Real Estate, Homes for Sale and Foreclosures in Leland NC 28451 » Leland NC foreclosures

AMC’s, Foreclosures and Goldilocks

Joseph — Mon, 15 Feb 2010 04:05:47 +0000

Do Foreclosures, Short Sales and AMC’s make it difficult to determine value?

I saw this story online today and wanted to share it. It involves the new appraisal standards and how many banks are now using AMC’s, or Appraisal Management Companies, to handle their appraisals, instead of contacting and using local appraisers that they know and are familiar with. Oftentimes, this involves the AMC sending out the cheapest appraiser that they can find, irregardless of the appraisers knowledge of the local area. What caught my eye was the opening line to the story.

“Where’s the bridge to Bald Head Island?” asked the appraiser.

The answer?

There isn’t one. You travel to Bald Head Island by ferry.

Do you think that maybe this appraiser was out of touch with the local market? I’d say absolutely.

This is a demanding market where home prices have changed dramatically, and where a realistic home value that is spot-on is more important than ever. Foreclosures and Short Sales, plus lack of sales, have made this process much harder, and more than ever, we need qualified appraisers with a STRONG local knowledge of the areas where they perform appraisals. Home values vary on a neighborhood by neighborhood, and street by street basis. A local appraiser has a stronger knowledge of individual areas located in a town or city, and probably has access to MLS data that can also improve the precision of the appraisal.

I almost lost a recent sale because of an out of town appraiser. He appraised the property at a fair market price, but checked that the area was a “declining” market, and thus the bank would not approve the loan to value ratio that my Buyer needed. Fortunately we were able to make things work and found another loan that would work my Buyer. However, the original appraisal was bogus and was not based on accurate market data.

Read the article and please share your thoughts. I think we all want an accurate value of appraisal, and it is in ALL of our interests that appraisals are like the story of Goldilocks and the Three Bears, not too low, not too high….but juuust right!

If you have an interest in Leland NC real estate or foreclosures, contact me TODAY!

Windsor Park Leland NC

Joseph — Tue, 02 Feb 2010 15:00:00 +0000

Windsor Park Leland NC

January Update

This is my January update for Windsor Park. I try to keep current updates for different neighborhoods in the Leland area. Windsor Park is one of the fastest selling communities in the Leland NC area. It has been very popular with people moving to the Leland area, with the main drivers being affordable home prices and close location to Wilmington. Windsor Park also has great amenities, including swimming pools and clubhouse for residents, and grills and walking areas. Windsor Park is located in the Leland city limits and has direct access to Hwy 74/76.

Contact Me below for All Windsor Park Listings!

The following homes were sold in Windsor Park last month:

Address Selling Price Days On Market

1038 Bridgeport Way #72 (Townhome) $125,250 32
3328 Greenridge Way $141,400 22
2039 Southern Pine Dr $153,050 92
1307 Parkland Way $162,876 253
1601 Royal Pine Ct $162,980 127
1807 Olive Pine Way $181,732 112
1226 Amber Pines Dr $246,193 0
1237 Amber Pines Dr $261,225 0

This includes new home sales and resales. If you have an interest in homes for sale, and want to see the total inventory available, give me a call or contact me below. I can show you ALL of the homes available in Windsor Park, not just new homes. For example, below are the numbers of the current homes for sale.

Current Homes Available:

New Homes for Sale 14
Non Builder homes for sale 13
Foreclosures 1

As you can see, Windsor Park has a wide variety of homes available. I am familiar with the area and am happy to provide information so you can make an informed decision. If you are interested in real estate in the area, contact me at www.BlueAtlanticProperties.com for information on homes for sale, foreclosures, and more.

http://www.foxyform.com

Leland NC foreclosures listings Update

Joseph — Sat, 23 Jan 2010 05:29:00 +0000

Leland NC Foreclosures Listings Updates

This is my foreclosures listings update for Oct 15, 2009, thru Jan 15, 2009. The way I do this, I look at what foreclosures have sold in the past 3 months, what is currently pending, and then also what is currently available. The cities included in my search are Leland, and also Belville and Navassa. I consider these towns in the Leland “sphere” and part of the greater Leland NC real estate market. These are homes we are discussing, and not land foreclosures. These are available, and if you contact me, I will provide a current list of properties.

Eight foreclosures sold in the past 3 months in the area. They averaged 3 bedrooms and 2.25 baths and 1709 heated square feet. The average listing price was $140, 538, and the average selling price was $128,250, or 91% of the listing price. The average days on market (DOM) was 119 days. The maximum price of a foreclosure sold was $265,000, and the minimum was $35,000.

There are 4 foreclosures that are “pending”, or in other words under contract, at the current time. I will include these in my next post on foreclosures.

There are 15 foreclosures that are “active” listings for sale. The average price of these is $190,827, has 2,241 square feet and has been on the market for 90 days. There are a couple of very expensive homes that I feel skew these numbers a little on the high side.

I have watched some of these foreclosures for quite awhile, and feel that some have become very good bargains, either as homes for first-time homebuyers, or properties to rent and have immediate positive cash flow. One property in particular would give you a 2% return per month. If you are looking for some great bargains, NOW is the time. If you have interest in any of these foreclosures, call me today at 910-688-DIRT, email me below or visit my Leland NC foreclosures website.

http://www.foxyform.com