On June 29, 2010, Coldwell Banker Sea Coast Realty will launch a new version of its website, SeaCoastRealty.com.  The new and improved site with offer consumers a fresh look, customization options, live chat assistance, and powerful new features unmatched by other area real estate companies.

“We spent months designing the all new SeaCoastRealty.com and tailoring it to what consumers told us they wanted, like Google Maps with street views for every property,” said Tim Allen, Sea Coast Realty’s Director of Information Technology.

The new SeaCoastRealty.com offers a “My Property Retriever” feature that allows consumers to create a login and save their favorite properties and searches for later.  The feature is headlined by Sea Coast Realty’s mascot, a yellow Labrador retriever named Barkley, but users can customize their accounts by uploading their own images.  Consumers can even opt to receive email information about new listings, upcoming open houses, and price changes.  “My Property Retriever” is integrated with Sea Coast Realty’s mobile website, Mobile.SeaCoastRealty.com, so that consumers that save properties on their mobile phones can look at the same properties when they log in to their “My Property Retriever” accounts online. 

By creating a “My Property Retriever” account, consumers also gain access to a wealth of information for each property, including recently sold properties nearby, detailed information about nearby schools, community statistics, and maps with points of interest, like nearby restaurants and businesses.  Even without a “My Property Retriever” account, users have access to a professionally-narrated slideshow, price and property details, maps, and agent contact information for each property.  Users can even live chat with a team member at Sea Coast Realty.

For more than a decade, Coldwell Banker Sea Coast Realty has been southeastern North Carolina’s largest and best-selling real estate company.  It operates nine offices with more than 325 sales associates and staff in New Hanover, Brunswick, Pender, & Onslow counties.  For more information, please visit www.SeaCoastRealty.com.

Many hardworking North Carolina families don’t earn enough to afford an average-priced home in their community.  Real estate professionals with Coldwell Banker Sea Coast Realty recently earned the North Carolina Workforce Housing Specialist certification and learned about programs that can help teachers, firefighters, nurses, and other service workers in our community achieve the dream of home ownership. 

Brett Adams, Cathi Anderson, Carolyn Dunwell, Paul Dunwell, Tom Gale, and Amy Whetsel from Coldwell Banker Sea Coast Realty’s Wilmington office earned the certification.  Homes4NC, a housing foundation created by the North Carolina Association of REALTORS®, offers the certification to REALTORS® who take extra steps to learn about the federal, state and local housing programs specifically designed to help buyers that earn less than the area median income.  They also work within the community to increase housing affordability for all citizens.   

“My wife is a teacher, so I hear from her colleagues all the time about how hard it is to find affordable housing,” said Tom Gale.  “With the training we received, I know about more lending programs that can help them.”

According to Homes4NC, wages in North Carolina are not expected to keep pace with the cost of housing.  Half of the state’s future jobs are expected to pay 60% of the state’s current average earnings.

To earn the certification, REALTORS® must complete sixteen hours of educational courses that focus on national, state, and local affordable housing resources. For more information about the North Carolina Workforce Housing Specialist certification, visit www.Homes4NC.org.

VA Appraisal

Everyone wants to get good value for their money when they make any type of a purchase, especially if the purchase is several thousand dollars!  To ensure that a veteran is not paying more for a house than what it is worth, the VA requires a VA Appraisal.

The VA will not guarantee a home loan unless the property is appraised (for value) by a VA-assigned fee appraiser.  The required VA Appraisal can be requested by the buyer, seller, real estate agent, or lender (normally, the lender is the requester) by completing and submitting a VA Form 26-1805, Request for Determination of Reasonable Value.  Upon completion of the appraisal, the requester pays for the appraisal according to a fee schedule approved by the VA.  This VA Appraisal estimates the value of the property. 

The VA Appraisal is not an inspection and does not guarantee that the house is free from any defects.  A home inspection can be completed by a qualified home inspector to determine what, if any, problems or defects exist.  The VA only guarantees the loan, not the condition of the property.

Closing Costs

When purchasing a home, closing costs must be paid in cash for such items as the title search, recording fees, hazard insurance premiums, and prepaid taxes.

If I want to refinance, do I still have to pay these costs in cash?
Normally when refinancing a VA loan, closing costs may be, but are not required to be, included in the loan amount, as long as the total amount of the loan does not exceed the value of the property.  A loan with the purpose of reducing the interest rate on a loan may include closing costs and include a maximum of two discount points.

Points, sometimes called “discount points”, are a form of pre-paid interest.  One point equals one percent of the loan amount.  Borrowers can offer to pay points as a method to reduce the interest rate on the loan, thus obtaining a lower monthly payment.  For each point purchased, the loan rate is typically reduced by 1/8%.

Law requires that a VA funding fee also be associated with a VA guaranteed loan.  The fee is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers.

Required Occupancy

One requirement for eligibility for a VA home loan is required occupancy.  That means that the veteran (or the spouse of an active duty service member) applying for the loan must certify that he or she intends to occupy the home as a primary residence.  However, when refinancing a VA guaranteed loan to reduce the interest rate, only prior occupancy must be certified.

H.C. “Hutch” Hutchison, Ed.D., retired from the U.S. Army in 1991, after more than twenty-two years of active duty.  Since then, the former helicopter test pilot and aviation maintenance officer has earned his third post-graduate degree and taught under-graduate and graduate courses.  In addition to practicing real estate with Coldwell Banker Sea Coast Realty, Hutchison is active in national, state, and local leadership organizations and local chapters of the Vietnam Veterans of America, Veterans of Modern Warfare, Disabled American Veterans, Veterans of Foreign Wars, and United States Army Warrant Officer Association.

The VA Loan Entitlement is the basic amount for which the Veteran’s Administration will insure or guarantee a loan.  The loan entitlement is based on an applicant’s income.

The VA Guaranty Amount varies with the size of the loan and the property location with the VA guaranteeing 25 percent of the principal amount, up to the maximum guaranty.  For the United States (excluding Alaska, Hawaii, Guam and the U.S. Virgin Islands) the guaranty amount is the greater of 25% of $417,000 or 125% of the area median price of a single family residence.  It’s a good idea to check with a lender for current figures.  However, the guaranty amount cannot exceed 175% of the Freddie Mac limit for a loan on a single-family residence in the county where the property is located.  In 2009 the maximum loan amount was $1,094,625.

The initial step in purchasing a home using a VA loan entitlement is to obtain a Certificate of Eligibility (COE), a VA-provided document that certifies your eligibility for a VA home loan guaranty.  There are two ways to obtain a Certificate of Eligibility: online or by mail.

Online:
You can obtain a COE online by first registering at the Veterans Information Portal.  There are instructions for applying for your COE online, but the process can be daunting if you aren’t familiar with all the jargon.  However, try WebLGY first because approximately 56% of attempts result in an immediate COE.  If you find the Internet a little overwhelming, then I recommend working with a lender that has access to the VA’s WebLGY system.  A lender can help walk you through the process and may be able to issue your COE in minutes.  A quick call to a lender can tell you if that lender has access to “WebLGY.” 

As you shop for a loan, don’t limit yourself to just one lender.  Visit three or more and let each lender know you are “shopping,” because competition can result in offers of more competitive loan packages. 

By Mail:
Sometimes the VA does not have sufficient data in its online records.  In that case, you must apply for the COE by mail.  A veteran can obtain a COE by completing VA Form 26-1880, Request for a Certificate of Eligibility, and mailing the form to: VA Eligibility Center, P.O. Box 20729, Winston-Salem, NC 27120.  Just remember, you are dealing with the VA.  It may take time for the VA representative to receive, process and then approve (or reject) your request and then return the COE to you.

Once you receive your COE, you have completed Step 1 of the 7-step process to purchasing a home.  Step 2 is finding a home you wish to purchase.  We will look at that step in the next blog entry.

H.C. “Hutch” Hutchison, Ed.D., retired from the U.S. Army in 1991, after more than twenty-two years of active duty.  Since then, the former helicopter test pilot and aviation maintenance officer has earned his third post-graduate degree and taught under-graduate and graduate courses.  In addition to practicing real estate with Coldwell Banker Sea Coast Realty, Hutchison is active in national, state, and local leadership organizations and local chapters of the Vietnam Veterans of America, Veterans of Modern Warfare, Disabled American Veterans, Veterans of Foreign Wars, and United States Army Warrant Officer Association.

The men and women of the United State military devote themselves to ensuring that freedoms are protected, maintaining peace, and providing relief to those that are enduring hardship.  Benefits of military service can include training in many diverse fields, pride of serving, civilian education, travel and the opportunity to grow as an individual.  One significant benefit that can be derived from military service is the opportunity to obtain an home loan guaranteed by the Veterans Administration (VA).

What is a VA loan?

Banks and other private mortgage companies make a special type of home loan to veterans of the U.S. armed forces.  The Department of Veterans Affairs guarantees a portion of each VA loan and protects the lender’s investment if the borrower defaults.

Who is eligible for a VA loan?*

*To determine individual eligibility visit http://www.va.gov or contact a VA representative.

H.C. “Hutch” Hutchison, Ed.D., retired from the U.S. Army in 1991, after more than twenty-two years of active duty.  Since then, the former helicopter test pilot and aviation maintenance officer has earned his third post-graduate degree and taught under-graduate and graduate courses.  In addition to practicing real estate with Coldwell Banker Sea Coast Realty, Hutchison is active in national, state, and local leadership organizations and local chapters of the Vietnam Veterans of America, Veterans of Modern Warfare, Disabled American Veterans, Veterans of Foreign Wars, and United States Army Warrant Officer Association.

Coldwell Banker Buyer Bonus Sales Event

Home sales surged in March and April as home buyers hurried to take advantage of the federal home buyer tax credit that expired April 30, 2010.  Eager to maintain that momentum, Coldwell Banker recently launched its own home buyer incentive program.

Coldwell Banker Sea Coast Realty hopes its Coldwell Banker Buyer Bonus program will encourage buyers who haven’t found a home yet to continue looking.  It also aims to bring a new audience of home buyers who were unable to qualify for the tax credit into the market. The program offers benefits similar to the federal home buyer tax credit without any income or property eligibility requirements. 

Buyers of participating Coldwell Banker Buyer Bonus homes get a refund of 3 percent (up to $8,000) of the purchase price of their home at closing.  That’s great news for home buyers, because it means less cash that they’ll need when they close on their home.  They also won’t have to wait until tax time to get the money back from the government. 
 
“I think it’s a fabulous idea.  [Glenda Newell] told me about it when I was filling out the listing information,” said Susy King of Wilmington.  This week, she listed her condominium in The Village at Mayfaire with Coldwell Banker Sea Coast Realty sales associate Glenda Newell.  “I saw what kind of activity the home buyer tax credit had, so I immediately said, ‘yes,’ because I want to sell my house.”

“We think the Coldwell Banker Buyer Bonus program will make participating homes stand out from the competition,” says Coldwell Banker Sea Coast Realty president Tim Milam.  He says that since the Buyer Bonus program kicked off last week, several buyers have shown interest in the participating homes.  He expects even more inquiries from home buyers and sellers as print, online, and television advertising for the program ramps up locally and across the nation.

Unlike the federal tax credit, there are no income or property eligibility requirements.  The Coldwell Banker Buyer Bonus program is open to all home buyers and sellers.  The program won’t last forever.  The deadline for making an accepted offer on a participating home is July 31, 2010. 

To search for homes participating in the Coldwell Banker Buyer Bonus program or to read program details, please visit www.coldwellbanker.com/BuyerBonus.

The coastal NC issue of Our State hits newsstands today.

May’s issue of Our State Magazine hits newsstands today.The issue dedicated to “Seafood, surfing, and memories of our Carolina Coast” features a fond farewell to Sunset Beach’s floating bridge titled, “The Little Bridge that Could,” by Ryan McGee.

This summer, the little floating bridge is set to be replaced by a new 65-foot tall concrete bridge over the Intracoastal Waterway.

Do you have fond memories of Sunset Beach or it’s floating bridge?

Susy King of Wilmington was the first Coldwell Banker Sea Coast Realty home seller to sign up to participate in the Coldwell Banker Buyer Bonus program.

Meet Susy King of Wilmington. Susy was the first Coldwell Banker Sea Coast Realty home seller to sign up to participate in our Coldwell Banker Buyer Bonus program.

By participating the the Buyer Bonus program, King is offering buyers a refund of 3 percent (up to $8,000) of the purchase price at closing. That’s great news for home buyers, because it means less cash that they’ll need when they close on their home.

For more information about 2 bedroom, 2.5 bath condominium in The Village at Mayfaire that Susy is selling, please visit http://www.seacoastrealty.com/448544.

To search for homes participating in the Coldwell Banker Buyer Bonus program or to read program details, please visit http://www.coldwellbanker.com/BuyerBonus.

Coldwell Banker Sea Coast Realty’s own Shannon Lee was featured on WWAY News Friday as she helped her client, Lisa, search for a home just hours before the expiration of the federal home buyer tax credit.

This morning Shannon tells us that she and Lisa did get a home under contract before midnight Friday, so Lisa will get the $6,500 tax credit for repeat home buyers! 

If you missed the Friday deadline for the tax credit, it’s still not too late to save.  Now, home buyers can save up to $8,000 when they buy homes participating in the Coldwell Banker Buyer Bonus sales event.  The program has fewer restrictions than the federal tax credit, but it only lasts until July 31, 2010.  Click here for details or call 1-800-522-3624.