorney to represent you. However, there is a limit to how much the insurance company will pay. $300,000 is a customary amount that is covered, but you do have the option of adding additional liability coverage, which is called an umbrella policy.

Deductibles

The amount you pay as a deductible is something that you get to choose.  A deductible is the amount of money that you will have to pay out of pocket if you need to file an insurance claim. The higher your deductible, the lower your annual insurance rate will be.

Extra Items

Typical insurance policies will not cover things such as jewelry, paintings, and other items of high value.  If you have items of meaning that you want to have insured, do not forget to mention these things to your insurance agent when signing up for a new policy.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home, and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.

30 Year Mortgage Rates In The Triangle Area Continue To Fall To Record Lows

Mortgage rates in the Triangle area have been down for some time now, but it appears that they are continuing to trend downward. Across the nation the average rate on the 30-year fixed mortgage dropped to 3.91 percent last week according to Freddie Mac. This rate matched the historical low number we saw a few weeks ago. Those looking for a 15-year fixed rate loan will be happy to know rates have dropped to 3.23 percent - down slightly from 3.24 percent the week prior. The number is up slightly from a record low we saw a few weeks ago of 3.21 percent. The average rate listed does not include any extra fees or points.

Mortgage rates have historically followed the yield on the 10-year Treasury note, which has fell 2 percent last week. Many economists are predicting that the Treasury note will continue to fall even lower in the future if the Fed chooses to launch another round of bond purchases. Many economists are predicting that the Fed will go ahead with another round of bond purchases in the near future.

Decreased mortgage rates are a wonderful thing if you are looking to buy a new home in the community of Glen Laurel, or to refinance your current Glen Laurel home. Low mortgage rates across the country have done little to help the housing market at this time. Interest rates hovered around 8 percent for the last eight weeks in 2011, and many who are eligible to refinance their homes have done so.

Take advantage of these low interest rates and buy a new home in Glen Laurel. Contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

The Town Of Clayton’s Economy Strengthens

The economy of the town in which you live plays a large role in many aspects of your life. Living in Glen Laurel, you can rest assured that the city of Clayton, North Carolina, is growing stronger. After three years of seeing an economic downturn, recent development projects in the city of Clayton show that its economy is now improving.

Many new developments have helped play a role in strengthening the local economy. The promises of the N.C. 42 West corridor, the growth and resumed development of local subdivisions, large retailers moving into the area and the effort to promote residents to shop locally have all played a part.

Town Manager Steve Biggs said, "We are well-positioned to take advantage of two things. As the Triangle improves, people move here, and local employers and industries continue to prosper."

The subdivision of Summerlyn, which is located on Glen Laurel Road in east Clayton, was stalled in building as a result of the down economy, but this past fall has once again started building. Chandler's Ridge, another subdivision that suffered from bankruptcy, will also resume building soon.
On the industrial side, the city of Clayton saw the addition of the Coca-Cola Bottling Co. after consolidating from its downtown Raleigh location. Biggs is hoping that with the pending Coca-Cola site other large corporations will choose to call Clayton home.

The Chamber of Commerce and the town have been encouraging everyone to shop locally through their campaign called, "Think Clayton. Think Shopping." Shopping locally keeps residents' money in town and helps keep our local economy strong.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.