October 2010

Found 5 blog entries for October 2010.

WOW!!  The most open and bright floor plan you will see.  Floor to ceiling Palladium windows normally found in much more expensive homes, allows for a wealth of sun light to fill the entire living area.  Extensive first floor hardwoods add richness and beauty to the open and flowing floor plan.

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The open design continues into the kitchen, breakfast and family room areas, providing an intimate connected feeling while offering an abundance of space.  Generous upgrades are noticed throughout the home beginning in the kitchen with beautiful granite tops and tile back splash, plus a breakfast bar that overlooks the family room and breakfast room.

Second floor features include spacious master suite with double vanity and walk in closet, beautifully tile

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First things first, what are these “Shadow Inventory of Homes”?

The “Shadow Inventory of Homes” is homes that normally would have already been foreclosure properties. These homes have been delayed from going into foreclosure by loan modifications, moratoriums or otherwise being stuck in never-never land between delinquency and repossession. Due to efficiency increases of banks and government, these types of homes are moving through the system at a faster rate and will soon hit the market as short sales or foreclosure sales.

What will this do to the value of homes?

From several studies conducted by independent consultant firms such as John Burns Real Estate Consulting, the Bookings Institute and many others and also the reports in the Wall Street

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This home is a recent foreclosure we purchased in Lawrenceville.  It was actually listed through our Multiple Listing Service and was originally on the market for $69,000.  We made an offer for $58,000 which was accepted; however the inspection revealed a couple of structural issues that needed to be addressed; so we amended our purchase price to $54,800.  For a complete Before & After clik on the image below. 

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The renovation took a longer than usual, three weeks instead of two, but not bad considering the amount of work that was done.  The largest contributor to the extra week was the amount of landscaping that was needed.  The yard had eroded over the years due to water run off.  We decided to remove several trees in the front yard, add a rail road tie

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August numbers leave very little to be excited about when it comes to real estate. Closings have dropped, average sales prices have once again gone down and fewer home owners are putting their homes on the market because of the dismal prospects of selling at a reasonable price. I AM JUST THE MESSENGER. PLEASE DON’T SHOOT ME.

Closings
There were 3,945 closings for all single family units in August which was a decrease of 17.9% from August 2009. This is down from 4,806 in August 2009. There have been 34,092 closing through August of this year. This is a 1.3% year to date decline over the same January – August period of 2009.

There were 3,372 closings in August for all single family detached homes, which was a decrease of 17.1% compared to August

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What is a Dry Closing & How Do They Affect You

A Dry Closing occurs when a buyer and seller actually execute all of the paper work required by the lender and attorney in order to conclude a closing. The only problem is funds can not be dispersed. This results in leaving closing with no keys if you are the buyer, and no money if you are the selle

When you stop to think about the effects of Dry Closings, it may not be pretty. If you are the Buyer this means you will not receive keys until funding takes place. This may mean that you may need to change when the movers show up, when utilities are activated in your name, and when you move. NOT PRETTY.

As a Seller this may mean that you will need to post pone the closing on your next home and when you

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