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Tuesday, September 15, 2015

Selling Your Home In Asheville NC As-is

Real estate consumers may be familiar with the word as-is. This might be a beneficial condition for home sellers, but it is critical to learn how a potential might react to it. Here is what you need to know about selling your home in Asheville NC as-is.

What As-Is Means

The term as-is represents that a home will be sold in its current state. This includes any problems that may exist, whether those issues are visible or not. Buyers may complete an inspection to better understand an issues before finalizing the sale. Based on past cases relating to as-is conditions, the precise interpretation will actually vary by state.

Disclosure of Property History

Regardless of whether the term as-is appears in a real estate transaction, home sellers still have a duty to reveal any material facts. The as-is clause is not a way to enable sellers to conceal problems. This is important for sellers to know.

What Buyers Might Think

Seeing an as-is condition in a listing is always intimidating for most buyers. Most infer that a home must have some extensive issues. For those that are not intimidated, they will end up paying a lower amount as a result. Buyers may consult with a real estate attorney to fully understand the potential dangers.

Seller Benefits of As-Is Conditions

Sellers commonly use the term as-is to merely announce that they may not complete any work on a home prior to settlement. However, from a legal context, it means so much more. It is obviously helpful to a home seller because it offers safeguard against future lawsuits from that buyer. For buyers, it is usually a red flag and they should proceed carefully.

Advice on Selling Your Home In Asheville NC As-is

This is not always an easy answer. Consult with your seller agent about selling your home in Asheville NC as-is and whether it makes sense. He/she will also tell you the affect it may have on selling price. If you do not already have one, call Rowena Patton at Patton Property Group at 828-226-0217.

Wednesday, September 9, 2015

Questions To Ask Asheville NC Home Builders

Finding a builder can be a big decision and can thus be a stressful one. Using the right professionals for your project is critical to its success. When looking for Asheville NC home builders, there are several questions that you may ask. These will help you make an informed decision on which builder to hire for your building or renovation work. Below is information on questions to ask Asheville NC home builders.

Questions To Ask Asheville NC Home Builders

The following are questions that you should ask builders you are considering:
  1. How many years have they been active in the industry?
  2. Does the builder have any special certifications??
  3. Are they familiar with local building codes?
  4. What individuals will be working on the project? Are they direct employees or sub-contractors?
  5. Will there be other projects that the builders will be coordinating simultaneously?
  6. Are the builders insured? And if so, what type of insurance?
  7. How many similar projects have they completed in the last year?
  8. Are there references you can call? And have any complaints been initiated against them?
  9. Do they have a portfolio of recent projects that you can review?
  10. Are they affiliated with a national trade association?

Analyzing the Information Gathered on Asheville NC Home Builders

These facts can give you the status, history, and reputation of the builder. Be sure to ask for proof of certain facts for your own protection. This will help you fairly compare builders and select one that is best qualified and accommodates your needs. Also be conscious of your first impressions. Did each seem well-versed in various facets of the business? Did they seem trustworthy? Did you develop a good rapport with them? It is important to base your decision on both concrete facts and your gut feelings. Once you have decided on a builder, there are additional questions to pose regarding the particular project and contract. Follow our blog or call us for additional information on questions to ask Asheville NC home builders and other related topics.

Tuesday, September 1, 2015

Reliability Of Electronic Property Pricing Estimates In Asheville NC

You will likely come across electronic property pricing estimates as you search for property information on the Internet. As a real estate consumer, you might end up relying on these estimates. Do not use such estimates without understanding first how the figures are calculated.

The Process of Estimating Electronic Property Values

Electronic property pricing estimates normally reference information from public sources. This includes particulars such as square footage, bedrooms, and acreage. It is entered into a database and used in predetermined calculations to estimate the market value of a house.

Limitations of Public Records

Public information is not often precise. Commonly, the data is outdated. It may not reflect changes to the building. It also usually excludes information that can influence the value of a home, such as the condition of the home.

Reliability of Electronic Property Pricing Estimates

Because the information referenced by electronic property pricing estimates is incomplete, it can never be truly correct. Most websites mention a margin of error. Keep in mind, the actual difference could be significantly higher in particular markets.

Dangers of Relying on Electronic Property Pricing Estimates

As a real estate consumer, it will be ill-advised to solely refer to electronic property pricing estimates. When selling, you could end up overpricing and waste essential time. As a home buyer, you might upset a seller and miss out on your dream home by submitting too low a price. A proper price range involves an experienced professional evaluating comprehensive facts from more than one source and comparing it to comparable properties selling within the last few months. This is where your real estate broker plays a key role. When marketing a home to sell quickly, he/she can compile an analysis that returns a certain price point. As a home buyer, your agent will advise you on a price that positions you for the best opportunity for success, especially in multiple offer situations. Remember the reliability of electronic property pricing estimates in Asheville NC noted above as you are browsing on the Internet and contact a local real estate professional for the most accurate information.

Tuesday, August 18, 2015

Information On HomePath Home Loans For Asheville NC Properties

For home listings owned by Fannie Mae, you may see a note about HomePath mortgages. This financing is strictly for Fannie Mae homes and come with many unique financing terms. The information on HomePath home loans for Asheville NC properties in this blog includes a few important aspects of this program.

HomePath Financing Availability

HomePath mortgages are offered by approved local lenders. There are two types of options. The first is HomePath Mortgage, which can be used for properties in livable condition. For listings needing repair, buyers may roll-in the cost of renovations with HomePath Renovation Mortgage.

Primary Features of the Program

Both program alternatives can be used to purchase principal homes, second properties, or investment units. Down payments can be as low as 5% and the funds may be gifted, a grant, or even loaned in certain circumstances. MI is not mandated, but there might be costs associated with this feature. Sellers concessions are allowed. Mortgage terms may range and include fixed rates, variable rates, and interest-only.

Appraisal Requirement

HomePath Mortgages have the added advantage of not requiring an appraisal. For HomePath Renovation Mortgages, an appraisal is requested to estimate the post-renovation value of the home. The repair cost rolled into the mortgage relies on this estimation. The rolled in amount must be no higher than $35,000 or 35% of the estimated future value.

Where to Begin

Many local lenders offer HomePath mortgages. Buyers should compare this option to other programs available. When evaluating fixed rate, variable rate, and interest-only programs, review the advantages and disadvantages of each. Some loan programs may work better for you than others based on your specific finances and how long you intend to keep the property. Selecting HomePath financing is not necessary when buying a Fannie Mae property. It is merely an alternative that might make purchasing easier. As with all types of financing, closing expenses and other things can differ from lender to lender. The information on HomePath home loans for Asheville NC properties in this blog is just an overview of the program, does not detail the full program qualifications, and is subject to change. Speak with a local mortgage company for the most current facts.

Monday, August 10, 2015

Reasons to Purchase New Homes

There are several factors to consider when comparing new construction versus existing properties. There are pluses and minuses to each. The better option depends on your preferences and skills. New properties continue to attract many home buyers. Below are a few reasons to purchase new homes.

Less Maintenance Needed

There is repair required with owning every type of home, but with new homes there are usually not as many (because it is new). Furthermore, with old homes, you may not know how diligently the systems were maintained in the past. This may make it difficult to project when more maintenance may be required.

Meeting Current Building Codes

Building codes are constantly updated over time. Homeowners are not forced to update before selling. Home buyers will need to acknowledge that as part of purchasing an older house and understand they may ultimately need to perform the work, for either safety or to better energy efficiency. If you purchase new homes, you do not need to worry about this. The house is constructed based on current guidelines and then inspected by the city inspector.

Customization Options

You usually have the chance to change selections in new homes, although it will differ depending on whether you are going with an established development or constructing a totally custom home. In a custom home, you have complete authority over the design. In an established development, most builders allow you to pick colors, cabinets, flooring, appliances, and other similar things. These changes result in a more unique home.

Future Home Values

Normally, new homes will continue to be valued more than older properties, even if they include comparable designs and amenities. Buyers value newer houses because of the reasons noted in this article. More demand results in higher prices. New homes are therefore a better choice.

More Reasons to Purchase New Homes

There are many reasons to purchase new homes. Beyond the option to make selections, new homes are in compliance with recent safety codes, will need less work, and can have better value upon resale. Many are also situated in contained neighborhoods with similar-styled properties. If you want antique character or enjoy home repair tasks, then new homes might not be a good fit for you. It ultimately depends on your specific style and house repair expertise.

Wednesday, August 5, 2015

5 Reasons To Use A Listing Agent In Asheville NC

When it comes to selling a property, homeowners sometimes consider selling on their own. Just like electrical repairs, taxes, and other tasks, it may be possible to do it yourself but sometimes it can end up costing more because of mistakes made in the process. Technique, resources, and experience are valuable, particularly when it comes to selling such a high-priced item. Below are 5 reasons to use a listing agent in Asheville NC that sellers should consider.

1. Pricing Complexities

Determining the right price will mean the difference between your home selling quickly or not selling at all. Many homeowners make the mistake of referring to past values, the selling price of a nearby property, or stagnant homes that are currently for sale to determine their price. Incorrect pricing may result in wasted time and a lower selling price if it actually sells. Listing agents monitor changes in the market and understand the complexities of setting prices. This is critical not only when your house is initially listed but also as time passes and the seasons fluctuate.

2. Marketing Range

Realtors will expand the reach and exposure of your property to a larger pool of prospects. Most home buyers, particularly first time home buyers, use real estate brokers to assist them through the home buying steps. For-sale-by-owner marketing options do not include the network of real estate professionals. The selling price is a matter of supply, demand, and time. By taking more time and minimizing exposure (the demand), the end result can be a significantly lower selling price.

3. Buyer Qualification Methods

Not all buyers are qualified. There are different aspects to an offer and pre-approval that should be reviewed, and it goes beyond price. Taking your home off the market for an unqualified buyer can cause you to lose valuable time, miss out on other buyers, or leave your home unfairly stigmatized. Realtors will ensure you properly qualify offers and minimize your risk.

4. Making Deals Happen

Contracts sometimes more forward or fail over minor terms. There are methods of keeping them intact that homeowners may not know simply due to inexperience. Real estate agents gain a wealth of knowledge over time and usually find alternate ways to bring buyers and sellers together or to address issues.

5. Creating a Buffer Between Parties

Emotions come into play in many real estate deals. It is natural given the enormity of the investment and the attachment that many sellers have to their home. Realtors act as a buffer between buyer and seller to keep matters civil and communication productive. Believe it or not, this is pivotal in most real estate deals. Your real estate agent can maintain clear thinking and advise you on matters while promoting your best interests.

Reasons To Use A Listing Agent In Asheville NC

Listing agents help you price your home correctly for the current market, reach the most buyers, qualify buyers, find ways to bring deals together, keep deals together, and achieve successful closings. Sellers who take the independent route to save commission may be faced with lengthy market times, be stressed over issues in the transaction, and ultimately save less money than they hoped. The 5 reasons to use a listing agent in Asheville NC detailed above are only a few reasons not to go it alone.

Tuesday, July 28, 2015

Disputed Credit Lines And The Impact On Asheville NC Mortgages

Everyone has a right to dispute incorrect items on their credit report. However, home buyers should be conscious of the impact that it may have on getting home financing. This article includes important information on disputed credit lines and the impact on Asheville NC mortgages.

Getting Ready for a Home Purchase

If you are intending to buy a home in the future, be proactive about reviewing your credit score several months in advance. This gives you the time to find and address errors well before you apply for a loan. Ideally, you would want any disputes addressed before starting the home purchase process. If you do have any pending items, notify your mortgage consultant early in the process. Do not assume that it was seen on your report at the pre-approval stage.

What Are Disputed Credit Lines

If you discover a mistake on your credit report, you have the ability to correct it by sending information to the credit bureaus. A note is made in your credit report and the accounts are called disputed credit lines. Credit bureaus can choose to disregard the particular items when calculating your score, so they may not lower your score while in process. Ordinarily, the notation is cleared when the issue is settled and, if applicable, the needed corrections are made. This process may take many months. Although you may not experience a negative impact on your score, the details of the dispute can cause other issues.

Disputed Credit Lines And The Impact On Asheville NC Mortgages

Many mortgage companies implement electronic underwriting systems. Your credit score and other elements of your credit report are analyzed by the program. Disputed credit lines may lead a loan application to be rejected or diverted to manual underwriting. Gather all paperwork and supporting material on disputed credit lines. If it was a debt that you settled but was not correctly reflected in the credit reports, have statements showing the amount owed and confirmation of payments made. Also write a letter clearly explaining the situation. All of this may improve your chances of getting your mortgage approved. Keep in mind that some lenders may not approve a loan if there is an active dispute, regardless of the scenario. This is implemented in an attempt to minimize fraud but, unfortunately, will sometimes hurt consumers with reasonable claims. To be safe, it is best to fully address credit disputes before applying for a loan. It is important to speak with a mortgage consultant for personalized guidance on your financing needs. To be referred to a local professional, Rowena Patton at Patton Property Group at 828-226-0217 or

Tuesday, July 14, 2015

Introduction To The Qualified Mortgage Rule For Asheville NC Mortgages

The qualified mortgage rule was released by the Consumer Financial Protection Bureau in January 2013 as part of the Dodd-Frank Reform Act. It officially takes effect January 2014 and specifies the way lenders must analyze and verify information for consumers. An introduction to the qualified mortgage rule for Asheville NC mortgages can be found below.

Introduction To The Qualified Mortgage Rule For Asheville NC Mortgages

The qualified mortgage rule requires mortgage companies to verify financial facts from borrowers and to determine their capacity to afford monthly payments. First and foremost, the earnings and assets must be sufficient to repay the loan. Secondly, the ability to repay must be analyzed over the life of the mortgage and not just for an introductory length of time. This is an especially critical factor for mortgages with variable interest rates.

Specifics of the Qualified Mortgage Rule

The qualified mortgage rule includes instructions for identifying the ability to repay, debt-to-income ratio meximums, and a limitation on points and fees. Mortgage companies will be required to apply a minimum of eight specific underwriting factors to analyze the ability to repay a mortgage. They are:
  • Assets and Salary
  • Employment Status
  • Credit Reports
  • Monthly Mortgage Payments
  • Recurring Payments for Second Mortgages
  • Additional Property Ownership Expenses (Real Estate Taxes, Association Fees, etc.)
  • Other Debts
  • Debt-to-Income Ratios
The highest debt-to-income ratio allowed will be 43 percent. This is actually higher than the existing 41 percent maximum ratio. Lastly, points and other fees must not exceed three percent of the loan amount. All of these rules take effect January 2014 as part of the qualified mortgage rule.

Programs Eliminated in 2014

Due to the components of the new qualified mortgage rule, certain mortgage programs will not be allowed. Examples are mortgages requiring no documentation, interest-only payments, balloon loans, negative amortization, and those with terms longer than 30 years. Although these types of mortgages account for a small portion of all mortgages, it will impact specific types of borrowers such as those wanting jumbo products.

Purpose of the Qualified Mortgage Rule

The housing and financial crisis was blamed on specific financial practices such as issuing home loans with risky features or borrowers receiving loans that were obviously not within their ability to repay. The new qualified mortgage rule attempts to target harmful loan features. It also seeks to control fees charged by lenders. This is all meant not only to protect consumers but also to minimize the potential for another crisis. The above introduction to the qualified mortgage rule for Asheville NC mortgages is provided only as a summary. To view additional details on the qualified mortgage rule, visit the Consumer Financial Protection Bureau website

Thursday, July 9, 2015

Asheville NC Home Repairs Worth The Investment

Asheville NC homeowners should figure out the potential change in the value of their home compared to the expense of individual changes before performing any repairs. Some repairs are more profitable than others. The following is guidance on Asheville NC home repairs worth the investment.

Asheville NC Home Repairs Worth The Investment

Most homeowners think that they will regain every dollar spent on a repair, or even more, when it comes time to sell. This is a natural expectation, but it is not realistic. Different home repairs add different values, and that amount may differ depending on location. To give you an overview on home repairs worth the investment, below are a few nationwide figures.

Average Increase in Value for Mid-Range Improvements

The figures below are from the Remodeling Magazine Cost Versus Value Publication.
Renovation Expense Increased Value Cost Recouped
Replacing a Roof$21,204$12,25757.8 %
Deck Addition$10,350$7,25970.1 %
Bathroom Remodel$16,552$10,29362.2 %
Minor Kitchen Remodel$19,588$14,12072.1 %
Entry Door Upgrade$3,536$1,99056.3 %

Evaluating Home Repairs Worth The Investment

Another factor affecting the value of repairs is whether it is a mid-range or up-scale improvement. Kitchen upgrades, for example, can be completed using different quality materials leading to a different return on investment. So, not only should you consider the type of repair but also the amount of money to spend. For a full list of property updates and up to dateAsheville NC home repairs worth the investment, visit

Wednesday, July 1, 2015

Building Vs. Purchasing Luxury Properties In Asheville NC

For luxury properties, you have the choice to build a new property or purchase an existing one. There are advantages and disadvantages to each. The following is some information on building vs. purchasing luxury properties in Asheville NC.

Purchasing a Pre-built Luxury Property

Buying an existing property is a simpler undertaking than constructing one. There are fewer decisions to make when the property is already built and hardware and appliances are already in place. Time frames and costs are also more definite. However, pre-built real estate may be more generic, particularly if they are situated in neighborhoods of similarly-styled homes. They may also lack some amenities on your wish list and therefore need construction work after you complete the purchase. It would be wise to discuss alternatives and expenses with a construction company prior to finalizing a purchase.

Building a Custom Luxury Property

Constructing a unique luxury home is exciting, but it does come with a few challenges. Custom properties can be constructed to your specific design. This allows you to attain all features that you desire and to create a truly special home. However, constructing a property is not simple. First and foremost, it may be hard to find and purchase a good lot. When found, it might not be situated in the community setting that you were hoping for. The building process also takes a lot of thought and time to complete and with many decisions to make throughout the process. The ending cost may change based on a variety of factors such as upgrades, change orders and unanticipated delays. Lastly, finding a good builder is extremely important.

Building Vs. Purchasing Luxury Properties In Asheville NC

A local real estate agent and a custom home builder can help you compare the options of building vs. purchasing luxury properties in Asheville NC. Differences mostly include planning, time frames, expenses, and possible amenities. Naturally, some of these factors may be more critical to you than others.

Friday, June 26, 2015

Asheville NC Mortgage Insurance Overview

Mortgage insurance (MI) is a policy required by mortgage providers to protect them from losses if a property buyer defaults on their mortgage. When the mortgage company goes to relinquish a house, they are unlikely to obtain the full remaining balance on the mortgage. MI applies to first mortgages where the home buyers are financing more than 80% of the sale price of the property. There is ordinarily an up-front MI fee due at closing and monthly fees based on a percentage of the initial loan balance. Asheville NC mortgage insurance overview and advice on getting rid of MI are provided below.

Amount of MI

MI rates depend on the type of loan. Home buyers should ask a mortgage professional to obtain sample rates and evaluate the impact that it will have on recurring mortgage payments. Rates can also change at certain times, so be sure to get accurate figures when you are assessing the affordability of a home purchase. Once you close on a loan, the MI rate for that specific mortgage will remain the same for the life of that mortgage. With certain loans, such as FHA, you may be able to obtain a refund of a portion of the up-front MI charged at closing if you refinance within a certain period of time.

Advice on Getting Rid Of MI

Recurring MI payments will normally be removed when the mortgage is paid down to 80% of the beginning home value. Most lenders allow removal of MI a little earlier if initiated by the homeowner when that percentage mark is attained. Refer to your loan paperwork for the percentages that apply to your loan. In an increasing real estate market, homeowners can also request a new appraisal (from a third-party approved by the bank) to document that the value of the home has increased and that you may have therefore reached the 80% mark sooner.

Asheville NC Mortgage Insurance Overview and Help

Most home buyers are unable to provide a 20% down payment and therefore cannot avoid MI. By understanding how MI works and how to get rid of it, home buyers can realize significant savings. We hope that you found this Asheville NC mortgage insurance overview useful and will be able to use the advice on getting rid of MI. For additional information on this and other related topics, contact Rowena Patton at Patton Property Group by calling 828-226-0217 or emailing

Monday, June 22, 2015

Tips For Remodeling Green In Asheville NC

Think about an eco-friendly approach to your renovation project. Green remodeling essentially means that you use specific materials and processes that are beneficial to the environment or for your health. Below are a few tips for remodeling green in Asheville NC.

Material Awareness

Opt for locally produced products. This reduces the fuel consumption for transportation. Local materials will be better adapted to the specific weather conditions. Also select recycled materials to lower the amount of trash in land fills. Evaluate materials such as bamboo as they are tough and easily grown. Also consider what products include and use those with minimal dangerous compounds. This may help improve air quality in your home. Environmentally friendly alternatives can be easily adapted to your rehab project.

Efficiency of Appliances

Efficient products may not only improve the environment but also reduce utility costs. Windows and doors can be found in energy saving alternatives and when carefully installed will stop air leaks. Appliances such as washing machines are known to save significant water usage. For all appliances, opt for Energy Star rated options that use less electricity. Evaluate other products that may have energy efficient variations such as low-flush toilets. Each one will make a little impact on preserving natural resources and saving you money.

Minimizing Waste

During your remodel, consider giving away items rather than trashing them. Many old materials may be reusable. Reduce waste by not running water when brushing your teeth and recycling rain water for other purposes.

Tips For Remodeling Green In Asheville NC

Going green can make your property more comfortable, save on natural resources, and save money. For a little bit of work, it provides a worthwhile return. Natural resources are rapidly diminishing and we all should help. This article on tips for remodeling green in Asheville NC was provided by Rowena Patton at Patton Property Group.